I am the Vice President, Chief Actuary, and Board Secretary, Gong Xingfeng, the host of the conference. First, I would like to introduce the management team present today. They are President Zhang Hong, CFO and Vice President Yang Zheng, and the Vice President Wang Lianwen. Also, we have invited the independent directors of the company, Mr. Ma Yiu Tim, and Mr. Lai Guanrong. Welcome the directors. Today's meeting has two sessions. First is the presentation, and the second is Q&A session. We will provide a simultaneous interpretation. The investors, analysts, and media friends, if you want to ask questions, please press star and one and queue in the line. Next is the presentation. Mr. Zhang Hong will introduce the overview and life insurance of the company for 2023 in the first half, and Mr. Yang Zheng will introduce the financials and investment. I will introduce the embedded value. First, let's welcome Mr. Zhang Hong. Ladies and gentlemen, good morning. I'm happy to gather here and thank you all for your support and interest in New China Life, and welcome to present the conference. First of all, I would like to introduce the business review of the company. For the indicators, in the first half of this year, the company focused on insurance, stay committed to turning to the essence of insurance, strengthened supply-side reform with customers as the core privileges, and strive to have balanced development. We have gained AAA rating issued by the previous CBIRC. The main indicators are as follows: GWP was RMB 108 billion, up by 5.1% year-on-year, and the FYRP from long-term insurance totaled RMB 17.5 billion, up by 42.9%. Total assets was RMB 1.3 trillion, up by 7.8%, and net profit attributable to shareholders, up by 8.6% to about RMB 10 billion. The VNB is about RMB 2.5 billion, up by 17.1%. The embedded value was RMB 266 billion, increased by 4.3% compared with the end of last year. For the development strategy of the company, the company is still committed to the high-quality growth and, strengthen the strategy empowered by technology. We focus on our main business and strive for high-quality growth. The asset and liability of the company has been strengthened and supply-side reform deepened. We optimize market channels and support market demand and innovation. We build a professional and high-quality sales team with a solid and broader customer team. The second is supportive industrial collaboration. After years of efforts, the company has established system of old age care and health community, community nursing and medical care community, leisure and tourism community, and health management center to provide a whole life circle service. The whole product and service has been provided by the company. Lianhua chi Community, Yanqing Community, and the Boao Community in Hainan Province operate effectively. U Customer + health service system was rolled out and covering the treatment and of the customers, and we have covered three palace cities in terms of the long-term care insurance. The New China Life Rehabilitation Hospital will provide a special medical treatment. The company sees opportunities while expanding our investment assets. We have realized a better result compared with the benchmark, and the asset has formed a sound synergy with the liabilities. The third is technology empowerment. The company strengthened the technology innovation and integrated digital intelligence into the whole business circle and the process. Zhangshang provided customers with various service, including the information settlement and Renewal pre-payment. We have built ecosystem insurance, plus healthcare and old-age care, and the customers can enjoy online service at home. A new era platform has provided intelligent online tools for sales team and the smart service to Zhiduoxin and Suixintong Smart Teller Machine has developed an intelligent service ecosystem and has built an online, offline sales and remote manual and intelligent, traditional, and innovation services for customers. The smart service cluster has 370,000 intelligent interactive scenarios, which can solve customers' needs through multimedia methods. The fourth is wealth management set. The company has the asset management company as the main body, the main management platform, and adopt multidimensional and diversified development set of strategies and manage assets for them. The entrusted assets of the company, company's subsidiary, New China Life, is about RMB 624 billion for the 45%, and the portfolio asset management platform are about 52.5% to RMB 580 billion. And, we have increased by over RMB 100 billion for three consecutive years. In terms of serving national strategy, the company actively served the national development strategy, manifesting the responsibility of a large state-owned listed company to serve the national economy and people's livelihood. First, to serve the real economy. The company invested and support the development strategically emerging industries totaled RMB 22.6 billion, and the investment goes to the quite an original development, totaled RMB 155 billion, and investment to support the industry totaled RMB 18 billion. The company actively respond to aging population and support the commercial pension insurance. The exclusive commercial pension has reached RMB 400 million, and also we have expanded the service to the individual pension funds and covered eight banks of customers convenient experience service. We serve the Healthy China strategy. The company actively promoting the policy-oriented medical insurance projects and undertook 17 projects, and the Huimin project totaled at 35 products, covering altogether 19 million insured people and relevant investment amount to RMB 3.5 billion. In terms of the environmental social responsibility, the company actively support the rural revitalization, consolidate the achievements of poverty alleviation through funds and customer consumption assistance. The company has allocated the funds to various regions of RMB 10.4 million, and the consumption assistance totals RMB 3.7 million. We provide support to rural dynamics and treatment environment to promote the rural revitalization. Second is the way we fulfill our responsibilities. In the first half of the year, the foundation continued to carry out the public welfare activity for sanitation worker, workers nationwide. As of 30 June 2023, the project covered about 170 cities around China and donated about RMB 428 billion, somewhat short. The total payment so totaled RMB 32 million, and the volunteer union of the company organized the various volunteer activities. We have issued the 20 articles to practice economy and take multi measures to save energy and reduce emission to fulfill our social responsibilities. In terms of the customer service, we adapt to the customer-centered operation philosophy and integrates digital intelligence throughout the entire business development. Through our national distribution networks and diversified marketing channels, the company offered whole life circle risk protection and wealth management products and services. We worked to forge a smart plus customer service cluster and to provide a U Customer + health service system. The intelligent operation service system has been improved, and in the first half of the year, the smart service cluster served a total of 11.7 million customers. The company is committed to the principle of quick settlement and service, and supported by technology. In the first half of the year, the company handled 2 million claims and was the total payment of RMB 8 