Ladies and gentlemen, good afternoon. NCI 2025 annual results announcement will officially start. Thank you for the investor, the analyst, and the friends from the media, for your participation from online and offline platform. I'm the host of the meeting. First, let me introduce the senior management that participating in today's meeting. They are Chairman, Mr. Yang Yucheng. President, Financial Principal, Mr. Gong Xingfeng. Vice President, Mr. Qin Hongbo. Vice President, Mr. Wang Lianwen. We also invited Mr. Chen Yijiang, NCI AM President and NCI AM Hong Kong Chairman, to participate in the meeting. We also have the honor to invite the independent directors of the company to participate online. This meeting is divided into two parts, the presentation and Q&A session. We will provide simultaneous interpretation. Let's move to the presentation part. Please welcome Mr. Yang Yucheng to introduce the 2025 business performance of the company. Dear investors, analysts, and media friends, welcome to 2025 annual results announcement of NCI. We thank you for your long-term support to our company. The year 2025 marks the final year of 14th Five-Year Plan and is also an extraordinary year for NCI. Facing a highly stressful and complex internal and external environment, all employees have worked hard throughout the year. Our business performance has reached new heights, building a high base. Multiple core indicators, such as total assets, gross written premium, EV, net profit, share values, and total market value have all reached record highs, presenting the most outstanding performance since the company's establishment. The company's operation is characterized by excellent performance, optimal structure, rising value, stable returns, abundant vitality, and strong resilience. In 2025, the company total assets was close to RMB 1.9 trillion, up by 12.2%. Gross written premium was RMB 195.9 billion, up by 14.9%. EV was RMB 287.8 billion, up by 11.4%. Net profit was RMB 36.3 billion, up by 38.3%. The company is halfway in promise to shareholder returns and share the fruits of its business development with investors. In 2025, the combined cash dividends of the company reached RMB 2.73 per share, totaling RMB 8.5 billion, up by RMB 600 million compared with last year, up by 7.9%. Since its listing 15 years ago, the company has distributed dividends to shareholders totaling RMB 44.5 billion. Relying on excellent performance, our stock price has continued to strengthen through the year, with the increase leading the sector in both markets. The total market value surpassed RMB 200 billion. In 2025, the company's comprehensive strengths have reached a new level and achieved fruitful results. The operating revenue reached RMB 157.8 billion, up by 19% year-on-year. Net assets reached RMB 111.5 billion, up by 16%. ROE reached 34.7%, up by 8.8 percentage points. New business value reached RMB 9.8 billion, up by 57.4%, and NBV margin was 16.2%, up by 1.5 percentage points. The total investment return was RMB 104.3 billion, up by 31%. Total investment yield was 6.6%, up by 0.8 percentage points. Our solvency has remained adequate. We have embarked on a high-quality development path of growth in premium and value and optimization of structure and quality. Both premiums and business value have seen comprehensive strengths. FYP from long-term business increased by 48.9%. FYRP rose by 36.7%. NBV and NBV margin and EV have all achieved significant improvements. From structural perspective, FYRP and FYP exceeded 60%. Renewal premiums continue to play a stabilizing role. We have won the battle of transformation to par insurance. Par insurance proportion over our regular payment business increased quarter- by- quarter. In the fourth quarter, it reached 77%. 13-month persistence rate was 97.1%, up by 1.4 percentage points. 24-month persistence rate was 93.3%, increased by 7.1 percentage points. Surrender rate was 1.5%, decreased by 0.4 percentage points. The company's service to national strategy reached new heights. We improved our management system for serving national strategies, established special groups, and formulated implementation plan. Our investment in serving the five major areas in finance exceeded RMB 360 billion. For inclusive finance, we improved inclusive finance products, underwriting 46 [people’s welfare] projects. Investment in the inclusive field has reached RMB 55.6 billion. For pension finance, the second and the third pillars of pension have been vigorously developed. The total premium of the third pillar, commercial insurance annuity, exceeded RMB 60 billion. For technology finance, we provided over RMB 1.2 trillion in risk protection for 14,000 technology enterprises, with investments reaching RMB 140 billion. The company has leveraged its patient capital advantage to support technological innovation. Our medium and long-term fund ultimate market project was selected as an outstanding case in the 2025 Lujiazui Finance. For green finance, the focus was on investing in areas such as green bonds and public grids for clean energy, with investment reaching RMB 75.1 billion. We have been awarded as outstanding ESG case by the Publicity and Education Center of the Ministry of Ecology and Environment. For digital finance, we supported for the development of digital industry enterprises with investment balance exceeding RMB 68 billion. By 2025, we have fulfilled the social responsibilities and demonstrated the commitment of a state-owned enterprise. New achievements were made in rural revitalization, with a total investment over RMB 17 million. For nine consecutive years, a public welfare project to care for sanitation workers has been carried out, benefiting 6.7 million people. Resources will eventually be exhausted, but the culture endures and thrives. The year 2025 was designed as the year for promoting corporate culture. The company practiced a new era of corporate culture. Our corporate value is the company first, hard work as the foundation, openness and inclusiveness, and success in action. Our NCI professional and entrepreneurial spirit is professionalism and entrepreneurship in pursuit of excellence, benevolence and virtue, inheritance and innovation. Through organizing honor evaluations, speech contests, special lectures and lectures by renowned teachers, we have widely carried out 150 cultural promotion activities among employees and agents. We held the 2026 Agent Summit and rewarded outstanding teams and individuals under the inspiration of the corporate culture. Enthusiasm of employees is high, morale of the sales team is high, and the cohesion of the company has reached a new high. Our brand awareness, our reputation has been improved. Sponsorship has been effective. Over 20 marathon events provided full support for Su Chao Super League and WTT Table Tennis Tournament. Launched the brand IP Xinli Bao, demonstrating a brand image that's a substantial brand full of vitality and strength with stable operation and outstanding service. The coherence and influence of the company culture has been enhanced, ranking among the Fortune Global 500 and top 50 global life insurance company. After more than two years of hard work, the company has made a considerable and gratifying progress in all aspects. The dividend reform have been released. The momentum of value growth has been strong. Business structure has been optimized. Quality of development has been enhanced. Looking back to development in the past year, we have carried out the following key tasks. We strengthened strategic planning and made systematic and in-depth arrangements, attaching importance to top-level design. In the beginning of last year, we initiated the formulation of the 15th Five-Year Plan on the basis of thoroughly analyzing market changes and the industry transformation trends. After extensive research and three rounds of seminars, we proposed the development vision of building a first-class financial service group in China with insurance business at its core. We formed the three strategic main lines, customer-centered, team-based, and employee partner-oriented. We aim to provide enduring protection, better life, and greater