Yuanbao Inc (YB) 2025 Q3 法說會逐字稿

Ladies and gentlemen, good day and welcome to Yuanbao Inc., third-quarter 2025 earnings conference call. Today's conference is being recorded.

女士們、先生們，大家好，歡迎參加元寶股份有限公司2025年第三季財報電話會議。今天的會議正在錄影。

At this time, I'd like to turn the conference over to Ms. Stella Liu, Investor Relations and Strategy Associate Director. Please go ahead.

此時，我謹將會議交給投資人關係與策略副總監劉女士。請繼續。

Thank you, operator. Please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions and other factors. Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and discussion.

謝謝接線生。請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案安全港條款所作出的前瞻性陳述。此類聲明並非對未來績效的保證，並受某些風險、不確定性、假設和其他因素的影響。其中一些風險超出了公司的控制範圍，可能導致實際結果與今天新聞稿和討論中提到的結果有重大差異。

A general discussion of the risk factors that could affect Yuanbao's business and financial results is included in certain filings of the company with the Securities and Exchange Commission. The company does not undertake any obligation to update this forward-looking information, except as required by law.

元寶向美國證券交易委員會提交的某些文件中包含了對可能影響元寶業務和財務業績的風險因素的一般性討論。除法律要求外，本公司不承擔更新此等前瞻性資訊的任何義務。

During today's call, management will also discuss certain non-GAAP financial measures. For a definition of non-GAAP financial measures and the reconciliation of GAAP to non-GAAP financial results, please see the earnings release issued earlier today.

在今天的電話會議上，管理階層還將討論一些非GAAP財務指標。有關非GAAP財務指標的定義以及GAAP與非GAAP財務結果的調節，請參閱今天稍早發布的獲利報告。

Joining us today on the call from Yuanbao's senior management are Mr. Rui Fang, our Chairman and Chief Executive Officer; and Mr. Huirui Wan, our Chief Financial Officer. Mr. Fang will deliver his remarks in Chinese, followed by an English translation. We will conclude the call with a Q&A session.

今天參加電話會議的元寶高階管理層成員有：董事長兼執行長方瑞先生；以及財務長萬慧瑞先生。方先生將以中文發表講話，隨後進行英文翻譯。我們將以問答環節結束本次通話。

As a reminder, this conference is being recorded. In addition, a webcast replay of this conference call will be available on Yuanbao's Investor Relations website.

再次提醒，本次會議正在錄影。此外，本次電話會議的網路直播回放將在元寶投資者關係網站上提供。

I will now turn the call over to our Chairman and CEO, Mr. Fang, please go ahead, sir.

現在我將把電話轉交給我們的董事長兼執行長方先生，請您發言。

(interpreted) Hello, everyone. Thank you for joining our third-quarter 2025 earnings conference call. Last quarter, we continued our trajectory of high-quality growth with several core performance indicators hitting new record highs. In the third quarter, total revenues grew 33.6% year over year to RMB1.16 billion. Net income surged 51.3% year over year to RMB3,170 million. This marks our 13th consecutive quarter of profitability.

（譯）大家好。感謝您參加我們2025年第三季財報電話會議。上個季度，我們持續保持高品質成長的勢頭，多項核心業績指標創下歷史新高。第三季總營收年增33.6%，達11.6億元人民幣。淨利年增51.3%，達31.7億元人民幣。這標誌著我們連續第13個季度實現盈利。

As of the end of September, our cash reserves stood at RMB3.75 billion, providing a solid financial foundation for our continued technological innovation, capital deployment, and the strategic expansion. These strong results are a direct testament to our disciplined, execution and continuous operational refinement. In the third quarter, we issued RMB8 million new policies with a 41.8% year-over-year increase.

截至9月底，我們的現金儲備為人民幣37.5億元，為我們持續的技術創新、資本部署和策略擴張提供了堅實的財務基礎。這些優異的成績直接證明了我們嚴謹的執行力和持續的營運改善。第三季度，我們新簽發保單800萬元人民幣，較去年同期成長41.8%。

This momentum was powered by our enhanced AI and data capabilities which have improved the precision of our consumer targeting and deepened our understanding of consumer needs. These insights feeds directly back into our product innovation and the scientific pricing processes helping us build a distinct competitive edge.

這項發展勢頭得益於我們增強的人工智慧和數據能力，這些能力提高了我們消費者定位的精準度，並加深了我們對消費者需求的理解。這些見解直接回饋到我們的產品創新和科學定價流程中，幫助我們建立獨特的競爭優勢。

On the product service front, we remain committed to using technology to lower the barriers to insurance access. To date, we have built a multi-dimensional product matrix spanning medical, critical illness and accident insurance while continuously rolling out innovative, inclusive solutions for diverse user protection needs.

在產品服務方面，我們將持續致力於利用科技降低保險取得門檻。迄今為止，我們已建立了涵蓋醫療、重大疾病和意外傷害保險的多維產品矩陣，同時不斷推出創新、包容的解決方案，以滿足不同用戶的保障需求。

Recently, we collaborated with our partnered insurance carriers to launch a short-term and critical illness insurance product. Its core value proposition is high coverage at an affordable price point by adopting a parallel lump sum payment plus multiple reimbursement model. We extend the protection from the moment of diagnosis through ongoing treatment, effectively creating a closed loop of protection. The single policy provides both peace of mind during recovery and worry-free medical care, combining one-time lump sum compensation with multiple reimbursements for medical expenses. It represents a novel approach to inclusive innovation in critical illness insurance.

最近，我們與合作保險公司共同推出了短期重大疾病保險產品。其核心價值主張是透過採用一次性付款加多次報銷的平行模式，以實惠的價格提供高覆蓋率。我們從確診的那一刻起，一直到治療期間，持續提供保護，有效地形成了一個閉環保護機制。這項單一保單既能讓您在康復期間安心，又能讓您享受無憂的醫療護理，它將一次性賠償金與多次醫療費用報銷相結合。它代表了一種在重大疾病保險領域實現包容性創新的新方法。

By integrating insurance features and employing tiered reimbursement, we have optimized our cost structure to lower prices while expanding coverage. This significantly improves value for consumers and aligns with the market demand for balancing accessible coverage with affordable ability.

