Dear investors, analysts, good afternoon. Welcome to Ping An Bank 2022 interim results briefing. I'm the Board Secretary, Zhou Qiang. Today's briefing because of epidemic control, we are using the online and offline channels as well. Today on site, we have many honored analysts and investors who have come far away from the other cities. Online, we have dialing and live broadcast as well. Welcome all those new and old friends to join us today. Without further ado, let's begin today's briefing. First of all, please allow me to introduce today's guests from the bank. Ping An Group President and Co-CEO and the Bank's Chairman, Mr. Xie Yonglin. President, Mr. Hu Yuefei. Special Assistant to the President, Mr. Cai Xinfa. Vice President, Mr. Guo Shibang. Vice President and CFO, Mr. Xiang Youzhi. GM of Ping An Wealth Management, Mr. Zhang Dong and the Chief Treasury Officer, Mr. Wang Wei. This year's briefing, as usual, we have a theme. Just like what you saw in the video and also what we have shown in the cupboard. That's the line, "Riding through the storm and see the rainbow." For the first half this year is complex and with storms and rains. Under these circumstances, as a highly focused commercial bank, we have our bottom line and attitude. We say riding through the storm, there are several meanings. First, we shoulder the storm is a strategic confidence. Since 2016 we started the transformation. We identified the new strategic direction. Six years passed. We have ups and downs. We have storms. Our strategy to build the leading intelligent retail bank, this direction hasn't changed at all. We have integrated finance and technology empowerment to support our business logic. This remain unchanged. Stability is a productivity. Six years our results and our performance have shouldered all kinds of stress test. We stay committed to our strategy and achieved quick growth. After all, a clear business model and clear growth path is the confidence for us to shoulder the storm. Second, we are willing to face the storm. That is our original heart, to take customers at the center. We know they are the starting point for every business logic. The past years of transformation has everything to do with all those customers who's standing together with us. Under this year's circumstances, we stand together with our custom ers and this bond is more closer than ever before this year. We focused more on this concept, taking customer at the center and to review our business process to promote for upgrade. For retail, we have AI-driven five-in-one model to bring wealth management services to every long-tail customer. Smart Bank 3.0 and the Pocket Bank 6.0 have been launched in sequence to upgrade our customer service capability. For corporate, there are several challenges. One is cost and the hard shift to transformation and the scarce resources. We focus on these three points to enhance our capability, to improve on our digital operation capability and our Real IB capability and also integrate the finance to help customers to operate their balance sheet well. That's how we can achieve good performance in our own financial results. Third, we have the capability to ride through the storm and this is the responsibility we have. Recently, perhaps you have noticed the Ping An Group re-upgraded their brand. That is, professionalism creates value. To put forward this concept again is to stress that professionalism is our trump card and mode. With that concept in mind, we can create more results to our customers and shareholders. Ping An Bank this year further enhanced our professionalism and our value as well. Retail driven by AI, we take customer demand and product and services to further upgrade into more granular 112 modules. For corporate, we focus on the tech-driven transaction banking and IB-driven complex financing and investing these two tracks and to dig deeper into the bond and the fund ecosystems. For interbank and global business, market business, we further enhance our professional trading capability. The professionalism we are talking about not only showing that we are doing the right thing in a definite direction but also reflecting under these uncertain circumstances we can find our professional methods to make uncertain certain. This interim report, I think, is a better answer to what we have talked about. All experiences are gifts to face the storm. We believe that as we stay committed to our strategic direction, take customer at the center, do the professional thing and work, we rise up to the challenges, we can transform the difficulty into opportunity. Next, let's welcome Mr. Xie Yonglin, the bank's Chairman to give us a speech. It seems that we have a new stand on the stage. Ladies and gentlemen, my dear investors, good afternoon. I'd like to welcome you to join us for the 2022 interim financial result of Ping An Bank. Please allow me, on behalf of Ping An Bank, to send our sincere thanks for your long-term support. Thank you very much. Generally speaking, regarding the overall operation, you can say that we have a very robust growth for the total operation. Our revenue YoY growth is 8.7%. Non-interest revenue grow by 10.4%. Net interest grow by 25.6%, which show very robust profitability capacity of the company. Well, you can see our asset liability operations being further improved. The deposit size being increased by 9.5%. The net accumulation is being optimized to 2.16%. Our fundamentals being further consolidated. Well, regarding the risk indicators, it's been stabilized. The NPL ratio, the provision coverage rate, all reached the best level in our history, even if we have a very challenging external environment. Still, we will be able to deliver a satisfying scorecard for our shareholders and executives. After five years transformation, our retail business name card has been recognized by the market. In the near future, we're gonna stick to the retail business, making ourself as the best and leading smart intelligent bank in the world. We need to have the transformative business model and such a model is clearly formulated. We call it five-in-one business model internally. Well, today, I would like to avail this opportunity to present to you our response by asking three questions to sharing with you this revolutionary business model. What is a five-in-one business model? Five-in-one business model is the retail customer operation model embedded with open bank, AI bank, remote bank, offline bank, integrated bank as a synergetic data-driven yet intelligent-based bank. We have the data as a basis, AI as a core. We have the accurate customer profiling to tell who the customer is, truly understand what is needed by the customer through the data and also be able to mobilize our internal resources to provide the precision service to our customer. The second question. What are those revolutionary developments in this five-in-one business model? First of all, it helped to revolutionize the customer stratification, which can help us to cover the whole population. In the traditional stratification business, around 90% of the long-tail customer due to the very high service cost, they are not yet being well taken care of. In the five-in-one business model, based upon our five-year technical capacity, we have the AI customer agency, along with our remote team and offline team, to work as a joint force in serving our customers. An AI team has the advantage on cost and efficiency and the remote team has advantage on professionalism and integrated service. The offline team has the advantage of human touch service and trust. According to different customers, we're going to mobilize the three teams with a very smart and diversified combination. Because all the team resources are coming from the same middle desk, the customer experience would be uniform, which can provide us a comprehensive coverage of more than 120 million consumers. That can help us to further exercise inclusive finance but also start a new incremental growth for our retail business. Such five-in-one model can actually truly be customer-centric for the whole journey accompaniment. For the same customer, when they are young, we can leverage a consumer finance credit card to help the consumer to take care of the housing, car purchase and the daily consumptions. As our consumer has more well accumulated wealth, we can help them to providing them the professional asset allocation service. When they have a family with the kids, we can also provide education, medical service and wealth inheritance diversified servic e. This cannot be well served by the pure manual model because it has a very high cost and not easy to be copied. Due to the five-in-one model, AI plus the big data technology and we will be able to generate the very accurate marketing strategies for the customer on different stage of their life, so as to have a lifelong journey support to the client to truly exercise the customer-oriented service. This model already have the data-driven and precision operation. Traditional operation is driven by experience. We know that as more consumers started to have individualized demand, the experience no longer be able to provide accurate solution, therefore lead to a waste of the resources. In the five-in-one business model, data-driven will be able to make sure we can provide appropriate service to the consumer at appropriate time and appropriate scenario. That's the fundamental force of data and AI. This is also a very good representation of the precision operation, which can help us to further control the cost. What would be the core value of this model? It can actually help us to realize commercial value and the social value at the same time. Commercial value means that five-in-one business model leverages the technology capacity to make sure that the customer operation has a better capacity with lower risks. If you take a look at our revenue mix, you can say that still the major stream of the revenue are still the consumer finance. For example, the credit card. By leveraging five-in-one business model, we'll be able to motivate the long-term population who has a very strong consumer finance need. They're going to become a very important incremental growth and the major stream of the revenue for us. Those are the payers with a real need and a real application and their asset quality could be well controlled. At the same time, by having our, the consumer value is being further upgraded. We will be able to provide diversified services to those consumers. We'll be able to connect the financial and wealth management services. In that way, we'll be able to have a balanced, healthy, yet sustainable development in the longer run. Talking about the social value, by having five-in-one business model, our operational efficiency has been greatly improved. We will be able to provide professional financial services to more consumers. Our operational cost being further optimized and one-third of the cost savings being given back to the consumer, one-third to incentivize our staff and another one-third will be retained with the company to have a multiparty win-win situation. This can also help us to implement the people-oriented inclusive finance asked by the