health to customers. Create a cause of great love and fulfill the dreams of entrepreneurs for our team. Strive for growth, consistently innovate and surpass, and realize the ideal of serving the country and the people for our employees. Let better products, better services, and better life with NCI. We clearly focused on the coordination of three fronts, promote reform and innovation, moving towards the direction set by our strategy, centering on strategic main lines, deepening and solidifying the coordinated development of insurance plus service plus investment and further promoting professional and market-oriented systematic reform. Launched a series of combined measures for reform and development. Won the initiative in market competition. Firmly grasped the flagship products, promoted transformation to par products. We made efforts to optimize our business structure. We have established a dedicated team with highly competitive products as a driving force. We provided systematic support for the transformation in terms of team training, ecological collaboration, assessment guidance. Over the past year, the company's par insurance has been gradually made a breakthrough and reached a favorable state, achieving a FYP of RMB 11.9 billion, an increase of nearly 12 x year-on-year. Substantial and significant progress has been made in product transformation. We will be making efforts to enhance the competitiveness of our products, establish a diversified product matrix centered on customers and covering the entire life cycle. Enrich a variety of wealth management products and pension products. Launch innovative products such as [Non-English content] and [Non-English content]. Deeply integrate insurance claim settlement with medical service and nursing services. Achieve a transformation from traditional claim settlement to product service ecosystem. Adhering to the concept of finance for the people, we improve the inclusive product system, launched over 20 inclusive products and rural revitalization products, covering multiple groups, built a comprehensive, high quality and refined diversified product system. We deepen efforts in agent and team building, accelerating breakthrough in business transformation. In individual training, we have strengthened the system-based management and self-dependent operation. We advanced building a high-performing team with strong units, [Longteng Fengwu] and WLP entrepreneurship support teams. These efforts have solidified the foundation for our team. We have built an ecosystem scenario and a benefit system. We established a one-stop digital marketing platform. We deepened development of the new modern marketing concept of product plus service plus scenario plus technology. The company's FYP from long-term insurance in the individual channel grew by 43.8%. NBV grew by 19.4%. The workforce size stabilized. Average monthly comprehensive productivity per capita rose by 43%. We have elevated the bancassurance channel to a strategic level, seizing the policy opportunity. We continued to deepen product transformation and team building based on significant optimization of cost structure. Total banca premium reached RMB 72.1 billion, growing by 40%. FYP from long-term business reached RMB 37.9 billion, up by 52%. NBV reached RMB 5.27 billion, a substantial increase of 111%. The banca channel contribution to new business value has surpassed that of the individual channel, accounting for a significant share. We improved our service ecosystem and advanced the service empowerment system from scratch, from basic to excellent. Upgraded our five major service brands that cover the 10 areas. This ecosystem is designed to deliver excellence in medical care, health management, senior living and cultural tourism, providing diversified personalized service to clients and their families, enhanced service capabilities and improving client engagement and service. It covered over 4 million individuals, with increasing awareness and usage. Through the development of this service ecosystem, we aim to upgrade the empowerment experience, guiding the team to transition from traditional marketing to the modern marketing concept of products plus service plus scenario plus technology. Helping agents enhance their self-dependent operational capability and realize their entrepreneurial dreams. Increase our investment in AI and technology to enhance customer service capabilities. Leveraging technology to empower operation, providing ultra-fast service to agents and clients. The company's 1-minute completion rate for policy service stands at 96%. We paid out more than RMB 42 billion in maturities and annuities over the year, and RMB 14.7 billion in claims. We launched 11 large model intelligent agents. NCI Digital Human Ambassadors all have empowered service improved and business growth. We have enhanced our investment research capabilities, built a comprehensive edge on the investment side, strengthening our ability to deliver enduring protection. In 2025, our total investment income reached RMB 104.3 billion, up by 30.9%. Total investment yield was 6.6%, up by 0.8 percentage points. Ranking among the industry leaders, the company improved investment management and asset liability correlation. We continue to improve investment attitude. We expanded our team of investment professionals, cultivated and recruited outstanding talent. Establish an investment research and asset allocation system capable of capturing policy, market, and industry opportunities. We increased allocation to OCI, long-term equity investment, and PE, addressing the past shortcoming of having a bond base but lacking an equity base. On the fixed income asset income, we invested in convertible bonds, bond fund risks, and other diversified assets, reducing active interest spread and reinvestment risks. In response to the requirement for long-term capital to other market, we established three product funds with China Life for a total contribution of RMB 46.25 billion. We strengthen the development of our investment ecosystem, enhance the coordination with various institutions with good use of financial resources, reinforce investment risk management, control credit risk, manage market risk, optimize multi-layer risk buffer system, build robust investment management capabilities, striving to achieve excess returns on the basis of long-term stability. Focus on strengthening foundational management to solidify the company's high-quality development. Build powerful core quarters, clarifying the role of head office for design, institutions for execution. We took the lead in strengthening strategic guidance, resource allocation, upgraded the Strong Foundation Project, committed to lay a solid foundation for long-term benefit. Empower branches across six dimensions, help them upgrade and elevate their overall competitiveness. Optimize resource allocation. We launched the re-energizing talent initiative. We improved talent allocation with a focus on efficiency. We established an appropriate assessment evaluation system for branches, and work diligently to enhance return on investment. Improve risk control system. Establish a penetrating, full coverage, and integrated risk control framework. Refine authorization system. Achieve group level management goal of clear authority and responsibility. The year 2026 marks the beginning of the 15th Five-Year Plan and the company's 30th anniversary. Demographic shift, technological innovation, industrial upgrading, and transfer of household wealth allocation will accelerate transformation, imposing higher demands for the company's operations. As this starting point, we will keep in mind the original aspiration and mission of finance for the people and for the country. Take a corporate culture as the soul. Take strategic planning as the directional guide. Seize market opportunities. Improve the synergy across the three fronts. Focus on core business. Continue to deepen reforms, enhance our development capacity, and persistently build a strong, powerful New China Life. First, integrate and serve the broader national agenda. We will practice the big insurance philosophy, committed to the vision of becoming