透過整合保險功能並採用分級報銷，我們優化了成本結構，在降低價格的同時擴大了覆蓋範圍。這大大提高了消費者的價值，並符合市場對兼顧可及性和可負擔性的服務的需求。

Turning to the industry landscape, commercial health insurance has become the vital component of China's multi-tiered healthcare protection system. The relationship between social health insurance and commercial health insurance is evolving into a new stage of coordination and complementarity. Inclusive health insurance will play a pivotal role in addressing the challenges posed by an aging population and alleviating the pressure on the public healthcare system while unlocking a massive incremental market for commercial health insurance. The core driver lies in satisfying the health protection needs of hundreds of millions of underserved families.

從產業格局來看，商業健康保險已成為中國多層次醫療保障體系的重要一環。社會醫療保險與商業醫療保險的關係正在演變為協調互補的新階段。全民健康保險將在應對人口老化帶來的挑戰、緩解公共醫療體系的壓力以及釋放商業健康保險的巨大增量市場方面發揮關鍵作用。其核心驅動力在於滿足數億服務不足家庭的健康保障需求。

We believe that the key to unlocking this potential is to establish an internet enabled service model that delivers cost effective protection and optimized user experience and operational efficiency. This is how we translate the latent demands of this vast market into a tangible growth momentum.

我們認為，釋放這一潛力的關鍵在於建立一個以互聯網為基礎的服務模式，該模式能夠提供經濟高效的保護、優化的用戶體驗和營運效率。這就是我們如何將這個龐大市場的潛在需求轉化為實際成長動力的方式。

On the intelligence front, our AI technology and data infrastructure are now deeply integrated into our core operational workflows by embedding our proprietary large language model into critical functions, including risk identification, customer acquisition, product design, and claims processing.

在智慧方面，我們的人工智慧技術和資料基礎設施現在已深度整合到我們的核心營運工作流程中，將我們專有的大型語言模型嵌入到關鍵功能中，包括風險識別、客戶獲取、產品設計和索賠處理。

We have built a systematic AI-driven competitive mode that enhances operational efficiency and elevates the overall service capabilities. First, our LLMs are driving an end to end intelligent upgrade in R&D. By integrating LLMs and associated tool chains into the R&D workflow. We have achieved comprehensive efficiency gains across documentation and coding.

我們建構了一套系統化的AI驅動型競爭模式，提高了營運效率，提升了整體服務能力。首先，我們的LLM正在推動研發領域的端到端智慧升級。透過將LLM和相關工具鏈整合到研發工作流程中。我們在文件編寫和程式碼編寫方面都取得了全面的效率提升。

For technical documentation, the LLM has generated over 1,000 documents. Encoding tools such as model context protocol provides one-stop assistance from requirement, decomposition and code writing to unit test generation and automated validation. As a result, AI generated code accounted for nearly 50% of new code developed in the third quarter.

在技​​術文件方面，LLM 已產生 1000 多份文件。模型上下文協定等編碼工具提供從需求、分解和程式碼編寫到單元測試產生和自動化驗證的一站式幫助。因此，人工智慧產生的程式碼佔第三季新開發程式碼的近 50%。

Second, our LLMs are empowering our customer service system with intelligent summarization, assisted insights, and multi-modal analysis. We have integrated LLM capabilities into customer service scenarios, focusing on call summarization. And agent assistant functions embedded within the customer service workspace.

其次，我們的LLM為我們的客戶服務系統提供了智慧摘要、輔助洞察和多模態分析功能。我們已將 LLM 功能整合到客戶服務場景中，重點是通話摘要。以及嵌入在客戶服務工作區的客服助理功能。

These capabilities automatically generate service ticket summarizes, extract key information post call, and produce consumer intent labels, action logs, and recommended next steps. On the multi-modal front, AI technology is employed to assist in consumer identity verification, while real-time voice analysis captures consumer sentiment dynamics, enabling agents to complete documentation and follow-ups more efficiently.

這些功能可自動產生服務工單摘要，提取通話後的關鍵訊息，並產生消費者意圖標籤、操作日誌和建議的後續步驟。在多模態方面，人工智慧技術被用於輔助消費者身份驗證，而即時語音分析則捕捉消費者的情緒動態，使代理商能夠更有效率地完成文件和後續工作。

Furthermore, our LLMs are driving the intelligent evolution of modeling and the feature mining within our full consumer service cycle engine. By incorporating LLM assisted modeling and automated feature extraction technologies into this engine. We have been able to automate and deepen the complex feature engineering process.

此外，我們的 LLM 正在推動我們完整的消費者服務週期引擎中建模和特徵挖掘的智慧演進。透過將 LLM 輔助建模和自動特徵提取技術整合到該引擎中。我們已經能夠實現複雜特徵工程過程的自動化和深化。

For instance, by leveraging LLMs to interpret pseudonymized or anonymous consumer behavior data, interaction content, transaction information and product information. The system extracts valuable features. This approach reduces the reliance on manual feature design, allowing the large model to automatically generate and filter critical information, significantly enhancing both modeling efficiency and performance.

例如，利用 LLM 來解釋假名化或匿名化的消費者行為資料、互動內容、交易資訊和產品資訊。該系統提取有價值的特徵。這種方法減少了對手動特徵設計的依賴，使大型模型能夠自動生成和過濾關鍵訊息，從而顯著提高建模效率和性能。

To summarize, the insurance technology and commercial health insurance sectors are benefiting from the dual tailwind of policy support and rapid technological advancements. Under the National Strategic guidance of building a multi-tiered healthcare protection system, the relationship between social health insurance and commercial health insurance has entered a new stage of synergy and complementary strength.

總而言之，保險技術和商業健康保險行業正受益於政策支援和技術快速進步的雙重利好。在建構多層次醫療保障體系的國家策略指導下，社會醫療保險與商業醫療保險的關係進入了協同互補的新階段。

Simultaneously, AI technology is fundamentally reshaping the operational logic of the insurance industry. Yuanbao is capitalizing on the significant growth opportunities in the inclusive health insurance market. On the product side, we are filling market gaps with innovative, inclusive insurance offerings that lower the barriers to protection axis.

同時，人工智慧技術正在從根本上重塑保險業的營運邏輯。元寶正在掌握普惠健康保險市場帶來的巨大成長機會。在產品方面，我們正在透過創新、包容性的保險產品填補市場空白，降低獲得保障的門檻。

On the technology side, we are making forward-looking investments, embedding AI deep into our product design, operational workflows, and decision making system. AI has become an integral part of our management framework and a core driver of organizational upgrade. As our models iterate and business data accumulate, we can serve a massive user base with greater precision and efficiency, building an industry leading intelligent service ecosystem.

