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Unknown Executive

Good morning, everyone. This is [ Tracy Li ] from Waterdrop Investor Relations. It's my pleasure to welcome everyone to Waterdrop's Second Quarter 2025 Earnings Conference Call. [Operator Instructions] As a reminder, today's conference call is being recorded. Please note that discussion today will contain forward-looking statements made under the safe harbor provision of U.S. Private Securities and the Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations.

Potential risks and uncertainties include, but not limited to, those outlined in our public filings with the SEC. The company does not undertake any obligation to update any forward-looking statements, except as required under applicable law. Also, this call includes discussion of certain non-GAAP measures. Please refer to our earnings release for a reconciliation between non-GAAP and GAAP.

Joining us today on the call are Mr. Shen Peng, our Founder, Chairman and CEO; Mr. Ran Wei, Director and GM of Insurance Business; Mrs. Xu Xiaoying, Head of Finance Department; and Mrs. Jasmine Lee, Corporate Secretary. We'll be happy to take some of the questions in the Mandarin line at the end of the conference call.

Peng Shen
Co-Founder, Chairman of the Board & CEO

Good morning, everyone. This is Shen Peng. In the second quarter, we are pleased to see the integration of AI with the insurance and health care sectors began to deliver satisfying results. Revenue growth accelerated further with quarterly revenue reaching CNY 840 million, up 23.9% year-on-year. Powered by AI, the company has improved