central government. Now, we have already made some pilot projects for the five-in-one business model with a satisfying result. You can see that our non-commodity holding customer numbers being increased by 44% and the interest generating asset for the credit card, the daily balance increased by 20%. The retail cost-to-revenue is being decreased by 1.54%. For sure, it's not easy to build such a revolutionary five-in-one business model. For the past five years, we continue to invest in technology, further improve our capacity on data operation and de-risk, continue to have a flat yet agile organizational structure and operational mechanism. More importantly, our organization is very good at execution. In that way, our organizational structure and the resources allocation could be done very quickly. In that way, we will be able to make sure this technology-driven business model could be translated into reality. You can say five-in-one business model is a systematic panoramic work. In that way, this model will be able to help us to have a revolutionary effect and also showing the threshold advantage for Ping An Bank to be the largest with the business size, best customer experience, lowest cost and the best technical empowerment. I believe with this five-in-one business model, our future growth is truly expected as we are seeking for new innovation in revolutionize the retail business. For corporate business and interbank business, we're asking it to stick to development and risk management for robust development. For the corporate business, we stick to two tracks. The first one is the technology-driven transaction bank, so SME. By following the supply chain, we leverage IoT and blockchain to help the SMEs to take care of the financing need. The second one is investment by bank-driven complex investment and financing service to take care of the mid and large-sized enterprises to provide them the high-end manufacturing green finance support, helping the customer in reducing the financing cost. You can see that by the H1 of this year, the supply chain financing grow by 24%. The inclusive SME loan size is already more than CNY 400 billion. The green finance loan balance has already increased by 43%. Merger acquisition business balance increased by 23%. Regarding the interbank perspective, we are helping our client in offsetting the volatilities for the interest rate for the forex and commodity price, which is very important for SME. Once this product's been launched, it was very popular in the market. The hedging transaction volume was increasing by 38%. Through this product, we will be able to work with some of the corporate customer in a more in-depth approach. For sure, you know that a few days ago, we launched the third satellite. Two months ago, we already started our Smart Bank 3.0 and interbank business line reform. In H1 of this year, we kicked off the bond ecosystem and the funds ecosystem, which will lay a very solid foundation for our future development in the next five-eight years. Today, we're talking about riding through the storms to see the rainbow. As we are facing the challenging external environment, we still would like to optimize our strategy to seek for accelerated development right after the storm. The same as our simple yet direct honor. We would like to honor our commitment. Thank you very much for your support and please continue to support us for our future growth. Thank you. Thanks, Chairman, for the wonderful speech. Just now, he actually especially for the second growth curve and the underlying logic for retail five-in-one model with three questions to explain in a thorough way. This conveys Ping An's farsightedness, resource empowerment and technology accumulation, as well as execution, the three differentiated advantages. The results they brought to the bank and also the driving force for bank in the future. Under this year's circumstances, there are greater pressure. We need to revamp ourselves to do a self-revolution and we know deeply that, so we have to hone ourselves in this storm so that we can see the splendid rainbow. Thank you, Chairman, for that. With this interim report data, it reflects external factors and also the work and efforts we made internally. Next, let's welcome Vice President and CFO, Mr. Xiang Youzhi to brief us on the interim results. Welcome. Dear investors, analysts, thank you for joining us in this interim report results briefing. Next, I'm going to brief us with the shortest time on our results so that you can have more time to raise questions. Overall performance, one word to describe, stable. For the first half, overall performance was stable and metrics remained a stable momentum. In the first half, revenues grew by 8.7%, PPOP 10.1%. ROAA achieved quite good performance, improved quite good. For non-interest income grew quite well and percentage revenue increased. Increased by 10.4% and the percentage up by 0.5 percentage points. Third part, deposit grew solidly and costs remained stable. For deposits, balance increased by 9.5% and daily average deposits 15.4%. You can see that our deposits have been growing quite well. It's not like a timely breakthrough in a certain time spot. It's a stable growth. For cost, it remained quite stable. It's 2.5%. For NIM, 2.76%. Quite good performance as well. The fourth aspect I want to talk about is asset quality and risk capability maintained well. Our provision coverage ratio compared to the year beginning improved a little bit and NPL remained stable, 1.2%. Compared to the past performance, you can see asset quality remained quite stable. The fifth part, we made quite good progress in collection work. Every year, we collected back quite handsome NPLs. In the first half, we recovered CNY 27 billion. Recovered written-off NPLs increased by 22.3%. Let's talk about three business lines. For retail first, the key focus this year is to build the new five-in-one model with heartwarming financial services. Private banking from upgrading products, teams and customer operation capability, we aim to build a leading wealth management bank. AUM increased by 9.1%. Wealth customers already exceeded 100, about 1.2 million. Private banking AUM increased by 10.5%. Private banking customers, it's already 75,000 of them. For the new bancassurance team, in the first half, we have more than 800 of them hired. They know insurance products quite well and they are high quality. They have quite good education background and their salary are quite good. If you take a look at their revenues, non-insurance revenue has accounted for approximately 50% of the new team's overall revenue. Product system, we made a lot of innovative work on that. For example, in the product, we tailor-made endowment annuity plus healthcare, et cetera, these kind of products and customer service, we do the work as well. The next page, our mass retail, we improved this module to create a management center for massive customer pool. For retail customers, it already reached 122 million, increased by 3.2%. For Pocket registered users reached 144 million, increased by 6.6%. For daily average deposit increased by 20%, deposit balance 12.8%. For these two years, we made a lot of efforts in promoting payroll and wholesale business and the performance has been quite good. This part of business is quite premium for the bank as well. For consumer finance, we keep improve on digital operation and integrate service capabilities. Based on the macro environment changes, we have optimized our customer and the products in a timely manner. For performance, if you look at our credit card, daily average receivables increased by 8.8%. Xinyidai increased by 3.6%. Mortgage home equity loan total balance increased by 4.3% and mortgage 1.3% and auto loan 5.3%. Let us take a closer look at mortgage and home equity loan. Total balance of these two part of business was CNY 683 billion but mortgage was CNY 283 billion. Next page, asset quality. Retail NPL ratio was 1.18%, down by 0.03 percentage points year to date. That showed a quite stable performance for the first half. We also disclosed some leading risk-related metrics, such as the vintage analysis. We added disclosure on the mortgage boycott as well. In the page, you can see the total size for the bank was relatively small and it had no material impact on the bank's operation. We established an emergency linkage mechanism and reviewed all first-hand mortgage properties immediately. In the name list of over 300 properties that the bank only involved in 27 of them, all of which are located in the first- and second-tier cities and wealthier regions like GBA and the Yangtze River Delta. At the end of July 2022, our mortgage overdue balance of involved properties was 0.78 billion RMB. Even as today, the total volume was more but we couldn't disclose that number. For this page, you can actually have a quite clear look on the asset quality behind those figures. You do not need to worry about that. Five-in-one model in the first half, this is one of our key work. The results we achieved are quite good. For open bank, it achieved 886,000 customer acquisition from internet. For ubiquitous bank, there are three of them, AI bank, remote bank and offline bank. For the comprehensive bank, we also made some good progress. The five-in-one model to empower operation in this page, especially on the MGM part, you can see the contribution from the MGM model remained quite stable. It still made quite good contribution to the total retail revenues or growth or customer numbers. For example, new retail customer, new wealth customers, new PB customers, et cetera and Xinyidai insurance, new cards issued. Okay, let's turn to corporate business. In the first half, we focused on two main tracks. That is ecosystem-based model and the complex investing and finance business. For the performance we made for the first half, you can see the business remained stable growth. For daily average deposit from the corporate side increased by 13.8%, reached CNY 2,307 billion. For corporate deposit cost, it was down by two basis points. The increase in customers increased by 9.9%. Meanwhile, while we achieved quite good performance in the volume of growth in deposits, as I mentioned, we improved on the cost as well. On productivity, it enhanced as well. Revenue from corporate business increased by 7.9%. Okay. Next page, two race tracks I just mentioned. First, we created this customer management platform and there are two charts here, Digital Pocket App, MAU and registered users. This is for the large and medium-sized customers. And these two figures increased quite good as well. For corporate open bank, we created a new Nebula-based bank. For number of customers we served increased by 33%. For number of transactions, the volume increased by 24.3%. To talk specifically on transaction banking, supply chain finance and discounted bills and Ping An Good Chain, our business increased quite good as well. For deposits and revenues, they all made a quite good contribution. For the next one on integrated finance, as well as complex investing and finance ecosystem. We are leveraging the integrated finance advantage to provide comprehensive solutions to our customers. In the first half, for investment banking, M&A volume increased by 23% and syndicated loans 16%. We made a lot of efforts in building the bond and fund ecosystems. For underwriting fund business, CNY 151 billion and PE fund, CNY 14 billion. For corporate integrated finance part, in the volume that bank referred, refer financing to other Ping An subsidiaries was CNY 244 billion. Daily average deposits generated from this business was CNY 191 billion. For bank-referred insurance, it was CNY 2 billion. Asset quality on the corporate side remained stable as well. We kept optimizing our credit structure and identify and resolve risks in advance. For real estate-related risk management, we kept disclosing on this aspect as well. For the first half's figures shown in this page, you can see. On this perspective, the risk is controllable and the work we think is quite successful. First of all, for developed loans, it was CNY 106 billion. The percentage decreased from 3.8% to 3.3%. Commercial property loan, M&A loan and others totaled CNY 192 billion. Many were completed properties. Average LTV was 46%. 