billion, and the average time from application to settlement for each claim was 1.64 days, and 96.69% of the claims were submitted online. In terms of our brand, the company strive to, strive to forge, and are committed to our vision of build China's best financial service group with comprehensive life insurance business core. While serving the national economy, we serve the real economy, people's livelihood, and leverage our functions of insurance and fulfill our mission. In this year, the company has been a member of Fortune 500 for three consecutive years, and ranked the world's top 500 public companies by Forbes for 10 consecutive years, and ranked 84 in China, most 500 valuable brands, and ranked A by the Fitch Ratings. Looking into the future, the Chinese economy's recovery, but the foundation for such recovery is now solid. The regulators have guided the industry to accelerate self-led reform around the quality of sales, team products, and service to meet the needs of economic and social development. In the second half of the year, the company will stick to high-quality development goals and deepen transformation, and continue to improve our product and service capabilities step by step, to strictly prevent risks. First, we strictly abide by compliance, compliant operation. We will continue to optimize the comprehensive risk management system and implement a 1+N risk management system. Risk preference transformation requirement will strengthen internal control and compliance management mechanism, and improve the internal control in core business and key links. NCI will implement the negative list mechanism and strengthen risk monitoring and early warning. Our actions will be taken to consolidate responsibility of preventing risks and prevent risks. Second is build high-performing sales team, focusing on attracting, cultivating high-performance sales team, promote the build of the team, strengthen the training and, developing product supply, manage, strengthen basic management, and to improve the quality and quantity of the team. Third is optimize customer management. The company will take efforts in customer development, service and management to enhance customer management capabilities. Efforts will be made to strengthen technological support, enhance information-based operation and intensity management, improve support and service efficiency, enrich value-added service, and optimize customer experience. First is promote integration development. NCA will strengthen the asset liability synergy and optimize the development of aged care and healthcare, strengthen the service and upgrade our products so as to build, ecosystem of protection and wealth management of aged care and healthcare service that covers the whole life circle of customers. Next, I would like to introduce the insurance service of the company in the first half of the year. As the macroeconomic policies introduced and took efforts to stabilize economy, product and marketing demand steadily recovered, and resident demand for protection and wealth planning continued to be released. The industry actively improved the provider service supply, deepened value creation, pushed forward ecological construction and integrated development, and the insurance rates grew fast. As such background, the company adhered to the general principle of seeing progress while ensuring stability, switching from defensible to proactive, accelerate transformation and development, enhanced construction of professional division channel. The premium increased steadily, among which the FYP from long-term insurance totaled RMB 33 billion, increased by 14.8% year-on-year, and Renewal Premiums amounted to RMB 72 billion, grew by about 2% year-on-year, accounting for 66%. The Renewal Premiums remain solid. Premium from short-term insurance was RMB 2.4 billion. For distribution channels, the Individual Insurance realized a premium of RMB 69 billion, about the flat compared with the last year, accounting for 46% of the GWP. Bancassurance channel realized a premium of RMB 36.8 billion, up by 18.1% year-on-year, accounting for 34.1% of the GWP. Group Insurance realized premium of RMB 1.8 billion. Next, for Individual Insurance premiums in the first half of the year, the Individual Insurance channel focused on values and accelerated business transformation, improvement, improved the basic management. New business rebounded. The first year, regular premium from long-term insurance business totaled RMB 8 billion, up by 6.6%, accounting for about 95% of the FYPs, a high proportion. The company also strengthened the Renewal business, with Renewal Premiums totaled RMB 60 billion, representing 87% of the channel and serving as the anchor of the channel premium. For the sales team of Individual Insurance channel, in 2023, the company focused on improving the quality of the team. The company adheres to increasing protection, optimize structure, and stabilizing growth to improve the team. By the end of the first half of the year, agent headcounts totaled 171,000, and proportion of qualified agents from last quarter by 1.1 percentage point. Monthly average comprehensive productivity totaled 8,103, up by 111% year-on-year. For the Bancassurance channel, in the first half of the year, Bancassurance, the Bancassurance channel strengthened market opportunity and focused on regular business. Key indicators improved. The FYP from long-term insurance totaled RMB 25 billion, up by 17.7% year-on-year. First year regular premiums up by about 100% to RMB 9.5 billion, and Renewal Premiums totaled RMB 11 billion, up by about 90% year-on-year. By the end of June thirtieth, Bancassurance channel realized premium of RMB 36.8 billion, up by 18.1% year-on-year. Proportion of regular premium grew by 15.4%, value contribution grew up by 17.3 percentage point. And the customers, guided by customer demand, the Bancassurance channel promoted long-term regular business. First, diversify the product system. The channel continued to adopt the strategy of promoting regular business with single premium business, driving the diversified product sales, such as whole life insurance and annuity to meet various demand. Second. We have realized the double the growth of FYP while we reduced the single premium. The second, we improved the channel operation, expand and deepen the cooperation with banks to promote growth of regular business. The third is we increased the productivity. The team and outlet productivity of the company has improved. The first is we optimize the efficiency of the company, strengthen budget management and financial analysis, and tracked the indicators of efficiencies, and refined the management and efficiency. For the premium of major product, in terms of the GWP, the Traditional insurance total, 161.3 billion. Health insurance was RMB 30 billion. Participating insurance were RMB 16 billion in for FYP, influenced by the product. Single premium product change in Banc assurance channel, the premium from Participating insurance decreased. In 2022, the company has single premium product of wonderful. In this year, we have shifted the single premium to Wenlibao. The Wenlibao is not a Participating insurance product, so the premium from Participating insurance has decreased. The premium of critical illness insurance decreased year-on-year mainly because of three reasons. First is the government-led product, Huiminbao, and other medical insurance continue to be popular in the market and squeeze the commercial insurance market. Second is, the sales agent team has decreased in its numbers and, has influenced the sales of the critical illness product. The third is there is greater competition in the products in the market, and, there's a differentiated gap between the supply and the customer demand, so the attractiveness to customers has declined. In the next stage, the company will continue to promote the construction of diversified product system and product innovation and transformation. On the one hand, we will further explore our customer needs, enrich our product pipeline, and to enhance our product attractiveness and expand coverage. Second, we will increase the product innovation, develop the product covering new fields and a new group of customers, and increase the proportion of protection, protection life products and long-term healthcare insurance and high-end medical insurance to explore new growth points. As for business quality, the company for intensified business quality management and, the 13-month persistency ratio of the company was 18.9%, up by 4.9%. 