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Good morning, ladies and gentlemen, and thank you for standing by for WaterDrop, Inc.'s second quarter 2026 Financial Results Earnings Conference Call. At this time, all participants are in a listen-only mode. After the management's prepared remarks, there will be a question-and-answer session. As a reminder, today's conference call is being recorded. I would now like to turn the meeting over to Ms. Tracy Lee. Please proceed, Ms. Lee. Thank you, Operator. Dear Ambassador and Analysts, this is Tracy Lee from Waterdrop Investor Relations. 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 payments are separate to risk and incentives that may cause actual results differing mutually from our current expectations. Potential risk and uncertainties include but not limited to those outlined in our public findings with the SEC. The company does not undertake any obligation to update any forward-looking statement, except as required in their applicable law. Also, this call includes discussion of certain non-GAAP matters. Please refer to our earnings release for reconciliation between non-GAP and GAAP. Joining us today on the call, I'm Mr. Shen Peng, our founder, chairman, and CEO. Mr. Yang Wei, Director and GM of Insurance Business. Mrs. Li Jie Ru, Finance VP, Head of Strategy and Capital Markets. Certain members of our management team will deliver their remarks in Mandarin, followed by an English translation. Moreover, a webcast reply will be available on our investor relations website. I will now turn the call over to our CEO, Shen Peng. Please go ahead. Thank you for your attention. And analysts, thank you for joining WaterDrop's second quarter 20.6 earnings conference call. In this quarter, we maintained growth momentum and achieved a total revenue of 1.45 billion yuan at 72.8% year-over-year, and the net profit attributable to our ordinary shareholders of 130 million yuan. Since the first quarter of 2022, we have maintained profitability for 18 consecutive quarters. Thank you very much. Segment-wise, our insurance business continues to optimize user acquisition and conversion, driving 80.5% year-on-year revenue growth. WaterDrop Medical for Funding has cumulatively raised medical funds for 3.82 million patients as of the quarter end. Our digital clinical trial solution business performs strongly, with quarterly patient enrollment at over 50% year-over-year. These growth trends were entertained by a deep integration of AI across our core business scenarios. And at the end of June, the company has filed 80-80 large-language model patents, including 10 of them overseas. On the one hand, the company will launch its sixth new line-up in the near future. The plan is to launch in November and close on October 9, 2026, at the end of each month. There are five lines of ordinary shares and ADS shareholders. Each ADS share is $0.03. Each ordinary share share is about $0,080,000. 另一方面,董事会已批准第六期回购计划, 数强公司在未来一年内以总额五千万美元为上限, 继续在公开市场回货股份。 自2021年宣布首期回归计劃以来, 截至2026年8月末, 公司已累计回账约6290万多1.4, 耗资约1.21亿美元。 公私始终坚持可持续发展理念, With strong performance and cash reserves, we continue to prioritize shareholder returns. Our board recently approved two new initiatives. Firstly, the Board has approved a cash dividend of $0.03 per ADS, or $0,03 per ordinary share, payable to holders of the record on October 9, 2016. The aggregate dividend payment is approximately $10.8 million, with payments to be made in early November. Second, the board approved the fixed share repurchase program of up to $15 million over the next 12 months. Since the initial program launched in 2021, we have repurchased approximately $62.9 million ADF for $121 million as of August 31, 2006. The company remains committed to sustainable development and to giving back to society in meaningful ways. As of June 30, In 2016, Waterdrop Charity Platform has partnered with 119 public charitable organizations and launched more than 15,600 charity programs. Thank you very much. 接下来我们将会展开介绍各业务的情况。 What is your government's focus on growth and investment in core businesses? We expect that our current incremental investment income to continue translating to a solid user base and its future productive potential. We always regard technology as the core driver of the company's growth. Today, our AI capabilities are deeply abandoned across the platform enabling us to better capture growth opportunities in our existing businesses and further sharpen our competitive edge. At the same time, we are actively piloting new AI-driven initiatives for global markets and have made early progress in slash markets. Before the year of 2026, WaterDrop targets more than 40% year-over-year growth in total revenue and over 10% growth in operating profit. This concludes our overview of OneDrop's business performance. Now we will walk you through HFO business segments in more detail. Hello everyone, this is Zhang Wei. Let me briefly update you on our insurance business. In the second quarter, insurance-related income reached 1.33 billion yuan at 80.5% year-over-year and 16.4% quarter-over quarter. Operating profit was 180 million yuan at 20% from the previous quarter. With continued refinement in our