Dear investors, analysts and friends in capital markets, good morning. Thank you for participating in 2024 interim results conference of Ping An Healthcare and Technology Company. I am the moderator. I am investor relationship head Wang Yufei, Aria. First of all, please allow me to introduce the leaders who participated in today's conference. They are Mr. Li Dou, Chairman and CEO of Ping An Healthcare and Technology Company Limited. Mr. Wu Jun, Ping An Healthcare and Technology Vice President and Chief Financial Officer, Ms. Zang Luoqi. The meeting consists of two parts. The first part, Mr. Li Dou will introduce the company's overall strategy, and Mr. Wu Jun will introduce our performance of operating in the report period, and Ms. Zang Luoqi will review the company's overall performance, and also she will review the achievements we have achieved. In the second half of the meeting, the management will answer your questions. Please raise your hands. For our online lectures and analysts, please press asterisk key one to ask questions. Before we start the meeting, we forward-looking statements disclaimer for this press conference, except for statements of historical fact. Certain statements made during the presentation and in any accompanying material constitute forward-looking statements or our projections or expectations about future events, including but not limited to forecasts, targets, estimates, and business plans are forward-looking statements. These statements involve inherent known and unknown risks and uncertainties, many of which are beyond our control that could significantly affect the company's performance or trajectory and actual results. Statements containing words or potential estimates, such as intend, plan, believe, will, may, should, or similar expressions, typically indicate a forward-looking statement. Attendees are cautioned that these factors may materially differ from the company's actual future results. The company undertakes no obligation to publicly update or revise any forward-looking statements contained in this presentation or related materials due to new information, future events, or otherwise. Please take note of these considerations. Firstly, we are going to ask our Chairman and CEO of our company, Mr. Li, to introduce the company's overall operating conditions. Thank you, moderator. Dear old friends and new friends, good morning to all of you. First of all, I'd like to welcome you to come to our meeting site and also to join our today's press conference 2024 annual results, online or offline. It is the spring; we can see a very vigorous atmosphere here. 2024, it was the year for Ping An Health to pass 10 years. Of course, we have difficulties, we have achievements, but still we will forge ahead, and we will follow passion and to fulfill our mission and also to be a bridge to connect our patients and doctors and to keep good health of our people. This is our vision. Our vision is to provide every enterprise with a harmonious workplace, to provide every family with a dedicated doctor, to provide every user with a safe and healthy life. Also, we feel very proud about our value proposition, worrislessly, time saving, and money saving. As you can see, health care, senior care, this is something about our people's livelihood. That's why we need to follow our party's call to make innovation and to make breakthroughs. As you can see, in the past few months and years, and we can see some signs and documents to be issued and to connect health and senior care plus commercial insurance, and also to enhance the financial methods to be used into the senior care in 2024. The council also promote the internet plus senior care and also to have individualized and diversified commercial insurance to meet the needs of healthcare of people. Also for our state health administration also want to have a one stop for the calculation of the insurance and commercial insurance, which gives us new opportunities. Government also encourage companies to further the supplementary and support medical insurance and also to protect our employees' health, which means also bring us a new commercial business. Quality financial will help us to acquire and retain customers. For our customers, they can intuitively feel and sense the warmth of the service so that they will have repeat purchase to improve the value of our customers. Fast and commercial service, accurate diagnosis, and comprehensive management will help us to have a good governance and also help us have a good expenditure on claim. As you can see, for the customer acquisition, customer retention, and also for our Ping An Group health and senior tech system have 1.6x more contracts and a 3.9x higher AUM. We need to achieve a 10 wing growth. We need to provide whole life cycle experience. For our retail customers and corporate customers provide us with a quality customer sources. For long-term, Ping An has doing the layout of health and also to use AI. AI powered us to have a internet and a service network, also to provide us with a foothold for us to use AI. As you can see, for the corporate in 566,000 health, also we have 240 million retail customers. As you can see, it will provide us to provide differentiated services and to serve our customers better. Well, we have a very unique positioning advantage in the past two years. Also we have the transformation of our strategy, also we stick to a three plus two platform model. Three payers, two core service hubs, and