比如说我们的定价精算角度其实是对于数据的需求还是比较大的如果未来能够进一步放开的话我们整体的产品设计可能可以做得更精准然后也会更有指向性能够针对这些非健康品推出一些更有定制化效果的产品我觉得这个可能也是我们健康鞋未来会要重点关注的就是产品创新的一个方向 然后目前的话因为上海市确实是走在比较前沿然后我们也是在跟医保局啊然后跟相关的机构在进行积极的研讨然后内部的话也是在看说明年能够针对这一些特殊的群体推出一些怎么样的更创新的产品然后让大家都能享受到这个更完善的健康前的服务 好的 明白 那现在有没有一些就是关于医保和商保数据共享其实现在有没有一些这个成熟的模式或者已经在运行的模式因为其实我们能观察到就是医保和商保的这样一个共享在上海其实是有两种模式一个是借助中银保信的平台另外一个是其他医院其实也跟保交所这个数据通过保交所这个平台跟保保公司有数据共享 那么我们看有部分公司实际上在封控和支配环节里面已经在部分通过这些共享过来的数据有一些新的上面的业务流程至少在业务流程上有一些新的创新然后想问一下重案目前在这些层面上面有没有一些实践的一些已经在运行的模式对刚刚您提到了这个以保数据共享然后包括产品的支配 其实上海确实是已经 ...

| | | | 管理層討論與分析 | 2 | | --- | --- | | 權益披露 | 28 | | 其他資料 | 31 | | 中期財務資料的審閱報告 | 33 | | 中期簡明合併損益表 | 34 | | 中期簡明合併綜合收益表 | 35 | | 中期簡明合併資產負債表 | 36 | | 中期簡明合併權益變動表 | 37 | | 中期簡明合併現金流量表 | 38 | | 中期簡明合併財務資料附註 | 39 | | 釋義 | 71 | | 專用詞彙 | 74 | | 公司資料 | 75 | 在國際權威財經雜誌《財富》(Fortune)公佈的「2023年中國 500強排行榜」中，眾安保險憑藉長期的技術進取和近年來 的優異業務表現再次上榜，排名提升37名，位列460名。 2 眾安在綫財產保險股份有限公司 / 2024 年中期報告 管理層討論與分析 1 本集團已自2023年1月1日起採納香港財務報告準則第 17號「保險合同」以取代香港財務報告準則第 4號「保險合 同」。本中期報告中，除總保費相關披露外，財務數據均按 照香港財務報告準則第17號「保險合同」口徑披露。 我們的使命 科技驅動金融，做有溫度的保險。 ...

Financial Data and Key Metrics - Total premium income in H1 2024 reached HKD 15.23 billion, a YoY increase of 5.4% [3] - Insurance service revenue under the new accounting standard was HKD 1.588 billion, a YoY increase of 19% [3] - Combined ratio for underwriting was 97.9%, maintaining healthy underwriting profitability [3] - Comprehensive solvency adequacy ratio stood at 224% at the end of H1 2024 [3] - Net income for ZA Bank in H1 2024 was HKD 255 million, a YoY increase of 45.9% [5] Business Line Performance Technology Business - Technology export revenue increased by 55.5% YoY to HKD 4.24 billion, with domestic technology output revenue growing 112.7% YoY to HKD 319 million [4] - Technology segment reduced its loss by HKD 165 million in H1 2024 compared to the same period last year [5] - Total technology export revenue reached RMB 424 million, a YoY increase of 65% [20] Health Ecosystem - Health coverage provided to approximately 12.39 million insured, with total premium reaching RMB 343 million [9] - Outpatient emergent insurance products saw a YoY increase of 321% in total premium, reaching RMB 427 million [10] - Short-term critical illness product achieved steady growth with total written premium exceeding RMB 800 million [11] Digital Life Ecosystem - Total premium reached RMB 7.47 billion, driven by pet insurance, scenario-based accident insurance, and household insurance [12] - Pet insurance achieved over 2.8x premium growth, with 1.46 million new pet owner users in H1 2024 [13] Consumer Finance Ecosystem - Insured loans balance decreased by 15% YoY to RMB 23.1 billion, focusing on small, dispersed, and short-term Internet consumer finance assets [15] Automotive Ecosystem - Total written premiums for new energy vehicles increased by 215% YoY, accounting for over 10% of total auto insurance premiums [16] Market Performance - ZA Bank's total assets increased by 43.2% to HKD 20 billion, with deposit balance growing 43.1% to HKD 16.8 billion [25] - Net interest margin improved to 2.21% from 1.87% due to interest rate hikes and enriched loan products [25] Company Strategy and Industry Competition - The company is committed to empowering finance with technology and providing innovative, inclusive, and diverse insurance products [6] - Focused on developing small, diversified, and convenient inclusive insurance products tailored to Internet scenarios [6] - Leveraging AI and big data to enhance operational efficiency and user experience across various ecosystems [18][19] Management Commentary on Operating Environment and Future Outlook - The company remains committed to high-quality development of inclusive finance and stabilizing society through innovative insurance products [6] - Management emphasized the importance of user-centric strategies and improving user experience for long-term sustainable growth [35] - The company is confident in achieving profitability for ZA Bank and continuing to drive