Financial Data and Key Metrics Changes - Total revenue reached RMB400 million, a three-year quarterly high, representing a 40% year-over-year increase [5][17] - Net profit for the quarter was approximately RMB11 million, with non-GAAP net profit at RMB8 million [17] - Gross written premiums facilitated on the platform grew 34% year-over-year to RMB1.8 billion, while first-year premiums increased by 73% year-over-year to RMB1.13 billion [6][17] - The expense to revenue ratio improved by 16.6 percentage points year-over-year to 23.9% [10][21] Business Line Data and Key Metrics Changes - Long-term insurance products accounted for over 90% of total gross written premiums facilitated, with first-year premiums from long-term savings products more than doubling year-over-year to RMB864 million [18][19] - Short-term insurance business recorded a 19% year-over-year growth in gross written premiums, reaching approximately RMB140 million [7] - The average first-year premium ticket size for long-term products increased by 57% year-over-year to RMB7,600 [6] Market Data and Key Metrics Changes - Cumulative insurance users exceeded 11.4 million, with approximately 400,000 new clients added during the quarter [6][19] - In Vietnam, the subsidiary Global Care recorded a 32% year-over-year increase in both gross written premiums and revenue [12][21] - Active platform users in Global Care increased by 52%, while the average ticket size on the B2A to C business line tripled sequentially [21] Company Strategy and Development Direction - The company is focused on a customer-centric approach, evolving product offerings to meet customer needs and expanding partnerships with industry leaders [5][14] - AI initiatives are being rolled out across the company to enhance operational efficiency and customer engagement, with over 700 productivity-enhancing AI agents released [10][11] - The company aims to expand its ecosystem across Southeast Asia, leveraging demographic trends and rising insurance penetration [14][23] Management's Comments on Operating Environment and Future Outlook - The management highlighted strong momentum in China's insurance industry, driven by rising needs in health, retirement, and wealth management [14] - AI is seen as a core growth engine, enhancing customer experience and reducing operating costs [14] - The company expects continued sequential growth in the distribution of participating products and a meaningful sequential growth in earnings for the second half of the year [32][42] Other Important Information - The company has secured a financial adviser and exempt insurance broker license from the Monetary Authority of Singapore, marking a significant milestone in its Southeast Asia expansion [12] - The average ticket size of long-term insurance products distributed increased 41% sequentially to RMB7,615 [20] Q&A Session Summary Question: Insights on enhancing professional capabilities in selling participating insurance and sales performance guidance - Management discussed training initiatives for agents and collaboration with insurers to develop customized savings products, expecting continued growth in participating product distribution [27][30][32] Question: Leveraging AI technology for product sales and efficiency - Management highlighted the integration of AI in customer acquisition and underwriting, improving product recommendations and customer relationship management [28][33][35] Question: Impact of regulatory changes on overseas business and sales momentum - Management acknowledged regulatory changes affecting sales in Hong Kong but expects continued demand for offshore products due to interest rate differentials [38][39] Question: Net profit outlook for the full year - Management expressed confidence in sequential improvement in net profit, particularly in Q3, while continuing to invest in business growth [42] Question: Gross margin performance and sustainability - Management noted stabilization of gross margin at around 27%, expecting it to remain stable in the coming quarters [46][49] Question: Demand for health and protection products - Management reported a 24% sequential growth in first-year premiums for health and protection products, indicating steady growth in this segment [50]