four O2O services. Also, as you can see, we provide online and store home company delivered services. Also we have the home-based doctors and concierge for senior care. We help our customers worry-free, time saving and money saving. For the 2024, we also have multi-scenario AI enabled service quality and efficiency improvement. Will help to make contribution for the profits of F-end, the business. We have served more than 2,900 customers. We use the checkup, and also we have the management of the health services. We also have home-based doctors. We work with the Peking University Health Science Center. We have the uncertain model. We have the leading like the Ping An Doctor Home, so that Ping An become more professional and more efficient to provide these management. We are in the leading position of the intelligent senior care. As you can see, the health monitoring, home-based senior care. As you can see, we step by step and we co-validate our service. As you can see, we have keep a robust growth in terms of the numbers of the customers we serve. As you can see, healthcare plus the internet, and as you can see, it gives us a big challenge. By 2024, by the support of our company, and as you can see, we're able to provide 24/7 timely responding. We have Ping An Health. As you can see, we greatly enhance the customer experience. We have signed more than 2,000 renowned doctors. As you can see, we have three always online internet. We cover nearly 4,000 hospitals and 100% top one hospitals. As you can see, more than 2,000 doctors can cover our customers in different places in China. We're developing industry standards and have overall comparisons with other competitors and are leading in this space and the home services has exceeded 75%. We've developed a very set of standards and not only providing excellent services and connections, but also high quality service is available among them. We have the corporate products as well as other products which are very much preferred by many users. Within the reporting period, our company has achieved a turning point for revenue meanwhile, in terms of deepening strategies, scientific innovations, and significant achievements that has been made. In 2024 we have focused on three added areas. We've accelerated any implementations of Strategy 2.0. There's a 17.6% of expanded F-end business and scenarios. There's a 35.9% of enterprises accumulated served. AI enabled service quality enabled 62% of the cost reduction. Thirdly, there's an increase, seemingly enhanced the service networks and online and off-offline. I will hand over to my colleagues for the following introduction. Thank you very much, Li Dou, for introduction on strategy of the company. In recent years, company has focused on the two core business and upgrading their service networks. It has developed continuously in terms of healthcare and senior healthcare as well as other business. Now let's give the floor to President Wu Jun to share with us the achievements made in developing core business in the reporting period. Hello, everyone. Now I'm going to share with you Ping An Healthcare's progress regarding our core business. In 2024, our company has accelerated an innovation and development. There is some synergies in between banks and other players, we improved the home doctors and the senior care services, and we explore more scenarios and development in F-end. There are collaborations between Health and claim settlement and medical and health benefit services, insurance plus Health and senior care memberships. There are increasingly more users being served and then we extended in a clinical illness insurance and to other insurance with family doctors and we've services on critical illness insurance and a million cover medical insurance and with the senior health care services, we also provide service to various kinds of users. We accelerated our competitiveness in insurance products. In 2024, we have developed the claimant services and collaborated with Ping An Health and taking Ping An Doctor Home as a connection point, and we provide an online consultations and offline doctor guidance, and there's one stop in our service system, and then also enable or empower those insurance companies to have the secondary claimant rate increased. We have been very proactive in the operation benefiting from all those measures. There's a 9.6 in a growth in the revenue. On a month-on-month, the senior care revenue that has reached CNY 280 million. We also worked together with the Ping An Group and initiated China Ping An Insurance and products. We strengthened the development of clients. In terms of market exploration, in the second half of 2024, we worked together with Ping An Group and provide the healthcare insurance service to corporate. By the end of 2024, 86% of the corporate clients cumulatively served were acquired from Ping An Group channel. Meanwhile, based on the experiences and capabilities accumulated, we also enhanced our expansion corporate and client base through Ping An Health and own channels. We have continuously increased product cross-sellings for same clients. With the joint efforts of Ping An Group as well as our own efforts in client management and the numbers of customers and service as well as the business and has grown significantly. There's 2,049 enterprises accumulated and served. It reaches 35.9% year-on-year growth and 69.7% growth at the end corporate health management business from Q1 2024. In terms