digital transformation in the insurance industry [27][34] Other Important Information - The company received credit ratings of Baa1 from Moody's and A- from A.M. Best [4] - ZA Tech completed a USD 35 million Series A financing, attracting global institutional investors [24] Q&A Session Summary Question 1: Investment Performance and Health Insurance Revenue - The company attributed the slight decrease in investment revenue to adjustments in portfolio strategies and focus on fixed income assets [42] - Health insurance revenue growth was driven by product innovation, including medium to high-end health insurance and inclusive products like Zhong Min Bao [37][38] Question 2: Growth Opportunities and Credit Insurance - Future growth opportunities include auto insurance, digital lifestyle ecosystem, and health ecosystem, with a focus on innovative products like pet insurance [46][47] - The company is cautiously managing credit insurance, focusing on stringent risk controls and optimizing user parameters [50][51] Question 3: Interest Rate Impact and Technology Segment Growth - Lower interest rates are expected to positively impact ZA Bank's loan demand and investment yield, while squeezing net interest margins [55] - The technology segment is expected to continue rapid growth, driven by high gross margin products and efficiency improvements from AI and big data [57] Question 4: Premium Growth Slowdown and Debt Management - The slowdown in premium growth was due to strategic adjustments in consumer finance and user acquisition strategies [59] - The company has a stable cash flow and is actively managing its USD 1 billion bond obligations, with plans for refinancing if necessary [60]

Financial Performance - In the first half of 2024, the company achieved total premiums of RMB 15.238 billion, issuing 9.133 billion policies, with insurance service revenue of RMB 15.088 billion, representing a year-on-year growth of 19.0%[12]. - The net profit attributable to the parent company shareholders for the first half of 2024 was RMB 55,467 thousand, a decrease of RMB 166,000 thousand from RMB 221,471 thousand in the same period last year[21]. - Total revenue for the first half of 2024 reached approximately RMB 16.04 billion, reflecting a year-on-year growth of 12.7%[75]. - The company reported a total comprehensive income of RMB 163,231 thousand for the first half of 2024, compared to RMB 207,565 thousand in the same period of 2023, a decline of about 21.4%[142]. - The company’s insurance service performance showed a profit of RMB 346,486 thousand for the first half of 2024, down from RMB 581,241 thousand in the same period of 2023[159]. Underwriting and Loss Ratios - The company's underwriting combined cost ratio was 97.9%, with a combined loss ratio of 60.7% and a combined expense ratio of 37.2%, resulting in an underwriting profit of RMB 314 million[13]. - The underwriting profit was impacted by a 3.6 percentage point increase in the combined loss ratio compared to the same period last year[13]. - The combined loss ratio for the health segment increased to 95.7% in 2024 from 92.5% in 2023, indicating a rise in underwriting costs[24]. - The overall combined loss ratio for the consumer finance segment increased to 99.1% in 2024 from 90.7% in 2023, indicating challenges in underwriting profitability[24]. Technology and Innovation - The company aims to leverage its technology capabilities to support the digital transformation of the insurance industry globally[11]. - The technology output business segment generated total revenue of RMB 442 million, a year-on-year increase of 65.5%, with domestic technology output revenue reaching RMB 319 million, growing by 112.7%[13]. - The company focuses on technology output in artificial intelligence, big data, and cloud computing, providing digital transformation solutions for clients in the insurance industry[50]. - The new generation core system "Wujieshan Mate" has empowered multiple insurance