a first-class financial service group in China with insurance at its core. Fulfill our social functions. Inject more patient capital into the strategy of achieving technological self-reliance and self-strengthening. Expand the supply of pension finance, inclusive finance. Accelerate digital transformation. Focus on core business, and strengthen our life insurance business. Adhere to a value and profit-centered approach. Optimize business mix and revenue structure. Drive optimization of business and profit sources. Develop par insurance and other floating return products. Enrich the supply of long-term and health products. Create a closed loop of health insurance and health management. Accelerate channel transformation and team development. Enhance the core competitiveness of life insurance business. Elevate organizational development to a strategic level. Enhance the value of bancassurance channel. Build an integrated online/offline internet ecosystem. Upgrade the profit model of group insurance business, leveraging the powerful synergy of NCI. We will transform the company's strengths into market competitiveness, establish a new model marketing concept, and practice the new marketing model. Enhance capabilities and the standard in serving customers. Build a service ecosystem that's more quality-driven and more closely aligned with customer needs. Become a comprehensive financial service provider for customers. We will use our concrete action, put in practice the value proposition of finance for the people, delivering enduring protection, better life, and greater health. We will be a model insurance company that's professional, warm, mission-driven, and worthy of long-term trust. Fifth, leverage the advantages of patient capital and long-term capital. We will optimize the asset allocation structure, improve the investment research system, build a multi-layer investment portfolio, highly value asset allocation, enhance investment management as a labor coordination. Cultivate long-term value creation. Become a true patient capital and a high-level capital. Six, remain committed to laying a solid foundation for long-term benefit. We will build a stronger headquarters, which will lead the branch office to become stronger. We will balance development and security, strengthen the implementation, improvement of risk control system. We will increase technology investment and reinforce full next scenario AI empowerment. Going forward, we will adopt a courageous, competitive stance and a spirit of striving for excellence, push boundaries through innovation, enhance long-term competitiveness, achieve a solid start to the 15th Five-Year Plan. The above is my presentation of the company's business performance. Thank you, Mr. Yang. Next, we move to the Q&A session. Due to time limit, each person is limited to two questions. Please let us know your name and the institution you work for. Thank you for the presentation. I'm Zhong Xin from Soochow Securities. First, I'd like to congratulate on your solid performance last year. I have two questions. First is about liabilities. We can see you have reached a record high last year, and I want to ask on a high base last year, how do you comment on the growth expectation in 2026, and what is your product strategy? Also, I want to ask about the participating insurance. What is your goal and plan for the transition to participating business? The second question I want to ask about the assets. In the past three years, we are in a low rate environment, and the net investment yield of the peer company has gone down. We can see the total and comprehensive investment yield leads the industry in 2025. I want to ask the management team, how do you view the interest rate and equity market, and what is your strategy in your asset allocation? Thank you for your question. First, let's invite Mr. Gong to answer your first question. Thank you. For 2025, we have yielded remarkable results. The GWP increased by 15%, FYRP grew by 15%. In 2024 and 2025 we have realized a very fast growth and laid a high base for our future growth. We are confident on a high base, we can maintain a steady growth. In 2026, we will further serve the national strategy and to embark on the road of high-quality growth road, featuring both value and volume growth, and the structure and the quality improved. We will focus on the key areas that drive the value growth, speed up the channel development transition, and to consolidate our business capabilities. In 2026, we will provide the best business performance to celebrate our 30-year anniversary and reward the trust of our customers, and the support of the investors and all walks of the society. In 2026, we will stick to the customer-centered development strategy. For the individual insurance channel and the bancassurance channel, group channel, as well as the internet channel, we will make full efforts, strengthen the combo sales of products to meet the diversified demand of the customers. In the past, we have done a good job in the sales of whole life insurance, and we are confident to make efforts in the sales of the participating and health insurance. We will return to the essence of insurance to consolidate our business quality and to realize sound growth of both NBV and premium income. More specifically about the product you just mentioned, as well as the competition strategy, I want to emphasize the following. First, we will implement the new marketing concept of integrating the scenario, product, service, and technology by virtue of the high-quality medical resources. We will focus on the treatment, medical care, and nursing as the center, and provide a multi-tiered and diversified products combining the insurance products and the health service. We will combine the wealth management products with the aged care community and the tourism resources to build our insurance plus aged care community. We also stress on asset liability management, strengthen the coordination to empower the floating benefit products. In 2026, we will emphasize the sales of participating whole life insurance, but this is not the sole product we will provide. We will also introduce measures to promote the other wealth management products, including the annuity insurance and health insurance. We will fully leverage on the tax benefit policies and pension policies of the country, and introduce products. We will include the important products, including the whole life annuity and aged care pension products to include in the individual pension products. We will provide the whole life cycle health solutions to customers, including the prevention beforehand, the process control, and rehabilitation afterwards. We'll provide diversified product pipeline, we will seek the policy opportunities and the sales, and explore the products, including the participating health insurance, the consumption and medical care insurance, the specific medicines, the disability, and the unit-linked products, et cetera. About the transition to participating business, I want to emphasize in 2025, we are determined in this transition and have a good start. For example, in the sales, we have made breakthroughs. Last year, the sales of participating business is RMB 12 billion. Given that we haven't sold the participating business for many years, and this is a hard-won result. Especially in the third and fourth quarter last year, we have strengthened our efforts and yielded expected results. On the other hand, in terms of our management system, we have effectively coordinated resources of the front and the back office and introduced incentive policies, trainings, products, publicity, compliance support, and asset liability matching measures to establish a sound management portfolio and system for the future participating business. 