25-month persistency ratio was 79%, decreased by 3.7 percentage points. Decrease of the 25-month persistency ratio was mainly due to the decline of the 13-month persistency ratio during the same period of last year. Benefiting from quality management measures of the company, the 20-month persistency ratio of the company has narrowed by 1.8 percentage point compared with the 13-month persistency ratio last year. Surrender rate was 1.1%, flat compared with last year. This is the insurance business. Next, let's welcome Mr. Yang Zheng to introduce the financials and investment. Thank you, Mr. Zhang. Next, I would like to introduce the financials and the investment of the company. Before we go to the numbers, I want to elaborate that since this year, the company and till next year or the year after, we will have a lot of discussions focusing on the financial indicators and numbers. The major difference is the new accounting standard. In this year, the company has, as required by the regulators, adopted a new accounting standard, and we have the IFRS 9 governing the investment business and IFRS 17 governing the insurance business. Also other related accounting standard and the new application, applicated accounting standard is a historical changes in the industry. Because the foundations, the principles, the presentation has material difference and adjustment compared with the previous accounting standard, with several, two or three years, study of these new principles, we may have certain understanding of the new indicators of the financial report of the company. This is our first half year report, and some indicators might different from the previous ones. So you might know that it's a new standard indicator, but for some indicators, the name is the same, but the essence and the meaning of the indicators has changed under a new accounting standard. So for the investment part, now the indicators of the investment has different foundations of the accounting standard, and the base are different, which is also in line with the regulations. And for the indicators in 2022, we have the number under the previous investment accounting principles, and the numbers in 2023 is under new investment accounting standard. So under this background, I'd like to share and discuss the number of the new numbers of our company. Under the new accounting standard, the total insurance revenue of the company is about RMB 26 billion, and the previous indicator is the insurance income, and now is the insurance revenue. So this number has decreased by 6.5% year-on-year. The main reason has been elaborated by Mr. Zhang Hong. The Health insurance has declined off in the first half of the year, and also because of the shift of accounting standard. The insurance business expenses and other expenses about RMB 37 billion, which is different from our previous indicator. For the investment income, even though the foundations of accounting standard are different, but we can compare with that. We can see that we have elaborated the financial expenses from issuing Insurance Contract. As required by the Ministry of Finance of the company, under the new P&L report, the structure of the income statement has different with the international one, because the Chinese standard and the international standard has the same logic. And we have a new presentation and of the indicators, and we can present the accounting policies as required by the Ministry of Finance. So there is a slight difference between that, and this is the key financial indicators. And for the investment performance, since 2019, the company has established the primary principle development philosophy of dual engine of asset and liability to drive the life insurance. And by the end of reporting period, the total investment of the company is about RMB 1.3 billion, up by 8.8% compared with the end of last year. As for the investment side, the shifting of accounting standard have a limited impact of the number. The total asset is about RMB 1.3 trillion, and the total asset is about RMB 1.6 trillion. For the investment income is about RMB 21.9 billion, and this is under the new accounting standard. In the first half, annualized investment yield present here, the total investment yield is about 3.7%, and net investment yield is about 3.4%, even though the standard is different for the principles for this year and the last year. We can see the trend because of the volatile decrease in the capital market. We can see that the number has declined because of the interest rate has decreased, and the fluctuation and volatility in the stock market, as well as the dividend paid to the shareholders. Therefore, the investment yield of the company has decreased in the first half this year. Next, let's go to the investment portfolios. We have over RMB 1 trillion investment assets, and in a short period, we have a balanced and a stable investment allocation, and the company has balanced the accounts based on the market environment. In the first half of the year, the company has, based on our allocable assets and products and the market conditions, we have invested more in long-term treasury bond, local government bond, and short-term deposits. And the rest, as for the non-standard asset and other asset with higher risk, we have decreased the allocation to those product, so the total investment mix is stable. And for the non-standard asset, you may have impression that the non-standard asset of the company has a high proportion compared with our peers. But as we have discussed to the market, the non-standard asset of the company has decreased as expected. By the end of the reporting period, the non-standard asset accounting for less than 15% of the company. You might know that 70 years ago, the proportion is about 30%, so there's a huge decrease of the proportion. There are reasons for the decrease of the NSA, as for example, the capital market is increasingly material. There is a large supply of national asset in the market, and at the same time, the company have more choice of standard asset and available for us. And on the other hand, the quality and the risk of prevention environment has changed down because national asset has a higher risks, so it's not suitable for the life insurance allocation. So under internal and external circumstances, we have discussed with the market, and the non-standard assets are decreasing in their proportion, and now the proportion is less than 15%. And let's see the mix of the non-standard assets, the proportion within different products of non-standard assets is stable. So the number, the amount