Good day, and welcome to the NOAA Holdings Limited First Quarter 2026 Earnings Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key, followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to Doreen Chiu, Investor Relations. Please go ahead.

Thank you and welcome and good morning everyone to NOAA's third quarter of 2026 earnings conference call. Joining me on the call today are Ms. Wang Jingbao, the co-founder and chair lady, Mr. Sander Yin, the co-founder, director and CEO, and also Mr. Grant Peng, the CFO. Mr. Yim will begin with an overview of our recent business highlights, followed by Mr. Pang who will discuss our financial and operational results. They will all be available to take your questions in the Q&A section that follows. And please note that the discussion today will contain forward-looking statements that are subject to risks and uncertainties and that may cause actual results that worry materially from those in our forward-looking statements. Potential risks and uncertainties include but are not limited to those outlier in our public filings with the SEC and the Hong Kong Stock Exchange. NOAA does not undertake any obligation to update any forward-looking statements except as required under applicable law. With that, I would like to pass the call over to Mr. Ian.

Please go ahead. 进入2026年诺尔的转型节奏比过去更加清晰 第一季度我们观察到三个正在形成的清晰的趋势 第一个盈利结构持续的改善 我们经营利润率达到近年来三季度的高点 第二境内业务正在回归投资与配置本源 活跃客户与配置规模实现双位数的增长 第三海外业务按照我们主动调整收入结构的战略继续推进 全球化与AI驱动的新经营模式正在逐渐的形成 在进入更详细的回顾之前 我想分享两个我们在本季度后段达成的全球化里程碑 日本办公室已于5月4号正式启动运营 同时我们美国broker dealer牌照已完成最终的核准流程 核心的关键团队将于6月份正式加入 This means that NOAA is around the world of Chinese customers' services, which is now entering the new stage from the brand-new company to the next stage. Next, I will share four areas of the business, the境内, the outside, and the AI strategy with you.

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. Second, our domestic business is regaining momentum in core investment and asset allocation, with both active clients and transaction value achieving double-digit growth. 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 takes shape. 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 4th, and our U.S. broker-dealer license has completed the final approval process, with key team members set to officially join in June. 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.

In the first季度, we have the 6.26 million dollars of income, with the increase of 1.8% 环比下降14.7% 环比下降主要来自于保险业务贡献进一步减少 以及海外私募股权产品业绩报酬收入 从年末集中确认后的阶段性的正常的回落 而在利润端得益于我们在成本纪律 组织精简与费用控制上的坚定之行 经营利润达到人民币2.36亿元 同比增长27.1% 经营利润率37.8% 是近年来三季度经营利润率最高的水平之一

能盖净利润为人民币1.34亿元 需要说明的是本季度的高利润率涉及业务结构优化与组织效率的进一步的释放 我们预计全年经营利润率将维持在30%以上的健康区间 季度之间因产品结构与费用节奏自然会有波动 Porter, we recorded net revenues of RMB 626 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 year-end recognition. However, on the profit side, benefiting from our disciplined execution in cost control, organizational streamlining, and expense management. Operating profit reached RMB 236 million, up 27.1% year-over-year. Operating margin was 37.8%, marking one of the highest quarterly levels in recent years. Non-GapNet income was RMB $134 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. 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-gap profitability since listing.

This is the discipline we have maintained across multiple market cycles. 人民币私募二级产品目击规模53亿元,同比增长60%。 纳大政行净收入达人民币2.1亿元,同比增长63%。 主要由A股市场结构性机会带来的公募基金规模翻倍,以及人民币私募二级目击的快速回暖共同驱动。 This series of changes in the future, when we have the resources back to the real-time market and investment, the business market will be changed. We also have more clear our business market in the future. In the future, we will continue to do two-time market market and funders in an independent market. This year, our active clients reached 10,742, up 21.8% year over year.

