Good morning, everyone. This is Tracy Lisang [ph], Investor Relations, required to welcome everyone to Waterdrop's Fourth Quarter and Fiscal Year 2023 Earnings Conference Call. As a reminder, today's conference call is being recorded. Please note the discussion today will contain forward-looking statements within the Safe Harbor provisions of the U.S. Private Securities and the Litigation Reform Act of 1985. Forward-looking statements are subject to risks and uncertainties and the comps actual results differ materially from our current expectations. [indiscernible] 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 and applicable law. Also, this call includes discussion of certain non-GAAP measures. Please refer to our earnings release for a compilation between non-GAAP and GAAP. Joining us today on the call are Peng Shen, our Founder, Chairman and CEO; Mr. Yang Bang Kobander [ph], Director, SVP and GM of the International business; [indiscernible], and we'll be happy to take some of the questions in Mandarin line at the end of the conference call.

Hello, everyone. This is Shen Peng. Let's talk about our industry development first. Looking back in 2023, thanks to the various economy stimulus targets, the Chinese economy shows a gradually stable and recovery trend. With setback [ph], the regulation of the personal insurance industry remains cautious, as it is continue to evolve towards high-quality development. So as we saw challenges and opportunities, we firmly relate with the clear guidance and gradual implementation of new regulation policies that helped in vision stability and sustainability of the industry will improve further in the future. Market participates with brand and technological advantages are more likely to stand out, as such, we will build up new quality productivities with improved technologies and innovative business models, leading our industry to its transformation and upgrading. We'll feel the confidence about this. In terms of financial performance, in Q4 of 2023, the company continues to uphold its entrepreneurial spirit and pursue healthy business development, which was adapted by stable and resilient financial results. Total revenue reached about 659 million since Q1 of 2022, we have continuously recorded stable profitability for every quarter. In the fourth quarter, the front line performance further improved with GAAP net profit attributable to the company reaching about 59.1 million, representing a 61% Q-on-Q [ph] growth. Official year 2023, the GAAP net profit attributed to the company is about 167 million. In the meantime, we saw consistent cash inflow from operations, building up our cash balance. As of the end of 2023, the cash, cash equivalents and short-term investments totaled about 3.39 billion, an 8% increase from last quarter. Our MI cash reserves strengthened our foundation for carrying out steady business development plan; good enough for our long-term growth initiatives and enabling us to embrace industry changes with confidence and technology competitiveness. From…

In the fourth quarter, the growth of personal insurance financing industry is very still down [indiscernible] efforts on new and valid equation and the long-term development and continuously optimize operations. Meanwhile, we actively explored new product offering and platforms expanding customer acquisition channels gaining information for advanced high-quality business segment. In the fourth quarter, FRP reached RMB1.53 billion. Insurance-related income reached RMB588 million, and operating profit reached RMB128 million. For the full year of 2023, the FYP reached about RMB7.11 billion [ph]. Insurance related income reached about RMB2.34 billion and operating profit reached RMB528 million. In focus of our FRP of short-term insurance products reached over RMB990 million. During this quarter, the company strengthened operational management for users, enhancing policy service and optimize user engagement. As a result, it increased customer certification and satisfaction. The number of users has increased with number of policies per user increased by 2-to-1 [ph] and the renewal for the short-term insurance remains at a level of RMB0.25. We were at client users production enabling the quality and the product choice on leading channels. As a result, it increased premium by 68.6% QoQ, leading to 34.5% sequential increase in premium. As we further strengthened our business offline, the long-term insurance policy reached RMB530 million, an increase of 22.9% YoY. Among these, life insurance premiums include 115.2% YoY. During this quarter, we improved the quality for long-term insurance users to strengthen policy shift with insurance companies to advance more capitalized [ph]. Showing the renewal of high interest products in the third quarter, we established [indiscernible] in our industry. In terms of online worker channels, we emphasized on the integrated capability of our product portfolio, ensuring a better user experience. At the same time, we cooperate with high-quality stock media channels to grow a high-quality user base.…

Thank you. As of Q4 2023, accumulated total of RMB450 billion [ph] donated more than RMB52.6 billion to over 3.1 million patients; so medical [indiscernible]. I Q4, our platform established with valuable clients which provides [indiscernible] with over our offline and high operating additional further to hospitalize patients. In the first quarter, the platform service improvements placed a reminder from public to communicate the frequent blow of patients and fund reviews. The problem with revivers can run them and check the notes of any infection, and supervise the entire running process. By continuously comparing or optimizing the process [ph] to make a the critical units of patient more accurate and efficient; we have continuously communicated in the establishment of our medical sales force unit actively responding to the amendment of charitable law in China. In Q4, the amended version of [indiscernible] have passed and incorporated in the events into its probation. Furthermore, on Dec 21 [ph], our medical support to the same project has been awarded [indiscernible] hosted by the people saving our lives. In the fourth quarter, the eFin [ph], our clinical trial patients have maintained steady and healthy investment. We have deals worth of about RMB20.8 million [ph]. From the full year revenue, it was up by RMB100 [ph] with an increase of 6.9% YoY. In Q4, the collaboration was one measured in 67 from similar companies and CROs. We made great progress on partnering with more legitimacy during this quarter with perfectly joined with supplier leads of two of the Top 5 global entities. And finally, the kick-off projects were welcome and more projects are expected to officially launch in 2024. Additionally, the events performed by us were operational during this refinancing with Top 3 global FCSRs [ph] and officially initiated patient recruitment. In Q4, the company…

Thank you, everyone. And we will now move to our financial highlights for the fourth quarter. Before I go into details, please be reminded that all numbers quoted here will be in RMB and please refer to our earnings release for the detailed information on our financial performance on both, year-over-year and quarter-over-quarter basis, respectively. For the fourth quarter, our complicated -- our commitment to presume steady and healthy development non-operating revenues decreased by 3% YoY about RMB659 million. The full year insurance revenue reached about RMB2.63 billion. Among that insurance related income amounted to about RMB2.34 billion, with a nominal decrease of 8.5% YoY. Compounding service fees amounted to RMB162 million with an increase of 4.4% YoY. Critical points of high operation income amounted to RMB100 million, representing an increase of nearly 70% [ph] YoY. Our operating cost and expenses, on YoY basis against the last quarter we consolidated financial results of [indiscernible] with full year the operating cost and expenses increased by 13.5% YoY to RMB2.64 billion. For the full year, operating cost and incentive increased by -- for Q4 it increased by 4.3% YoY to RMB633 million. On quarter-on-quarter basis, the operating cost and incentives increased by 8.1% as the adjusted to same page to adapt to changes to -- in the external environment. For Q4, operating cost were about RMB202 million, increased by 8.5% year-over-year, and decreased by 3.2% in the QoQ. The sequential decrease is primarily due to the decrease of RMB5.8 million in service fees. And secondly, a decrease of RMB2.3 million in the cost of patient including compounding fee for Q4 economic sense has increased by 26.9% YoY to RMB175 million [ph]. The increase was primarily due to the consolidation of [indiscernible] for generating expenses of RMB39 million. And secondly, an increase of…