2025 is just a beginning. In 2026, we will continue our participating business transition, focusing on the product portfolio expansion. For example, we will strengthen sales of annuity insurance products, strengthen the product innovation, and seek the policy opportunities of participating health insurance. We will try to sell the right products to the right customers, avoid the misleading sales, and also we will try to coordinate the asset-liability management, and we will try to reward the customers with sound business performance and let the customers have a higher sense of gain and satisfaction. Thank you. This is my answer. Thank you for your recognition for our business performance in 2025. Our total investment yield reached 6.6%. After considering some other indicators, we could make it to 6.9%. This is due to the fact that we have continued to uphold the long-term and value investment. Your question regarding two areas, first on the interest rate trend, and second on the equity market. First, about the trend in interest rate. We believe in short-term, it will experience fluctuations. The credit spread will tighten. Term spread will widen. Short-term funding condition will be loose and have more certainties, but actual long-term bonds will more fluctuate. Long-term and short-term interest rates will diverge in low interest rate environment. How to get favorable returns, we need to consider the interest rate trend rightly. About equity market, we have confidence for the medium and long-term development of China's capital market. We pay attention to three themes. First, outperforming sectors in up cycle. Second, those conforming to the national strategies, especially new productive forces. Third, high dividend strategy in low interest rate environment. Based on the above judgment about the capital market, for the SAA, we will carry out the following principles. First, asset-liability matching principle. We will think about the future of liabilities, make sure the investment return can cover the liability cost. Second, we will continue to uphold diversified allocation philosophy in fixed income equity and alternative assets. We will make a rational structure, enhance the profitability elasticity. Second, return orientation. In the market fluctuations, we will pay attention to margin of safety, grasp sales opportunities, and bring sound investment returns to customers. The uncertainty in macro environment and financial market will pose both challenges and opportunities to the company. We will follow the macroeconomic changes and policy changes. We will be keen to bring stable return to the market. I'm from Shanghai Securities. I have two questions. NCI has established three pilot firms with peers. What's the actual result? Will you further increase your diversification, asset allocation? Second question is, how would you view AI's impact on the company? What's your future plan for AI empowerment? Thank you for your question. Regarding three pilot firms, we started from March 2024 to now. In the past two years, we have achieved both social result and economic result. We have fully carried out the central government decision. Under the guidance of NFRA, we responded to the requirement to enter the market. With peers, we established three pilot firms. Our total investment reached RMB 46.25 billion. The pilot firm is conducive to the asset and liability management. About your second question, about diversification investment. This is our key strategy. We will base on the following three considerations. First, in the low interest rate environment, we must make diversified investments to increase our long-term returns. Second, in the 15th Five-Year Plan, our company is undergoing a transformation. With the improvement of capital market, we have been presented with opportunities to participate in the capital market. We have improved our professionalism, including our improvement in the front office and back office, which all lay good foundation for us to engage in diversified investment. We are confident that we can provide sustainable returns to shareholders and customers. Thank you for your question. This is a very fancy question about AI. I'd love to share with you our view about our thinking about the AI. For 2025, from the top level to the grassroots operations, we are confident. We all embrace the AI. AI is not a vision of the future, but is fundamentally reshaping the industry. The key in the transformation does not only enable us to make tailor-made pricing, but also enable us to provide customized service and real-time responding. Also, enable the real-time warning and monitoring. In the past year, we have been impacted fundamentally by AI. In customers, AI make us know customers really. Second, in operation, AI makes us reshape the service process. Third, for risk management, AI let us guard our risk bottom lines. We have awarded 12 authoritative awards from authorities such as PBOC, China Academy of Information and Communications Technology. We have got ISO Business Continuity Management System certification and passed the DCMM fourth level recognition. AI make our service better. In the illustration system, AI proposed 258,000 proposals. About AI make us for improvement in qualification inspection. We put on 911 AI agents with 97% solvency ratio. Accuracy ratio hit 100%, covering 3,500 counter staff and over 100,000 agents. Those measures improve our digital customer engagement capabilities. For 2026, we will make measures in the four areas. First, we will implement the 15th Five-Year Plan in technology. Second, in expansion of AI applications, we will build seven virtual employees covering seven areas. Through the large model synergy, we would like to have digital productivity equivalent to 3,000 people, make machine do their own stuff, and make people do more valuable stuff. Dig data value deeper. We would empower data from visibility to true value, make data the core asset to drive business performance. This year, our focus is on the development of corporate cloud. We aim to establish one cloud multi-shared infrastructure resource framework. Technology empowerment has been through every corner of corporate's operation. We will maintain our strategic resolve, and to make AI more productive for the 15th Five-Year Plan. Thank you for the opportunity. I'm an analyst from Guangdong Securities. Congratulations on your remarkable results in the asset and liability side. For the asset, you have evident mark of sound performance, and I have two questions about liability. In the past two years, just now, Chairman Yang and Mr. Gong have mentioned, you have realized fast growth and high-quality growth of NBV. I want to know what are the main drivers behind this. In 2026, you have speed up your transition to participating business. In this process, how can you realize the growth of both NBV and NBV margin? The second question about bancassurance channel, which has been a hot topic since last year. I want to know your distinguished competitiveness and advantages, and I want to know your strategy in 2026 to realize further high-quality growth of the bancassurance channel. First, let's welcome Mr. Gong to answer the first question. You've asked about the NBV growth and the drivers behind this. The main driver is to implement the high-quality growth philosophy in 2023 to 2025. We have realized three consecutive years of faster growth. For numbers, we can see 2023 is RMB 3 billion, 2024, over RMB 6 billion. This year is over RMB 9 billion. The growth rate is 25% or 107% and 57%. Those growth rates is hard-won. We can see in this process, we have constantly implement the internal-driven high-quality growth philosophy and introduced a series of reform measures that can lay a solid foundation for long-term growth. The growth of NBV is a result of those reform measures. The second is we improve the product competitiveness, which is a top priority for us, we believe. We also want better products stay with NCI, and we want to introduce comprehensive and exquisite product portfolio for customers and to truly help the customers and the agents be more confident about NCI and our product. Thirdly is we improve the sales capabilities of our agent force. From the recruitment, we emphasized the targeted recruitment, especially recruiting those high-performing agents and to increase the quality and quantity of the team. Since the team nurture, we can see we have more efforts to improve the productivity of our agents and improve the retention rate of the agents and let the agents to grow with our company. The third is we introduce combo measures. In the past two years, focusing on the mass customers, the individual customer. We have introduced series of service ecosystem and services. We introduced the five service brands to serving different kinds of customers. Those combined and the combo service and products can make our customers gain more sense of gain and to make the sales easier. Lastly, as we emphasized the management of the business quality, and we focus on the management of persistency ratio. 