在技​​術方面，我們正在進行前瞻性投資，將人工智慧深度嵌入到我們的產品設計、營運工作流程和決策系統中。人工智慧已成為我們管理框架不可或缺的一部分，也是組織升級的核心驅動力。隨著模型的迭代和業務數據的積累，我們可以更精準、更有效率地服務龐大的用戶群體，建構業界領先的智慧服務生態系統。

Looking ahead with AI as our driving force, we will continue to upgrade our service model towards greater personalization and proactive care while exploring new growth opportunities through the deep integration of AI and the ongoing accumulation of business data. We are committed to building a more resilient business model, reinforcing our long-term competitive edge and creating enduring value for all stakeholders.

展望未來，我們將以人工智慧為驅動力，不斷升級我們的服務模式，實現更高的個人化和主動關懷，同時透過人工智慧的深度融合和業務數據的持續積累，探索新的成長機會。我們致力於建立更具韌性的商業模式，鞏固我們的長期競爭優勢，並為所有利害關係人創造持久價值。

Now, I'll turn the call over to our CFO, Ray Wan, to present our financial results. Thank you everyone.

現在，我將把電話交給我們的財務長雷萬，由他來介紹我們的財務表現。謝謝大家。

Thank you, Mr. Fang. And thank you everyone for joining today's earnings conference call. I'm pleased to walk you through another quarter of solid financial results characterized by healthy revenue expansion, optimized operational efficiency, improved profitability, and a strong and growing cash position.

謝謝您，方先生。感謝各位參加今日的財報電話會議。我很高興向大家介紹又一個季度穩健的財務業績，其特點是收入健康增長、營運效率優化、盈利能力提高以及強勁且不斷增長的現金狀況。

Our total revenues for the third quarter reached RMB1.16 billion, representing a robust 33.6% year over year increase. This strong growth has primarily driven by sustained momentum across both our insurance distribution system, service revenue businesses.

第三季總營收達到人民幣11.6億元，年增33.6%。這一強勁成長主要得益於我們的保險分銷系統和服務收入業務的持續發展勢頭。

Turning to our revenue mix, revenue from insurance distribution services reached RMB373.3 million, marking a year over year increase of 27.9%. This robust growth primarily driven by a higher number of policies purchased on our platform, underpinned by more precise consumer targeting and enhanced marketing capabilities.

從收入組成來看，保險分銷服務收入達到人民幣3.733億元，較去年同期成長27.9%。這一強勁成長主要得益於在我們平台上購買的保單數量增加，而這又得益於更精準的消費者定位和更強大的行銷能力。

System services revenues reached RMB783.5 million, a 36.9% increase compared with the same period last year. This growth was propelled by ongoing improvements to our AI integrated full consumer service cycle engine, which further enhanced our marketing solutions and precise analytics services for insurance carriers. In addition, the increase reflected an expanded scope of system service offerings provided to both new and existing insurance carrier partners.

系統服務收入達人民幣7.835億元，較去年同期成長36.9%。這一成長得益於我們不斷改進的整合人工智慧的全消費者服務週期引擎，這進一步增強了我們為保險公司提供的行銷解決方案和精準分析服務。此外，此次成長也反映出向新舊保險公司合作夥伴提供的系統服務範圍擴大。

Moving to expenses, our total operating expenses increased by 31.2% year over year to RMB803.4 million. Operation support expenses were RMB45.1 million, remaining broadly stable compared with the same period last year.

從費用來看，我們的總營運費用年增 31.2%，達到 8.034 億元人民幣。營運支援費用為人民幣4,510萬元，與去年同期相比基本保持穩定。

Selling and marketing expenses rose by 23.9% year over year to RMB569.6 million as we continue to invest in our marketing capabilities to attract new consumers and retain existing ones. G&A expenses increased by 97.8% year over year to RMB93.1 million, primarily due to higher personnel costs, including salary, bonus and benefits.

由於我們持續投資於行銷能力，以吸引新客戶並留住現有客戶，銷售和行銷費用年增23.9%至人民幣5.696億元。一般及行政費用年增 97.8% 至 9,310 萬元，主要原因是人員成本增加，包括薪資、獎金和福利。

R&D expenses increased by 56.8% year over year to RMB95.6 million, reflecting our intensified R&D efforts and the expansion of our R&D team. These investments are essential in reinforcing our leadership position as a technology-driven online insurance distributor.

研發費用年增 56.8% 至 9,560 萬元，反映出我們加強了研發力度，並擴大了研發團隊。這些投資對於鞏固我們作為技術驅動型線上保險經銷商的領導地位至關重要。

As a result of our strong top-line growth and continued operating discipline, our profitability improved meaningfully this quarter. Net income increased by 51.3% year over year to RMB374.70.4 million.

由於營收強勁成長和持續的營運紀律，本季我們的獲利能力顯著提高。淨利年增51.3%，達到人民幣3.74704億元。

With the net income margin expanding to 32% from 28.2% in the same period last year. Non-GAAP adjusted net income rose by 51.7% to RMB390 million, representing a non-GAAP net income margin of 33.7%, up from 29.7% a year ago.

淨利潤率從去年同期的 28.2% 擴大到 32%。非GAAP調整後淨利成長51.7%至人民幣3.9億元，非GAAP淨利率為33.7%，高於去年同期的29.7%。

We maintained healthy cash flow generation during the quarter, further solidifying our cash position. Operating cash flow was RMB326.1 million, and we ended the quarter with a strong total liquidity balance of RMB3.75 billion, which increased 82.3% year over year to 9.7% since the end of the second quarter this year.

本季我們保持了健康的現金流，進一步鞏固了我們的現金狀況。營運現金流為人民幣3.261億元，本季末總流動資金餘額強勁，達人民幣37.5億元，較上年同期增長82.3%，較今年第二季末增長9.7%。

This robust liquidity provides us with ample financial flexibility to fund the business growth and pursue strategic investments.

充裕的流動資金為我們提供了充足的財務靈活性，可以為業務成長提供資金並進行策略性投資。

To conclude, our third quarter results once again validate the strength and scalability of our business model. Looking forward, we will maintain a prudent focus on high-quality growth, operational efficiency, and a solid liquidity position, empowering us to continue investing with conviction and to drive sustainable growth.

總之，我們第三季的業績再次驗證了我們商業模式的實力和可擴展性。展望未來，我們將繼續審慎地專注於高品質成長、營運效率和穩健的流動性，這將使我們能夠繼續堅定地進行投資，並推動永續成長。

Thank you, and I would like to open the call to Q&A. Operator, please go ahead.