companies, improving operational efficiency and service capabilities[54]. Investment and Financial Assets - The total amount of domestic insurance fund investment assets reached approximately RMB 37.698 billion as of June 30, 2024, with fixed income investments accounting for 75.4%[70]. - Total investment income for the first half of 2024 was RMB 620 million, down from RMB 723 million in the same period of 2023, representing a decrease of approximately 14.3%[72]. - The annualized total investment return rate decreased to 3.3% in the first half of 2024 from 4.0% in the same period of 2023[72]. - The company’s bond investments were approximately RMB 18.53 billion as of June 30, 2024, with 99.2% rated AA or above[91]. Customer Segments and Product Offerings - The strategic focus includes expanding into new customer segments in finance, retail, and manufacturing, enhancing business growth and operational efficiency[13]. - The total premium for the health ecosystem segment was RMB 4,538,314 thousand, a decrease of 9.6% from RMB 5,017,983 thousand in the previous year[21][24]. - The total premium for the automotive segment increased by 34.0% to RMB 1,101,927 thousand compared to RMB 822,491 thousand in the previous year[21][24]. - The company expanded its product matrix to include over 100 dedicated products for chronic diseases and 35 products specifically for women[26]. Operational Efficiency - The company maintained a solvency ratio of 224%, indicating strong capital adequacy[14]. - The self-operated channel generated total premiums of RMB 3.162 billion, accounting for 20.8% of total premiums, with renewal premium contribution reaching approximately 82.2%[45]. - The average number of policies per paying user in the self-operated channel reached 1.6, with a customer renewal rate improving by 3.2 percentage points to 90.5%[45]. - The online reporting ratio for health insurance reached 99%, with a claims submission completeness rate of 88% using smart camera materials[48]. Market Recognition and Growth - The company ranked 460th in the "2023 China Top 500" list, improving by 37 places due to technological advancements and strong business performance[13]. - ZA Bank reported net income of HKD 725.5 million, a year-on-year increase of 45.9%, while the net loss ratio narrowed by 71.7 percentage points to 42.9%[14]. - ZA Bank became the first digital bank in Hong Kong to receive the "Rising Star" award from Euromoney, recognizing its innovative financial solutions[65]. Challenges and Risks - The company faces foreign exchange risks due to operations in multiple currencies, including HKD, USD, JPY, SGD, and EUR[111]. - The company has no significant contingent liabilities as of June 30, 2024[112]. - The company has not been involved in any significant litigation or arbitration as of June 30, 2024[131]. Corporate Governance - The company has adopted a corporate governance code as a benchmark for its corporate governance practices, ensuring compliance with applicable rules throughout the reporting period[122]. - The audit and consumer rights protection committee has reviewed the group's interim report for the six months ending June 30, 2024, and discussed accounting policies and internal controls with senior management and external auditors[124]. - The company has established various committees, including the nomination and remuneration committee, strategic and investment decision committee, and risk management and related party transaction control committee[125].

参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为申望洪源研究保留追究泄露转发者法律责任的权利 各位投资者下午好首先非常感谢各位投资者能够参加本次我们与中安在线的交流会议也感谢中安在线的领导对时报红员飞云的支持我们看到了其实当前这个时间也非常巧昨天在这个陆家嘴经文论坛上经管局局长李云泽也提到了 保险机构需要加快数字化转型,提升经营管理的效率。我们今天就非常荣幸地邀请到了咱们互联网保险的龙头,也是整个保险板块内保险家科技的核心交地中央带线进行交流,然后本次交流是包括两个部分,第一个部分就是我们根据之前跟同事们交流下来, 梳理总结出来大家比较关注的核心问题向中央线下这边的领导去做请教然后第二个部分进入到自由问答环节周总您看咱们现在开始可以吗可以 首先就是我先抛砖引玉问一个大家可能会比较关注也比较直白的问题就是我们看到现在的时间节点进入到6月下旬然后您看能不能介绍一下公司在上半年业务的整体表现那么对于今年上半年利润表现是有什么样的预期 今年上半年整体的情况是符 ...