13-month persistency ratio rose to 97%, and 25-month persistency ratio passed 93%, the highest level in the past five years, which has enabled the long-term and the sustainability of our business, and bring higher margin and NBV value to us. For the influence of transition to participating business, and its impact on the NBV, I want to say that we will continue to put forward the transition to participating business, and we are determined to promote the transition. This is also in line with the regulatory advocacy of promoting the floating benefit products. We also hope that the customers can share the development result and performance of our company. For the NBV margin, it will have certain impact on the NBV margin. The NBV margin for [audio distortion] is lower than the traditional product and pose certain challenges to the growth of NBV and NBV margin. We are fully aware of that and are prepared for that. We have introduced a series of measures to improve the NBV and realize steady growth. First, we will further grow our business. Based on a high business income last year, we will further stimulate the enthusiasm and morale of our team and the staff to increase their capabilities and confidence to sell, and hope that we can have a higher growth of the volume. Second, we will further optimize the business structure, grow the essential business of insurance. We will further diversify our product mix and to diversify the profitability drivers. We will make up for the weaknesses in terms of the health insurance and long-term annuity insurance, et cetera. For those efforts, hopefully we can have a higher leverage effect to promote the NBV growth. Third, we want to reshape the channel competition. Now we are facing a fast-changing environment. There is a higher requirement from the regulators as well, and the company will strengthen the growth of the team quality and quantity and improve the core competitiveness of the bancassurance channel in their channel distribution and productivity and to contribute higher to the NBV growth. We will also grow the internet channel and establish a new driving force for NBV growth. Last is to reduce the cost and to optimize the cost efficiency and the efficiency of the resources. We believe with all those efforts, we can further promote the growth of NBV in 2026. Thank you for your attention to the bancassurance channel NCI. In recent years, our bancassurance business has posted a strong growth. It has become an important engine to drive the company's growth in size and value, especially for 2025. We elevated the bancassurance to a strategic level and lived up to expectations. It made good achievement in 2025. FYP reached RMB 37.93 billion, up by 52.3%. FYRP almost RMB 18 billion, up by almost 30%. NBV up by 110%. Compared with our peers, our premium and regular premium moved up in the rankings and improved our market share. Look at the internal structure. bancassurance channel FYP and NBV contribution has already made half contribution, enhanced its important role. Our bancassurance China is rich in heritage and constantly evolving. We pay attention to both premium and value. We have accumulated advantages and is more stable in market competition in 2025. Our differentiated competitiveness relies on stable progress. First, we made stable progress in customer management. We know for life insurers, our key competitiveness lies in customer management. We build a comprehensive, refined, diversified product system, meeting customers' diverse needs for service and based on the whole life-cycle ecosystem. We collaborate with banks, upgrade experience for customers. For investment, we give full play to professionalism, which laid a solid foundation for the transformation of the bancassurance channel. For customers' engagement, our insurance service plus investment model has built a foundation for long-term development. Second, we made progress in bancassurance channel. We have 56 bank partners, including SOE, local commercial banks. On the basis of broad coverage, we pay more attention to deep cultivation. We join hands with banks to make better use of advantages and the synergy, make one plus one more than two. We're glad to see, our ranking with large banks has been improved. Active outlets up by 40%. We have seen a good result between asset and liability synergy. Third, we have made stable progress in team development. Based on Strong Foundation Initiative 2.0, initiated reform of building a high-performing agent team with strong units, referral principle. The workforce growth rate exceeded 20%. On the basis of that, our average per capita productivity rose by 17%. Our professional army for the bancassurance channel grow with their bank partners and toward the winning results, which all win recognition from our bank partners. Looking to 2026, the bancassurance market will have new features. We have reached a consensus on the following three areas. First, premium will continue to grow. Customer needs will become more diversified. Banks' demand for fee income becomes increasingly rigid. Life insurers pay more attention to bank reference China and all those indicators. For next year, FYP is expected to grow. We have already seen it in the first quarter of this year. Second, market requirements will significantly improve for the consistency requirement policy. Last week, NFRA made further requirements and detailed requirements for the consistency policy, and improved consumer protection mechanism. Customers' expectations for product service will be stronger. I believe banks will impose higher requirements for the life insurance. All those new requirements will pose challenges and opportunities for the company's comprehensive strength. Third, market landscape is accelerating divergence. The market will rapidly evolve toward market concentration. Market effect will become significant. For those with more professionalism and a higher capability in asset liability management will grasp market opportunities and move toward a high-quality development. We believe 2026, China's bancassurance market will embark on stable growth. For next year, we will grasp opportunities in the market, give full play to the synergy of NCI, promote the insurance plus service plus investment model. We hope to promote stability through progress. Faced by the 2026 market, we aim to promote stability through progress. We need to do more in the following three areas. First, further deepen cooperation with banks. Together with banks, we will carry out financial inclusion and win-win results. Second, strengthen technology empowerment, enhance team professionalism and comprehensive service abilities. Third, expand ecosystem. Meet customers' diversified whole life cycle protection needs. 