謝謝，現在我想進入問答環節。操作員，請開始。

(Operator Instructions) Amy Chen, Citi.

（操作說明）Amy Chen，花旗銀行。

What hi, this is, easy, and thank you very much for the opportunity, for a question. First, I want to congratulate the management on another robust order, both on revenue and earnings side.

你好，這很簡單，非常感謝您給我這個機會提問。首先，我要祝賀管理層又一次取得了強勁的訂單，無論是在收入還是利潤方面。

I have two questions. The first one being, on selling and marketing expenses. So we noted that, as a percentage of revenue actually the efficiency of selling and marketing expenses has improved, both year over year and quarter on quarter. I'm wondering, what was the driver behind, this improvement and if this has anything to do with seasonality and is it sustainable going forward?

我有兩個問題。第一部分是關於銷售和行銷費用。因此我們注意到，銷售和行銷費用的效率佔收入的比例實際上有所提高，無論是同比還是環比。我想知道，這種改進背後的驅動因素是什麼？這是否與季節性有關？這種改進能否持續下去？

And the second one would be on a --

第二個將在…--

[Yue Xu], [CSC].

[徐悅]，[CSC]。

Hi, congrats on your, solid results and a strong execution order. So my first question relates to a recent tax regulation change effective in, October. So with a newly, 15% cap on half spend deduction, have we seen some material impact on the overall bidding intensity across platforms? And how should we think about the future revenue gos going forward.

您好，恭喜您取得了紮實的成績和優秀的執行力。我的第一個問題與最近一項於10月生效的稅務法規變更有關。因此，隨著半額支出扣除上限提高到 15%，我們是否看到各平台的整體競價強度受到了實質影響？那麼，我們該如何看待未來的收入成長呢？

So, and the second one is, we have noticed some pes also expanding into public traffic acquisition and how should we think about the margin or, the cost, the customer acquisition cost going forward.

其次，我們注意到一些 PES 也開始拓展公共流量獲取業務，我們應該如何看待未來的利潤率或成本，也就是客戶獲取成本？

Thank you. Yeah, this is Raywan. I'll take on the Q&A. My first question regarding ad trends and tax regulations. So far we haven't seen any material impact or changes to our ongoing business. We've been following it very closely as well.

謝謝。是的，這是雷萬。我來回答問題。我的第一個問題是關於廣告趨勢和稅務法規的。到目前為止，我們還沒有看到對我們的日常業務產生任何實質影響或變化。我們也一直密切關注此事。

However, if this becomes a market wide standard, it'll affect the entire industry, including advertisers as well as platforms by driving up costs for everyone. As advertising costs rise across the industry, we do believe that players with stronger profitability and operational efficiency, and cost controls are better positioned to stand out and achieve sustainable earnings, leading to potentially market consolidation or or stronger growth.

但是，如果這成為市場普遍標準，將會推高所有人的成本，進而影響整個產業，包括廣告商和平台。隨著整個行業的廣告成本不斷上漲，我們相信，盈利能力、營運效率和成本控制能力更強的企業更有可能脫穎而出，實現可持續的收益，從而可能導致市場整合或更強勁的成長。

On your second question regarding competition in the public domain, yes, we've seen our partners increase investment in external traffic, which validates the success of our business model and technological capabilities, while also underscoring the substantial growth potential of the health insurance market. Meanwhile, the increase of external traffic by our partners serve as valuable market education, raising consumer awareness for commercial insurance, because a large portion of the population still remains uninsured, by commercial health plans, indicating that the industry's ceiling is still far from being reached.

關於您提出的第二個問題，即公共領域的競爭，是的，我們看到我們的合作夥伴增加了對外部流量的投資，這驗證了我們商業模式和技術能力的成功，同時也突顯了健康保險市場的巨大成長潛力。同時，我們合作夥伴帶來的外部流量增加，對市場教育起到了重要的作用，提高了消費者對商業保險的認識，因為很大一部分人口仍然沒有商業健康保險，這表明該行業的上限還遠未達到。

Today, commercial health insurance has become an integral component of China's multi-tier medical security system, as Mr. Fong mentioned, and the relationship between social health insurance and commercial health, Insurance is entering a new stage of synergy and complementary strength, so in our view, the deciding factor in maintaining a competitive edge ultimately comes down to operational efficiency.

正如方先生所提到的，如今商業健康保險已成為中國多層次醫療保障體係不可或缺的一部分，社會健康保險與商業健康保險的關係正進入協同增效的新階段，因此我們認為，維持競爭優勢的決定性因素最終取決於營運效率。

Now, with our optimized engine, we continue to grow and achieve attractive economics even our our current scale, and we will continuously train and optimize our engine which is key to driving efficiency and maintaining our competitive edge. Thank you.

現在，憑藉我們優化的引擎，即使在目前的規模下，我們也能繼續發展並實現可觀的經濟效益，我們將不斷訓練和優化我們的引擎，這是提高效率和保持競爭優勢的關鍵。謝謝。

Thank you. That's helpful.

謝謝。那很有幫助。

Amy Chen, Citi.

Amy Chen，花旗銀行。

Hi, this is Amy from Citi and thank you for the opportunity. And my, I have two questions. My first question is regarding, a marketing efficiency. We noted that, you're selling and marketing expenses as a percentage of total revenue actually improved, both year on year and quarter on quarter. I'm wondering is there any seasonality in this or what was the core driver behind this improvement? And going forward, is this, level of efficiency, sustainable?

您好，我是花旗銀行的艾米，感謝您給我這個機會。我還有兩個問題。我的第一個問題是關於行銷效率的。我們注意到，您的銷售和行銷費用佔總收入的百分比實際上有所改善，無論是同比還是環比。我想知道這是否存在季節性因素，或者說，這種改善背後的核心驅動因素是什麼？展望未來，這種效率水準是否可持續？

The second question is regarding shareholders' return. Given our improved, topline growth as well as earnings, what are, management's thoughts on perhaps dividends or share buybacks at this point? Thank you.

第二個問題是關於股東的回報。鑑於我們營收和獲利均有所改善，管理階層目前對派發股利或股票回購有何看法？謝謝。

Thank you, Amy. So in terms of, our market expenses, there is some seasonality depending our acquisition strategy, because sometimes we may want to, we might, we may want to avoid, strong acquisition periods such as 111, but we also continuously dynamically adjust our strategy based on growth targets and ROR targets. So we've been adjusting our marketing approach in real time and different approaches lead to, effective outcomes, including potential shifts in age profile, spending power, consumption habits of our consumer base.