of home doctors and the senior care service, we have expanded comprehensively in various areas. We have upgraded the top-notch doctor team and released a one-stop and proactive service platform. Since that time, there are Peking universities and home doctor authorized professional teams. The team capabilities have been enhanced comprehensively. There's over 14 million family doctor members on our platform and 5x per capita annual users of family doctor services, plus 35% from end of 2023. That means that kind of services has been increasingly acknowledged by users. We have adopted the insurance plus health and senior care memberships and collaborations between healthcare and claims settlement. We provide a one-stop service to users and guaranteed expansions and business development for institutions and individual clients. We also insist on improving our capabilities online, smart house, housekeepers and healthcare management programs. We have continued to provide a 7 by 24 service and a one-stop and at home senior care service. We've expanded our business to 75 cities, and with home-based and senior care services, increasing 21 cities from the end of 2023. In the Q3 report of 2024, and senior care has contributed significantly to our business. We are also expanding more scenarios in terms of corporate clients. We have also upgraded online services. We have upgraded those three services to online, in-store, in-home, and in-company services from four perspectives. We would have claimant settled in a very quickly. We also provide famous doctor consultations as well as other services. We have guaranteed our core business and being very competitive in the market in terms of an in-store service. We has many services and such as appointment assistance and hospital administration assistance, et cetera. We also work together with over 4,000 partnered hospitals, and there are 2,600 partners at checkup institutions. Such a network has been upgrading and expanded constantly regarding in-home services. We have over 150 partners of senior care service providers. We developed an healthcare service and an in-home senior care service. Regarding in-company service, we provide doctors lectures, medical healthcares and also critical illness risk screening, providing proactive service and to our clients. Last but not least, I would like to share with you about our progress and regarding AI technology empowerment. There are over millions of consultation data online. We have developed and Ping An Xin Yi AI doctor, a big data model. We worked with the different partners and based on this big model. We leverage in our comprehensive and medical models, and also developed a five benefits and models, integrate them with the different services and apply them in the medical consultations and chronic disease management, and as well as other services. With the empowerment of AI within the reporting period, the revenues and the efficiencies of different areas has been increased. Meanwhile, 95% pass an AI-assisted diagnosis accurate and rate. There's 62% of AI-driven cuts in a family doctor's average service cost per customer. 42% of AI-driven cuts in specialist doctor's average service and per customer. With this empowerment by AI, we will continue to expand the coverage in our clients base and as well as having the database and for medical histories. We would also accelerate in our AIs and technologies and in various other scenarios and for consultations. That's a brief introduction on the business development of the company. Thank you very much and for your sharings on the core competitiveness in the company. Thank you very much. Let's welcome our CFO, Miss Zang, to share with us the outlines of the performance in 2024. Dear investors and analysts and everyone. I'm going to share with you our company performance within the reporting period. Just like in our leaders introduced previously, companies continue to push forward the strategy implementations and emphasize on AI empowerment. We work together with the F-end and then the B-end partners, we've expanded our business continuously with increasing penetration rate of clients. The company had a revenue of CNY 3.85 billion, 17.2% year-on-year growth. There have been significant improvement in different areas, especially in the second half of the year. The revenues has an increase in CNY 620 billion, about 30% of growth. We benefit from the collaborations between healthcare and the claim settlement. Totally, the revenues CNY 3.85 billion, 17.2% of growth within the reporting period. The gross profit has an increase of 32.7%. We have enriched the services for companies. At the same time, we have increased the volume based on procurement for the company. We have very stable gross margin. Meanwhile, we have seen a more differentiated services benefiting the revenue of the company with the improvement of the efficiency of labor forces with the AI empowerment. Every year, there has been a reduction of CNY 623 million. There's a 14.4% of expenses as rate saving. We increase our operating business. As you can see, when we achieve the profit in the first half. As you can see, we have achieved CNY 558 million, and we have achieved a positive operating cash flow, which means we have got to make profit. Now if you look at our products, what we spend our healthcare insurance, product agency and innovation during the report period. As you can see, we have achieved CNY 2.17 billion, and also we keep the