has decreased, but the proportion is stable last. And also, at the same time, the company focuses on the quality of non-standard assets. And the non-standard assets allocated by the company has a high quality with high ranking and quality. And in the past several years, we can see that there may be some market risk event happened, but our risk is low, and there's a large safe margin for our NSA. And we believe the national assets of the company is safe and has also provided sound yield to the total investment yield of the company. Last, I would like to introduce the solvency of the company. By the end of the reporting period, the core solvency margin ratio is about 146.9%, up by 6.3 percentage point, and the comprehensive solvency margin ratio is about 239%, flat compared with the last year. Those two ratios is much higher than the regulatory line, bottom line requirement, and also laid a solid foundation for long-term investment growth of the company, and with more capital strength and can have a long-term, solid, and stable development. That's the end of my introduction. Next, let's invite Mr. Gong Xingfeng to introduce the Embedded Value. Thank you, Mr. Yang. Next, I would like to introduce the Embedded Value of the company. By June 30, 2023, the Embedded Value of the company totaled RMB 266.5 billion, up 4.3% compared with the end of last year, among which the value of investments increased 1% from RMB 89.9 billion to RMB 90.8 billion. Adjusted net worth increased 6.1% from RMB 166 billion to about RMB 176 billion. Next, I would like to introduce the change, analysis of change for the Embedded Value. From this chart, we can see that the major driver for EV is coming from operating-related changes. It has totaled RMB 20.7 billion, up, and contributing 5% of the EV growth. The major consumption of EV is the dividend paid to shareholders, which is about RMB 3.6 billion, resulting 0.3 increase of the EV. The EV has changed from 255 billion to 266 billion. Next, I would like to introduce the Embedded Value of new business. In the first half of the year, the company has focused on business, and the first year used to calculate the value of the first year has increased, and the VNB has increased to RMB 2.5 billion, up by 17.1%. It's because the company has seized the market opportunities and has resulted in the increase of the value of new business. This is my introduction about the values. This is the end of the presentation period. Thank you for Mr. Yang Zheng and Mr. Zhang Hong for their introduction. Next is the Q&A session, and due to time limits, please propose no more than two questions and tell us your name and institution you represent. Next, let's welcome the first question. Thank you for the opportunity and congratulations on the performance of the company. We can see there's a double-digit growth of the new VNB. I am Tang Shengbo from Nomura, and I have two questions. First is about the business. We can see that in the Bancassurance channel, we can see there's a huge growth, and life insurance has a similar trend. But I want to ask that the continuity of the growth in the insurance channel, now there's a new regulation about the commission fees in the channel, and I want to know the company's growth outlook in the channel, or even the outlook in the next two or three years. The second question is about the Individual Insurance channel. And, the channel is, have, smaller proportion of, EV, of the new business value, and, when can we expect the value of the channel stabilized and see growth? Thank you. Thank you for your question. First, I'd like to ask Mr. Wang Lianwen to answer your question. In the first half of the year, the Bancassurance channel has realized a sound growth, and this is because the market recovery, the demand of the banks, and also we have a sound distribution channel and network. So in the first half, the completion rate and growth of the company is sound. And in the second half of the year, we will follow the regulation, and we will continue to grow the Bancassurance channel. We believe the growth of the channel can be continued, because in the channel, we have a sound experience and a good cooperation relations with the banks. We believe now, in the short term, maybe some new policies can have impact on the business, but in the long run, we believe it is beneficial to the market. For the Individual Insurance channel, just now, Mr. Tang has introduced, has said that the FYP has a negative growth, and I want to correct that. The NBV of the Individual Insurance channel has positive growth, but we want to say that the head count of the channel has decreased, and the productivity of the company has doubled compared with the end of last year. We strive to improve their productivity, adjusting the structure and strive the growth, and we have sound result. In the future, we will strengthen investment in the Individual Insurance channel and invest more resources in recruiting more elite and suitable agents. In the first half of the year, we can see that the structure of agent team is stabilizing, and we're focusing on the re-recruiting the sound agents and nurturing the high-performing agents. We believe the Individual Insurance channel will have a higher proportion contribution to the team, and the Individual Insurance is the core channel of the company. Next, let's welcome the online questions. Dear investors, if you want to raise questions, please press star number one to queue in the line. Please state your name and institutions before raise your questions. I'm a reporter from Shanghai Securities News, news reporter. Just now, you've mentioned that, what's your product and the channel strategy in the second half of the year? In the Bancassurance channel, the company has seen a sound growth, but there's maybe new regulations in the channel, and I want to know your growth expectation. Letting Mr. Gong to answer your question. In the first half of the year, the whole market has better environment and sales conditions compared with the early of the year. That's because we have a release of-- We have seen the release of customer demand in the first half. The economy is recovering from the pandemic, and the life insurance customers has deeper understanding of the insurance product, and which has provided opportunities for the growth of the channel. And the core is that we should focus on our own financial planning, especially focus on the protection and the long-term financial investment. In the first half, we can see that the major contributor for the business is whole life insurance, and both Individual Insurance channel and Bancassurance channel has sound investment growth. For the life insurance, just now, Mr. Wang Lianwen has discussed, we have seen positive growth. For the Bancassurance channel, we also have grown this channel, and it has greater importance and contribution to the company. Whether this trend can sustain and are there any product changes in the second half, we have several comments. First is, we believe there is a huge market demand and the market potential. In the market, we can see that the demand of the citizens and the changes in the markets, for example, the real estate markets, has brought great long-term changes to the market. The assumed interest rate and the regulation requirement is trying to regulate and the industry development, and will not influence the customer's demand. The second is, we believe there's a huge market potential in the life insurance industry. In the previous several years, the critical illness insurance has seen fast