2026 marks the 30th anniversary of NCI. We will keep up with the time and make our bancassurance brand more brilliant. Pay attention to the premium growth and value, contribute more to the high-quality development of our company. Thank you. Next, let's welcome the questions from Xinhua News Agency. First, congratulations on your sound performance in 2025. First, now we can see the macroeconomy and the environment as well as life insurance is experiencing profound changes and what are the opportunities and challenges facing NCI? This year is the beginning of our 15th Five-Year Plan as well as your 30th anniversary, and what are your key strategic measures? Thank you for your question. Next, let's welcome Mr. Yang to answer this question. Thank you for your question. This year marks the beginning of the 15th Five-Year Plan, as well as the 30th anniversary of the NCI. This is a meaningful question. Just now in the presentation, I've mentioned 2025 is a remarkable year for NCI. In this year, we have fully planned our strategy, improved the coordinated development model of the insurance plus service plus investment, and introduced the strategic mainlines of the customer as a center, team as the foundation, and the employee as the partner. We have emphasized the reform and focus on the top-level design mechanism, business transformation, product service, investment management, talents, resources allocation, the operation technology, and the brand and culture, et cetera. To promote the systematic market-oriented and professional reform to release the constant dividend for us. Just now you've mentioned, we've seen that in 2025, the total assets, premium income, EV, the net profit, shareholder returns has reached a record high since we've established in the past 30 years. We can see now NCI is a company with a rich heritage, strong strength, and a sense of responsibility and mission. Also we are vibrant and full of cohesion and execution. First, I'll answer the question about opportunity and challenges in the 15th Five-Year Plan. There's a whole change of domestic and international macroeconomy, and there's huge changes for the life insurance sector for its position. Business model, we believe they both exist but the opportunities is greater. For the opportunities, the first opportunity is that we are embarked on a new journey for the Chinese modernization. The 15th Five-Year Plan has put forward a great blueprint for the high-quality growth, and a plan for the modern industrial system and the independent technology growth and greater protection and better livelihood. Those major tasks, which is in line with the function of insurance sector and explore great potential for the value growth of the sector, which is the biggest opportunity for the insurance industry. The second is we will see the opportunity from the five major areas in finance. Now, the aging population has posed systematic changes of the risk protection demand, especially together with the transformation of the economy and the structure. We can see there's a greater potential and importance for life insurance to serve the economy and serve the five major areas in finance. We will provide the coordinated service from the risk protection, wealth management, medical care, the tourism and commercial insurance, etc., and also this provides greater growth potential. Those who grasp the opportunity in the pension finance will seize the next 10 golden years. The third opportunity is from the wealth management. The new 10 guidelines for the insurance sector has set forth that the wealth management will be included into the main business of insurance, which has extended the meaning of insurance. There is a diverse demand for the wealth preservation and appreciation, which was regarded as the deposit migration, and we are experiencing the golden opportunities and a period which will show greater advantage of life insurance, which can provide stable yield, the preservation and succession. For the challenges, first is how can we respond to the low-rate environment and the rate of spread losses? Now the rate yield is in a low level, and the financial exposure to the NSAs, the real estate has decreased and a lot of premiums come to insurance company. How can we transform this premium into the long-term return to customers that can resist through the cycles and the fluctuations, is a challenge and pose higher requirements for the operation and investment of insurance. As a company, I've always emphasized that we should have the responsibility to respect every premium and deliver a sound service and secure every investment to deliver our commitment to customers of bringing the enduring protection. The second challenge is that how can we serve the customer with our professional, meticulous, and efficient service, and to bring the long-term value to our company. This means we need to promote the virtuous circle between the insurance, plus service, plus investment, provide the whole life cycle service covering the product, medical healthcare, et cetera. We should also apply the technology and operation to improve their customer experience to further grow the development energy and EV embedded value of our company. This is my answer to your first question. About the question about the opportunities and challenges facing NCI. Next, I would like to answer your question about our strategic priorities in the 15th Five-Year Plan. The board and management team of NCI emphasized the strategic planning. Since March last year, we started the formulation of the 15th Five-Year Plan, established a leading group and 10 working group. We have held three large-scale seminars to discuss the strategy and conduct a series of research and seek opinions and suggestions from our whole system. We introduced the coordinated development model of insurance plus service plus investment, practice the strategic direction of the large insurance philosophy, and build a strong NCI. We will strive to build the leading insurance sector with insurance as the core. We have formulated our general master plan and over 10 key sub-plans including the marketing, training, product, service, investment, operating technology, as well as several plans for the subordinate entities, as well as the subsidiaries. Through the thorough and extensive research and discussion, we have established our development model and are focusing on our vision of building the leading financial service sector with life insurance at its core. Our general master plan has formulated. The sub-plan has also been covering a lot of areas of our business, as well as the plans for the branches and the subsidiaries. In the next five years, the blueprint is clear and specific. As a company, we have some rich heritage and aspirations about our future. We have accumulated many development foundations and premises. For example, we have strong assets and adequate solvency. We also have a nationwide distribution channel and institutions. We have a strong investment capability and asset-liability matching management. We have the talents and excellent brand and culture. Next, we will give full play to our advantages and bring the blueprint into reality and realize the splendid development in the next several years. We will focus on the four areas. First is to practice the strategy of customer-centric, to improve the competitiveness of life insurance business. This is also important direction I've experienced in the past three years. In the future, we will integrate those philosophy into all areas of our product. In terms of product team, service, operation, technology, we will take efforts and increase our capabilities to create competitive products to enrich our scenario-based, ecosystem-driven, and high-retention services. We will stick to high quality and cost-efficient service and bring more friendly and scenario-based operation experience to customers. Also we will, based on our strong investment capability and performance, to build our brand credit and to lead the market and improve their sense of gain. We will try to lead the market and improve their sense of gain. We will be committed to the main business of insurance and grow the business. This is an important criterion in a low-rate environment, to test the capability of the operation for insurance. Also important assets for the company to serve the national strategy, and we will improve the proportion of health and long-term traditional insurance, and to optimize the product structure, business structure, and income structure, and to shift from the interest lines to value-driven, and to return the policy to the assets of business, to return the service to customer, return the team to professional development. We will strive to improve the core competitiveness of our life business. Secondly, we'll focus on the strategic priorities and to increase our competitive barrier. We will implement the team as the foundation strategic mainline to take effort to increase the organizational development. We have upgraded our fundamental law, our system-based operation to