参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为声望洪源研究保留追究泄露转发者法律责任的权利 各位投资者下午好首先非常感谢各位投资者能够参加本次我们与中央在线的交流会议也感谢中央在线的领导对世贸宏园非营的支持我们看到了其实当前这个时间也非常巧昨天在这个陆家嘴金融论坛上金管局局长李云泽也提到了 保险机构需要加快数字化转型提升经营管理的效率我们今天就非常荣幸的邀请到了咱们互联网保险的龙头也是整个保险板块内保险加科技的核心交地中央带线进行交流然后本次交流是包括两个部分第一个部分就是我们根据之前跟投资者交流下来 梳理总结出来大家比较关注的核心问题向中央线下这边的领导去做请教然后第二个部分进入到自由问答环节周总您看咱们现在开始可以吗可以 首先我先抛砖引玉问一个大家可能会比较关注也比较直白的问题就是我们看到现在的时间节点进入到6月下旬了然后您看能不能介绍一下公司在上半年业务的整体表现那么对于今年上半年利润表现是有什么样的预期? 今年上半年整体的情况是符合管理层在年 ...

参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为申望洪源研究保留追究泄露转发者法律责任的权利 各位投资者下午好首先非常感谢各位投资者能够参加本次我们与中央在线的交流会议也感谢中央在线的领导对时报红员飞银的支持我们看到了其实当前这个时间也非常巧昨天在这个陆家嘴金融论坛上金管局局长李云泽也提到了 保险机构需要加快数字化转型提升经营管理的效率我们今天就非常荣幸的邀请到了咱们互联网保险的龙头也是整个保险板块内保险加科技的核心交地中央带线进行交流然后本次交流是包括两个部分第一个部分就是我们根据之前跟投资者交流下来 梳理总结出来大家比较关注的核心问题向中央线下这边的领导去做请教然后第二个部分进入到自由问答环节周总您看咱们现在开始可以吗可以 好的 感谢周董首先就是我先抛砖引玉问一个大家可能会比较关注也比较直白的问题就是我们看到现在的时间节点进入到6月下旬了然后您看能不能介绍一下公司在上半年业务的整体表现那么对于今年上半年利润表现是有什么样的预期 谢谢 今年上半年整体 ...

Financial Performance - Total premiums for 2023 reached RMB 29,684.639 million, a 24.7% increase from RMB 23,651 million in 2022[2] - Net profit attributable to shareholders for 2023 was RMB 4,077.855 million, compared to a loss of RMB 1,112.414 million in 2022[2] - Total insurance service revenue for 2023 reached RMB 27.54 billion, a 24.7% increase from RMB 22.19 billion in 2022[35] - Investment income net amount for 2023 was RMB 4.19 billion, a significant increase from RMB 1.76 billion in 2022[35] - Total revenue for the year ended December 31, 2023, reached approximately RMB 33.54 billion, a year-on-year increase of 44.2%[99] - The company recorded a net profit of approximately RMB 3.84 billion for the year ended December 31, 2023, compared to a net loss of about RMB 1.38 billion for the year ended December 31, 2022[120] Assets and Liabilities - The total assets as of December 31, 2023, amounted to RMB 42,863.606 million, down from RMB 47,648.878 million in 2022[2] - The total liabilities decreased to RMB 22,790.183 million in 2023 from RMB 30,033.758 million in 2022[2] - The total equity attributable to shareholders increased by 27.3% to RMB 20,073.423 million in 2023 from RMB 15,766.090 million in 2022[5] - The company's asset-liability ratio decreased by 9.8 percentage points to approximately 53.2% as of December 31, 2023, from about 63.0% as of December 31, 2022[129] Premiums by Ecosystem - Total premium for the health ecosystem reached 9.806 billion yuan in 2023, providing health coverage for over 125 million insured users[14] - The digital lifestyle ecosystem's total premium exceeded 12.563 billion yuan in 2023, a year-on-year growth of 41.6%[15] - The consumer finance ecosystem's total premium reached 5.551 billion yuan in 2023, with a year-on-year increase of 22.5%[16] - The auto insurance ecosystem's total premium was 1.58 billion yuan in 2023, growing by 24.7% year-on-year, significantly above the industry average[17] Technology and Innovation - The company aims to continue leveraging technology to enhance user experience and