growth, but the premiums per policy is still low. This year, the whole life insurance has seen a sound growth. If we're looking into these policies, we should have a look of whether the protection part is enough. Now, the Huimin bao and other affordable benefit products has introduced and then provide customers with protection. Now we can also see that there's a great demand for high-end medical treatment and care demand. This is where the life insurance business can focus and grow in the future. We believe this can promote our business in the future. The third is we want to talk about continuity and the sustainability of the growth. The company focus on sustainable growth of the team, of the company. For the team building, we strengthened and grew the Individual Insurance channel and grow the Bancassurance channel in the whole. For the products, in the first half of the year, we provided multiple products and also provide the health insurance, the whole life insurance, the medical insurance, if that's where to roll out in the market. We believe, and I also hope that those product pipeline can meet the demand of the customers and meet and make up for the gap of long-term insurance, of the life insurance industry. This is my answer for the first question, for the Bancassurance. The second question, we believe the existing business and new business is important and fitting our position of different channels, and we are quite standard and clear about our position of channels. Both Individual and the Bancassurance channel are trying to meet demand of different customers and different demands, and the customers have different demands and preference. Some customer may like to go to banks, and some may like to communicate with agents, and others might want to buy products through online channels. So the demands for customers are different. In the first half, we can see the Bancassurance channel has seen good growth and is a hot amount in the market, and we have a good result and a growth in the first half year. And, can we maintain the growth in the second half of the year or in the next two or three years? As mentioned earlier, before, we think for life insurance industry, we have a positive understanding of the company, and, we will maintain our position Individual Insurance channel, which is supporting the volume growth of the company and improve our capability in serving customers and the markets. With the cost efficient and, within control, we hope to provide a more secure and, appropriate products to the market. The demand for the Bancassurance channel, we have seen that there are a lot of changes, and the demand has shifting from a single deposit to whole life protection. There's also a shift from a single premium business to regular premium business. So there is a active demand in the Bancassurance channel. Banks has a much more managed assets and more market base than life insurance industry. So this product is just a proportion of the bank's business, and we believe it can provide a large potential for business growth. Second, we would like to deepen our cooperation with banks, for the Bancassurance channel is of concern and attract attention in the market. We would like to improve our competitiveness in the channel, strengthen the cooperation field, and deepen the cooperation, strengthen innovation. Last, we would like to grasp the basic management in the Bancassurance channel. The customers are there, but it's not naturally the customer of New China Life or Life Insurance industry. We hope to explore and grasp opportunities and strengthen our team building and the internal management to, and the strength to provide a foundation for the long-term growth of the channel. And, we hope to drive the growth of the Bancassurance channel, and this is my answer for this question. Thank you. Next, let's welcome on-site questions. Thank you, management team, for this opportunity. I'm Julie Fang from Guolian Securities. First, I would like to congratulate on the sound business of the company in the first half, and I have two questions. The first, I want to ask about the strategy of the company. We have noticed that Mr. Yang Yucheng will become the party Secretary of the company, and, as a customer, we can see this. He will be the Chairman of the Board of the company, and, the investors are focused on and are much more interested in the growth opportunity and the strategy of the company. I want to know the plan for the strategy in the future. The second is we want to know the business planning of the company. We can see that in the first half, the NBV is higher than the whole year result in 2022, and we can see there is a positive growth of the year, and I want to know your planning and the pace of the business in the second half, and your planning for the jumpstart period in the next year. Thank you for your question, and Mr. Zhang Hong will answer the first question, and we'll invite Mr. Wang Lianwen to answer the second question. As known that Mr. Li Quan has resigned from the Chairman of the Board of the company due to the age, and we have released related matters, and Mr. Li Quan resigned, and this resignation will not impact the business of the company. Mr. Yang has assumed the party secretary of the company, and we also have a proposal that nominating him as executive director of the company's board, and the related governance procedure is undergoing. I know the investors is interested in the strategy of the company after the assume of the new chairman. You may have noticed that last week, we have business launching meeting for the business in the September and October. Mr. Yang has proposed a series of requirement for the company, and generally speaking, the company, after the change of management team, will stick to our previous 14th five-year plan. We have proposed and follow 1+2+1 strategy, and we will stick to our strategy mechanism, professional culture, and technology empowerment, and we will invest in more resources in those regards and deepen our reform and development. In this regard, we will optimize our sales planning and with details as follows: First, we will strengthen the high quality growth of the distribution channels. Just now, Mr. Gong Xingfeng and Mr. Wang Lianwen has elaborated that the company has always focused on and attached importance to the growth and build of the distribution channels. The Individual Insurance channel will focus on the values and follow the steps of improve the comprehensive productivity, structure, and growth, and to promote the high quality growth. The Bancassurance c hannel is an important channel of the company, as mentioned by Mr. Gong. We will stabilize the premium volume, and on the basis of our cooperative relations with banks, we will strengthen exploration of the high-end customers and strengthen the development of insurance, trust, and other cooperation products. We also have Group Insurance channel, and we will play our role in serving national strategy and improve the efficiency of the channel. This is for the channel building. The second is the build of a high performance, high-performing team. Just now, in the presentation, I have elaborated that and w e will continue to promote the team building, especially for high-performing agent team, and we plan to recruit the elite agents and guide the team building and recruitment of our channel. And also, we will enrich our product pipeline, strengthen team training, and optimize basic internal management to improve both quality and quantity growth of the channel. At the same time, we will also improve