謝謝你，艾米。因此，就我們的市場支出而言，會存在一些季節性因素，這取決於我們的收購策略，因為有時我們可能想要避免像 111 這樣的強勁收購時期，但我們也會根據成長目標和投資回報率目標不斷動態調整我們的策略。因此，我們一直在即時調整行銷策略，不同的策略帶來了有效的結果，包括消費者群體年齡結構、消費能力和消費習慣的潛在變化。

Now, what we are seeing here are obviously improvements in our overall efficiency continuously over the last 13 quarters, but going forward, we believe, we want to, as mentioned before, have a very balanced, growth profile, in tandem with our operational efficiency going forward.

現在，我們顯然看到，在過去的 13 個季度裡，我們的整體效率一直在不斷提高。但展望未來，如同先前所提到的，我們希望在維持營運效率的同時，實現非常平衡的成長。

And your second question regarding shareholder return, we continue to evaluate best strategies in providing the best shareholder returns through various operational, and capital markets opportunities, and like you said, dividends, is certainly one of them that we are considering. Thank you.

關於您提出的第二個問題，即股東回報，我們將繼續評估透過各種營運和資本市場機會提供最佳股東回報的最佳策略，正如您所說，股息當然是我們正在考慮的策略之一。謝謝。

Thank you.

謝謝。

[Yuan Liao], [Citix].

[袁廖]，[Citix]。

Thanks, management, for taking the questions and congrats for the strong quarter results. And I have two questions. The first question is about AI and with the rapid development of the generative AI and AI agent. So how do you see this impacting your products and business models and couldm share your strategy roadmap regarding future algorithm or product innovation?

感謝管理層回答問題，並祝賀公司取得了強勁的季度業績。我有兩個問題。第一個問題是關於人工智慧的，以及生成式人工智慧和人工智慧代理的快速發展。那麼，您認為這將如何影響您的產品和商業模式？能否分享一下您在未來演算法或產品創新方面的策略路線圖？

And second question is about your target market. So how do you view the current market penetration rate within yuanbao's target demographic and what potential do you see for the future of growth? Thank you.

第二個問題是關於您的目標市場。那麼，您如何看待元寶目前在目標族群中的市場滲透率？您認為其未來成長潛力如何？謝謝。

Thank you again. So my first question, so we integrate AI capabilities in various aspects of our operation, as on the front end, for traffic acquisition, we have built a very strong engine, with thousands of models and labels for each consumer relying primarily on recommendation algorithms, which, are tree-based models or GBMs. As for generative AI, we deploy them across our user acquisition journey as well as internally, as well.

再次感謝。所以我的第一個問題是，我們在營運的各個方面都整合了人工智慧功能，例如在前端，為了獲取流量，我們建立了一個非常強大的引擎，為每個消費者創建了數千個模型和標籤，主要依賴推薦演算法，這些演算法是基於樹的模型或梯度提昇機（GBM）。至於生成式人工智慧，我們不僅在使用者獲取過程中，也在內部應用了它。

On our LLM, capabilities and in our earnings, highlight. The evolution of our AI agents and AI capabilities will play a crucial role here in both helping with generating, innovation and potentially new earnings as well as, continued improvements across our business.

在我們的LLM專案中，我們展現了強大的能力，並在收益方面取得了顯著成就。我們的人工智慧代理和人工智慧能力的演進將在此發揮至關重要的作用，它既有助於創造創新和潛在的新收入，也有助於我們業務的持續改善。

So on the one hand it'll help us continuously elevate consumer experience. On the other hand, it will allow us to continuously capture data insights, creating a feedback loop in addition to what we have already to further refine our model performance.

一方面，這將有助於我們持續提升消費者體驗。另一方面，它將使我們能夠持續獲取數據洞察，在現有反饋循環的基礎上進一步改進模型性能，從而創建一個反饋循環。

On your second question regarding industry penetration, so looking at the, industry landscape, commercial health insurance has become a vital component of China's multi-tiered health care protection system. The relationship between social health insurance and commercial health insurance is evolving into a new stage of coordination and complementarity, as mentioned. So we do believe health insurance, commercial health insurance will play a pivotal role in addressing the challenges posed by aging population. And alleviating the pressures on the public health care system.

關於您提出的第二個問題，即產業滲透率，從產業格局來看，商業健康保險已成為中國多層次醫療保障體系的重要組成部分。如同前面所提到的，社會醫療保險和商業醫療保險之間的關係正在演變為協調互補的新階段。因此，我們相信，健康保險，特別是商業健康保險，將在應對人口老化帶來的挑戰方面發揮關鍵作用。並減輕公共醫療保健系統的壓力。

As local economies grow and innovative drug catalogs for commercial health insurance are established, we believe the demand for protection rights will rise continuously and very naturally. So your Enbrel's online inclusive model is actually very ideally and perfectly suited to reach these demographics that are underserved by commercial health insurance.

隨著地方經濟的成長和商業健康保險創新藥品目錄的建立，我們相信對保障權利的需求將會持續且自然地成長。因此，Enbrel 的線上包容性模式實際上非常理想且完美地適合接觸到商業健康保險服務不足的這些人群。

In addition, for users who have already purchased short-term policies, they are far from reached their, reaching their protection ceiling. We see tremendous headroom for upselling and cross selling additional products, such as, critical illness, accident, etc. And there's huge potential in user purchasing policies for family members. And regarding premiums, we don't see it alone as a key driver. Instead, our focus is on leveraging AI big data for very precise risk risk assessment as well as understanding, the pain points and needs of our consumers.

此外，對於已經購買短期保險的用戶來說，他們的保障額度還遠遠未達上限。我們看到追加銷售和交叉銷售其他產品（例如重大疾病險、意外險等）的巨大空間。使用者為家庭成員購買保險也蘊藏著巨大的潛力。至於保費，我們認為它本身並不是關鍵驅動因素。相反，我們的重點是利用人工智慧大數據進行非常精確的風險評估，以及了解我們消費者的痛點和需求。

So we believe this will enable very defined pricing leading to a healthy and sustainable ROI. So you know it's, I think a pretty long-winded way of saying that we have a lot of internal models of calculating the current penetration headroom, and we do believe we are very far from, reaching any level of, higher penetration, but additional data analysis we can, discuss, further. Thank you.

