Thank you for standing by for Fanhua's Fourth Quarter and Fiscal Year 2022 Earnings Conference Call. [Operator instructions] I would now like to turn the meeting over to your host for today's conference, Ms. Oasis Qiu, Fanhua's Investor Relations Manager.

Good morning. Welcome to our fourth quarter and fiscal year 2022 earnings conference call. The earnings results were released earlier today and are available on our IR website as well as on Newswire. Before we continue, please know that the discussion today will contain forward-looking statements made under the safe-harbor provision of the US Private Securities Litigation Reform Act of 1995. The accuracy of this statement may be impacted by a number of business risks and uncertainties that could cause our actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but not limited to those outlined in our filings with the SEC, including our registration statement on From 20-F. We do not undertake any obligation to update this forward-looking information except as required under applicable law. Joining us today are our Chairman and Chief Executive Officer, Mr. Yinan Hu; Chief Financial Officer, Mr. Peng Ge; Chief Operating Officer, Mr. Lichong Liu and Board Secretary [ph]. Mr. Hu will provide a review of our financial and operational highlights in the fourth quarter and fiscal year 2022. There will be a Q&A session after the prepared remarks. Now, I will turn the call over to Mr. Hu.

[Indiscernible] Good morning and good evening. Thank you for joining today's conference call. Over the past few years, China's insurance industry has been undergoing ongoing transformation in the life insurance distribution. While the traditional pyramid structure of life insurance sales force is the constructing, life insurance, sales teams are transforming to become more distinctly professional, specialized and elite and are structured in a more flattened, small, dispersed, and personalized manner. A large number of scattered individual insurance sales organizations and independent agents are in great need of the support of a third party public professional platform to ensure continuous professional growth in sustained competitiveness. We believe that while individual life insurance sales organizations will become more fragmented, support platforms will be more concentrated to enable cost efficiency and high quality business growth. The competition in the life insurance sales market will ultimately come down to the competition among platforms, driven by digital technology and artificial intelligence. Fanhua initiated the strategy of professionalization, career-based development, digitalization and open platform starting from the second half of 2020, dedicated to transforming from a traditional insurance distributor into a digital technology-based platform company, empowering the industry. After more than two years of transition and investment, Fanhua have largely finished the construction of our open platform, which has brought encouraging results. One, we have established a professional empowerment system to fulfil agent's needs for professional and career development. We have established Triple F representing family office consultant fund, while retirement planner and family policy custodian training programs to help agents improve professional skills and help them transform from focused experts from on insurance products to broader experts on family-based asset allocation and then expanding to experts on elderly care and legacy management. In 2022, a total of more than 26,000 agents have attended these training…

Thank you. At this time, we will conduct the question-and-answer session. [Operator instructions] Our first question comes from the line of [indiscernible] of CICC. Please proceed with your question.

I have two questions. The first one is mainly about the outlook for an insurance agent and brokerage industry in China. So could you share us some more color on the industry's current competitive landscape, and how will it change in the future? Will this market be more concentrated or maybe we'll see impressed competition and what do you think of Fanhuas position as in this whole landscape? And the second question is related to the open platform strategy. We've already seen a few acquisitions in the last few months. Could you give us some more details on the pace of your future acquisitions and how will the strategy contribute in common earnings in the next three years? Thanks.

For the questions, our Chairman who will take the question. With regard to the first question as to the competitive landscape in the insurance intermediate center in China, I'll talk about my view on the competitive landscape and how it evolves in the life insurance intermediary sector in particular and my basic conclusion is that we are seeing that competitive landscape is undergoing a fundamental change And this change is reflected in two fronts. First, with regard to the sales organizations, we are continuing seeing that it become -- they're becoming more elite-based and more personalized, fragmented, and also organized in a more flattened manner. And major insurance brokers are also ramped up their efforts to building up operating the supporting platforms driven by digital technologies and AI technology; the general perceptions on insurance brokers are that their sales distributor, their insurance distributors. We are seeing that in the future the big sales organizations will become falling apart. As we're seeing that they're becoming more elite-based and fragmented to maintain their professional growth as well stand career development, they will require the support from a supporting platform. So we believe that -- we believe that insurance intermediate company will transform themselves to become platforms. The major insurance broker companies will transform into digital technology-based supporting platform. Well, on the other hand, the sales focus insurance intermediate companies orders more sized sales organizations, including independent studios or independent agents, will join the supporting platforms to enable their sustained career development and professional growth in a cost-efficient way. They are encouraging the digitalization of all industries and how the insurance industry is going to transform themselves digitally for the thousands of small sized and medium sized sales organizations, including agencies and brokers, it's not realistic for all of them to invest heavily…

My Target for the next three years in terms of revenue growth and profitability is that helping my own target is that we can grow our live insurance first premium and operating platform by 50% on CAGR basis.

[Operator instructions] At this time, I'd now like to turn back to Oasis Qiu for closing remarks.

Thank you for joining us on today's conference call. If you have any follow-up questions, please feel free to contact us. Thank you. Have a good day.

This concludes today's conference call. Thank you for participating. You may now disconnect.