A：The implementation of our enterprise supervision service is divided into three parts: the first part is to help the group and the company to carry out cooperative operation, expand customers, and lock in the payment ability or entrustment amount; The second part is to build a service system so that employees can enjoy comprehensive services including four services. The third part is to gradually convert the entrusted amount into health supervision-related services, forming a waterfall effect from payment to GMV to income and profit.

A：Last year, we achieved 3.6 billion GMV, serving nearly 7000 key enterprises and achieving 80% growth. The four service systems are an online and offline integrated all-round service system, which can initiate service requests from each APP of Ping An Group and triage or referral to corresponding scenes through online doctors and shopping malls, such as hospitals, homes or enterprises. After the offline service is completed, the feedback will be transmitted back to the online service to optimize the service process and improve the service quality.

A：For example, in a large subway company in a city, our services include the establishment of large screens to connect first-line high-quality medical resources to provide convenient and efficient health and medical services; moving the infirmary into the enterprise to facilitate employees to solve health problems in a timely manner; For special types of work, such as recent service personnel, we have also customized professional health services and first aid training for them.

A：Through online and offline linkage, customers first consult with professional doctors online and obtain inspection forms, and then go directly to cooperative testing institutions or hospitals under the guidance of home doctors. Through this series of services, the medical treatment time has been shortened from 2 hours to almost ready for inspection, which greatly improves the service experience and medical health management level.

A：Ping An Health is different from most enterprises in AI applications. We develop real products based on prepaid scenarios, such as AI doctors, AI chronic disease management, AI housekeeper, etc., and provide intimate services 7 × 24 hours a day. At the same time, the use of advanced open model, and the use of Ping An Group's rich financial and medical data, to achieve nearly 5.5 billion visits and hundreds of medical scenarios segmentation. This has enabled us to achieve significant results in a wide range of scenarios, cost savings, service efficiency improvements and gross margin growth.

A：I believe the market and I personally are quite satisfied with this result. The core highlights are pattern validation and high-quality growth. Despite the short-term volatility of the stock price, the reaction to the problem says something. In 2025, we successfully opened up the field of regulatory services, achieved a growth rate of more than 40%, and significantly expanded the scale of our business, which initially verified the effectiveness of the model. At the same time, the various links from entrustment to service performance show a positive effect like a waterfall, and the financial figures also reflect the gradual transformation process of the amount of entrustment growing to GMV, revenue and then to profit, and finally achieve the effect of moistening things silently, that is, to bring long-term value to the public and investors. For the future, I am quite satisfied with its gradual results.

A：Thank you for your attention. Adjusted net profit margin increased by 4.3 percentage points to 7.6 percent in 2025, mainly due to the company's first-year operating profit turning positive, from 24 years of loss-making operating profit to 25 years of profitable 0.1 billion, with an operating margin of 1.8 percent. This part of the profit represents the company's own business hematopoietic capacity, for the future continued investment in strategic projects and profit growth laid the foundation. The increase in operating profit is mainly due to three aspects: First, the revenue structure continues to be optimized. Qikang's business increased by 41% year-on-year to 1.3 billion the revenue scale, driving the proportion of high-margin platform and supplier value-added service revenue to increase by 2.4 percentage points; Second, gross profit continued to grow, with gross profit increasing by 16.3 to 1.77 billion yuan year-on-year, thanks to AI cost reduction and efficiency improvement and improved revenue structure, the contribution of service and platform revenue increased gross profit by 6.2 percentage points; third, the cost efficiency was continuously optimized, and the total rate was reduced by 4.6 percentage points to 30.6, reflecting the improvement of the company's resource allocation efficiency.

A：Yes, we will continue to increase investment in strategic projects such as AI research and development. The company's total rate has improved and declined year-on-year for three consecutive years due to the economies of scale brought about by technology empowerment. Looking to the future, since the company achieved profitability in the first half of 24 years, net profit has achieved rapid growth in the last three reporting periods, with a compound growth rate of 59%. In the short term, we will release profit margins by increasing gross margin and optimizing rates, with the goal of achieving a higher average net interest rate in the industry. In the medium and long-term plan, the company will strengthen the construction of the four service networks, innovate the experience of enterprise supervision products and services, and cooperate with high-quality suppliers to promote AI medical productization, so as to improve the utilization rate of front-line services for commercial insurance, financial customers and enterprise employees, so as to drive the rapid growth of medical and health services GMB. We expect stable net interest rates to rise to double-digit (high t) levels, and future earnings growth and sustainability will continue to increase.