our business support capability. And first of all, we would like to say that we will invest more resources to product innovation, focusing on value creation, where we'll diversify our product pipeline, optimize the product structure. Just now, Mr. Gong has discussed that while answering the previous question, and our goal is that we hope to explore the features of a specialized product and try to explore the product's targeting specific fields and group of customers. And also, we would like to improve our technology empowerment. In this regard, we have seen positive development and progress, and that's to focusing on the demand for both customers and our agents. We will further improve our marketing tools and expand our service margins and fields. And now we have tens of thousands of scenarios for online intelligent service, and the customer experience has gradually been improved. And in the future, we also will improve the collaboration between our life insurance and the healthcare and aged care industries. And in the past several years, with our effort, we have seen a positive and a sound growth of our aged care and healthcare business. First, I would like to share that we have made a lot of efforts in experience, marketing, and sales, and this mode has sound result, which has promote the shift of customers, which is the customer of healthcare customers and insurance customers. So we can shift these customers for different products and fields, and we will further strengthen our layout and investment in aged care and healthcare. We have heavy assets, which are Beijing Yanqing Community, Hainan Boao Community, and the Beijing Lianhuachi Community in Liulichang. Those are three heavy assets project, and in the future, we will step up our efforts in investing in that assets investment. We have made some plannings and have initial communication and interaction with some good companies. In the future, we will further follow this step and deepen our investment yield. We also strive to promote the old-age care at home and nursing at home business. As for the whole business and the strategy of the company, we will strengthen compliance operation in terms of the process and internal management, which takes great importance to a compliant operation and a risk control in all the process of business. And we have affluent experience and a sound system and policies, and we have and will follow the procedure as set by our company. The continued and the high-quality growth of the company will rely on that, and we will make further efforts in this regard. We will strengthen the internal control in all the business, especially in the key links, and improve the mechanism of negative lists to promote the high quality growth of the company. This is my answer for the first question. Next, as Mr. Lianwen Wang, I want to answer your second question. Thank you for your recognition of our company. And the performance of the company is better than expected, such as the first-year regular premiums, the new business value, and the profit of the company. We can see there's net positive growth in various regard, key regards in of the company, and especially for the new business value, a lot of investors are concerned of this indicator. So we can see that the NBV of the company in the first half is much higher than that of last year. So we can see positive growth for the whole year, and thank you for your recognition. I want to talk about the business planning for the second half of the year, and I want to talk about four points. First is, even though the NBV of the company in the first half is higher than that of the whole year of 2022, but we haven't realized our challenging targets of the company for 2023. As our basic responsibility in realizing our basic goal, but it's our capability in realizing the challenging targets. So, in the first half, even though we have a sound performance, but in the second half, we will not lose, and we will strive to fulfill our challenging goals in the second half and try to surpass the target. And the second is in the half and a half, we will focus on a continuous growth of the value and focus on the team building. And, if we just wait for the jump start period for the next year, which this is not what we want, and we believe it's not what the investor want to see. And, if there's negative growth of the team, there's will be a reverse of expectation for the team. So we will not have a solid foundation for the growth. So, as for us, we will continue to promote NBV growth and team building. And thirdly, I want to say that in the second half of the year, we will follow our high quality growth philosophy, both in Bancassurance channel and in the Individual Insurance channel, as well as the Renewal channel. And, we hope that all of our four channels can have positive growth and contribute to the value growth of the company. And, firstly, only we have a solid growth in the first half of the year and also the second half of the year, we can have a growth of, the next year. So in the second half of the year, we'll focus on the requirement of high quality growth. And, on 25 August, we have held the business launching meeting for August and, for September and October. And we believe it's a golden September and a silver October. We believe this, our hardworking efforts is the essence for those two months. And, for this year, in the second half, we believe it's critical for the growth, and we should contribute to the growth in those two months. And also, those two months, so these two months are the foreplay of the business growth in the first quarter of 2024, and we should be prepared, both tactically and, methodologically, for the growth in the jumpstart period in 2024. So, this is my elaboration of the pace and the business in the second half of the year. And for the jumpstart period in 2024, just now I've mentioned, we will, we will combine the business growth, business promotion in this year and the preparation for last year and for next year. We will s eek steady progress and shifting from defensive to proactive. And as for the jumpstart periods, in terms of product, we will continue to adopt multi-product strategy, and we'll have a health insurance, and new insurance, and heavy insurance to drive the continuous growth of the whole business. And secondly, in terms of the team, even though in 2023, the first half have seen a decrease in terms of agent headcounts, but the productivity of the team has greatly increased, and the confidence of the team has improved, and the team building has been a consensus of the whole system. And we will continue to strengthen the recruitment of the new elite agents and training, cultivate the agents. And we hope that the existing team will consolidate and set the examples for the team building and growth. Certainly for the customer growth, I want to talk about two aspects. The first is for the branches and the several branches, even though the first-tier outlets and the service branches, as well as the individual sales agents, we have a whole customer service system and drive the customer service in all layers and in terms of the customer acquire and cultivate, we have our experience and system, and we have connect the customers of Individual Insurance channel with other channels, and we will explore the customer resources in Individual Insurance channel. Mr. Yang, our new secretary of the Communist Party of the company, said that the improve of customer experience will promote the growth of our business, and we will follow the requirement of a high growth led