Transaction value reached RMB $23.3 billion, compared with RMB $16.1 billion in the same period last year. In our domestic business, transaction value of RMB-denominated mutual fund products reached RMB $9.9 billion, up 131% year-over-year, while transaction value of from RMB-denominated private-secondary products reached RMB $5.3 billion, up 61% year-over-year. NOAA Upright recorded net revenues of RMB $208 million, up 63% year-over-year, mainly driven by a doubling in public fund transaction volume as a result of structural opportunities in the A-share 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 improves structurally. At the same time, we have become even clearer about the strategic direction of our domestic business going forward. For our domestic business, we will continue to focus on the secondary market and building our asset allocation capabilities, with key priorities including public mutual funds, private secondary market products, AI-driven client operations, and NOAA Upright's fund distribution platform capabilities. 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 non-standardized products and returning to a true long-term era centered on investment, research and asset allocation. in the future, we are the first time of July,

in the past few years, OMAR has continued to overuse the Customer-Live기 itself, including Japan, and Singapore, and Japan, as for many different countries. More CLIP, 讓我們很注意的看到,全球華人特戶正在進入一個新的階段,他們的資產、家庭、身份、教育與下一代的規劃正在越來越全球化。 而過去跨多個司法轄區、跨語言、跨待機服務的全球華人的家族,是一種高度依來個人經驗很難規模化複製的一物。 AI is the first time to make a new organization of this world. This is why we think the most important of the long-term position is not only a company of a company, but also a company of a global-wide international community.

Since March 31st, overseas registered clients reached 20,373, up 11.9% year-over-year. Overseas AUA was $9.6 billion U.S. dollars, up approximately 5.9% year-over-year. Transaction value of U.S. dollar-denominated products was $1.15 billion U.S. dollars 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. 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. 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. 从根本上改变这个等式 它不是在增加一个效率的工具 而是在重新定义财富管理行业的前台的结构 过去财富管理行业主要依赖单一的RM的驱动 而今天我们正在逐步形成三个前台协同驱动的新模式 第一是被AI负能的RM 仍然是客户关系中最重要的长期陪伴者 but AI is also in the future for the client's protection and the cloud-based expansion of the customer. So, I am also going to be able to focus on the customer's business and not to be a long-term business. The second is AI. This is our team's mission to build a new team of the team. AI is not based on the traditional high-level users of the world, 而是通过AI驱动客户运营内容服务配置支持与全球协同以更轻的组织结构服务更广泛的客户的需求 新加坡是这一模式的首个完整试验场 过去一个季度新加坡地区AUA同比增长约192% 人均创出倍数达到8.5倍 这意味着我们首次验证在不显著扩张RM人数的前提下 AI可以将单人的服务的能力覆盖的广度与配置专业度提升一个量级 第三是AI家的生态拓展部 我们认为未来财富管理行业不会只属于大型机构内部的RM体系

越来越多的独立财富顾问家族办公室外部专业机构需要的是一个能够提供全球资产供应链AI的工作台合规的底座全球执行的能力和品牌的信任的平台 诺亚正在逐步形成这样的生态我们认为在三个前台未来将共同构成诺亚新的增长引擎 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. 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 was primarily driven by a single RM model. Today, we are gradually forming a new model, driven by the collaboration of three front office engines. 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 will focus more on deep client engagement rather than repetitive process work. 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. 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. 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 advisors, 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. 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.

This is our AI and the first step is to ensure the industry-based and the last step to the next step. This is our AI to make the first step The second step is the AI-RM has to be in the third year and its best-to-speaker and the first step 并在境内外4D parking center同步推进集成. AI不再只是后台工具,而是站在理财师身边的协同搭档。 第三个层次也是最关键的,是经营模式本身的重构。 对诺亚来说,AI不是PPT的概念,它已经开始成为能够真正创造经营结果,并具体全球复制能力的新经营体系。 支持上述AI能力运转的是我们已经建成了全球平台基础 内部的资管 葛劳瑞的传承三大全球平台 分别承担 分别承担客户与账户的执行 资产的管理 保险信托与传承的服务 以及上海 香港 新加坡 美国 4D Booking Center 构成的合规与执行的底座 未来我们在AI方向的长期建设 will continue to lead to the customers, the clients, the products, the products, and the management of these four levels.