AI-driven user insight and conversion capabilities, newly acquired customers rose 32.3% sequentially. The first-year premiums of long-term insurance grew 33.4% sequentially as we captured market demand for installment insurance this quarter. On the product side, our core strategy remains improving the accessibility of the insurance products. This quarter, we deliver several new products in line with this direction, including the launch of GoNiVa, the market-first long-term critical illness insurance product, requiring no health disclosure and offering five-year guaranteed renewability. We're also expanding our Jichin Gaozhao product matrix, which now includes the market first specified disease insurance, offering lifetime coverage with no health disclosures. During this quarter, products for users with pre-existing conditions contributed 310 million yuan in FIP and disability insurance added 84 million. On the service side, we've adopted differentiated scenario-based operations across customer touchpoints. In this quarter, AI applications across our user-facing interaction scenarios helped generate nearly 100 million in FIP. Among them, AI Pro Insurance generates FIP in millions each month. FIP is facilitated by our AI medical insurance experts rose by 25.6% sequentially. In WECOM scenario, AI executed our strategies directly from the demand identification and user profiling to key moment engagement and batch outreach, contributing over 10 million yuan in FIP during this quarter. And long-term insurance sells. The value of AI ultimately comes down to expanding what our life planners can do. As of current, our interwriting assistant, Koi.ai, has answered more than 13,000 interwriting questions since its launch. Our AI super-presence assistant has constantly outperformed human life planners on any premium per lead. And the number of users is third to grow nearly 50% sequentially. Powered by multi-agent collaboration, our AI conversion model captures user preference from natural language interaction, turning them to doable profiles we can draw on over time, and proactively surface topics tailored to each user, effectively extending the range of every life planner we have. That concludes our update on the insurance business for the second quarter. The total number of donors is about 4.99 billion people. The total rate of payment reached 382,000 people. The total amount of payment is about 747 billion yuan. In this period, we continue to focus on the AI model and the wind control model. The focus will be on the progress of the two key modules. The first is the asset hiding and detecting module. In the original way, the wind and control strategy is more like a set of rules that provide business experience and artificial settings. In this time, we will further expand the ability of AI language understanding. Thank you very much. 抓取更准 审核效率显著提升 二是敏感身份识别门块 水滴虫通过社交媒体信息文案素材 评论作证等要素进行联合语义分析 系统可识別有高化体性身份的群体 并据此及时开展语情风险评估与升级 基于AM模型对人业与收入的区间推断 跟门口目前无需依赖人工维护的鲜艳规则 即可完成对案例发起人身份的自主识别 并有效地将潜在风险拦截在发酵之前 Next, let me briefly update on WaterDrop medical co-founding and health care businesses. As of the end of June 2006, WaterDdrop medical co–founding had a cumulative contribution from around 499 million donors, helped 3.82 million patients, and raised a total of 74.7 billion yuan. This quarter, we continue to upgrade our AI-driven risk control models, further improving asset concealment detection and sensitive identity detection. By combining semantic analysis of ID information, medical materials, and user-generated content, the upgraded engine can better identify hidden inconsistency and improve risk control efficiency. Thank you very much. 继续贡献核心体量 闷闭方向和驱动损击度主要增量 闻闭方面虽患者基础大 但项目普遍衰败率高 对于招募品的体验精度和速度要求高 二季度闷兵入组患人同比提升80% 有力证明了青台在高效衰敗率场景的稳定交付能力 与此同时 纽约口碑的积极正向展号 更深更广的合作信任 In our healthcare businesses, our performance exceeds expectations across several key metrics. We enrolled more than 1,500 patients in this quarter, at 54% year-over-year, and cumulative patients served surpassing 17,000. Growth was driven by the higher matching efficiency and a stronger enrollment capability. Oncology projects remained at our core focus, while chronic disease projects have grown in most of the sequential growth this quarter. Although chronic disease studies have a larger patient pool, they typically carry a high screening failure rates and increased greater demands on matching profession and speed chronic disease enrollment increased the 80 percent year-over-year in this second quarter further validating our enrollment ability in high screening failures meanwhile our proven enrollment track record is translating into deeper and broader trust among partners and this quarter infant platform signed 167 new projects and a number of pharmaceutical companies and CROs we partnered with the past 255. Going forward, we will continue to optimize the operational efficiency and work with our partners to advance digitalization across the clinical disease profession. This concludes our update on the core funding and healthcare businesses. Hello, everyone. This is Li Jialong. Next, I will walk you through our financial highlights for the second quarter of 2026. Before I go into details, please remind us