by high party building. Activities, and we hope to follow the requirement of global volume and value. And we want to emphasize that we will optimize our channels and original development, strengthen the team building and the structure. And further is to promote the customer management and operation forces to improve the professionalism and the capability to serve. The fifth is to improve the product innovation and asset liability management. And all those measures will be rolled out in the second half of the year, as well as the first quarter in last year. And those are my questions. Thank you. Next, let's welcome the online question. Please state your name and institution represent. Thank you. Thank you for the opportunity. I'm Gaoyuan Xiang. First, I want to congratulations on your good performance in the first half. I want to ask about the new accounting standard. First is, we can see that under the new accounting standard, IFRS 17, we can see that the insurance revenue is motivated by health insurance business, which is 17%-70% of the total premium. By the way, we can see this is a major driver, and I want to ask about your comment on the recovery of critical illness, as well as your comment on the proportion for different products in terms of insurance service revenue. And also, you have re-released the customer service margin, and I want to know your. You have to elaborate the details of this CSM, and I want to know your advice in understanding those indicators, and when can we expect a positive growth on CSM? Thank you. First, let's invite Mr. Gong Xingfeng to answer your first question, and second, let's invite Mr. Yang Zheng to answer your second question. First, I'd like to talk about the life insurance, and just now you have mentioned that. I also have some confusion about this regard, and whether we have the customer's demand and whether this is required by the customer, and whether the agents can sell and promote these products to the customers, and what has caused the decrease of the health insurance, especially the critical illness products, and what caused the large fluctuation in the past several years? I think that different people and companies with different agents might have different answers. I think a major background is that the customer's demand has shifted, especially the demand for short-term ones, and from 2014 to 2018, we can see there's a huge growth of the health insurance product, and a lot of customers buy policies. Also, the Huiminbao has been launched and rolled out in a market which has been popular in the market, and puts pressure for the sales of critical illness. By the way, looking into this, we can see that there is a solid foundation for the growth of health insurance. Why staying consolidated? We believe there is a huge protection gap for the customers. In the past, if we see the treatment and the medicines for the customers, we can there's a huge changes. Since 2014 and 2016, we started the business of critical illness. Some customers has buy the premium of RMB 50,000, and at that time, they believe that's enough. But now, with the exploration of the product, we can improve the premium per policy to RMB 150,000. There's a huge growth, but whether this new sum are short enough, different people have different understandings. But obviously, for different people and they have their gap of production, demand, and real protection. And for the medical protection in China, the social security system grow mature, and as we have the medical insurance covering both urban citizens and country rural citizens, and also as well as the workers and, but we can still see that there's still a wide gap for the demand for citizens. So we believe there's huge growth potential, and we are confident in that. In this regard, we should to get the customers and promote the business, properly. And in the past two years, the premium from health insurance has decreased a lot. And we think it's because some customers have been guided in this product and as well as the trainings of agents. And we will innovate our product, upgrade our service, and we will have a more deep and a thorough understanding of this regard, and have a better service to the customers. Thank you for your interest and notice of the new financial report and, under the new accounting standard, we should first realize that, and what's the meaning of the new accounting standard to the life insurance business. We believe the new accounting standard in terms of the formulation terms, it has focused more on the essence of life insurance and more clearly elaborate the insurance service income and expenses, the balance as well as the contributor of profits. The new standard also come better and have a more clear elaboration and present of the business quality changes for the insurance companies. And for the current insurance revenue and expenses, as well as the related expenses, we can see that in the past several years, we have discussed that it is a sophisticated problem, and the liability is difficult to... And complicated to understand. And in the new accounting standard, we might need one or two years to realize the release of the CSM, and we can see this efficiency and the quality of the CSM, and whether it's a short-term or a long-term effect. And just now, we talk about the health insurance, but it's not necessary that the health insurance can contribute to high quality and a long-term contribution to CSM. And we believe we should take more time to look at those indicators. In the future, we will release more indicators and the numbers in the Annual Report. Because this is just the first interim results, maybe in the future, we can have a more clear outlook and the understanding of the essence of financial activities of life insurance companies. And to analyze the development quality of the team, just in this interim results, we just have the number for one period, and we life insurance business is long term, and gradually, we will have a more release the numbers, and after one or two years, we will have a more clear and a thorough understanding of the indicator. I think this has been impacted by a lot of parameters, and generally speaking, the trend, as well as the essence of the new accounting standard, will present the quality of the company, and it will gradually show in the future. For the number in this period, it's just a number for this period; do not tell the long-term growth of the company. So after one or two years, we will have a better understanding. Let us welcome the on-site questions. Thank you, Mr. Gong. I am Francis from Rosen Centre, and thank you for the opportunity. I have two questions. First, I want to ask about the liabilities. In the first half of the year, we can see that the Participating insurance has decreased to above 1 million, and we believe that there is a decrease on the assumed rate and the people's interest rate, income has decreased, so people attach more importance to Participating insurance. And I want to know your positioning of Participating insurance business in the future, and what's your focus and priority in the future? And the second, I have a question related to the asset, and in the first time, dragged by the dividend and interest, the net investment yield has decreased. I want to know more detail, the reason about that, and in the long run, under more volatile capital market, what's your asset allocation strategy? Thank you. Thank you for your question. These two questions, we would like to introduce Mr. Gong and Mr. Yang to answer respectively. For the Participating