96% was distributed in first and second-tiered city, the GBA and Yangtze River area. For non-credit risk-bearing property-related business, the balance of agency sales of trusts and funds totaled CNY 53 billion. As of end of June, the balance was CNY 53 billion. Down by CNY 16 billion compared to the year beginning. Let's also take a look at the interbank business. We're just through the new trading, new interbank and the new wealth management as our three core business to improve our five business cards, to emphasize on two capacities and to further enhance our one system platform. You can see in H1 of this year regarding the trading and we are just trying to build a new growth model. Our market share of bond trading and active institutional trading customer number and amount of the cash bond sold by the institution grow decently. At the same time, last year, we also launched the hedging product called Ping An Hedging. We also have very good growth of this product last year. In H1 of this year, you can see that, the Ping An Hedging Forex derivatives volume increased by 38%. Regarding the interbank business, we further expanded the coverage of 行e通 model to make sure that we will be able to better cover the interbank service. By the H1 of this year, the interbank institutional sales was growing by 49.4% and we are continue to cover more customers. For the custody business, you know that is already CNY 8.2 trillion, grow by 7.9%. The market share was improved by 0.12 pips on year-on-year basis. Talking about the wealth management, this is also our featured business. In H1 of this year, it's been certified as the Excellent Wealth Management Company Award. By the end of this year, the total wealth management balance is around CNY 947 billion. Net value-based product, the total volume is CNY 931 billion. In other words, we have more net value-based products growing by 11%. Well, let's also talk about technology application. Technology is a very important part of our 12 words slogan. Technological leading is our principle after more than five years in operation and we were having a very good achievement for the technology-driven development. Technology become a very important empowerment of our business and also be able to support our pillar business. You can see that in 2018, no matter for the revenue or for our CIR, it's continued to grow and also our cost-income ratio be continuously improved. This really shows us how robust the technology is and also how well performed our integrated finance is. These are some examples showing you the full scale digital operation. Please help me to roll back to the first previous slide. In H1 of this year, just to show you the half-year data. CIR has been dropped by 0.89 pips. You can see our revenue grow by 8.7%. In other words, we hope that technological transformation is gonna to help us to continue to further optimize our business. To be more specific, we should always bear in our minds with the full empowerment, including the empower our operation and our management ourselves. Whereas we're supporting the real-time business and we need to consider the risk management and management empowerment. We continue to make new advancement in this regard. We're talking about the technological investment. We also continue to make a strategic investment in this regard. You can see our CIR has been greatly improved. Our investment in technology is being further expanded. Regarding the empowerment of risk management or risk control, no matter for the retail or for the NPL disposal, we leverage the technological strengths. Regarding the operation, we have the digital yet intelligent technology to replace the traditional manpower in order to improve the production efficiency. Regarding the management, we also make sure that technical empowerment could be done for our banks, including financial empowerment, smart HR, compliance assurance and the three virtues and the five-star appraisal system. These are all the technological application in order to further improve the granularity of the management and its efficacy. That's for management. Let's also, you know that for digital and the smart operation, we need to be backed by very strong technical know-how. There are five parts I'm gonna share with you. How can we build our leading technical capacity, including tech data, agility, talents and innovation? You see, these are the five keywords in showing how we can improve our tech capacity. The tech has already become a very important backbone of our business. In that way, we'll be able to further improve the technical drive and business transformation. Let's also talk about the social responsibility. On one side, we support the rural revitalization. In H1 of this year, we already invested CNY 7.4 billion relief funds. Altogether, the total of CNY 44 billion being given to the industry and the rural poverty alleviation program. In H1 of this year, you can see that we issue the rural revitalization debit card for around 51,000, bringing a total of 75,000. We have already benefited 1 million poor people living in the rural area for poverty alleviation. We're not just doing the financial investment but also helping the rural area in cultivating the talents to support their local business development. Our pocket app and our outlets there will help us to sell the rural poverty alleviation projects or product. This is also a very important way for us to further improve our development. The sales volume of the poverty relief agriculture product has already increased by CNY 50 million, totaling CNY 135 million. It also help the local village in developing the digital village with a lot of functions being added. If possible, I'd like to invite you to go to our poverty alleviation demo village to know how the local managers use our digital village app to support the local development. Another point I'd like to mention is green finance in serving the real economy. Regarding the green finance, you can see for H1 of this year, green finance has been taken as a very important business for us to develop. The credit, the business finance of the green finance is already CNY 152 billion, grow by 37.3%. Credit balance amounted for CNY 99 billion, grow by 42.6%, whereas we are supporting the real economy. The inclusive financial service, no matter for the loans, insurance or the loan balance, they are all growing very well. For the prospect of H2, we're still gonna continue to overall improve our digital operation. This is also a very important part for us to be a technological leading bank. For our digital operation, we still need to consider the three improvements and the three decreases and having specific indicators being done and the KPI need to be set for the specific business in order to make sure that we have a more technological empowerment. The second part is risk control and you can see that we're going to safeguard our asset quality. That's one of the most important priorities we have, especially in such a challenging environment. We need to safeguard the lower limit of the quality of the asset. We are supporting the high quality development of the business. The third part is asset and liability management. You know that after more than three years hard effort, we have already built very good asset liability management. Our deposit costs continue to go down, even if due to the COVID-19 relapse in H1 of this year. Still, some of the corporate and individual consumer, they're happy to come to us for the deposit. You can see that, generally speaking, that our deposit cost being continued to go down. In that way, we'll be able to have a much more optimized liability structure with, regarding the assets. We hope that we can upgrade the new three-year Balance Sheet management. You know that by the H1 of this year, you can truly see our asset liability structure is being improved greatly. You know that w e need to make sure that we continue to develop the fee business and to further improve the ratio of the fee business in our total business. The fourth part is retail business. We hope that we'd like to build the five-in-one business model and making sure that we provide the Smart Bank 3.0 version. The Smart Bank 3.0 has already been rolled out in H1 of this year. By having five-in-one business model along with Smart Bank 3.0, we'll be able to drive the retail business for better development. Talking about the corporate business, we're going to work on two major tracks and working for our core client segments to making sure the asset quality could be well guaranteed. We're talking about the global market and interbank. We're going to serve the financial market, interbank consumer and the real economy to strive to create the five golden business card, including trading, hedging, interbank, custody and wealth management. That's all for my presentation. Thank you. Thanks for Vice President Xiang. Thanks for walking us through the key indicators of our interim result and specifically in showing us how those improvements being done in order to further improve our scorecard. It help us to overview what has been achieved in H1 of this year but also look into what is going to be done in H2 of this year. It emphasize on our strategic project implementation and be more responsive to some of the key concerns in the market. Ladies and gentlemen, this presentation lay a very solid foundation for our future QA session. Without further ado, let's get into the QA part. Let's welcome our management team to be well seated on the stage. Thank you very much. By now, you know, we have more than 110,000 audience who joined our meeting through webinar or through the telephone meeting in order to make sure that we can accommodate more audience. We would like to make sure that each guest please just raise one question and please make sure that you leave opportunities to others. Thank you very much. We're going to have one person from online and another one from offline. The first question, we're going to accommodate analyst from our on-site venue. Let's welcome Mr. Qiu to raise the first question, please. Tha nk you very much. I'm