因此，我們相信這將有助於實現非常明確的定價，從而帶來健康且可持續的投資報酬率。所以，我想說的是，我們有很多內部模型來計算當前的滲透空間，而且我們相信我們距離達到任何更高的滲透水平還很遠，但是我們可以進一步討論額外的數據分析。謝謝。

Thank you. Very helpful.

謝謝。很有幫助。

[Jia Liang Yuan], [Huafu Securities].

[賈良源]，[華孚證券]。

Hi Ray, thanks for taking my question. Congratulations on the strong. I have two questions. First, regarding revenue growth, could you break down the third quarter growth between new user acquisition and the higher premium per user? And, looking forward, what do you see as the key driver for sustainable growth over the next three years?

嗨，Ray，謝謝你回答我的問題。恭喜你取得如此佳績。我有兩個問題。首先，關於營收成長，能否詳細分析第三季新增用戶和用戶單價上漲兩方面的成長？展望未來，您認為未來三年可持續成長的關鍵驅動因素是什麼？

And my second question is about AI. Can you quantify the PPI improvements you are seeing in conventional efficiency, and will exporting these AI capabilities create a new revenue streams or pricing power for the company in the future? Yeah, that's all from me, thank you.

我的第二個問題是關於人工智慧的。您能否量化您在傳統效率方面看到的 PPI 改進，以及未來出口這些 AI 能力是否會為公司創造新的收入來源或定價權？好了，我的發言就這些，謝謝。

Thank you. On your first question regarding your revenue growth, so our revenue growth is driven by multiple factors. Now, for the next two to three years, we see three key drivers. Number one is market tailwind. As people become more insurance conscious, the penetration rate and growth in health insurance sector is bound to continue to increase.

謝謝。關於您提出的第一個問題，即收入成長，我們的收入成長是由多種因素驅動的。接下來兩到三年，我們看到了三個關鍵驅動因素。第一大有利因素是市場順風。隨著人們保險意識的增強，健康保險業的滲透率和成長勢必會持續提高。

Second is cross selling and product innovations to tailor to consumer needs because as we understand and analyze more user behavior data, we can recommend and innovate, more suitable products. Third is our data advantage. With our growing data scale, we're constantly refining our models to better understand, and to have better efficiency and accuracy. This is how we plan to ensure sustainable and healthy. ROI, but in terms of the actual breakdown, it's a combination of multiple factors that really drives our revenue as well as our profitability.

其次是交叉銷售和產品創新，以滿足消費者的需求，因為隨著我們了解和分析更多用戶行為數據，我們可以推薦和創新更合適的產品。第三點是我們的數據優勢。隨著數據規模的不斷擴大，我們不斷改進模型，以更好地理解數據，並提高效率和準確性。這就是我們確保永續發展和健康的方式。投資報酬率，但就實際組成而言，真正驅動我們收入和獲利能力的是多種因素的綜合作用。

On your second question regarding AI, so as our business started off by having a very strong AI base or machine learning, team that built out our engine. So, AI capabilities and data infrastructure has been very deeply integrated across the entire, user acquisition process chain, but now embedding our large language model capabilities across key functions, including risk identification, customer acquisition, product design.

關於您提出的第二個關於人工智慧的問題，因為我們的業務在起步時就擁有一個非常強大的人工智慧基礎或機器學習團隊，該團隊建立了我們的引擎。因此，人工智慧能力和資料基礎設施已經非常深入地整合到整個用戶獲取流程鏈中，但現在我們將大型語言模型能力嵌入關鍵功能中，包括風險識別、客戶獲取、產品設計。

And claim processing we've systematically built an AI driven competitive mode that that will continuously enhance operational efficiency and elevate our service quality.

在理賠處理方面，我們已經有系統地建立了一個人工智慧驅動的競爭模式，這將持續提高營運效率並提升我們的服務品質。

And second, through our current engine, we're able to uncover more consumer needs in real time and, week by week, month by month, and co-develop products with insurers that better meet today's market demand, as mentioned, a new, critical illness product. So together with our insurance, carrier partners, we launched a short-term critical illness product. The core highlight is unlocking millions in coverage at an inclusive price point. By adopting a parallel lump sum payment plus multiple reimbursement model.

其次，透過我們目前的引擎，我們能夠即時、每週、每月地發現更多消費者的需求，並與保險公司共同開發能夠更好地滿足當今市場需求的產品，如前所述，一種新的重大疾病產品。因此，我們與保險公司合作夥伴一起推出了短期重大疾病保險產品。核心亮點在於以包容性的價格提供數百萬美元的保障。透過採用一次性付款加多次報銷的並行模式。

And so in summary, our AI capabilities have enabled us to, number one, on the product front, address coverage gaps through the launch of innovative, inclusive insurance products to create and offering more value to our consumers, thereby lowering barriers to insurance services.

綜上所述，我們的人工智慧能力使我們能夠：首先，在產品方面，透過推出創新、包容的保險產品來解決保障缺口，為消費者創造和提供更多價值，從而降低保險服務的門檻。

And number two, on the technology front, establish a proactive deployment across all business processes in embedding AI deeply into product development workflow and decision-making systems to make it an integral part of our operational management framework.

第二，在技術方面，要積極主動地在所有業務流程中部署人工智慧，將其深度嵌入產品開發工作流程和決策系統中，使其成為我們營運管理框架的組成部分。

Now, whether this is going to create new revenue streams or or a lot pricing outside certainly from existing business model we do believe that will help us allow us to continue to grow very effectively and efficiently, but new revenue streams, in existing business we think it will help us expand our potential product offerings, but in terms of diversification that's also something that we're actively looking at. Thank you.

現在，無論這是否會創造新的收入來源，或在現有商業模式之外進行大量定價，我們都相信這將有助於我們繼續高效成長。至於新的收入來源，我們認為這將有助於我們擴大現有業務的潛在產品供應，但就多元化而言，這也是我們正在積極考慮的事情。謝謝。

Thank you, Ray.

謝謝你，雷。

[Yingying Xu], [Southwest Securities].

[徐瑩瑩]，[西南證券]。

Thank you, management, for giving me this opportunity to ask a few questions. My name is [Xuying]. I am the Chief Financial Analyst at Southwest Security. First of all, I would like to congratulate yuanbao on another strong quarter. I have two questions for the management team. My first question is about revenue growth. Looking ahead to 2026, I am curious to know what you see as the main drivers of yuanbao's continued revenue growth. Is it creasing marketing spend or is it improving the efficiency of your AI models? Is it expanding co-selling or maybe achieving higher commission rates with shares?