insurance, Traditional insurance, as well as unit-linked insurance product, there are different types of products present, but the provided service and protection to the customers are similar. Thus, that is, we provide service and protection for customers in terms of the old age care and the healthcare. And you've talked about the proportion of Participating insurance is low. We have a history reasons and current reasons, and we have a shift from the sum assured participating of interest to the cash dividend, and we need time to adjust that. In this process, we have seen changes in terms of understanding and the focus of Participating insurance, and the sales capability of this product has also been retained. In 2014 and 2015, there's also some adjustments to regulations, and in this process, we have seized opportunities in the market, and we've tried to understand the understanding of risks for customers, and we prefer to sell Traditional insurance, which has a clear protection to customers. The premium paid, the sum assured, the annual payments and dividends is clearly presented in a contract, which can make the customers better understand and have more confidence in the company. For NCI, the business structure in both Individual Insurance channel and the Bancassurance channel are different. The Bancassurance channel also prefer traditional products. Whether both Participating insurance and Traditional insurance has provided a sound and a similar return to customers. So we promote the sales of Traditional insurance and promote less of the Participating insurance compared with Traditional insurance. So this, there is some differentiation. In the future, we will adjust based on the current market changes and train teams, communicate with customers, and to further understanding our team and understand of the products. As for the customers, for the guaranteed yield and the fluctuated yield, the customers need to have a more clear understanding and a more thorough understanding of those two products. We will also improve the sales of different products to different customers with different demands. Thank you for your concern and interest in the net investment yield. Actually, you have elaborate the reasons for that. We have the interests and the dividends in this indicator, and in the first half of this have limited impact on this indicator. In the first half, the net investment yield has a slight decrease, and you've mentioned the two reasons, and that are the cases. First, is the decrease of interest rate and allocable assets. Fixed income assets has a lower interest income to the company, and contributed less to the yield. And, the last year, you've may noticed that the dividend paid by the funds has been paid in advance, and those has increased the base and reduced the income for this year. And, we believe this as a short-term, so this is a short-term case, and in the long term, it will go back to the normal. The interest and the dividend decrease, we, we think we should monitor that in the short run. As you've mentioned, for the asset allocation, as a mixed portfolio for life insurance companies, we believe fixed income assets is the anchor for the total assets, as well as the yield, cash flow, as well as the yield, the flow, and the security is important to life insurance companies. For large companies, 80% of the assets go to, goes to the fixed income asset. This is the general law, and, it will be at least be higher than 17%. In terms of fixed income assets, we will follow our asset allocation requirement, taking into consider the current macroeconomic environment. And now there is a scarcity of allocable assets. Now, there may be some risk incidents, but we have our large investment base, and a single asset cannot materially impact the yield of the company. But the general trend and the decrease of the rate will have impact on the yield and income of the company. You may see that the allocable corporate bonds, the financial bonds, and treasury bonds, as well as deposits, the yield is decreasing, obviously, and the yield for deposits is a slight over 3%, so the liquidity and the security is guaranteed. And for the treasury bonds, the duration is long, but the yield is lower. And in the middle and the short-term run, it will be inevitable for life insurance assets. And how to deal with that? First, we think we should to grasp opportunities. Even for the deposits, there are opportunities that we can allocate higher yield and lower risks. Even for the corporate bond and the financial debt, we believe there are also opportunities. We have accumulated experience and sound capabilities in allocating assets. For example, in the past year, we have allocated a lot of agreement deposits with bank, bank deposits, as well as in the last and last, in the previous years. We believe this can provide a foundation for us. So allocation, we will focus on to strike a balance between security, liquidity and growth, and in the first half of the year, we have a large cash inflow from bank trust channel, and we have allocated the assets to the fixed income assets, and also prevent the risks and maybe risk to fixed rate income have a mediocre yield. Equity asset may have, may, can contribute to a better yield of the company. And in the current circumstances, some market entities has encountered a difficulty, so the allocation in the equity market is more challenging, and it rely on better real capability in terms of the time choosing, the risk prevention and the subject to choosing. So we should to have a sound and more clear understanding of the national strategy, the macro trend, the development strategy, and the risks of the individual market entities, and so as to contribute to the long-term investment yield of the company. So in terms of asset-liability matching, we will continue to uphold the feature we have accumulated in the past few years, and we will allocate more of the fixed asset, and we will not be so feared by the single risky event. We have taken into the quality of the assets, invested asset of the company. The quality is high and secure, and will support the long-term investment yield of the company, and we will continue to conduct asset liability management and to adjust in regard with the macro economy. This is the end of the QA session. Next, I'd like to respond to the questions mostly presented and listed through our IR emails and the IR hotlines. First is the, what's the reason for the company issuing the capital supplementary debt? By the end of the second quarter, the core solvency margin ratio of the company is 146%, and comprehensive margin ratio is about 2,239, the regulatory requirement. The solvency margin ratio of the company is high and adequate to issue the capital supplement debt. We hope to increase the capital strength and increase our base and the capability in our solvency and risk prevention capability. The second question is, after the issue and application of the new accounting standard, whether you will change the dividend payout ratio of the company? The company has sound innovation, and it has a better capital, and the company will—we will continue to improve the profitability and reward the shareholders with our strength, with our strengthened income yield and business income. We do not have the plan to change the dividend ratio. Thank you for your interest and the support of New China Life. If you have further questions, you can contact the IR team of the company. Due to time limits, this is the end of the Interim Results Announcement of the company. Thank you, all!