from Zheshang Securities Research Institute. I have a question to Chairman Xie. I kn ow that as the Chinese economy was going down and we do have some assets progress in the market, which is very pronounced. I know that in the wealth management transformation 1.0 stage, it's customer-oriented but now it's more like asset-oriented. In the asset transformation stage one, I mean, the customer-oriented approach, Ping An Bank did a very good scorecard. When we get into the 2.0 stage, when assets being prioritized, how Ping An Bank is going to comment on the future trend? Do you have any countermeasures? Thank you. Well, this question is quite broad. I couldn't say there is a scarce resource situation that will show that lack of confidence in China's economy. I think that depends on whether the commercial banks have the ability to identify and fund the assets and to price them or even to create assets that haven't been seen in the past before. Let me think a bit deeper into your question. From retail, well, from a year before that, we have been talking about the five-in-one model, the new model. The reason that I raised this concept is that at that time, we already had 80 million retail customers and our credit cards only 40-50 million and among which the interest earning part was small and for installment customers, not many. But does that mean they don't have demand? No, it's not. They have massive demand but lack of the ability to reach them or provide the services to them. This is a confusing question for us. For example, for the car owner card, we have 20 million of them. But for this part of customers, their car loan or they want to change a new car, their loan demand is not happening with our bank. They do have that demand but because our service and our business model couldn't really match what they want. That's why I said we need to dig deeper into their demand or even to create a new blue sea for new assets. For the 220 million long tail customers or for the medium or even for the massive customers, the effective needs will be great. In the first half, we did several pilots. There are some figures. I have to read them, otherwise he wouldn't buy our answer. Okay, let me take it through. For installments and the interest earning assets growth and also NAV growth. Let me find the number for you. Okay, Mr. Cai will give you the detailed figures. What I was trying to say is that we have great massive potential to dig. We don't have that wide coverage of outlets, do not cover many cities or take out of those seniors or children without a consumption capability. These 220 customers, they have great demand for consumption. If you can satisfy the demand in those life-based scenarios, their asset quality are good or their credibility are good. We are saying they are goldmine to us. That's why I said we need to revamp our models to blaze new trail to identify the blue sea of new assets. Second point, incorporate to dig deeper into industries to provide the real professional services so that we can find or create eight assets. For the industry-based department, we have several of them. There are two models we mentioned, IB driven and complex finance and investing. Using that new model to dig deeper into every region-level outlets. For customers, it's only one linkage of the whole downstream or upstream of this supply chain. Take it as a breakthrough point. We will do more solid work. For the first half, the results we made are quite good. Last week, I was in Jiangxi Province, Ganzhou City. I noticed that if you want to compete with the big six, big four with a loan, you do not have advantage. If you find a new way from its upstream or downstream supply chain to find their real demand, you will see a massive blue sea for the IB business. You can embed into this chain more easily and those customers perhaps will give you the loan business to do loan business with you if you can serve them well. We said there are three roles, we have been saying this a lot. First, to be the real investment bank to help customers cut their cost, financing cost to provide a suitable portfolio solutions for them. Last week, I was talking with the board secretary as for, there is a listed company in the Photovoltaic industry, a very big company. Every bank was competing for its loan. When we was talking to them, for the Photovoltaic, it needs to. You know, every family needs that. For the farmers or people living in rural areas, they do not have the money. How? How to plant or set up this device in the farmer's house? For the national grid company, they also need to, you know, link the electricity to that Photovoltaic device. We think up a solution for them to help farmers to pay the loan. For the Photovoltaic company itself, it is a credibility we take to issue loans to those farmers and the duration will be 10 years. I think the business is already settled for this market. It's more like a CNY 50 million or a CNY 100 million worth of value. It's even hundreds of billions of value. You need innovation, you need new concepts. I think this is the first of such kind of business in China. In China, this massive market, you can create new assets but you cannot use the traditional way to do that. It will not be done. There are many examples that I can show you. We have another big listed company in Fujian province. Generally speaking, they do not really meet with you in person. Very big company. When we visited there, we settled five businesses. Hedging, supply chain and factory-related insurance. The joint laboratory to establish a fee standard for battery insurance. Those are all very interesting businesses that I can talk about a lot. The third point I wanna say is that for commercial banks, especially under today's background, if you want to find a new racetrack or new methods to identify the new scenario for some services, especially to leverage your integrated finance capability. For example, last year to today, we are doing this bond ecosystem. That is to issue bond for companies. We do the underwriting, do the distribution and also the trading. It's a one-stop solution. During this process, you can know the companies even closer and the bond is a kind of asset for bank as well. Break through this business. First, you can leverage your IF advantage and second, you can know the company well, so it's easier for you to break a new ground. Recently, we're talking about investing into the small medium-sized technology titans to lay out in advance, providing companionship-like services, leveraging the IB plus CB plus investing method. In this new racetrack, perhaps you have heard about it, our auto loan is the visible champion in the market. How can we leverage our risk capability channel and customer service capability? Can we leverage that or copy that into smart furniture or smart home scenario? We are doing a trial in that. Undoubtedly, it's a new racetrack as well. For the management system, risk control system and the customer service system, we can totally copy from the auto loan business part. The fourth part, why do we launch a satellite? A lot of people asked me before. They do not understand but it's very useful for us to establish the IoT-based transaction banking business. For Ping An Bank, we have been renowned for supply chain business all the way since the Shenzhen Development Bank. Now we're thinking about how to upgrade it from 1.0 version to 2.0 version. That is to get into the real scenarios to find the real transactions of the companies and to rely on the core or cornerstone entity company or entities along this supply chain and then issue loans to their distributo rs or vendors. We already launched the three of these satellites. We are going to do that, I think. That will help us to do the risk control well, to know the customers well. Overall, I think there are a lot of assets in China. The question is whether you can find it, price it or create it to realize its value. That depends on the bank's own capability. We will do solid work. We keep an open attitude to leverage technology to solve this problem. That's my answer. Thank you. I think for any business model, as long as you're understanding its underlying philosophy and understanding the needs of the consumer and be able to interpret the nature of the business, ultimately, it will actually bring life to the business. I have two typical cases to share with you. For example, for that PV company, it is actually a listed company and with a very good market value. That PV company won't be able to leverage the traditional loans and that they have to have the investment bank plus a loan strategy to serve them. As long as we stick to the retail business and also our cooperative strategy and we're going to grow our business in a sustainable approach. Thank you. We're going to give the opportunity to the on-site. Let's welcome Mr. Ma. Thank you. I'm Michelle Ma from Citi. I have a question regarding bank insurance. I still remember that this is a question that I asked repeatedly. It seems that for the past two years, the bank insurance team's been further sized up. I also noticed that your business content has been somewhat being adjusted. For the bank insurance team, it seems that it's actually been working as a floor task force for your five-in-one business model with a diversified business scope. What would be your future plan strategy for the bank insurance team? What are they going to supposed to do in the near future, maybe in the next three to five years? What are you expecting from the bank insurance team? Let me just respond to this question first. Why don't you just introduce the bank insurance team first? This is Mr. Fang. Right before he joined Ping An, he actually worked for the BBVA, China office and the Beijing subsidiary and who is in charge of the bank insurance business. I know that he has a very rich experience for the insurance business. Well, for the new bank insurance team, we would like to build a wealth management team, knows insurance. Why should we create has the insurance know-how? The reason is because we're not that happy with our existing status. Our chairman has the insurance business background. Since 2017 on, we already started to work on bank insurance but you know, not till nowadays. For our wealth management project manager, only 30% of them can sell one order per month. Because for the wealth management team, for the banks, they are actually doing multiple kinds of the product at the same time. Even if they are working very hard, only 30% of them can do one transaction or one order per month. We said it's better for us to restart with a new team. That team should have the insurance know-how and who also knows the wealth management very well. This is the reason why we started this new bank insurance team. When Mr. Fang joined our team, we have a philosophy called Three Highs, including the high quality agents and 90% of them are having the bachelor's degree and half of them have at least a master's degree. You can say that now we have 900 people, close to 1,000 people for this new bank insurance team. At the very beginning, we have 30,000 applicants and we're screening them and finally making sure they're around a 1,000 