drive sustainable growth[12] - The company plans to focus on technology-driven innovation and high-quality service to create greater value for users and investors[10] - R&D investment amounted to 1.192 billion yuan in 2023, representing 4.0% of total premiums, enhancing technological capabilities[19] - The company launched the first AIGC (Generative AI Technology) application white paper in the domestic insurance industry in May 2023[26] - The company has filed a total of 588 patent applications, including 167 overseas, with 199 patents granted, a year-on-year increase of 19.9%[61] Market Position and Recognition - The company ranked ninth in China's property insurance industry by total premiums, with a market share of 24.4% in the domestic internet property insurance market, the highest in the sector[30] - The company was included in the "2023 China Top 500" list by Fortune magazine, marking its first appearance and recognition as the only insurtech company on the list[30] Governance and Management - The company has a diverse management team with extensive experience in finance and technology sectors[138] - The board of directors consists of 2 executive directors, 5 non-executive directors, and 3 independent non-executive directors, ensuring a balanced governance structure[157] - The company has adopted corporate governance codes to enhance transparency and accountability to shareholders and clients[155][156] - The management team has extensive experience in the insurance industry, contributing to informed decision-making and strategic planning[147][148][149] Risk Management - The company faces foreign exchange risks due to operations primarily in China, with assets and liabilities denominated in various foreign currencies[130] - The company emphasizes the importance of risk management strategies and has provided independent reviews to ensure alignment with overall business objectives[186] Employee and Compensation - The company has 2,679 full-time employees as of December 31, 2023, with numbers fluctuating based on business needs[134] - The total employee benefits cost, including directors and supervisors' remuneration, amounted to RMB 2.317 billion[134] Future Outlook - The company plans to continue focusing on the "insurance + technology" dual-engine strategy to enhance brand building and optimize underwriting efficiency[98] - The company aims to maintain a gender diversity ratio of at least 41.4% female employees, with a total workforce of 2,679[194]

ZhongAn Online P & C Insurance Co., Ltd. (OTCPK:ZZHGF) Q4 2023 Earnings Conference Call March 26, 2024 5:00 AM ET Company Participants Zhang Lin - Head of IR Jiang Xing - General Manager & CEO Wayne Xu - President, ZhongAn International Li Gaofeng - CFO and CIO Wang Min - Executive Vice General Manager and Secretary of the Board Conference Call Participants Michael Lee - Bank of America Qingqing Mao - CICC Michelle Ma - Citi Rick Dahl - Morgan Stanley Operator Good afternoon. Welcome everyone to attend this ...