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 scales to be supported by a more streamlined organization. This is the first direct evidence of returns on our AI investments. Second level, productization of operating capabilities. Our AIRM platform officially went live in the third quarter of last year. It covers client research, generation of allocation recommendations, service record-keeping, 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 R.M.s. 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, ARC, 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 Going forward, our long-term AI build-out will continue to advance across four dimensions Clients, relationship managers, products, and governance

展望2026年下半年的时间 我们的工作将围绕董事局主席 在年度至股东性中明确的三大优先方向来推进 展望2026年下半年的时间 我们将 我们的工作将围绕董事局主席在年度至股东性中明确的三大优先方向来推进 第一 扩大海外客户的基础 第二 推动全球资产配置业务进一步的增长 第三 持续优化奥利物资管业务收入的结构 同时我们将继续深化AI在核心经营流程当中的应用 并在合规框架下逐步扩大全球的协同能力 截至3月31号 公司持有现金等价及短期投资的硬币51.3亿 维持零有息负债的健康的资产负债表的结构 董事局已建议向股东大会提交 纳亚 纳亚 连续第三年以100% NGAP净利润为基准的股东回报政策框架。 We will be able to build a global economy and AI development. We will be able to build a global economy. The long-term economy is透明, but the long-term economy will become more than before. The first-time economy will not be the end. It is more like a new economy that is known as a new economy. We are from a traditional trade-off company, This process is not going to be one of the three priorities 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, deepen AI applications in our core operating processes and gradually expand global collaboration capabilities within a compliant framework. As of March 31st, we held RMB $5.13 billion in cash, cash equivalents, and short-term investment, maintained a healthy balance sheet with zero 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-GapNet income. Subject to approval at the June 11th 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. We will continue to invest in globalization and building AI capabilities while maintaining financial discipline. We are still in the midst of our transformation. The short-term pressure points are visible, but the logic of our long-term operating model is becoming clearer than ever before. 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. Thank you. I will now hand the time over to CFO, Grant, to review our financial performance in greater detail.

Thank you, Zender. and good day to everyone joining us the first quarter of 2026 the year and continued progress now transition toward a more investment-led and quality-driven global wealth management platform i would like to highlight three key messages revenue remained stable the quality of a revenue mix improved meaningfully driven by strong growth in investment related fundraising fees and performance-based income. Second, disciplined cost management delivered substantial operating leverage. Operating profit rating margin expanded further, reported net income was affected by non-operational volatility. This mainly reflected mark-to-market accounting adjustments on a specific listed investment recorded under income from equity and affiliates. Excluding that specific market-to-market impact, non-GAAP net income would have reached RMB 216 million, up 28% year-over-year. For the first quarter, total net revenue was RMB 626 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. One-time commissions were RMB 113 million, up 5.9% quarter-over-quarter. Within this, commissions from newly raised investment products increased to RMB 53 million, up 46.1% year-over-year, and 41.7 million. investment fees were R&B $379 million, down 3.4% year-over-year and 2.5% quarter-over-quarter. Performance-based income reached R&B 100 million percent year-over-year, primarily driven by strong realization from R&B-denominated private. The quarter further demonstrates our quality investment-led revenue. The operating model continues to deliver measurable financial results, increasingly serving as structure driver. Total operating costs and expenses declined to R&B $389 million, down 9.2% as of the end of the quarter, down 10% rather than business. This enables us to scale global operations when maintaining discipline, cost, control, and service quality. SG&A, where R&B $103 million, down 10.8% year-over-year, and 35.1%. As a result, operating profits Below the operating line, investment, interest, and other income totaled RMB 19 million. Interest income remained RMB net income attributable to NOAA with a margin of total transaction values reached RMB 23.3 billion, up 44.8% year-over-year and 37.5%. This fundraising momentum directly supported the group. As of the end of the quarter, Group AUM was R&B $140.2 billion, and AUA was a dollar-denominated Overseas AUM reached 5%. Diamond and Blackhearts clients reached 9,029. Overseas continued to track. Our balance sheet remains strong, and at the end of the quarter, short-term investments with the liability ratio of our current market valuation does not fully reflect the strength of our balance sheet. Shareholders' equity of about RMB $9.9 billion, the company is trading at roughly 0.5 times book value when delivering an annualized return. In our view, this does not adequately result. And since the beginning of 2020, we have repurchased 2 million, representing about 2.7% of outstanding shares. And since launching the program Shareholder Return in 2024, we have cumulatively repurchased $3 million. Plus, we have declared to distribute 100% of our non-GAAP income as dividends for the third consecutive year. These actions reflect management's confidence in the economy. In summary, the first quarter reflects disciplined execution. Revenue quality improved operating leverage spent by non-operational volatility. The underlying trajectory of our core business continues to improve. With a fortress balance sheet, a leaner and more scalable operating platform, and continued capital returns through share repurchasing remains fundamental. We remain fully committed.