people team. We hope that they can provide us very high productivity. We also have a PhD student graduate from University of Cambridge to join our team and who used to work for the Chinese Embassy in the U.K. and Bank of China in the U.K. for more than five years. He's quite interested in our team. A recruitment criteria is insurance know-how, knowing PE/VC and wealth management very well. You know that we either recruit the one with experience in the society who has already been competent enough to take this position. These are some of the work we did for that 900 people team. We don't have too much such talents in the market. Another approach we do is self-incubation. We're very patient, you know that. For Chairman Xie, he said, "Maybe we're going to make this team 2,000 or 3,000 people. Next year, it's going to be a team size of 5,000-6,000. With three-five years, maybe the team size could grow to 10,000 or even 20,000." You know that we may recruit some staff who has the insurance know-how. We can actually train them, making sure that they can also have the same level of the expertise and the know-how after three-five years training made by us. You know that bank insurance business was growing very well and it was growing by 26% with decent scorecards being made and it actually contribute to half of the incremental growth of our business. You know that we also started a pilot project from seven outlets and we make sure that the team has expertise. We also expanded the pilot projects to more than 30 branches. Now, what we are doing that in the near future, we hope that our team would be further consolidated. We have already summarized our experience, making sure that we're going to empower the team with the insurance know-how training and also the wealth management know-how training and making sure that they will be assigned to the account that they are capable of managing. It happened that in H2 of this year or even in next year, their quality and their productivity would be greatly improved. Just now we mentioned five-in-one business model. You know that as our chairman has mentioned, we have a whole population coverage and the whole life journey accompany. We'd like to emphasize on the offline service with human touch and also trying to build the most reliable and robust bank insurance team with insurance know-how and wealth management know-how. Yesterday, we also made announcement within the team. We hope that within three years, we can bring this team to 20,000 people, probably the largest one in China. In the morning session, I was also mentioning. mentioning. Maybe many people were just talking about the Jubao product. Our sales is around 30% of the total market transaction. [audio distortion] product and our sales is around 50% of the total sales in the market. You know that when bank insurance teams been developed, they know wealth management and they know the insurance. When the team's been well built, surely speaking, in the wealth management perspective and we're probably going to have the largest and most professional team to serve our clients. You know that, a few weeks ago, we organized a plenary session within the group and on that plenary session, Mr. Fang, as head of our bank insurance business, made a presentation which really impressed the audience. It's a short presentation but you know that all the people in that plenary session has been greatly impressed because it has very good logic within the presentation, making people to believe the bank insurance business is very reliable and very effective. I believe, along with Mr. Fang and Mr. Cai Xinfa's joint synergy and ultimately, we're going to grow our bank insurance business in a more sustainable approach. A few sentences from me. Bank insurance, I still would like to stick as what I said. In Europe, in Hong Kong, in Taiwan, region of China, you know that retail business, the bank insurance revenue are still be a major revenue contributor and it's accounted for around 50% of the fee income business of the wealth management. Who can actually make the best life insurance as sales within the wealth management? Who can be called as the most professional one? What would be your advantage of doing insurance product to bank consumer? For banks, they have account, they have the consumer. You know that for banks, all the transaction behavior, the consumption preference will actually deposit with the bank. The bank has the credibility and the outlet or the branches will not be removed that easily. Whereas for Ping An Bank, we also enjoy great technical advantage. We are here at Ping An Bank to actually incubate a new bank insurance team with insurance and wealth management know-how. It's more like the top-to-down approach. You learn the insurance know-how, wealth management and account management of the bank should also be trained to our staff. For such a team, it was born to take in the insurance as a very important or must go for the wealth allocation for our clients. We should also train our wealth management account manager, making sure that they have a better insurance know-how. I know that, we're just trying very hard to encourage those PM to have at least one sales per month. I think they can actually be empowered to do one sales per day or per week. You know that bank insurance team, once being well established in the next three-five years, then we're going to have a very robust team and a very differentiated team with wealth management insurance know-how at the same time. At least now, you know that yesterday, we already have 1,000 team working for that team, 970 to be specific. Their predictability is 1.4% higher than 1.4 times than that of the life insurance team. Many of them are new people and we have 12% of the people have the MDRT, met the MDRT criteria. Let's see how they're going to be in the near future. That's all for my comment. I think many of you are quite interested to talk to Mr. Fang. We can actually arrange you some in-depth discussion with Mr. Fang later. The next question. Let's welcome a lady. Welcome, Mr. Shen from Huatai Securities. Thank you for the opportunity. My question goes to President Hu on corporate business. We have been noticing that you said you will do selective corporate. In the past, you stressed there are two big strategies, focusing on strategic customers and SME customers. This year, we noticed that there is a new word called backbone customers. What's your plan on this part and what specific methods you are going to explore this business? Thank you. Well, this is a very regular question on customer. For bank, all banks, they're operating their customers, no matter retail, corporate or interbank. If you look at bank peers, there are some nuances difference but overall, I think are similar. They categorize them into big, medium and small sized. Some of them classify big customers as strategic customers. For small and medium-sized customers, they perhaps are in different groups. As for how to operate or manage them in a deeper way, they do not think it through. We did work on granular classification and on value they create to our total revenues. We have tracking on that. 20% of customers contributes 80% of revenues. This is the rule that can be applied to all banks. This reflects in customer management, bank do not have quite satisfactory results in customer management. I've been doing in corporate business for 20 to 30 years. Almost 20 to 30 years of experience in doing corporate from sub-branch to branch and to now headquarters. Corporate business always occupied or took up 80% of the bank's revenue or assets. Now, since I am in the HQ, I'm working with our colleagues to think about on platforms, on products for business. To be honest, we haven't yet put that much time to think about how to operate our customers in a granular way. As Chairman highlighted, we cannot use the traditional way. We need to find a new track, to find a new ecosystem to leverage. We mentioned before, tech-driven IB and complex investing and financing to leverage all those resources to find a difference, a new corporate business. You've heard about our three plus two plus one strategy and the dualized strategy. To summarize, if you take a deeper analysis into the strategies, there is one focus, that is customer. That's why we put forward, we focus on the two groups of customers, the strategic one and SME. But to think it, give it a second thought, every bank is doing the same thing. The backbone customers we mentioned this year, the key difference is that we want to resort through a strategic methods or the way we could touch to reach these customers. We have set four principles for the backbone customers. First, for backbone customers, they have growth potential. Second, they are accessible. Three, we can match our resources to them. With that, we can identify the backbone customers. Possibly they could be big or small or medium-sized customers. We can use complex financing and investing to serve them or to serve their upstream and downstream well with the transaction banking services to serve them well. In the past, perhaps these kind of customers are quite big or quite hard to break through. We already accumulated some experiences to serve those bigger customers like the state-owned companies and even including the Ping An Group. We have set KPIs on each management that they need to take care of 3 to 4 big customers, SOE customers. The result was not that satisfactory, didn't reach our expectation. One key message here is that we really need to match to our customers, our services and capability to serve them well, to leverage our resources better and so that they can not only give us liability business but also do loans or asset business with us and be a main contributor to the bank with a sustainable contribution. That's why we have put forward a series of specific methods we need to work on those types of customers. Like Chairman mentioned, we visited our branches to talk with those customers. We will do solid work on customer operation and now we come up with the three maps. First is customer map. Previously, we categorize strategic customers and SMEs by their size. This time it's different. We stress on the principles I said, accessible, potential, risk controllable and the resource can match to them. With these four principles, we synergize all related business lines or departments to coordinate our resources better serve them. To work together and think of solutions that we can provide to these backbone customers. Now, the first step is to sort through this name list. After that, we can save the trouble to do the communication. When we choose these backbone customers, we achieved this combination or coordination so that the future work can be smoother and efficiency can be higher. This is the customer map. When you did the industry research, you perhaps will notice that many banks, they. The usual process is that the customer managers come to the customers and to provide the loan and then to communicate within the bank, the mid-office or back office. The frontline was already working very hard but the business could not be done or only part of the business could be done. This is a waste of time