build a WLP training system, and increase the volume and productivity of our agent team. We have also nurtured a series of star agents to create a specialized, large-scale and high-quality entrepreneurial agents. We will build individual insurance and bancassurance dual engine growth model for channels. We have a strong foundation, and we will further seek the opportunity arising from the policy of aligned fee assumptions and migration and accumulation of people's wealth. We will improve the cooperation with banks and build stronger bancassurance outlets and team to improve its volume and the value contribution and to be a top performer at all aspects. We will strengthen the investment in technology, including AI and big data, and to promote its integration with the team product service investment and the compliance. We will upgrade this strong foundation project into a 3.0 version and to grow 1,700 subordinate entities of our company. Through our sustained and persistent efforts, hopefully with another three years, we can build a stronger foundation with a vibrant vitality and a strong competitiveness. We have 1,700 subordinate entities. These are the foundation for our company. Thirdly, we will follow the coordinated development of insurance plus service plus investment to provide comprehensive financial services covering whole life cycle of our customers. This is key to our comprehensive development, but also critical to deliver our commitment of bringing enduring protection, better health and life to customers. We will strive to practice the new marketing philosophy of integrating product service plus scenario plus technology to establish a coordinated customer management system with a closed loop and a further service. We will optimize and improve our service ecosystem covering 10 areas, including the medical care, health care, financial, entertainment, culture, et cetera, and to create excellent medical care, health care engine, travel. We will serve you with the spirit of the servant to provide comprehensive and professional risk management and service to our customers since the policy taking effect. We will provide a comprehensive and active service as well, including the health management and wealth management, to meet the diversified needs of them and to create a new curve for our growth. For the investment, we'll increase our investment capability and diversify the investment strategy, and we will be a major force in serving the real economy and serving the wealth of the people. We will be committed to our promise for providing enduring protection. It's easy for insurers to provide service for one or two years, but providing enduring protection is an essence and a key to the life insurance. The life insurer needs to have enough capability, strength, fund to cash out and to deliver the commitment to the customers. We are determined to deliver this commitment. It's easy to give protection for one or two years, but it's not easy to deliver enduring protection for decades. We need to accumulate strength in terms of our fund, comprehensive strength and to have strong investment capability. The management team of our company in the past three years emphasized a lot about the investment capabilities. We can see the investment yield and the return has increased a lot in the past three years. We believe our asset is the asset of the time. Now the investment of insurance is shifting its priority from the traditional bank and real estate investment asset to the investment in equity and technology, as well as the new productive forces. We will seek the opportunities in the 15th Five-Year Plan on the basis of the investment in the fixed assets. We will increase the investment in the equity asset, the technology asset, to improve our professional and stable investment portfolio and structure, and to shift our investment advantage into the market competitiveness of our company, and to shift the long-term capital and patient capital into a high-energy strategic capital. This is the third aspect about our strategic priority. We will strengthen the coordinated development of insurance plus service plus investment, and will be the comprehensive insurance and financial service provider covering the whole life cycle of the customers. Firstly, we will stick to reform and innovation to build innovative NCI. We will bring the reform to the end, and to follow the systematic professional market-oriented reform, and to promote the innovation in terms of our philosophy, system management pattern, the operation model, product service, talent, data and technology as well, et cetera, to unshackle the barriers that bind our development to play the full advantage of a coordinated NCI to further release the dividend of reform. We will create a learning-oriented and service-empowered organization to establish our long-term competitiveness and strength for the future growth. Lastly, I want to say, under the leadership of the party committee of NCI and with the joint efforts of our whole system in the past three years, and with three years reform, we are more proactive in serving the general picture of national development, and the comprehensive strength of our company has realized breakthroughs. After a three-year effort and the reform, we are more proactive in our effort for serving the national development strategy. We have a stronger foundation and a better environment for our future development. Especially a series of development and reform measures and results has brought us greater cohesion and solidarity for our company and our corporate culture, and have stimulated the enthusiasm of all the NCI employees and staff, and from the headquarters to subordinate entities, from even to the sales outlets. We are confident and determined to seek further growth. This year marks the 30th anniversary of our company and also 30 years of hard work of NCI. We will try to deliver the corporate culture of customer first, striving as foundation, open and inclusive, and pursuing excellence, and try to seek excellence and be innovative, and to build enterprises with our pursuit of care and excellence. We hope to build a century-old enterprise with strong foundation and trustworthy to customers. This question is an excellent question. This year is the 30th anniversary of our company. In the past 30 years, we have worked hard and dedicated work efforts to seek growth for our company. We will implement and practice our corporate culture in a new time. We will seek excellence and try to pursue the excellence and excel ourselves in the future. We will try to build our company trustworthy to our customers. Hopefully we can contribute our strength to build a strong financial China and serving the Chinese modernization. This is my answer. Thank you. My question is regarding investment. Mr. Yang just mentioned that NCI has attached great importance to investment. Last year, the regulator has encouraged insurance companies to enter the capital market. We noticed NCI has increased the equity investment share. My question is whether the company will still further increase equity investment share? On the basis of a relatively high equity investment share, what's your view regarding the impact of the equity market volatility to investment return and net profit? Thank you for your question. Regarding equity investment, the company has placed great importance on the value and strategy of equity assets in overall portfolio. We are confident of China's overall capital market development. We will further continue to respond to the regulators' requirements for long-term assets to enter the market. We'll consider our own asset liability management needs, and make an overall judgment for the pace and the size of the equity asset, equity capital market investment participation. Second, for your question, we have the three following considerations. First, we will make diversified asset allocation, including industry diversification, the allocation between A-share and H-share market. Through portfolio, we reduce portfolio's overall sensitivity to any single market. Second, we need to focus on our own investment abilities. In the past three years, under