Thank you. We will now begin the question and answer session. To ask a question, please press star then one on your telephone keypad. If you are using a speaker phone, please pick up the handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this This time, we will pause momentarily to assemble our roster. Your first question today comes from Calvin Lung from Citi. Please go ahead.

Can you hear me?

Thank you.

Thank you. Thank you for having me this question. My name is Huaqi. I have a question about the national security issue. On the other hand, I have a question about the national security issue. I'll quickly translate my question. Thanks for taking this, and this is Kavanaugh from Citi. Last Friday, China tightened the regulations on cross-border brokerage businesses. What is management's view on the evolving regulatory landscape on this front, and what is the potential impact to NOAA's domestic market business? Considering a view of shop workers were fined by regulators regarding their unauthorized brokerage businesses, what is management's take on the compliance risk in domestic market going forward? Thank you.

Okay, thank you. We also have this news. This is a news. This is a news. This is a news. It has been a rule of law. This is a rule of law. It is a law of law. It is a law of law. This is a law of law. We are always holding a law of law. We all of the customers are from the foreign bank account. The bank account is in the country of the government, the government of the government, the government of the government, the KYC's process is very严重. It's not a fair way to do this. In order to write out, the government of the government is not very large. The entire market is not very large. In the whole market, the entire market is very small. So, we have to experience a large impact.

Let me do the translation. The CEO, we confirmed that the company has paid attention to this news, however we have to emphasize that this is not exactly a news happening, but more like a reinforcement of an existing rules that has been introduced to the market a couple of years ago. However, we would like to emphasize that the company has been always complied to legal requirements under different jurisdiction and particularly for the overseas account that's been opened it's all under the complied requirement under say for example in Hong Kong would be all the KYC requirement and all that and also about the money transfer into these investment account is from legitimate financial institute operate and or under HKMA's regulation that all the money transferred in the 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, so all in all we don't see any impact or basically with no much impact to NOAA for our business model And we must once again think that all of our operations under different jurisdiction have been always complied to the legal requirements.

Thank you very much. And these customers are 100% from large banks, from overseas banks to us. We don't have any kind of banks from the United States. So we think that we are very comfortable. It may be dangerous to us in this legislation.

The chair leaders further supplemented on the answers. The company's been paying huge attention to these newly executed rules and situation, and we've been immediately reviewed our internal procedure according to the SFC requirements. And we are very comfortable to say that we are fully compliant with the legal requirements. And that is not only in Hong Kong but across Singapore, USA, all of our booking centers. So different from or slightly different from these securities online platforms, what we serve is the global Chinese high net worth. So slightly different from the business model. And having said that security business is only contributing less than 1% to our total revenue. And we further emphasize that again, all the money transferred to the investment account are 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 NOAA because we have been always complied to regulations. So IARC, which is our app for security trading in the company, And all the operational system and also the technical supporting systems are all placed in overseas market and overseas like in Hong Kong. So and also for IARC, we have zero employees that basically refer to IARC in the domestic market. So again, we are fully compliant to the requirement of SFC and CSRC. And further, the company is already reviewing the referral requirement for the business from domestic to overseas according to the legal requirement. Kelvin, I hope that answers your question.