and energy and it hurt not only customers, you know, the confidence and also frontline, their confidence can be compromised. We are thinking about how to make the communication smoother. Come next is the product. The product needs to be customized according to the customer itself, their specialties to match their scenarios or in different scenarios, what kind of products they need. In different stages, we will design and provide it accordingly. For that, it includes not only IB products, transaction banking products but also other retail and corporate or corporate retail synergized products. Based on the different growth stage, we provide suitable products and services to customers. Perhaps those customers are not that big but they do have their distributors and their vendors. Take it as the credibility we can access even more smaller customers. That showcases the deepened customer management. We want to combine all those resources and methods together. In the past, we will do more like a one-to-one customer management but now we make these managements more systematic or more rational or based on customers' real demand. Headquarters will be involved, branch and the sub-branches and the market teams, they will all work together. For every participating party, what role they play and in every stage of work they need to do, will be clearly outlined in the customer map. Then as we put those maps together and put it to the branch, we call it one customer, one policy. One type of customers, one booklet of specific ways to deal with them to make it systematized. Like the booklet, work booklet on customers. For small or medium-sized branches, they will have 50 or 80 of that kind of booklets, so they will know clearly how to operate or to get into those backbone customers. Those are deep thoughts or review on the past years' experience in corporate business. That's how we can now come up with this systematic customer management mechanism. The concept of backbone customers. To back it up, there is a series of logic or mechanism to support it. If you ask how many strategies you changed? Well, there were not that much big changes but it's like more clearly, like a sort through the logic to operate them. Thank you. You know that, as a president with three decades of a corporate finance background, it's not easy to identify such a figure in our industry. This is also the first time for us to mention about the backbone consumer. No matter how big or small the client is, the most important one is that we recognize each other and we're going to leverage the six points to have a one outlet, one branch and one strategy. We're going to combine them into one and make sure that each branch is going to have a one customer profile and one customer strategy. In the near future, we're going to follow the three maps in order to provide the corresponding strategy and the service to our consumer. Let's welcome an audience from the online channel to raise a question, please. Coming next, let's welcome Tian Dan from CICC, please. Thank you. Thanks for giving me the opportunity in raising the question. I have a question to the retail business. In the retail result, I must say that your Ping An Wealth Management has been very well done. Especially for the retail business, the AUM has been greatly improved. It was improved by 10%. Even if the wealth market is pretty flat, it can still be able to grow your AUM of the retail business by a decent number. We're talking about the wealth management consumer and the private bank consumer. What would be your future strategy in addressing those population? The follow-up question I have is that people were all talking about inclusive finance. How can we actually serve the general consumer? It's also a very important task for each financial organization. Ping An Bank does have advantage for technological development. How you're going to leverage technology to benefit the general population for their wealth management pursuit? Thank you. Let me just respond to the first part of your question. You know that for the wealth management, yes, indeed, the AUM was growing very well, leading one in our industry. Even if there are some indicator who's been impacted by the industry and you can see. For example, for the private fund industry and they may have some negative growth. Generally compared with other peers, we do say that we have outstanding performance in the industry. That was what happened in H1 of this year. We're talking about what's going to happen in the near future. Even if in the challenging period of the time for our consumer number, for wealth management and for private bank was all growing very fast. You can see our operational momentum and still be able to be guaranteed. If we are taking a look at this business, you see our service capacity and our service team and our service efficiency and also we need to have a very competitive product to fit the right consumer. Altogether, those parts being well-performed by Ping An Bank, we're gonna to maintain our advantage to make sure the product could be further polished. In other words, we can identify the good product for the market, especially today and we do have a big move on our product perspective. We have already gone back to the standardized product along the new development, no matter for deposit or the public funds, PE, VC/PE, as well as the insurance product and the life insurance and annuity product. You can see all those products are the standardized ones. In the near future for the wealth management product and we're also gonna have the net value based standardized product as a baseline for our future development. That's been serving as our fundamentals of the wealth management business. Those products has been rolled out by the private bank but we'll be able to have very good wealth management and wealth education capacity and also especially the five-in-one business model. We have an integrated asset allocation capacity. We are the bank within an integrated finance group. Our understanding over the financial product would show how strong we are. We'll be able to upgrade the product to really make sure that we can fit into the consumer need. The non-standardized business was on the downtrend. The revenue from the real estate market was also going down. There are some painful journey that we have to go but you know that we are trying very hard to make sure we can further grow our business ahead of the industry average, no matter for the VC/PE or for the wealth management product. You know that those are the standardized wealth management products facing the mass population. They take care of the pursuit for majority of the consumer. That's what we're gonna do in order to make sure our product could be further upgraded. For the consumer operation, even if the private bank consumer will be able to have the machine plus the manpower stratey and especially in our wealth management, we'll be able to leverage the team to do a better work. We do have a so-called task force roadmap. Each of our account manager gonna to have a cockpit. In other words you need to clearly understand your consumer map, who you're gonna to be there to supposed to serve, what are the corresponding product for that consumer and whether it is a right product or asset allocation to that target consumer. All in all, you can see that there are a lot of very good actions we can take in order to further refine our customer operation. You know that for this year, regarding the team assessment, we have already emphasized more on the asset allocation for each of the customer. I believe all of you sitting here, maybe you are our clients. I can tell you that nowadays, we'd like to make sure the asset allocation house index could be reached 80%-90% in the near future, even if it is only 40% nowadays. We need to have the human machine integrated approach in serving the customer with more intelligent approach. Mr. Ma, in your previous question, you also mentioned about the top-to-down approach, where bottom-up approach means that our existing wealth management team, with a total of 4,000 people. That 4,000 team and we also have a bank insurance team of around 1,000 people. You know that for the bottom-up approach, we're going to make sure that we have the high quality of the team who know the insurance and who know the complex financial products and will be able to provide corresponding training to those people. You know that for the top-down new bancassurance team, we're going to grow the team size to maybe 2,000 or 6,000 next year. In that way, you can say that our wealth management team, I mean, the bottom-up approach team, are going to have 10,000 people next year. Their capacity would be further improved by sizing up the team and recruiting more high-quality staff to work for us. We also have the advantage of integrated finance. Many people were asking, "You just sell the Ping An Life Insurance product. It's not open to the whole market." I'd like to tell you, for product and, we're only going to make the customized service for our consumer, where Mr. Fang's new bank insurance team, they can actually take care of the insurance demand of our bank customer. We're not there just to simply sell the product. They, Mr. Fang and, the bank insurance team, they do have their own expert. They can make the tailor-made solution of the life insurance product to the wealth management consumer. We're going to also benchmark our product with a corresponding product from other banks to make sure that we can further polish and, improve our product competitiveness. Another point I'd like to mention is, the elderly care and the sports and the charity are also being included into our ecosystem. All those business are also being integrated into our wealth management consumer operation. The second part of the question was asking for inclusive finance. How we're going to serve the consumer? What kind of service we're going to provide to them? Our chairman has specifically mentioned many of these surveys, just like what we can provide, is going to be a whole population coverage. We have around 1.2 million of the wealth management consumer, while for the bank, China Merchants Bank, they have 3 million. Their customer base is three times of ours but we will be able to make sure that we can actually increase our wealth management consumer number. We would like to make sure we have the satisfying customer experience to our consumer. Once we upgrade our team, we'll be able to serve the consumer in a much more comprehensive approach. You can say for those fundamental consumer. Well, I'm going to cover the overall consumer stratification. We're going to have artificial intelligence plus the machine learning to operate the business. This is going to be a very good growth. You can say that these are actually the way we can use in order to operate this business. That's for the inclusive finance. We're going to leverage our existing product portfolio to make sure that our wealth management capacity could also be launched online to serve the consumer to take care of their needs. These are the so-called machine or AI-based services. You can say that our chairman mentioned about someone who may