that all the numbers quoted here will be in RMB, and please refer to our earnings release for detailed information on our financial performance on both the year-over-year and quarter-overquarter basis, respectively. In the second corner of 2027, we will be Waterdrop delivered net operating revenue of 1,448 million yuan, up 72.8% year-over-year, maintaining a strong growth momentum. Our insurance business contributed about 1,333 million yuan in revenue, representing an 80.5% increase year-ever-year. Net insurance businesses accounted for around 7.9% of total revenue, including 63.6 million yuan from medical crowdfunding service fees and 35.2 million yuan from our digital clinical trial solutions. Total operating costs and expenses came in at about 1,337 million yuan in the second quarter, up 80.5% year-over-year. Operating costs were 537 million yuan, increasing 29% year over year. The increase was primarily driven by business scale expansion, including an increase of around 63.8 million yuan in cost of referrals and service fees, as well as an increase of 21.4 million yuan is short message service costs and 11.2 million yuan in personnel costs, respectively. Sales and marketing expenses reached nearly 638 million yuan compared with 199 million yuan in the same quarter of 2025. The year-over-year increase mainly reflected our active step-up in public-domain traffic investment with marketing expenses for third-party traffic channels increasing by about 450 million yuan and marketing-related professional technical service fees increasing by around 21.8 million yuan. GNA expenses were 93.4 million yuan, up 27.2% year-over-year, mainly due to an increase of 33.3 million yuan in allowance for credit losses. This was partially offset by decreases of nearly 10.5 million yuan in personnel costs and share-based compensation expenses. R&D expenses were 68.8 million yuan up 32.4% year over year. The increase was mainly driven by cloud server fees, token fees, and other IT support expenses, which rose by about 11.1 million yuan, as well as an increase of 6.3 million yuan in personnel costs and share-based compensation expenses. For this quarter, operating profits reached about 111 million yen, up 14.3% year-over-year and 39.2% quarter-over quarter. However, due to tax-related items and non-recurring gains and losses, net profit attributable to shareholders was around 126 million yuan, down 10.3% year-over-year, but up 27.9% quarter-over quarter. As of June 30, 2026, cash and cash equivalents, short-term investments, and other cash positions totaled about 2.653 billion yuan. Our cash reserve maintains AMBO and provides solid support for both business investments and shareholder returns. In terms of shareholder return, since the long-term first share repurchase program, We have cumulatively repurchased 62.9 million ADS for approximately 120 million U.S. dollars as of August 31, 2026. And recently, the board approved the six-share repurchase program, in which we plan to repurchASE up to $50 million over the next 12 months, and also approved the fixed cash dividend of approximately 10.8 million U。S. Dollars. Overall, both the quality and scale of growth in our core businesses improved this quarter. The continuous deployment of AI across every scenario in our business is becoming an important driver of efficiency gains. Meanwhile, we are expanding proactively while investing prudently in new initiatives in global markets, which for now have very limited impact on our current period financial results. As these initiatives reach a larger scale, we will keep the capital market informed in timely manner in the future the company will remain committed to discipline strategic investment and continue creating long-term value for users and shareholders that concludes the company's financial results for the second quarter of 2026 we will now move on to the q a session okay thank you zero ladies and gentlemen we will not begin our q a sessions to ask a question please press Start 1 on your telephone. To withdraw your question, please press Star 2. In addition, this conference is being webcast live on the CENTER platform. If you are joining through the platform, you may also submit your question in writing there. Okay, we now proceed to take our first question, and it comes from the line of Amy Chen of Citi. Her question is, in terms of the mainland Chinese business in Hong Kong, media have reported that million tax authorities made tax policy dividends. Have Spanishmen seen any change either in international business or domestic business? Now, our first question comes from Amy Chen from Huaqi. Her question is, there has been a lot of discussion recently about Hong Kong-based domestic visitors' insurance income tax. How do you interpret the company's impact on domestic insurance and domestic trade? Thank you for your question. I'll answer this question. 关于近期市场关注的新闻居民保险收益征税的信息,我们理解这是既有个税规则的落实,并非针对香港保陕的新政。 短期内,相关媒体报道确实对部分客户心态造成了一定影响,但香港保鲜产品在多币种配置、全球医疗、财富传承等方面的差异化价值是非常明确的。 