the new leadership, we attach great importance to the investment research abilities. From top to bottom, we enhanced our coordinated efforts in investment. Judging by the practice, our investment team can dig those targets with high dividend and a low valuation. Third, which is also a very important part for the 15th Five-Year Plan. For active asset, combined with our transformation in liability side, we will make better asset liability synergy. Centering on key indicators, we aim to lower the impact of short-term capital market fluctuation to the overall performance of the company. Our long-term judgment will not be impacted. As patient and long-term capital, we are capable to navigate through cycles and preserve and appreciate in asset value. I want to ask the management team about the individual insurance channel, and I want to know, will you change your position on the individual insurance channel, and I want to know your measures to promote high-quality growth of the individual insurance channel? Mr. Gong will answer this question. We are certain that the position of individual insurance channel as the core channel of our company has not changed and will not change in the future. Individual insurance channel is the partner and entrepreneur of our company, and it is the most important partner and family of NCI. They have proprietary advantage in serving their customers, and also they have irreplaceable advantage in selling the long-term regular business and protection type products, a core pillar of the company to rise through mid and long term economic cycle. The life insurance channel is an important channel for us and we will further invest, promote the channel and invest resources to realize sustained growth and for the transition of the new marketing models just now. We have talked a lot and I want to further add that the essence of the new model of the modern marketing is that we integrate the insurance plus benefits, plus scenarios, plus ecosystem, plus technology, and through the integration of insurance products with those multiple factors, we hope to provide, we hope to transition as a comprehensive supplier for customers. Next, I'd like to emphasize in terms of the service scenario and benefits. First is services, means we hope to build a whole lifecycle service ecosystem through the integration of resources, including the legal, trust, education, et cetera. We can provide the core service, including the medical care, healthcare, aged care, business taxation, legal, entertainment, education, culture, covering the whole life cycle of the customers, and to build our economic mode. For the scenario, it means we can show the service ecosystem and become a major carrier to meet the demand of the customers. We will shift from hard occasions featuring strong conversion and weak engagement into the softer scenario featuring a lighter conversion and a strong engagement through a more specific lifestyle-oriented scenario. We can improve the engagement and experience of our customers. For the technology, we hope that through the AI and big data, we can have a more precise portrait of customers and have a more targeted introduction of benefits and tailored benefits to our customers, and make the sales more efficient and targeted. The team is an important carrier to implement our new marketing philosophy and realize our core strategy. Hopefully we can give the confidence to our agents to engage with the customers, and we can further improve our ecosystem of service. The new marketing model has shifted the solely sale of policies into the model of providing comprehensive solution to our customers. Hopefully we can build a professional iron army with a strong and professional sales capability, the ecosystem service capability, and the technology capability. This is my answer. Thank you. Due to time limit, our last question. I'm from Financial Times. The company has delivered strong service in services, established five service brands. I would like to ask you, what are the actual contributions and changes for the product and service innovation? Thank you for your question. Just as chairman and president mentioned, we have provided superior service to customers. We have delivered good results from a few perspectives, which are conducive to the business performance and the company management. I would like to mention a few changes from the following areas. First, from the scenario creation. We have 10 areas covering services. We have made some efforts for 10 scenarios. Each scenario could directly contribute to the policy sales. From the top to the bottom. Regarding product plus service, in the past year, we proposed the [Non-English content] and some very competitive service benefited products, which embodied the product service philosophy. This helps build a better brand, achieve better results for empowerment. Second, regarding customer benefits. We have five service brands. All of them achieved upgrade in 2025, which make us more competitive with peers. In order to have better customer experience. We accelerate the layout in a number of areas. Be it education, elderly care communities, which make us more attractive to customers, and a strong tool for the agents to sell policies. Our President just mentioned for individual channel agent empowerment. We believe our service empowerment has achieved some result. Those services have been quite welcomed by agents. More agents have become more skilled in comprehensive development. Those agents benefited from the improvement of service brand. In the past year, under the guidance of the new modern marketing philosophy, our product and service innovation have brought actual contribution and changes to business performance. We are confident to believe in 2026, we have a lot of potential to dig. No matter benefits or services, we have joined a large number of competitive partners. We are sure to provide more services to customers. Next, I will answer questions from retail investors. First question is, how would you see the solvency pressure? How to maintain adequate solvency? Currently, the company has maintained adequate solvency. The comprehensive solvency margin ratio was above 200%. Under the objective pressure from the sustained downward shift of the 750-day moving average of the treasury bond yield, the company solvency adequacy ratio has become periodic pressure. We will take active measures. First, enhance internal capital generation. Improve our returns and lay a solid foundation for endogenous capital accumulation. Second, seeking external replenishment. Third, optimize asset allocation structure, maintain a balance between asset return and risk and the capital need. We are confident to maintain the solvency at an adequate level. Second question is, I'd like to know your market capitalization management situation. We attach great importance to market capitalization value management. We have formulated relevant rules. We constantly improve our investment tools. We deepen professional market-oriented systematic reform and strengthen to deepen our core business, achieve a solid progress in high-quality development. GWP, gross written premiums, net profit, total assets have hit historical highs. Company's investment value has been enhanced. We improve our information disclosure mechanism, making it more qualitative and highly transparent. Do a good job with investor relations. We interacted with capital markets, retail investors smoothly through annual results announcement, roadshows, et cetera. We disclose our operational information. We attach importance to shareholder returns. In 2025, we again issued interim cash dividend. Combined with final dividend, our total dividend amounted to RMB 8.4 billion, up by 7.9%, hit historical highs, make investors share company's business performance. Our A-share and H-share stock price rose by 46% and 150% respectively. Our total capitalization surpassed RMB 200 billion in 2025. Thank you for your attention for our company. Due to time limit, this is the end of our annual results announcement. If you have further questions, welcome contact us, our IR team. Thank you for your participation. Thank you.