scenario, and also we make innovative development, and also we have conductors and frequency of the service is five. We have achieved the healthcare revenue at CNY 2.33 million. As you can see, because of the fulfillment of our requirements, we have a little bit slowed down our growth, but we still achieved the B-end business growth around 30%. In terms of senior care, we focus on the senior care concierge and all-channel service capability. We improve our revenue, and we achieve the four-fold growth. Also for gross margin, we have achieved the 29.1%. As you can see, this is the new highlight for the growth momentum. If you look at the channel, we deepen our work collaboration with partners during the reporting period and expand their scenario. As you can see, we now expand to the savings clients, now with coverage of healthcare plus insurance and grow to CNY 22.24 billion. Meanwhile, we develop our health management business and also expand the speed to acquire doctors. We have achieved the revenue CNY 1.42 billion. Health check for the corporate employees, we have seen the growth of 70%. As you can see, this is a growth, rapidly growth margin. We have greatly achieved our profit status. As of just a moment, as you can see, we have achieved CNY 158 million. In the past year, we continue our investment in AI and to complete the senior care scenario. We speed up the management of B-end and to expand our network and the layout of the business in the second half of 2024. Our R&D quarter-on-quarter has achieved the CNY 58 million, and the governance fee administrative fee is CNY 83 million. As you can see, we apply for growth of R&D fees and administrative expense. Well, now we further our database on medical and we train vertical models. In the triage diagnosis and the report interpretation, and also for the indices, now we have greatly saved the time. Okay. This is because of the technology powered and advantage. As you can see, the total expenses to CNY 1.90 million because of the business growth and optimized supply chain management. We have greatly improved our supply chain settlement, and also we upgrade and optimize supply chain. We have optimized, and also, we have a very good way to pursue the growth. We will continue to adjust our profit. With the quality improvement during the reported period from the revenue to the profit, now we have the turning point. We're deepening our 2024 strategy, we have achieved a matured business model. As a healthcare technology company, Ping An Healthcare and Technology, well, we stick to high-quality development. ESG is our sustainable in growth power. We make our commitment to have sustainable value for our customers for the S-end. We have provide all scenarios, all lifecycle healthcare service, so that our customers, they can sense the warmth and differentiated services. We take a proactive attitude towards aging society. We have senior care concierge, home-based, center-based, senior care institutions, so that we guarantee elderly people they have a quality life in order to meet the challenge of aging society. We help to build a harmonious society. We provide more healthcare services for corporate employees. We have different campaigns. We work together with management team of the companies to build healthy companies. Last year, we started a literacy workshop for employees. We will go into the community and companies, and we will have health lectures, we will have health screening programs. We attach great importance on operating. Meanwhile, we will improve the health condition for employees. For our C-end customers, we have live broadcast of renowned doctors. We have inclusive medical service. We have AI-powered accuracy diagnosis. For with the ESG implementing, last April, we have joined the United Nations Global Compact. We have been upgraded from A to AA, and we are top one in healthcare and technology company. ESG has been included and engaged into our innovation and the governance of the company. We stick to the technology and AI, we will follow through our responsibility implementing. Also, we will be a benchmark and to have the social significance. This year is the 11th year for Ping An Health and Technology. This is the new beginning of a new 10th year. Also for the business development and ecosystem building and return our shareholders, this will be our target for our hard work. Thank you for your patience. Thank you. This is the second part, Q&A sessions for investors and analysts. If you want to ask questions, please show me your hand. Thank you. I come from uncertain. I am the analyst. Thank you, Mr. and Ms. Zang. Ms. Zang, thank you for your excellent presentation. First of all, I'd like to congratulate on your highlights and achievements. I'm very interested in AI, and also I'm interested in online in-store home company delivered. Could you please tell us updates of your AI technologies? Could you please tell us versus the medical models for the market, what are your advantage? Another question is about your deployment operation status of online in-store home company delivered and other innovative services and products. Thank you. Mr. Jiang, thank you for your questions. Well, I'd like to ask Mr. Wu to answer your questions about AI. Mr. Jing will answer your questions about online in-store home company delivered. Thank you. In the past year, well, I think AI is very disruptive. Well, when we talk about application deployment of AI in healthcare, 2 aspects. 