并且在满足对客户群的相关需求上仍然具备吸引力 港险市场的底层支撑逻辑是没有变化的 境内人身险业市场当前核心增长驱动力 来源于广大居民健康保障意识的持续增强 商业保险的多重政策利好和产业单持继的保陕产品创新 以及当前低利率环境下 具备储蓄向保险的长期稳健资产 迁移的结构性趋势 水滴公司覆盖多元客户群 多市场和多服务模式 整体业务组合非常稳定 无论客戶需求落在 每个产品品类 我们都有信心和能力 做好承接与服劥 以上 Regarding recent market attention, we're reading that what we're seeing reflects the important enforcement of tax rules that have long been in place, rather than a new policy specifically targeting Hong Kong insurance. In the new term, the media coverage has some effect on our customers' sentiment, but the depreciating value of a Hong Kong Insurance product, like a loading currency allocation, access to global health care resources and inheritance planning are really clear and fundamental drivers of the Hong Kong insurance market has not changed. Turning to the drivers of mainland China insurance market today, the growth is driven by a rising health protection awareness, policy telling for commercial health insurance, continued product innovation, and a structural shift of household savings into long-term assets such as insurance in the current low interest rate in the month. Waterdrop serves as diversifying the customer base across multiple markets and multiple service models, and our business makes remains solid and we're confident in serving user demand wherever it rises. We will now take our next question from Xinhao Chen of CSCC. The question is, we have noticed that several insurers have recently launched health insurance products targeting customers with pre-existing conditions. How does management evaluate this opportunity in this category, and what is the product strategy in this area? The next question is from Chen Xintao, a researcher at Zhongxin Company. His question is that there are a lot of insurance companies in the industry that are launching anti-bacterial products. I would like to ask the management level to consider the opportunity of this market and the strategy of how to plan this kind of product. Thank you for your question, Mr. Tao. In terms of the general trend, as the number of patients is increasing, the disease is becoming more and more common. 统计学意义上的零瑕疵的完美标题其实已经很少,而传统健康险长期更擅长保健庆人,大量隐病人群,慢病人的保障需求是客观存在的。 行业共识比较清楚,就是要从保更多保健康人转向保更 多人健庆,这既是需求的机会,也是商保补充之负,扩大 覆盖面的确定性方向。 代理产品最典型的早期实践是各地的分泌宝,现在已经 并逐步拓展到商业低疗险、重疾险 失能险等更多商保产品险种 这种延伸不是简单降低投保门槛 本质上是在细风疾病风险的基础上 建立差异化的承保与理赔模型 呈现定向可保可赔 降低承投保門槛是水利公司 在产本定制策略上持续发力的主线 供给端 我们会按照多场景 多年龄层 多病毒去识别需求 重点 同样能和保护 共同设计更优的承包条件 责任范围 同时在货客端 借助互联网平台在AI用户洞察方面的优势 让对的用戶买到他适合的保险产品 中长期来看的话 随着未来医保和商保数据逐渐打通 保护和中建将有能力 把分工模型和服务能力做得更深 未来带病体健康检将有机会 更接近车险这样的大众化保证 人人可投保,可力赔,可续保 我们也坚定地相信带命体健成检 在未来会更可及的同时 也做到更可持续,以上 Okay, as checkouts become more common, the chronic illness and living with pre-existing conditions are far more typical. So a clean, standard life is actually quite rare. And traditional health care insurance has a lot of focus on healthy life, but millions of people with preexisting conditions do go unprotected. The industry convinced us it's clear we're shifting our brand and ensuring more healthy people to protecting the health of more people. This is both a real demand side opportunity and a clear path of commercial insurance spending as coverage. And the early practice with single-level inclusive health plans, that logic is now moving to more the commercial medical insurance, criminal illness insurance, disability insurance, and others. This is not simply just losing and writing, it is segmenting the disease risk and building depreciated and writing and claims. So the certain risk can actually be written and paid. For WaterDrop, lowering coverage threshold is central to our product strategy. As a supply side, we break the demand down by scenario, age, and condition, and co-design terms and coverage with our insurer partners. On the acquisition side, the we use platform and the AI insights to match the right product to the right customer. So people with pre-existing conditions can actually find something that works for them. Longer term, our view is that health cover for people with pre-existent conditions can become more like auto insurance. People can actually buy it, claim on it, and renew it. Accessibility and sustainability will have to move together. Okay, we will now take our next two questions from Will Wu of Guo Tai Jun International. The question is, is there a clear timeline for AI agents to start generating commercial value, and how will AI investment impact on R&D census ratio going forward? What other new initiatives are the company currently exploring? What are some of the innovative business that the company is doing? I will answer in general. As we introduced in the previous business release, the AI capabilities of our company are actually involved in our core business, especially in the insurance business, such as customers and insurance compensation, and other various business segments. So we look at AI commercialization and AI value based on the specific marketing space or the different capacity space of each segment to measure. Overall, we still hope that through the comprehensive integration of AI capabilities and AI tools, we can improve the overall income growth and profit-making ability of the company. Therefore, we believe that AI agents, including the value of AI applications, will ultimately reflect the overall performance of the companies. We will not have a separate AI version, a separate commercialized division. As I said before, we use AI in different ways in different