Thank you.

Your next question comes from Peter Chang from JP Morgan. Please go ahead.

Thank you. Thanks for giving me the opportunity to access this question. This is Peter Zhang from JP Morgan, and I have two questions. First is, I will notice the world's main product transaction volume has picked up sequentially in first quarter, which is a really good trend. We are wondering what's the operating trend in second quarter. Do we see continual strong investment sentiment in our economic clients, and how's the clients' demand for domestic and overseas products, investment products. 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 trends. 和未来的一个趋势 我觉得这是个很好的问题 那我分两个部分 一个是国内 一个是海外 国内的话呢 确实得益于资本市场的一个持续的表现 这个行业呢 确实是市场比较热 客户的话信心做就回来 相比于前年 我们看到这两年 去年和今年的一季度 整个的二级市场 客户的投资情绪和规模的话都在上升 但其实我们在国内的话也做了一个非常重要的工作,就是强调资产配置,并不是简单的随着市场的热点,哪个好卖就是销售哪一个基金,而是强调给客户的多元化的一个多次略的资产配置,强调客户的一个组合,组合的整体收益,所以我们在去年今年持续的在帮客户做程序资产配置解读, 而且在今年的话得益于AI那个我们给客户的资产配置的完整性和他的客户的一个持仓的稳定性调仓的过程当中就做了非常多的工作 这个客户的话也开始逐渐认识到我们在配置的理念逐渐逐渐发挥稳定性的作用 So in a way, the market continues to be better. But in a way, the market continues to be better in the world. We also have to move on the real-time package and move forward. So in a way, I think the biggest market is AI, right? This is a热点. And in the past, in the past few years, CIO's report, is still in強調 in the process of AI. This is a new趨勢. 所以说我们在给客户的产品选择和产品的配置上面 是围绕着 AI 的逻辑来展开的 比如说 AI 的基件 AI 的 VC 就是以 AI 驱动的整个市场的资产 大的指数 结构化产品等等这些 所以说正是因为 CIO 报告的一个驱动 所以说让我们的客户 他认可 CIO 报告开始

Back to Peter's question, the question divided into two parts, which is the domestic market and also the overseas market? We must admit that for investment in 2025 and 2026 until now, the investment sentiment has been a lot improved compared to two years ago. However, what we've been really doing is not just getting business according to the market situation. So what we've been doing is to really try to promote the idea that we've been helping clients to do the wealth management, which is to diverse their asset into different classes and different products so that they can have a better portfolio. And that we have been seeing the progress in the domestic market. And for overseas market, one of the things about being a wealth management company is the ability to get the good product. 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 are AI-related from infrastructure to AI company. 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 we believe that with all this good quality product on hand, we should see a better sales allocation as a result. And we must also emphasize that in terms of the selling abilities, that now we've been using AI to support the company or the RM to do the client's risk analysis.