謝謝管理階層給我這個機會提問。我的名字是[徐英].我是西南安保公司的財務分析師。首先，我要祝賀元寶又一個季度取得了強勁的業績。我有兩個問題想問管理團隊。我的第一個問題是關於營收成長的。展望 2026 年，我很想知道您認為元寶持續營收成長的主要驅動因素是什麼。這是在增加行銷支出，還是在提高人工智慧模式的效率？是為了擴大聯合銷售，還是為了透過股份實現更高的佣金率？

Also, how do you expect these factors to change over the next three years? My second question is about, competition and the brand, compared to eco ecosystem players. Like, PA, Good Doctor, or Aur. Yuanbao is an independent pla platform. I would like to know what is your strategy to strengthen Yuanbao's spread? How will you improve customer's loyalty, and how do you plan to increase renewal rates over the next one to three years? Thank you.

另外，您預期這些因素在未來三年會發生什麼樣的變化？我的第二個問題是關於與生態系統參與者相比，競爭和品牌方面的問題。比如，PA、好醫生或Aur。元寶是一個獨立的pla平台。我想知道您加強元寶傳播的策略是什麼？您將如何提高客戶忠誠度？您計劃如何在未來一到三年內提高續約率？謝謝。

No, thank you, to answer your first question, now in terms of growth, we conduct a very holistic assessment across multiple dimensions, including traffic acquisition, and its scale, model efficiency enhancements, cross selling, and tailored to very specific market conditions, so by continuously mining data and refining our modeling capabilities, we aim to maintain very sustainable profitability. Even as our business continues to scale, so that's something that we've been very consistent about over the last, couple of quarters.

不，謝謝。回答你的第一個問題，就成長而言，我們會從多個維度進行非常全面的評估，包括流量獲取及其規模、模型效率提升、交叉銷售，並根據非常具體的市場條件量身定制。因此，透過不斷挖掘數據和改進我們的建模能力，我們旨在保持非常可持續的盈利能力。即使我們的業務規模不斷擴大，這也是我們在過去幾季中一直堅持的做法。

Now, regarding model efficiency, we're very strictly focused on assessing and ensuring that our customer acquisition costs remain stable, or trend for, trend flat at the minimum as we continue to expand and grow, at a very fast scale. Now, looking ahead, we'll continuously boast bolster our engine by adding or optimizing models. Our goal is to enhance predictive precision without disrupting our existing our existing infrastructure. Now, we haven't provided guidance for 2026. But I guess for the remainder of full year 2025 we do believe that we'll grow at least, 30% on a revenue basis and continue to maintain a very, similar and healthy, profit level.

現在，關於模型效率，我們非常注重評估並確保我們的客戶獲取成本保持穩定，或至少保持平穩，因為我們將繼續以非常快的規模擴張和成長。展望未來，我們將不斷透過增加或優化模型來增強我們的引擎。我們的目標是在不破壞現有基礎設施的前提下，提高預測精度。目前，我們尚未提供 2026 年的指導意見。但我認為，在 2025 年剩餘的時間裡，我們相信收入至少會成長 30%，並繼續保持非常相似且健康的利潤水準。

Now, for your second question regarding existing ecosystem players versus how do we plan to strengthen our brand moat, and enhance customer stickiness. Now, first we operate on an AI driven engine model where your current distribution is powered by technology, we acquire users across the full spectrum of traffic channels.

現在，關於您的第二個問題，即現有生態系統參與者與我們計劃如何加強品牌護城河並提高客戶黏性之間的關係。首先，我們採用人工智慧驅動的引擎模型，您目前的發行管道由技術驅動，我們透過各種流量管道獲取用戶。

Without relying heavily on anyone, allowing the potential for a stable and scalable source of new consumers, serving as the foundation of our future, consumer base. Second, as an independent third-party insurance distributor, what sets us apart from ecosystem-based players is our capability to for daily collaborative iteration across diverse teams, including.

在不嚴重依賴任何人的情況下，有可能獲得穩定且可擴展的新消費者來源，作為我們未來消費者基礎的基礎。其次，作為一家獨立的第三方保險分銷商，我們與基於生態系統的參與者的區別在於，我們有能力在包括以下在內的不同團隊之間進行日常協作迭代。

Data AI, business marketing, operation, customer service, etc. Our edge is not derived solely from core model or algorithm. Rather, it stems from a holistic iterative feedback mechanism that requires significant time accumulation to build over the last few years.

數據人工智慧、商業行銷、營運、客戶服務等等。我們的優勢並非僅來自核心模型或演算法。相反，它源於一個整體性的迭代反饋機制，該機制需要在過去幾年中累積大量的時間才能建立。

On a day to day basis. This involves very much, a large part cross functional collaboration. So the AI team handles modeling and fine tuning while data team manages data governance, future mining, business team, etc.

每天都是如此。這其中涉及很多方面，很大程度上是跨部門協作。因此，人工智慧團隊負責建模和微調，而資料團隊則負責管理資料治理、未來挖掘、業務團隊等。

So this integrated system polished through the daily multi-departmental collaboration, we do believe, has brought us to to where we are currently in, over the last few years and we want to continue that operational knowhow and operational excellence going forward to build our, capabilities. Thank you.

因此，我們相信，正是透過日常多部門協作不斷完善的這個整合系統，才使我們在過去幾年中取得了目前的成就，我們希望繼續保持這種營運知識和卓越運營，以增強我們的能力。謝謝。

[Xintao Chen], [CICC].

[陳新濤]，[中金公司]。

Thank you, management, for giving me the opportunity to ask questions and congratulations on the strong performance in the 3rd quarter. And I have two questions for the management. The first is The efficiency of Yuanbao's model stands out against peers. So what's the key drivers behind this going forward? Is there further room for improvements in net income margin and ROI?

感謝管理層給我提問的機會，並祝賀公司在第三季度取得了優異的業績。我有兩個問題想問管理階層。首先，元寶模式的效率在同類產品中脫穎而出。那麼，推動這趨勢發展的關鍵因素是什麼？淨利率和投資報酬率還有提升空間嗎？

And the second one is regarding the competitive landscape. So how does the management view the competitive landscape of the industry over the coming years? Thank you.