Financial Performance - Total premium for 2023 reached RMB 29,684.639 million, a 24.7% increase from RMB 23,651 million in 2022[16] - Net profit attributable to shareholders for 2023 was RMB 4,077.855 million, compared to a loss of RMB 1,112.414 million in 2022[16] - Basic earnings per share for 2023 was RMB 2.77, recovering from a loss of RMB 0.76 in 2022[16] - The combined underwriting cost ratio improved to 95.2% in 2023 from 94.2% in 2022, indicating better cost management[16] - The comprehensive underwriting cost ratio was 95.2%, achieving underwriting profitability for three consecutive years, demonstrating a commitment to sustainable growth[29] - The combined loss ratio for 2023 was 56.8%, while the combined expense ratio was 38.4%, resulting in a combined ratio of 95.2%[53] - The insurance service revenue for the insurance segment was RMB 27.525 billion, with an underwriting profit of RMB 1.190 billion[56] - Investment income net amount reached RMB 4.193 billion, contributing to the overall profitability of the company[56] - The company's total revenue for the year ended December 31, 2023, reached approximately RMB 33.54 billion, representing a year-on-year growth of 44.2%[118] - Net profit attributable to shareholders for 2023 was RMB 4.08 billion, a significant improvement of RMB 51.90 billion compared to a net loss of RMB 1.11 billion in 2022[118] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 42,863.606 million, down from RMB 47,648.878 million in 2022[16] - Total liabilities decreased to RMB 22,790.183 million in 2023 from RMB 30,033.758 million in 2022[16] - The total equity attributable to shareholders increased to RMB 20,073.423 million in 2023, up 27.3% from RMB 15,766.090 million in 2022[16] - The asset-liability ratio improved to 53.2% in 2023 from 63.0% in 2022, reflecting better financial stability[120] - The total investment assets of the domestic insurance fund reached approximately RMB 38.204 billion as of December 31, 2023, an increase of 4.62% compared to the end of 2022[112] Premiums and Ecosystems - The health ecosystem generated total premiums of RMB 9.806 billion, providing health coverage to over 125 million insured users[30] - The digital lifestyle ecosystem saw total premiums exceed RMB 12.563 billion, with a year-on-year growth of 41.6%[33] - The consumer finance ecosystem achieved total premiums of RMB 5.551 billion, reflecting a year-on-year increase of 22.5%[34] - The auto insurance ecosystem reported total premiums of RMB 1.58 billion, with a year-on-year growth of 24.7%[35] - The total premium for the health ecosystem reached RMB 9,806,472 thousand in 2023, a year-on-year increase of 9.2% from RMB 8,979,765 thousand in 2022[60] - The digital life ecosystem saw total premium growth of 42.6%, reaching RMB 12,563,273 thousand in 2023, compared to RMB 8,873,755 thousand in 2022[60] - The consumer finance ecosystem's total premium increased by 22.5% to RMB 5,551,048 thousand in 2023, up from RMB 4,530,347 thousand in 2022[60] - The total premium for the travel insurance segment reached RMB 3.242 billion in 2023, representing an 89.0% year-on-year increase, serving nearly 70 million users[69] Technology and Innovation - The R&D investment amounted to RMB 1.192 billion, accounting for 4.0% of total premiums, focusing on core technologies such as AI and big data[36] - The company launched the first AIGC (Generative AI Technology) application white paper in the domestic insurance industry in May 2023[44] - The technology output business successfully entered the European market in July 2023[44] - The company has accumulated 588 patent applications, including 167 overseas applications, and has received 199 authorized patents, with a year-on-year growth of 19.9% in authorized patents[81] - The company integrated AIGC into customer service, reducing average response time by over 10 seconds per interaction and significantly lowering video production costs by generating high-quality promotional videos quickly[84] User Growth and Engagement - The number of paying users increased by 47.6% to 11.36 million, with an average of 1.6 policies per paying user[35] - The self-operated channel's total premiums grew by 31.0% to RMB 7.614 billion, representing 25.8% of total domestic property insurance premiums[35] - The company issued a total of 12.234 billion policies in 2023, serving over 500 million users, with an automation rate for underwriting reaching 99% and online claims processing rate for health insurance rising to 96%[81] Corporate Governance and Management - The company emphasizes strict corporate governance and transparency in its operations, adhering to relevant laws and regulations[171] - The management team includes experienced professionals with backgrounds in insurance regulation, legal compliance, and financial management[165][166][168] - The company has established four committees: Audit and Consumer Protection Committee, Nomination and Remuneration Committee, Strategic and Investment Decision Committee, and Risk Management and Related Party Transaction Control Committee to oversee specific aspects of the company's affairs[185] - The board of directors consists of 2 executive directors, 5 non-executive directors, and 3 independent non-executive directors as of December 31, 2023[174] - The company has adopted the corporate governance code and has complied with all applicable provisions throughout the reporting period[174] Future Outlook and Strategy - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[155] - The company is investing in new technology development, with a budget allocation of $50 million for R&D in the upcoming year[155] - Market expansion plans include entering three new international markets by the end of 2024, aiming for a 10% market share in each[155] - The company is considering strategic acquisitions to enhance its service offerings, with a target of completing at least two acquisitions within the next 18 months[155] - The company plans to continue investing in digital business and refined management to enhance business quality and profitability in the future[118]