service scenarios. For example, in the scenario of the transfer of goods and services, Now, AI can directly participate in users' information and purchase decisions about insurance. In this quarter, the overall support for this type of scenario has reached nearly 100 million yuan. In the long-term transformation, especially in the scenario of our service consultants, AI tools can mainly help consultants to improve their processing information and industry efficiency, and can indirectly assist in transformation and release their production capacity. For example, our AI tools, such as Hebao Assistant can go to AI, including the super-low-cost assistant. This is in the business, in the daily operation. In terms of the scene of support for middle and back-end operations, our AI-based and AI customer service applications are already in full operation. Basically, we are expanding our business scale. This is the growth of the number of services brought by the center. Regarding our investment in AI, I see that there are questions. In terms of the development cost of our company, our overall development cost rate is still in a relatively stable range overall. But in fact, from the perspective of Chaka, we will still make some proactive adjustments in terms of cost structure. The main thing is to put the development resources more focused on the investment of AI-based technology to clean up. This includes some of the construction of our algorithm and model-related talents. It also includes the cost of some tokens needed to support the landing of IE applications. that we expect the follow-up with the continuous increase in the amount of electricity used by AI This investment will certainly be expected to maintain a natural growth At the same time, we will evaluate from the perspective of financial management in general In all scenarios, the effect of the investment and output brought by this AI component The overall R&D efficiency is still maintained in a reasonable range This is the overall R & D efficiency of the company on AI Including value measurement and the situation of our investment on R&d efficiency And then there is also a question about our innovative business. In fact, we have always been very concerned about how we are based on our own This includes our own exploration of AI applications. The ability to accumulate these capabilities and our own 2C service and operation capabilities Be able to face a wider industry and market and find the opportunity to innovate in times of need What we are doing now is still relying on The AI agent know-how that has been polished in the free service environment and our own research and development capabilities. Of course, it also combines the unique advantages of China in the global supply chain system. We are also developing a smart hardware product that is located at the office of AI. Currently, it has been sold in the world's major markets. We have also received some preliminary and positive feedback. But overall, this business is still in a relatively early stage. It still needs a period of time to be verified. Including the current financial report of the company, the impact is also very limited. As previously introduced, our AI is expanding across a forward value chain. The acquisition results create screening and claims, and it will vary by stage. We're not commercializing AI as a standalone business, and its value will show up in our top-line world and bottom-line growth will deliver. And as I were introducing earlier, in the user targeting and conversion, our AI directly supports user consultation and purchase decisions, giving nearly 100 million AFIP. And in our long-term insurance advisory tools, like our Koyi.ai and our AI Pre-Sales Assistant, that help our lab planners work more efficiently and close more cases. Our operation, our AI customer service, and quality inspection application have fully absorbed the actual volume as we sell. And on our R&D side, the overall R&A ratio is stable, but we actually shifted resources towards AI, both in the talent and in token cost. As usage scales, the spend will grow naturally, but if we have a discipline about ROI and their age scenarios, and it will keep the overall ratio to a reasonable range. And turning to our new initiative, we're incubating a portable AI office assistant, a smart hardware product that will leverage our AI agent know-how, in-house R&D, and China's supply chain strengths. Eddington pilot sales across major global markets with some encouraging early feedback that said it's still an early stage and its financial impact is limited for now and the experience we're gaining along the way both for the business and for the company overall is generally valuable and we will now take our next question from kate liu of uob kiham her question is both products and supply perspective would which insurance category does the medicine view as having the strongest growth potential. The next question is from Kate from Taiwan. Her question is, from the point of view of supply and product, which types of products do you think are more likely to develop? Thank you for your question, Kate. I will answer this question. With the improvement of the health of