第二個問題與競爭格局有關。那麼，管理階層如何看待未來幾年產業的競爭格局？謝謝。

Thank you, Xintao. So, our ROI stems from the full digitization and automation of our insurance, full cycle engine or acquisition process, which leads to a comprehensive efficiency of it across the entire user life cycle.

謝謝你，新濤。因此，我們的投資報酬率源自於保險、全週期引擎或客戶獲取流程的全面數位化和自動化，從而在整個用戶生命週期中實現全面效率。

Now, this spans every single step of the process from adding pressure and user registration, purchase, cross selling, after sales services, and claim assistance. So by leveraging our engine to analyze, massive user behavioral data, we continue to optimize conversion efficiency at every step, and that's what we want to continuously iterate to enhance our engine.

現在，這涵蓋了流程的每一個步驟，從施加壓力和用戶註冊、購買、交叉銷售、售後服務和索賠協助。因此，透過利用我們的引擎分析大量用戶行為數據，我們不斷優化每一步的轉換效率，而這正是我們希望不斷迭代以增強引擎的功能。

Now, going forward, we do see potential for upside, in efficiency, but what we have to balance, as mentioned is we do believe the market has, a very large room for additional penetration and growth, so we want to balance growth with profitability such that we are growing, at least faster than how fast the market is growing to capture that market share.

展望未來，我們確實看到了效率提升的潛力，但正如前面提到的，我們必須權衡的是，我們相信市場還有很大的滲透和增長空間，因此我們希望在增長和盈利能力之間取得平衡，使我們的增長速度至少比市場增長速度更快，從而獲得市場份額。

On your second question regarding competition, and then, so today we haven't observed any material changes to the landscape. This is primarily because the ad bidding process is both real time and impartial, placing us on a level playing field with all the advertising across platforms, including those in gaming econs, et cetera.

關於你提出的第二個問題，即競爭問題，那麼，到目前為止，我們還沒有觀察到市場格局發生任何實質變化。這主要是因為廣告競價過程既是即時的又是公正的，使我們與所有平台上的廣告（包括遊戲經濟等）處於公平的競爭環境。

The platform bidding mechanism is very industry or player neutral. So with our optimized engine, we continue to grow and achieve what we believe is attractive economics, as we continue to scale. So we want to make sure that we continuously train and optimize our engine.

平台競價機制與產業或玩家完全無關。因此，憑藉我們優化的引擎，我們不斷發展壯大，並實現了我們認為具有吸引力的經濟效益，同時我們也不斷擴大規模。所以我們要確保不斷訓練和優化我們的引擎。

Furthermore, our competitive edge is not derived from just a few core models or algorithms. And instead it stems from a comprehensive iterative feedback loop, that has built by us from one single model and one label, starting from day one, so it hinges on a very deep collaboration, across multiple specialized teams and being able to be very adaptive to, the changing, external environment.

此外，我們的競爭優勢並非僅來自少數核心模型或演算法。相反，它源自於一個全面的迭代回饋循環，這個循環是我們從一開始就從一個單一的模型和一個標籤建構起來的，因此它依賴於多個專業團隊之間的深度合作，以及對不斷變化的外部環境的極強適應能力。

Now, so given the vast market potential, we, we're confident that our sustained, innovative capabilities will allow us to maintain our existing position of leadership, even as, changes in the external environment. Thank you.

鑑於巨大的市場潛力，我們相信，即使外部環境發生變化，我們持續的創新能力也將使我們能夠保持現有的領導地位。謝謝。

Thank you for your insight.

感謝您的見解。

We received an online question here from Thomas Wang of Goldman Sachs. His question is, please provide updates on the following topics sales momentum per policy premium and product mix, and the trend in commission rate and tick rate. Thank you.

我們收到了來自高盛集團的 Thomas Wang 的線上提問。他的問題是，請提供以下主題的最新資訊：每份保單保費的銷售動能和產品組合，以及佣金率和跳動率的趨勢。謝謝。

Thank you. So in the third quarter, our total revenue mainly driven by revenue from insurance distribution services, growing at 27.9%. The revenue from system services grew a bit faster at 36.9%. now in the third quarter, our average premium and short for short-term policies remain generally consistent with historical levels, so tracking within normal ranges both year over year and, quarter on quarter.

謝謝。因此，第三季我們的總收入主要由保險分銷服務收入推動，成長了 27.9%。系統服務收入成長速度略快，達到 36.9%。目前已進入第三季度，我們的平均保費和短期保單的短期收益與歷史水平基本保持一致，因此無論同比還是環比，均在正常範圍內。

Now, with the trending commission rate, so as far as take rate, it can be roughly estimated by dividing revenue by premiums. Now, looking at the full year picture, we expect our take rate to remain relatively stable, to historical levels.

現在，根據目前的佣金率趨勢，至於佣金率，可以透過將收入除以保費來粗略估算。現在，從全年情況來看，我們預計我們的轉換率將保持相對穩定，達到歷史水平。

Now, to emphasize, while TRY is a very important metric, it's just one of several key factors that we evaluate in our broader marketing, market, broader strategy to optimize really our ROI. So we focus on balancing, all the key drivers, including takeeg rate.

現在需要強調的是，雖然 TRY 是一個非常重要的指標，但它只是我們在更廣泛的營銷、市場和更廣泛的策略中評估的幾個關鍵因素之一，目的是真正優化我們的投資回報率。因此，我們專注於平衡所有關鍵驅動因素，包括稅率。

But this also includes price per policy, cross selling efficiency, customer acquisition costs, and other operational metrics, not just take Adderall. Thank you.

但這也包括每份保單的價格、交叉銷售效率、客戶獲取成本和其他營運指標，而不僅僅是服用 Adderall。謝謝。

That concludes the question-and-answer session. And I'd like to turn the conference back to management for any additional or closing comments.

問答環節到此結束。我想把會議交還給管理階層，讓他們補充或作總結發言。

Thank you once again for joining us today. If you have any further questions, please feel free to contact us directly. We're patented Financial communication. Our contact information for IR in both China and the US can be found in today's press release. Have a great day.

再次感謝您今天蒞臨。如果您還有其他疑問，請隨時直接與我們聯繫。我們擁有金融通訊專利。您可以在今天的新聞稿中找到我們在中國和美國投資者關係部門的聯絡資訊。祝你有美好的一天。

For your participation in today's conference, this does conclude the program. You may now disconnect your lines.

感謝您參加今天的會議，本次會議到此結束。現在您可以斷開線路了。

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。本次活動的翻譯人員由活動贊助公司提供。