A：This is because the growth of the business is influenced by the level of growth in the broader financial sector as a whole, and sometimes large businesses are more likely to be below average, which is a mathematical theorem. In addition, this also reflects the current state of the market, that is, the company is in the market to develop this business. Therefore, we are pioneering regulatory services to seek to change this situation. At the same time, according to the observation of the US and UK markets, companies are gradually realizing the value of investment in employee health management, which has brought huge development space for the commercial insurance collaborative business, which has now grown by 40%. As for the future layout, we will strive to reduce costs, expand the market, and improve the service quality of high-end customers, attract more customers by providing high-quality services, and at the same time use existing user data to accumulate advantages (such as medical examination reports, consultation records, etc.), Realize accurate decision-making and personalized service recommendation, in order to further improve the service scale and quality.

A：We are definitely using AI technology and are not limited to use. Compared with other enterprises, our competitive advantage lies in that we do not focus on the research and development of basic models or single AI agent, but pay more attention to demand orientation, and perfectly integrate AI with human doctors to provide professional medical advice and emotional value. We have a wealth of data accumulation, and years of physical examination reports and consultation records from the Ping An ecosystem help to provide accurate medical services. In addition, we also have an offline medical treatment accompanying medication network, which is currently AI irreplaceable services. In the future, we will continue to use AI technology to optimize user experience, combine offline high-quality medical resources, and strive to become a leader in online and offline integrated medical and health services.

A：First of all, with regard to the company's capital use plan, as of the 2025 annual report, the total amount of cash and cash equivalents and financial assets on the company's account is 9.6 billion yuan. The company adheres to the allocation of deposits, money funds and other low-risk products for fund management, does not participate in equity investment or derivatives speculation, to ensure the safety of principal as the primary principle. Despite a special dividend program in early 2025, which resulted in an overall capital size decline of approximately 1/4 and a 20% decline in market yields, the company maintained a sound capital management and use strategy.

A：Through the implementation of various fund management strategies, our company has successfully hedged some adverse effects, resulting in a return on investment well above 3%, I .e. 140 bp above the market one-year benchmark interest rate. This outstanding achievement is due to the growth of the company's overall business and the improvement of the quality of earnings. For example, in 2025, the company's new cash flow increased significantly, and the net net profit inflow for the whole year reached 0.45 billion yuan, which fully reflects the company's strong self-hematopoietic ability. The company will focus on increasing investment in key projects such as online to offline service network layout, innovation of enterprise health management products, development of membership-based products and one-click payment for medical and health care. In particular, millions of orders of magnitude have been invested in one-touch payment capability in 2025 and are expected to be accelerated in 2026 to cover more offline medical and health institutions and hospital scenarios and realize integrated and convenient online-to-offline payment services. In addition, nearly 0.1 billion of the service network operation investment will be increased, covering health activity planning, offline medical and health management institutions and pharmacy network construction, and hospital service improvement plan to promote enterprise regulatory product service innovation and optimize user experience.

A：Our company continues to pay attention to market dynamics and insists on looking for investment opportunities that are synergistic with the main business. If there are such investment opportunities, we will actively evaluate and keep an open attitude. By investing in mergers and acquisitions to integrate industry resources, we aim to improve the full-link service ecosystem from online to offline, thereby enhancing the competitiveness of medical and health platform services.

A：In 2025, the company has continuously invested nearly 70 million yuan in the research and development and application of medical AI technology, especially in the process of large models and product commercialization. In 2026, the company will increase its investment in artificial intelligence, drive the upgrading of AI capabilities, and achieve wide application in more medical and health scenarios, while combining with real doctors to provide accurate and hallucination-free diagnostic services. These investments are not only for the impression of the capital market, but also to serve every user and improve the transformation efficiency and service upgrading experience of scientific and technological research and development achievements.

A：The growth logic of enterprise supervision business mainly comes from the increase of commission amount, which depends on sales capacity, service network construction and national policy support. With the expansion of the breadth and depth of coverage (such as the expansion of the pharmacy network and the development of targeted services), corporate customers can enjoy more comprehensive and in-depth health management services, thereby driving consumption growth and revenue growth. As for the increase in stickiness brought about by the increase in sales expenses, on the one hand, it stems from the willingness of corporate executives who have locked long-term cooperative relationships to invest in the improvement of employee health. Communication with key decision makers of the enterprise, showing the company's service advantages and contacts, reducing sales costs and increasing renewal rates.

A：The overall gross margin of the corporate regulatory business segment in 2025 is close to the company's average. In the future, more excellent supplier resources will be introduced in core services such as drug purchase, offline health check-ups and hospital visits to increase the proportion of high gross profit service revenue and platform revenue, and further promote gross profit growth. Although it is currently in a high-speed growth period, the corporate supervision business is still increasing investment in sales channel laying, product service construction and membership product design, but the overall cost rate is still expected to decline steadily. It is expected that the business segment will maintain high-speed performance growth in the next few years, and the overall financial income will reach about 50%. At the same time, the income of platform and supplier value-added services will also grow rapidly, which will promote the continuous improvement of the overall profitability of corporate regulatory services.