1 is computing algorithm data, and the other important thing is scenario. I think we need to have those abilities and capabilities. Speaking of AI, Ping An, well, we have the vertical data. Well, in Miss Jin's presentation, we have global leading five databases like disease database, sample diseases, 2 million cases data, and medical literature database. Also we have 1.44 billion consultation data. Those data are proprietary data we have. It will help us to improve the quality of our AI models. It's also our advantage. Well, now we are building our own capability. One is now we apply the rules like the vertical search efficiency, and also we have the knowledge map and also large language model building. Speaking of large language model, for our basic, actually, we self R&D our basic infrastructure and also for the logic, for the questioning, and inferencing, we make it more logic. In terms of our business development, we also have the models, including Q&A and consultation, conversation between patients and the doctors, and also the paper document generation. As you can see, based on our five database capability, when we train the general AI models and we have our own models. Apart from those models, we also need to rely on our scenarios. That is why we have generated 19 business scenarios. We have comprehensively applied in our business scenario. Let me give you an example. In my presentation, we also mentioned about claim scenario. In this scenario, we use our knowledge map and also for business logic domain. As you can see, we use a multimodality so that we are able to tell accurately the intention of our customers. As you can see, business scenario is very important for insurance company. This is very important and significant. We have the basic model plus our data, plus our business scenarios application. Finally, we have our vertical models in our business. As you can see, which help us achieve high efficiency, low cost, and we're able to find doctors in a more accurate way. We help our doctors to find doctors. Accurate rate is 95%. As you can see, before, during, after diagnosis, we have a whole chain management. Also, we introduced the Ping An CE. This is the new and the real data. This is the model plus the AI. With the data, and also we have the personalized data of doctors. For those personalized data, we put it in the Ping An Medical Master model. We train this platform so that we will provide a real diagnosis 24 hours, 7 days. Also we will help to interpret the report. As you can see, we applied those models into our real scenarios so that we're able to empower our business and to enhance customer experience. AI and medical model, our original intention to provide intelligent, efficient services and to provide convenient services for our customers. As you can see, accurate rate and professionalism. Five database which have the leading positions. This is our unique advantage. With the help of the database, we're able to produce productivity, flexibility matching. By generating models, and we're able to match the model with the business so that we're able to have the fast response towards different diseases and to cover diseases at different phases. Meanwhile, we're able to reduce costs. For the Ping An Medical Master, we developed this platform. We're able to achieve cost down plus DeepSeek. We're able to reduce the co-cost while improve the efficiency. Another thing is we have an scenario advantage. For insurance, as you can see, it is a very deepening and a broaden area. For example, according to the claims data, financial products data, and we're able to have a closed-loop data, insurance plus healthcare. In a complicated disease, in cross-disciplinary consultation in the future, we're able to achieve innovative products, healthcare plus finance. Finally, for our doctor workbench, you know, Ping An Health, we're able to provide online platform, so for the workbench. The doctors will provide whole flow services. When we provide the whole flow of services, we're able to provide end-to-end advantage. We're able to offer the whole chain management. This is the application and feature of our AI application. Thank you for sharing. Now, let's welcome Miss Jing to share more with us. Thank you for your question. Well, regarding the four in networks, actually previously, we only have three ins, online, in-store, in-home. In 2024, we have updated to four aspects, there's an in-company service added last year. We have our advantages. We've been very professionals in managing those networks. Since last year, based on previous foundation, we have provided those block and basket of service. Meanwhile, in 2024, we have also seen improved efficiency, especially with the empowerment of AI, and there's an enhancement of efficiency by 62% and certainly, there's by VBP, volume-based and procurement, and high value for money, we are developing one stop of service and for clients. Well, regarding in-store, previously, those are the online services and upgrading. In regarding in-store, we have appointment and assistant and hospital administration assistant and accompanying consultations and patients caregiving services, and we have upgraded all those services and comprehensively. We further extended in our network and coverage, and we've even invited experts and doctors from top 100 hospitals, and we've also expanded our supply network. Well, regarding in-home service, we have developed an Peking University service and to provide