So we've been promoting products according to the client's needs. that is more specified instead of during the mass 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. 其实我们的客户基本上在一个我们认为最重要的关键时刻都配置了保险,然后在二三年我们就开始讲到中国民营企业的这个被动的出海,这个其实现在里面我想大家也都可以感知到了吧,二五年我们基本上就是开始看AI,然后在二六年年初我们的核心策略是AI基建,我觉得当我们把这些我们的CIO的view拉在一起看的话, 最重要的是保护了客户的资产,完成了客户资产的配置和增长,这就是为什么当市场好起来的时候,我们的规模会起来,我觉得对未来也是一样的,就洛亚已经从2010年上市到已经,我们今天也谈到嘛,62个季度完成了近的盈利,我觉得是客户他还是会用他的真金白银来投票的, 所以我自己也从业这么多年 我认为A股的起来市场的增长 说到底还是因为这个AI的叙事嘛 那洛亚过去是主要做一级市场为核心的 我们其实对于赛啊什么的做的并不是那么好 我讲一个小的细节 就是我们发了很多VCPE的基金 都是跟科技相关的 也是最顶级的 过去这个朋友圈这个微信群叫维权群啊去年都改成价值投资群了就我们可以看到我们的客户真金白银的在洛亚获得了收入所以我们对我们未来的carry的分享也是很有信心的那在海外的话由于我们踏准了市场的节奏给客户比较明确的指导不论是在二级市场在一级市场客户都会有比较好的这个回报吧 所以我们是充满信心的 但是我们现在说实话 洛亚的市值确实太低了 我们也基本躺平了 主要是靠分红 所以我们也不在乎了 我们的核心非常简单 就是保护住客户的资产 让客户能够赚钱 他就可以长期跟我们走 我们是真正的变成了一个 这个财富管理 就是对客户的 当然我们 不重视市值也是不对的 但是我也没办法主导 分析师对我们的看法

这是董事长一个羞耻手法

所以我们是 非常稳限的 我看到有一些互联网签章 这样做的都非常好了 但是他可能很少有一个指标 就是客户在他们这赚钱的比例 我们每年把 所有洛亚的客户 赚钱的比例在我们每个板块 是多少 作为一个非常重要的内部指标来考核的 这是 所以我想我们谁都没有办法回答

So, when we review the history of NOAA, we've been talking about to protect our clients' assets before growing in 2022. And in 2023, it's about all this pricing entity in China that is going overseas market. And since last year, we talked about AI. And for this year, we emphasized in AI infrastructure product. 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 client's asset can be well protected and ultimately have growth. And I mean, different from a lot of our friendly, not exactly competitors, but our peers, then I would say we always reveal how much profit our clients make every year. And that has been a very key KPI for our, for the staff here. 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 profitability for over 62 consecutive quarters, when we've been looking at all these right decisions 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.

So I'll take Peter's second question. We actually don't have a set agenda, a set target for frontline teams, obviously, although we see a declining of number of items, but that's really driven by performance. So as you can see, we're still achieving a much higher fundraising volume because of high efficiency. So we don't expect, I would say, intentional shrinking of the front-line team. We want to make sure, obviously, they're fully occupied and able to generate enough volume. As CEO and Chair Lady just mentioned, there might be opportunity given the – at the same time, obviously, we are targeting mid-back-office efficiency, especially with the tool. believe that many positions in the past, that optimization in mid-backoff structure. But in the meantime, I think from the standpoint of whole year fulfillment in key markets worldwide, although just a couple of people, and in AI and technology.

Thank you. Thank you. Very clear.

Once again, if you would like to ask a question, please press star, then 1, and wait for your name to be announced. Your next question comes from Yinyang Tang from CICC.

Please go ahead. 那么后续我们应该怎样展望境外业务的增长呢? 然后我的第二个问题是关于AI 刚才管理层也提到新加坡的AI财富管理部 实现了更高的多的创收能力 还有客户经营的效率 所以想请问管理层是否可以再详细地向我们介绍一下 AI具体是怎么处理RM展业的 以及这个影响怎么提升在报表上 I will translate my questions This is Yiming from SciCC. I have two questions. First is 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 formal operation. What's the growth outlook for this segment going forward? My second question is about AI. The AI Wealth Management Department in Singapore has delivered much stronger revenue generation and client service efficiency. Could you please talk about how AI helped RM develop their business? Thank you.

I think our business is still stable in terms of growth. On the other hand, we are more focused on the high-quality customer service. This is also related to AI. In AI, we have high-quality customers in the middle. We have done a lot of data and CIM system. And that's what we're doing. That's what we're going to do.