the residents, and the increase in the aging population, health insurance is moving from standardized products go to a more detailed and close to the actual needs of the development process. For example, high-end medical blood that has been taken by the host body, high-level medical blood, and products that cover health management, nursing services, etc. These are the products that we are also optimistic about in the market. In the past, traditional products did not cover or serve the needs that are not detailed enough, and are constantly being dug out. We will also continue to pay attention to the opportunities in the above directions. There are also a few types of products. At the same time, these products are more in line with our online channel accumulation capabilities. On the one hand, the decentralized infrastructure of the Internet security system can break down space and地域限制, and increase the reliability of security. On the other hand, based on the data and technical advantages accumulated over the long term, there are two forces that we're shaping our health insurance like the raving health protection awareness and aging population. So, the market is shifting from the standardized products to more tailored to actual needs. Demand-driven coverage, including insurance for previous conditions, need to heighten medical insurance and products bundled with health management and elderly care services. The demand that traditional products never really served is being a lot. We will keep building in this area. And this category is playing right into the strengths we'll build through our online platform. We can reach broadly and target precisely, leveraging our AI capability. and spot protection gaps in specific customer groups can match them with the right products and deliver better, faster service at the point of the user consultation. So we will keep building on what we are uniquely good at. Okay, we will now take our next question from Xin Yu Wo of Tri-Security. The question is, noticing the strong growth in Q2, and could you walk us through your recently customer acquisition investment outcomes and what we can expect on the cost side for the rest of 2026 and into 2027? Is there anything you would like to say to the management team? Thank you for the first question. I will answer this question. The company is still in the second quarter of this quarter. It is still at a period of backward investment. So you can see that our insurance business income and operating profit have increased further in the first quarter of 2016. In this quarter, our new number of users has increased by more than 30%. Overall, it looks like we are presenting a result of a comprehensive continuous generation of user feedback and product attack in multiple aspects. From a customer strategy point of view, we will not simply pursue a single-sided cost decline. We will focus more on whether we can better match the product attack and user feedback characteristics under the added power of AI to improve our conversion capabilities. In the previous video, we introduced how AI can help us from the customer to the user in all aspects. In the second half of 2026 and the whole year of 2027, we will continue to stay in the direction of the strategy. Therefore, we still expect a relatively positive customer pace, and increase the coverage of our target audience, so that more users can understand the value of insurance and insurance configuration. 同时我们也预期在当前这个货客投入的周期内 带来的这个用户呢 会在后续的整个的用戶的生命周期內 通过我们想说当前保单的这个续保 包括说不同显种的复购 或者是这种为家庭去配置的 这样的家保的这个购买决策中 把这个用客生命週期的价值 逐步的得以释放 这个是我们看当前的货课节奏 包括后继的这个获客的投入 和我们对于更中期用户增长带来的 用戶价值的综合的一个观点 Let's do an investment circle in the user acquisition in Q2 and that speed is already show up in the numbers like insurance revenue and operating profit both broke further from the last quarter and the new users were actually up more than 30% sequentially This is a combined result of better reach out and the conversion and product supply. And in terms of the user acquisition strategy, we are now, well, actually we are not simply pursuing the cost reduction. What matters most of all is how we leverage AI capability to better align our product supply with our user profile and improving conversion efficiency. So, currently, the IAEA has been embedding across the entire process from our customer acquisition to service and is continually improving our efficiency across our core of scenarios. For the second half of 2026 and the full year of 2027, our strategy direction remains consistent. We continue to expect to maintain an active user acquisition pace, exceeding outreach to target customer segments, and broadening user education coverage. And at the same time, we expect the user value generated by the current peer-read acquisition to be gradually realized through renewals and upsells and cross-sells over the sequential user life circle. We have received no further questions online, and this concludes our Q&A session for today. Thank you to all the investors and analysts who joined us today. Betsy, operator, back to you. We are now approaching the end of the conference call. Thank you for your participation in today's conference. You may now disconnect. Have a good day.