service and at home. There is an also the senior care in-home service and available. There has been over 150 partners, senior care service providers. We have our advantages and in providing comprehensive senior care services. Certainly, we also lead in the development of industry standards. Regarding the fourth one, which is an in-company service, with the development and expansion of our service, there are a lot of companies and having such requirements as an in-company service. We have developed one-on-one consultation now with renewed renowned doctors and one-on-one consultations with specialist doctors and doctors lectures and the critical illness and risk and screenings. In the past and at four years, these are the works and achievements we've made. Thank you very much, and thanks for sharing. Let's give us tour to online participants. The next question from John, Daiwa Capital Markets. Hello, everyone. Congratulations on the excellent performance and of your company. I'm John. I have two questions for you. Just now, Mr. Li Dou had to share it with us that we have synergy with the Ping An Group. There have been a lot of favorable policies for us. Taking this opportunity, I would like to ask the question: How did you synergize with Ping An Group? What's your outlook now for future development? In the next three to five years, Ping An Good Doctor, what kind of platform you will develop it into? Secondly, just mentioned by Mr. Li Dou about, you know, the senior care service. Since this is in a huge market. In the past several years, and there have been attempts in the expansion and providing such services, but it seems not that successful. We would like to understand more about your plans and development of your senior care, as well as the profitability of the senior care service. Thank you, John, for your questions. Great. Thank you, John. As you know, Ping An Healthcare has been being integrated it's in a statement into Ping An Group. We are working on in-depth and empowerment and service and microservice. We work together with Ping An Group and insurance service and serve the Ping An Group of customers. Previously, we have with two hubs to empower more synergized scenarios, and we have expanded these and previously, such as an insurance platform, health and senior care memberships and collaboration between healthcare and the claim settlement, as well as medical and health benefit services. We are in power and are increasing more scenarios and can also provide personalized benefits and services. We also support claim settlement for healthcare insurers, and last year we have served 1.09 million clients. We source the clients from our group, and there's still a lot of potential for us to grow. We developed in a market network center and develop in our core products in our healthcare and medicals and senior care, so as to have a better synergized development in those areas. These are the interpretations and our services provided to different areas. We believe that, while we have developed in our in-home doctors and senior care services, our own business will enter into a fast track of growth, and then we'll be able to empower clients and more. Those are our plans for the development. Second question is about our plans for senior care service. This model, or we actually have an in-depth understanding and exploration of the markets. 70% of the services will be provided at home and in community, and 30% will be supported by social institutions. Why we provide service in such a way? When people enter their time, after retirement and most of the times they are at home, and currently there are gaps in the market. That's why we decided to position ourselves in this way. We provide senior care at home and in community. We have various service programs, we would focus on those major scenarios. Elderly people often need to see doctors in hospitals and also medical devices are needed in order to facilitate screening and maintaining of their health. We need to provide an at home treatment and chronic disease management. More than 60% of elderly, they live by their own, and it's not possible for their children, kids to live together. Therefore, more than 70% of the case of the elderly people would have risks regarding their health. We also provide in housing services, and we are expanding services in those areas. Caring service announce. There's still a gap of about 6 million among all those 44 million elderly people, and more than 50% are taken care by their children and their relatives. The majority of them are taken care of by those healthcare providers. It's very rarely, it's rare to see that the elderly is being taken care by professionals. Regarding quality in senior care, people has a huge demand for that. Therefore, we have a focus on four scenarios and centering around the elderly people and their families. We are expanding our service range from online service and to offline and in-house services. We are expanding our services continuously. There's a lot potential, a lot of potentials in this area. Why by 2030 there will be more than 300 million populations being aged. If there is a huge enough area. There are gap between cities and the rural areas. Therefore, we leverage in our advantages to match demand now with supply in a precise way. Our integrated network, you know, we're being very proactive in improving our quality of the service. With the network of Ping An Group, we provide high quality services to clients. In