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 reflected that. We believe that it's a normal performance across different quarters of various changes. And about how AI has been enhancing our R&M, so I guess we've been slightly touched based on the current way of doing business. We are now trying to be more focused and more accurate in picking products to certain clients. So we've been able to distinguish a higher level of clients so that would be more efficient in terms of suggesting products to our clients and allocating the resources that we have on hand. And also we have introduced the North Bay Rewarding System since late last year and that is more like a rewarding system. We've been providing certain rewards to our clients. That, again, would be focused on higher quality clients. And that as a whole means that our selling methodology could be a better allocator in terms of our resources. 拓展了我們在美國作為四大 Booking Center地區之一 未來的業務發展 其實在香港我們已經是基本上全拍照了 能夠覆蓋和支持我們的所有業務 在新加坡我們也是在MAS下面的話有拍照

然後我們正在補充申請我們的資管拍照 就可以给我们的客户做更多的 类似于全球委托这些业务的可能性 所以说在海外的Booking Center 也是遵循我们大的战略 四大Booking Center 形成一个全球化的网络 来服务我们的华人客户 那么美国的牌照落地 也是能够加强这一块 Booking Center板块当中 业务落地的一个 持续的一个计划动作之一

As you may aware, we've been basically fully licensed in Hong Kong, and in Singapore, we have different types of license under the regulatory of MAS, and we're currently applying for the asset management license as well. So back to your question about the U.S. market booking center license. And again, it's one of the important steps that you complete the development of we are having a very important strategic booking centers for the company. And after the license being granted, We are now working on the details of re-applying business in that market. And that we believe is going to be a very important strategic move for the company.

I want to add a little bit about this. First of all, I think I hope that the researchers in the past, we didn't have a lot of entrepreneurs to build them. I think that this method is not the right way in AI. So today we're going to talk about AI. 因为我们的客户就可以回到AI财富管理部来为他们服务 是通过运营来服务这些客户 新增的客户主要通过转介绍 那么他就完全就是他的这个可以说是一个革命性的改变吧 第三个呢就是AI加财富管理部就是AI生态 就有很多比如说这个非同业的他会给我们做一些转介绍 那我们也通过AI的方法来服务这些客户 我们在新加坡基本上完整地走过了这个流程 也可以说新加坡的很难做 新加坡这个市场 因为它比较小 当然高净值客户也很多 全球的市场都把它作为重地 但是真正你要找到这种 非常有品质的RMS 非常难的成本也很高 但是当我们开始用AI的方法切入了以后 我们的业务成长了15倍 而且服务的品质也大幅提升了 然后在当地的这个货客的增长 我们还是非常有信心的 通过东南亚覆盖整个 通过新加坡覆盖整个东南亚吧 那我们在新加坡的经验 我们也在反推回来 我们的香港 美国 中国 我们都会重新 确实也是一种改变吧 我们的商业模式的改变 当然因为我们在国内我们的这个安表多 所以会慢一点 The chair lady is now doing a public suggestion to oral analysis.

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's business size in the future. But what we've been trying to suggest that because of the enhancement of AI, so all the human RMs have been supported in the first hand. And secondly, we have built up the AI Plus Work Management Department. As in the CEO's presentation, we've talked about how these AI Plus Work Management's been able to do or to support, to take care of our clients, but without enhancing more human resources on that. And also, what we've been further developing 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 web management system. So 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, the cost would be very high. And that's why we've been using AI as a testament when we started in this market. And we have found out that we have been getting very good results from that market. And that, as mentioned, we have 191% growth in AUA in the first quarter. And that's why we've been going forward to try to apply the same system into different overseas markets as well. I mean, ultimately, we would like to apply that in the domestic market too. However, some limitation of the mean historical structure and also because of the different AI systems, that may be slower. However, we should expect that the AI application to different offices markets should be bringing results to the company in the near future. Is there any more questions?

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.

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

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