Ladies and gentlemen, welcome to Highest Performances Holdings Inc.'s First Half of Fiscal Year 2024 Earnings Conference Call. At this time, all participants are in listen-only mode. Following management's prepared remarks, there will be a question and answer session. For your information, today's conference call is being recorded. This conference call is also being broadcasted live over the internet and will be available for replay purposes on the company's website. I would like to now turn the meeting over to your first speaker today, Miss Doris Wu, HPH, Manager of Financial Reporting Department. Thank you. Please go ahead. Thank you. Good morning, and good evening, everyone. Welcome to our Earnings Conference Call for the First Half of the Fiscal Year 2024. Our half year report on Form 6-K has been uploaded to the website of U.S. Securities and Exchange Commission earlier today, and is also available on our IR website. Before we continue, please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. The accuracy of this statement may be impacted by a number of risks and uncertainties that could cause our actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, those outlined in our filings with the SEC, including our 20-F. We do not undertake any obligation to update the forward-looking information except as required under the applicable law. Joining us today are our Vice Chairman, Chairman of the Board, and Chief Executive Officer, Mr. Yinan Hu, and Chief Financial Officer, Mrs. Yuanfen Yang. Mr. Hu will walk you through our recent strategic initiatives and business overview of the first half of the fiscal year 2024, and together with Miss Yang, will answer your questions after the prepared remarks. Now, I will turn the call over to our Vice Chairman and CEO, Mr. Hu. Mr. Hu, you may begin. [Foreign language] Good evening, and thank you for joining us on the Highest Performances Holdings Earnings Conference Call for the First Half of the Fiscal Year 2024. Today, the conference call will be co-hosted by me and our Chief Financial Officer, Mrs. Yuanfen Yang. For starters, I will walk you through the company's recent strategic adjustment and corresponding initiatives. Then we will give a business overview for the first half of the fiscal year 2024, and the management outlook, and we will have a Q&A section at the end to take questions from participants. [Foreign language] Firstly, I will elaborate on the company's recent strategic initiatives. We have implemented a strategic transformation and upgrade. Successfully, acquisitions with Fanh ua have led to 2.3-fold year-on-year increase in total market value and 13-fold in net assets. Amidst current macroeconomic downturn and diminished risk appetite among investors, we have proactively responded to market changes by implementing a series of strategic initiatives aligned with company's long-term development vision, aiming to sustain solid growth in this complex and evolving environment. [Foreign language] [Foreign language] Based on the company's long-term vision and strategic positioning, at the end of 2023, we've completed a share exchange transaction with certain shareholders of Fanhua Inc., following which HPH holds 50.1% of Fanhua's equity interest, becoming its controlling shareholder. As a result of the financial statement consolidation, as of December 31, 2023, HPH total net assets amounted to CNY 4.98 billion, with net asset of CNY 3.12 billion. HPH total market value exceeds $1.5 billion, laying a solid foundation for the company to pursue its acquisition strategy. In February 2024, the company signed a framework agreement with Singapore White Group Private Trading Enterprise Limited, aiming to leveraging White Group's strengths in financing and M&A on a global scale to accelerate its intelligence and global development strategies and to initiate a new phase of strong growth. We are currently working closely with White Group and its partners on implementing several investment projects. In the second part, I will give an overview of the company's business performance for the first half of the fiscal year 2024. Our core business is fund retail business. In the first half of the fiscal year 2024, we have solidifying our core business and seeking innovation in fund business. Institutional business expansion resulted in a 129% and 456% year-on-year increase in the transaction value and outstanding balance of the public raised fund products by institutional clients respectively. For our Puyi Fund retail business, we pursue a long-term strategy, strategy and suitability principle, focusing on enhancing product selection and marketing service, and strengthening operation and system support. Despite significant market fluctuation, we have successfully stabilized both our customer base and business model. We have continued to diversify our product offerings by increasing the number of public raised fund product suppliers that we collaborate with from 103 to 107, covering over 90% of the products currently available in the market. We have built a multi-account system with functional investment advisory products to enhance clients' investment experience, resulting in a 13% increase in per capita investment, amounting from CNY 29,500 to CNY 33,500. We implement a tiered management system for financial advisors, facilitating targeted marketing efforts, which help us stabilize the number of our financial advisors at approximately 20,000. [Foreign language] We further enhanced and upgraded fund platform and our financial planner platform with a focus on digitalization and intelligence operation. New features like financial planner, dashboards and credit system have been introduced to elevate the user experience for both customers and financial advisors. [Foreign language] Our Institutional Business achieved significant breakthrough with channel models. Validated, our one-stop trading platform, equipped with up-to-date system and functionalities, has gained traction among institutions, resulting in transaction value of publicly raised fund of over CNY 4.8 billion, with outstanding balance of CNY 2.85 billion, representing a 1.3 times and 4.6 times increase year-on-year effectively. [Foreign language] We successfully introduced external channel resources while ensuring cost control to facilitate cooperation in reaching the target client of banks and insurance companies. [Foreign language] Custodian bank transition has been successfully completed as we have established long-term strategic partnership with the large listed banks such as Ping An Bank and Mins heng Bank. With actual investment amount exceeding CNY 3.1 billion, laying a solid foundation for more financial institution assets. [Foreign language] For internal management, efficient management drives cost reduction and compliance operation ensures growth and efficiency. We have established a sustainable mechanism for cost reduction and earnings savings. The company has reduced management and sales expense by 40.7% year-on-year through marketing strategies, adjustment, upgraded payment methods, workforce and office day reduction, and so on, without compromising management efficiency. [Foreign language] We have taken an active role in complying with the regulation and compliance policy by providing strict compliance training, enhancing enforcing compliance discipline, clarifying responsibility at all levels to ensure that the business, staff, business facilities and internal controls of our headquarters and all branches fully compliant with relevant laws and regulations. [Foreign language] Faced with economic challenges, we will continue to embrace market changes with a steady hand and execute our strategic plans by fostering business synergy with Fanhua and expanding our wealth management and institutional business. We will continuously enhance the company's competitive edge and market influence, providing customers with high quality and more diverse financial and non-financial service. Meanwhile, we will persist in driving digitization and intelligent development to improve service experience, ensuring sustainable growth and long-term development of the company. [Foreign language] We appreciate your attention and support, and look forward to joining you witnessing the future success of the company. Now, the floor opens for the Q&A session. We will now begin the question and answer session. If you'd like to ask a question, please press star one one on your telephone. To cancel your request, please press star one one again. Once again, to ask question, please press star one one on your telephone and wait for your name to be announced. There are currently no questions from the line. I would like to hand the call back to management for closing. Okay, thank you very much for attending today's conference call. If you have any questions, feel free to contact us anytime. Thank you. Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.