the past 1-2 years, you may already observed that our growth of different sectors are significant in 2024. We would also leverage in some advantages and leveraging resources from Ping An Group. We believe in those areas that we'll see all sectors will still maintain a high growth rate in future. Thank you very much. Now let's get forward to our audience and offline. Thank you for the opportunity, congratulations on the achievements you made in 2024. I'm calling from, I have two questions for you regarding financial aspects then. There was a special dividend and a distribution last year. What was the criteria for such a distribution of dividend, what are, what's the policies for dividends? The cash flow has turned positive now. What's the plan for cash management or cash use? Also your plan in investment regarding AI as well as on other service and technologies. Thank you. Miss Zang, please take the question. Thank you, Mr. Wang, for your question. About the special dividend and payout. In the past 3 years, we see the Strategy 2.0 has been upgraded. In the half year of 2025, 2024, we have made positive profits. Currently, the capitals are very sufficient for us to expand our business. We also get to know that for investors, they put great emphasizes on companies with high growth rate and also dividend paying out. We have discussed it together with the board, member of the board and had an a dividend distribution in November last year. In order to meet the requirements of the investors and our operation, we need to improve the utilization of idle capitals and also we need to give returns and to shareholders and investors who have been supporting us for the long time. We aim to provide a stable and long-lasting profits to our investors. Just like all the shareholders, we have a scrip and a dividend. Ping An Healthcare It has its positions at the flagship of service and the platform for healthcare and senior care. We are very optimistic about the future development in those areas, as we will work together in a synergistic way with Ping An Group. Speaking of the future dividend payout. As a platform company, when we achieved profit making, yes, we will make more profits. Also, we will improve our administrative management. In the future, we will continue to grow our business, grow our profits. Also, we will continue to pay our shareholders good returns. Your second question is about our cash flow and the future investment plan. If you look at our operating in the first half, we achieved a positive cash flow. Also, we have achieved, like CNY 100 million. As you can see, now we're able to make good profit. By end of last year in reporting period, if you look at the cash flow, cash flow equivalent and wealth management products, it's CNY 1.30 billion. In the February, we pay the dividend, now the cash balance is nearly CNY 9 billion. We have enough sufficient cash flow to support our investment plan and our operating. In the future, we will give the consideration on the capital market and the efficiency for us to use the capital so that we will have the midterm and long-term cash flow plan. Well, we have 3 plan directions. The first direction, yes, M&A and investment. For the company, we can see yes, the growth will be very important for our strategic growth. Strategic investment is our important plan. We will continue to watch healthcare, medicine, and senior care targets so that by using the platform companies, by using good assets, so we're able to comprehensive our ecosystem building and to improve our market share. Yes. We welcome you to introduce investment target for us. The second direction is healthcare plus AI. We keep a close eye on the AI capability building and what is our differentiated advantage versus other companies. For 2024 in AI large language models, AI, digital operating, digital robots, we have invested over CNY 25 million. Yes, we have seen achievements. In 2025, we will continue our investment. In the AI, we will invest over CNY 35 million, and also we will continue to empower scenarios. The third direction is we will focus on our core business in our financial results. 2024, actually, we have invested CNY 90 million. Also we focus on the health checkup of companies and also healthcare plus insurance, product innovation and iteration, and also the expanding network of our senior care and multimodality service scenarios building. We will seize the market quickly. In 2025, in incremental business, we will continue to invest, well, CNY millions in those important business parts. Thank you. Thank you, Ms. Zang. Next question, we'll give uncertain, give online analyst. UBS, Harry, please raise your question. Thank you, management team. Well, I have two detailed questions. The first question, I would like as our management team to introduce the healthcare and insurance claims. Well, could you please give us some detailed description? The second question is, in the year 2024, Ping An Xin Yi subscription consumers, we can see some fluctuations. Could you please tell us reason for this kind of ups and downs and the future synergy? Thank you, Harry. Mr. Jun. Well, collaboration between healthcare plus insurance, plus one, plus one. For the medical insurance customers, we provide proactive services, we combine online, offline service flow, including following parts. First, to report. Originally for our customers, they brought their invoices to come to us for claims. Now we ask them to do the report before