have a need for the mortgage and for the loans. These are also the part of the inclusive service that is being inclusive of financial service that we can launch to the consumer. Making sure that people will be able to get access to those product and improving the consumer satisfaction and also our operational efficiency. That's my response to your second question. Thank you. Okay. Thank you. Thank you very much. Coming next. Let's welcome the question from our on-site analyst, Richard. Please. Thank you. I'm Richard from Morgan Stanley. My name is Xu Ran. I have a question to you, that is regarding the revenue and the net profit. For sure, the macroeconomy is not performing very well but I see that your revenue and the net profit were growing very well. I also noticed that the net interest rate was going down and there are so many uncertainties for the economic outlook for this year. In the longer run, are you going to maintain this sustainable growth of the revenue and the net profit? Are we going to have a decent rebound for the revenue growth in H2 of this year? Well, this is a question more about the forecast. Maybe I don't have the crystal ball in my hand. Let me just walk you through our business philosophy of H1 of this year. Let's look into what is going to happen for the future. In H1 of this year, our revenue growth was 8.7%. In such a challenging environment, this is really an achievement we made. What we do correct is that we did the retail business transformation, which can help us to further grow our business. Last year, we do have a very good business growth. Even if there are some market changes for this year but we'll be more proactively in adjusting the business structure from the liability perspective. You know that after around a three-year reform, that our liability structure has been greatly changed. To make it simple, retail and the deposit was increasing. Corporate deposit plus the retail deposit was increasing. At the same time, you know that by H1 of this year, due to the COVID-19 reason, our corporate client and individual retail clients, they still need the fixed term deposit and some of the lump sum deposit product. That's what we can see from the market as a major change to the banking industry. It can also say that interest rate for the foreign currency deposit continue to go up. You know that the interest borrowing cost still be the same as what we have last year. We also did a similar comparison among the eight stock banks and we are probably a well performer. After three-year asset liability reform and our liability cost, deposit cost are still be well-performed among other peers. You know that when I was having the result announcement with our investors, they were ask, "Why your deposit cost was so high?" Now no one ask the question again, because we do made very good progress. On the asset perspective for this year, even if we really want to give more profit support in the real economy and we're being more proactive in adjusting the asset structure because of the challenging external environment, we really want to stabilize our business. For the retail business, for example, it's impossible for me to just grow the business size for the business size reason and we're not there to seek for the high risk yet high return opportunities. In this way, we'll still be able to make sure that we have a good return from the asset investment. You know that our net revenue from the interest borrowing asset is being growing very well. The net interest was also growing very well, which can actually help us to further optimize our liability. Regarding the asset, we also take a proactive approach in helping us to further improve the assets. Well, you know that for wealth management, revenue was a negative number but we grabbed the opportunity in the market. For example, security investment, bank insurance, corporate business, transaction bank business, the non-interest bearing transaction. For H1 of this year, the fee income of the wealth management, it was a negative number but let me just emphasize that you need to take a look at why this number is a negative one. Last year, we do have some trust product, the non-standardized one but we don't have it for this year. Now we don't actually launch such a product for the asset allocation. We will be very decisive in doing so. I'd like to urge you to take a look at the reason and we proactively did such a decision to make sure that we can further optimize our wealth management. The non-interest borrowing business is actually something we continue to sharpen our competitiveness. For example, we have the capital trading transaction advantages, our discounted bills, our transaction bank business being further improved and our business being further accelerated by the new bank insurance business. We're talking about the profit. You know that after many years' development, especially after the digitalization, our efficiency and the product development has been greatly improved. That's the reason you can say that compared with the same period of last year and we will still be able to grow our revenue. Our revenue grow by 8.7% and also our profit continue to grow. We'll be able to further the cost reduction. We're improving the efficiency. L et's also talk about the provisions and the total number of the provisions being continued to grow compared with last year. In such a situation, even if the provision growth is not as high as last year but the provision coverage rate is being continually optimized. Also in H1 of this year, if you take a look at our audit report. You can see that within our provision, the non-credit provision is being a very important part. We are there to make the provision to be more robust in taking care of the uncertainties for the future market. Still in that way, our net profit grow by 25.6%. We are looking to the future. As far as I believe that from the net profit perspective, we still would like to further optimize our asset. Regarding the asset, we need to keep an eye on the economic recovery for future economic growth in mainland China. It's too early for us to say what the future may look like, 'cause China is still in the transition period, where for the banks, whether we can catch up with the national regulation adjustment, play our due role as a bank in supporting the industrial development for asset allocation and resources mobilization. If you are doing a good job, you will be able to identify the right resources for the opportunity. I believe we're going to grow our business for the asset business. To identify our differentiated competitiveness and also making sure we'll be able to further improve our business mix. From the liability perspective, we're going to continue to optimize it, where from the asset perspective, we're going to grab the opportunity in the market. When the market is being stabilized with good recovery, then I believe we're going to have a more resilience or elasticity. You know that market is full of uncertainties, hard to be predicted. Once the market is being stabilized, we'll be able to rebound our business to a great extent. We're talking about the fee income business. No matter for the corporate, for interbank or for the retail business, we're identifying the new growth point. New bank insurance, as I mentioned, for this year, the team size is going to be 1,000 people, maybe 2,000, 3,000 by the end of this year or even a larger team for next year. This is going to be a very important driver for our future business. You can also do your own modeling and simulation to know how it may look like. With regard to the technical perspective, we have our own securities transaction capacity. Ping An Hedging product is being continued to be sold in a large volume in the market. We also started to have the transaction business within the interbank market. These are all the fee income business. You can also see that our corporate transaction bank business is also a fee income business. In our investment bank-driven business, many of them bring us the fee income. For example, the consortium loans and also the merger and acquisition loans, they all bring us the fee income. I believe this is actually something we need to further promote. With all those drivers in our hands, we believe no matter from the liability structure, liability cost, revenue growth and profit growth perspective, we're still very confident over our future performance. To talk about objectively, 8.7% and 10.7% of revenues and PPOP were quite good performance, especially in the first half situation. It laid a quite solid foundation for the second half's growth. As the market recovers, we believe that Ping An Bank will be a leader in seizing business opportunities sectorally. Thank you, Chairman and Mr. Xiang. Let's welcome another lady. Okay. I take this opportunity to ask a question related to property industry. You disclosed quite ample or detailed metrics on the interim report and the situation is better than market expected. Two details I want to ask. First, for the total regional assets, how much percentage is related to property? Second, at the year beginning, in the annual results briefing, we talked about Baoneng and several large developers. For those big or important projects, how's the situation looks like now? Thank you. The question goes to Guo Shibang, Vice President Guo. The total number we already disclosed. For credit risk bearing business, it was CNY 341 billion. For corporate property loan, it was CNY 298 billion. For developer loans, CNY 106 billion, down by CNY 9.4 billion. For M&A loans and commercial property loans, those are completed projects and the risk is much controllable. Talk about some experience I had days ago. I stayed in a hotel and in the morning when I had the breakfast, there were a lot of people. I was thinking to myself, if the economy returns this fast, there should not be much to worry about in the r isk part. Last year, we indeed wrote off quite a lot NPLs but for this year, we do not have that many information. I can even give this NPL ratio this year is 0.77% and last year it was 0.2-something%. Altogether, CNY 2 billion of new formation. In the first half, we do not have much write-offs. Many were done in last year. This is the overall property-related risk map. This is a key focus and developer loans, like I mentioned, CNY 106 billion and for commercial property loans, many related to their cash flow. The second of your question related to the projects we involved with. For the recent defaults, many of them, we don't have it. For Baoneng case, their pledged properties have already been auctioned. There are several stages. The first time we auctioned 56 of the pledged properties. If things goes right, we will do it in sequence so that we can recover these NPLs from Baoneng. Most part of it, we're confident. That also solve the problem on taxation. For others, let me think about what you'll be focused on. For Huayuan, the local developer, we don't have them. We executed their loans long ago. For the 12 developers in the rescued list, the loan size we involved in was very small. Like I mentioned, the new formation in the real estate part is only CNY 2 billion, so very small. Let's give the question to one who is on-site. Goldman Sachs, please. Thank you for the opportunity. My question is related to wealth management. What's the allocation strategy in the second half? To be honest, in the first half, the market was quite volatile. Added with the influence of economic and external geopolitical factors, there were quite big challenges there for us to overcome. Comparing to public funds, our share, our revenues or in the withdrawal degree, we are better than them. For Ping An Wealth Management subsidiary in the first half, for the negative profit or for the percentage of products that break their net value, this part, we are, like, performing better than peers. We do have some advantages comparing to our peers. If you compare us with the others, we can provide even wider varieties and strategies with a main focus on fixed income products, adding with some equity or differentiated products, alternative products as well. That's the brief answer to your question. The last two questions, due to the time constraint, one goes to the online. Okay, let's turn to on-site lady. Thank you. I'm Andrew from HSBC. My question goes to Mr. Wang on investment income. In the first half, you achieved quite good performance. What's the outlook for the second half? What are the opportunities there? And can you sustain the first half's momentum? Thank you for the question. Based on the interim report, investment income was quite handsome. There's very detailed disclosure on it. RMB fixed income in Forex or in other products, they're very detailed disclosure. The first half, there was not that big change. It's like 220 basis points of fluctuation in the national banks. We earned the money in a hard way. How did we pull it through? Several reasons. First, we already set our pricing model with the technology input. We did the work very granularly. In varieties or durations, the pricing differences, we can be better than peers. First half, the team worked very well together. In RMB fixed income, we achieved quite handsomely. You know that there is a hike in the dollar interest, the Forex. We did 100% hedging on that. That is contributor to our foreign bond investment. Compared to our peers, we have many basis points of advantage over them. For the second half, I think we can sustain the momentum of the first half as we seize the, you know, nuances of fluctuation in the market and work on it diligently. The second half, as MLF or other monetary policy changes adding together, this is quite big change. We can seize the market opportunity. I believe there will be a quite narrow trend fluctuation in the liquidity and interest rate might go down. The macroeconomy does not really support RMB and the Forex bounce back. We will sustain the strategy we adopted in the first half, keep it in a flexible or resilient way to react in a swift manner, earn the money in a hard but stable way. Inject some liquidity into the market with our effort and do the curve-based pricing. For relative value business to dig more market opportunities. I think that's the strategy we will adhere to in the second half. Professionalism and value, that's a very important part of our interbank business. The final question would be given. The opportunity would be given to our onsite audience. Now, let's welcome Michael Li from Bank of America. You know that since July there have been many mortgage boycotts, which has already been public concern. Ping An Bank said you have controllable risks with very limited exposure in the property market. But I see that the trend continues and the rumor continues in the market. You know that what would be the risks for the mortgage boycott? What are those measures you have in order to make sure that you have on-time project completion? On-time project completion in the property market, let me just ask Mr. Guo to answer the ques tion. You know that, how should I comment on the property market? Let me make it in this way. First of all, it is still going to be a very important part of the Chinese economy. It is a big market, a big segment. It won't be diminished. But the market should also make some adjustment. But the issue rest with the pace of the property market development and how should the measures be taken in a combined approach and be rolled out in an orderly approach. Government said that, housing for living, not for speculation. Housing price rather be go up or go down too aggressively is not allowed. Property market is still a big addressable market. There's no collapse allowed in the property market, otherwise it's going to compromise the national economy. This is my first comment. My second comment is that, I think maybe many of you have already noticed there are three things happening in our society. The first one, you know that the four state-owned wealth management company, they have already started and to take actions, even not yet been covered by the media a lot. The second thing is that recently city and the credit enhancement programs being given to the POE, especially in supporting them to issue the bonds in the market. This is also a very good signal we identify from the market. Thirdly, you know that in different province, different city, there are some softening of the purchase limit policy in different cities being somewhat changed. Another point is that since the beginning of this year, the central bank and the regulator, they have already said that financial institutions needed to support the developer business. Even to have some criteria of saying you should never have the negative growth. The three red lines in the property market, it's different from the kind of signal we identify in the market. We know that this is a big market, as it was on the downtrend, there are also new policies being issued. It really takes time for the changes to happen. It won't have the overnight effect once the policy has been changed. We need to be patient. China is still a big economy and the central government and actually have a very robust leadership. We need to be patient. Property market would never be back to the glorious period as before. That's my comment on the property market. I think maybe on-time project completion will be answered by Mr. Guo, 'cause I don't know what does on-time projec t completion means. I have two points to share with you. My first point is, mortgage boycott. Mortgage boycott, all of a sudden, it's become a social phenomenon that has really made us feel surprised. When such social concern happens, for the first time, we already did our screening, especially the mortgage we offered for the property project. We have a minor impact from such mortgage boycott, including that 300 projects are suffering from the mortgage boycott and only 27 and we are involved in. You know that it's actually accounted for a very small part of our total mortgage. Where at the same time, our balance of the mortgage is also a very limited one, only 0.75%. The related mortgage boycott and accident makes no impact of our business and also no major impact on our operation as a whole. I also believe that for the central government, surely speaking, they're going to take some measures to make sure that the mortgage boycott could be well controlled. You know that on 28 July, the government has already responded to the mortgage boycott and mentioned that we need to stabilize the market and making sure that the project could be completed on time and also support need to be given. We also mentioned about the CNY 300 billion rescue funds to help to de-risk those projects, especially for the regulator or the SOE institution. They also provide the structures or the credit enhancement for some POE. People are less confident in the POE. For this credit enhancement mechanism, it is the China debt regulator who is actually helping those POE, including improving their credibility to support them to issue the bonds in the market. I do believe all those measures and they're going to gradually make sure that the property market could be recovered. From the statistical perspective, the market is not performing very well. A few days ago, I was taking a look at the January to July property investment. I see that the trend is still on the downward side, especially the contracted sales and GFA was all on the downtrend. The market, I'm not sure whether it's hitting the bottom line or not. Maybe as analysts, you have your own interpretation. I probably believe maybe the bottom would be hit in June but you know that once the mortgage boycott happens, we don't see any signal that the market is hitting the bottom and it may take some time for the bottom to show up. I think in China, the government is going to take some measures in order to support the property market for its future growth. Another point is talking about Ping An Bank. You know that for Ping An Bank in this mortgage boycott, we have a very limited financial losses from that because we have a limited exposure for the mortgage boycott. We have a limited mortgage and less opportunities to be exposed to the mortgage boycott. Only CNY 78 million are being impacted. Once the project could be completed on time, the mortgage boycott would be kindly resolved. 'Cause as long as the project may delivered on time, then the consumer got their house, they're happy. They're happy to pay for the mortgage. Then the banks would be happy and the society would be stabilized, then the government would be happy. On time completion of the project in the property market is actually a very important point for every party to work on, because only the project could be completed on time, the society would be stabilized. Once the mortgage boycott happens, you know that we'll also be very responsive and also talk to the regulator and send the risk alarms to our consumer and also be more proactive in responding to any of the complaints, working with the government and especially with the regulation front. We'll be able to further promote the resumption of the project construction and supporting developers to finish the project as early as possible and make sure that the consumer can get their flats being delivered on time. Then other things could be resolved naturally. Okay. Thank you. Thanks for everyone. Today, we're talking about riding through the storm. I think a typical case is in the property market that has been hurt a lot. You know that we are prudent and be proactive and ultimately, we'll be able to see the rainbow on the other side of the tunnel. Here comes to the end of the QA. Thank you very much. Thanks for all the nice questions. You see that for this year, we do say that we have some very good development but by having the discussion and the talk with all of you, I say that the market is still growing. We have no excuse to be relaxed. We need to work harder and to double our efforts. I believe difficulties may expose you to the society but the more difficult the environment is, the more brave you need to be, because ultimately, riding through the storms, we'll see the window. With your support and your company, we're going to embrace a brighter future. Here comes to the end of this interim result announcement. Thank you very much. See you next time. Bye-bye.