the case. Secondly, online medical consultation for the small diseases, diagnosis, prescription, all those kind of things will be done online to improve efficiency. The third is offline accompany to those large hospitals to avoid unreasonable cases. The third, rehabilitation and health management. We have personalized case study and to reduce the second claim rate. As you can see, in terms of services we offer, we empower our services, we provide quality, proactive services, we have the whole chain management. Also for the audit. Audit, after something happened, now turns into free report. This is also benefit to improve the efficiency of our service. Thirdly, whole chain management. It help us to complete customers' portrait so that we're able to get accurate pricing on our product. The collaboration of healthcare and insurance, we will achieve those above targets. Second question is about F-end. Subscription consumer numbers violated in 2024. Please do not worry about it. This is because we changed subscription model. Our original model was we give benefits, then customer paid. Now, we fulfill our benefits, then customers pay. According to our statistics, maybe you can see dropping of subscription consumers, but you can see the increase of the revenue. If we coverage the benefits of our customers, as you can see, the numbers of our customers clearly rise. In the collaboration with F-end, we're like the presentation have made through our Ping An Doctor Home, senior care concierge, and we have the two core hubs. We will cover more customers, and we will provide cost-effective services. We have our blockbuster services to enhance the experience of our customers. Also we acquire our customers, retain our customers to improve the value, to help them to achieve better health, and also to reduce the cost. Those will be our targets so that we will have more scenarios and also for different insurance policy, product portfolios specific to different policy holders, and we will match their requirements to provide a tailored product for them. As you can see, in the future, we will see a big potential. Thank you. In terms of time, last question. Congratulations. Thank you, management team, for your presentations. I come from China Vision Capital, Hu Yebi. My question is, in the second half, your profitability had some fluctuation, and in the future, we will continue to improve your operating and the reasons for improving operating. Thank you, Ms. Hu. It's done. Thank you. In the second half, well, as you can see, the expense ratio. Well, this is also give the response to your question. Very importantly, in some critical business, and also we have some project plan in AI in the year 2024. Particularly in the second half, we invested CNY 25 million, about CNY 25 million in our core business development, including employees of the company checkup, collaboration of healthcare and insurance, and also senior healthcare, and also our plan on the multimodality senior care plan. Actually, we have invested over CNY 90 million. As you can see in the gross margin and in R&D expense, you can see some slight fluctuation, we also see good achievements through those investments. We are operating efficiency. We have greatly improved efficiency. AI powered for MAUs, we reduced the 62%, so which help us to improve the efficiency and also help us to have the good settlement with our suppliers. For those investment will give us a long-term return. In terms of business development, we do believe that senior care and corporate health checkup will grow, will have the big potential in the future. Speaking of the future profitability and the margins with F-end operating life science and also for the tumor screening and for those kind of AI powers and also home-based senior care, higher margins proportion growing, we will see growth. For the B-end, the product competitiveness, yes, we will improve those high-margin business like health checkup business, and we will see a better profitability in the future. Thank you. Also, I have received a question. The question is, well, B-end second half slowed down. What is the reason for the slowing down of this B-end business? Mr. Jing, could you please answer this question? For the B-end last second half, we can see the slowing down of the revenue because we focus more on the corporate health checkup business development. Second half 2024, we synergy with the human resources, financial resources, and also we have the China Ping An Life Insurance, medical insurance. We want to grab more market. As you can see, we improve 70% and 40% respectively in terms of the market share. Yes, we will focus on this business in our long-term development plan. For our company, we will focus on corporate health checkup, and we will use the health checkup plan, and we will help corporate customers, and we will serve our corporate customers better. As you can see the scale, the scale will reach CNY 1 trillion market. As you can see, this is a prosperous market. Ping An has our first-mover advantage. Later, we will continue work together with our group, and also we will grab this opportunity. Thank you. Thank you very much. For interest of time, this is the end of Q&A. Thank you for your questions, and also I'd like to thank management for your answering. If you are interested in our information, please browse our website, or you can contact our investor relations department. Thank you. This is the end of our results press conference.