A：NOAA Holdings Limited's highlights for the fourth quarter and full year 2025 include a transformation of the company into a comprehensive platform centered on asset allocation, global structuring, and AI systems. This strategic direction is focused on serving global Chinese high net worth clients through licensed local entities. The transformation began to yield tangible operating results, and profitability improved with a 22.5% year-over-year revenue growth and an operating margin of 20.8%, an 11.2% increase from the previous year.

A：NOAA's strategic direction involves serving global Chinese high net worth clients, operating through licensed local entities to ensure compliance with jurisdiction-specific regulations. The company is focusing on building a comprehensive platform that is centered on asset allocation, global structuring, and AI systems. This strategic direction is about transitioning from a business expansion model to a fundamental reconstruction of the operating model across multiple jurisdictions including Hong Kong, the United States, Singapore, Japan, and Canada.

A：Profitability growth in 2025 was driven by optimized cost structures, enhanced operating efficiency, and an ongoing shift in revenue mix toward investment-related businesses. The revenue growth of 22.5% year over year and an operating profit of 777 million dollars reflect a fundamental reconstruction of the operating model rather than a quantitative growth alone.

A：Revenue contributions in 2025 included a decrease in net revenues from Arc, the overseas wealth management segment, to 550 million dollars, primarily due to a decline in insurance product distribution revenue. However, overseas AUM grew to 9.5 billion dollars, with transaction values in private secondary products increasing threefold to 960 million dollars. Additionally, the integrated services business, Gopher, and the domestic asset management business experienced net revenue declines, while the AUM reached 6.1 billion dollars, demonstrating the shift towards a focus on investment and asset allocation.

A：The operating model transformation is significant as it represents a shift from being cycle-vulnerable to structurally stable, focusing on investment and asset allocation capabilities. The company is now operating through three core platforms: one for client onboarding and execution, another for compliance within local regulatory frameworks, and a third for account management and AI wealth advisory services, providing a consistent and seamless experience across multiple jurisdictions.

A：The company's structure supports its strategic platforms with a cross-jurisdiction compliance architecture anchored by major booking centers. Shanghai serves as the domestic client onboarding hub, Hong Kong functions as the bridge for cross-border securities and insurance, Singapore is the center for overseas asset allocation and AI wealth management experimentation, and the United States is a key hub for VC and capital markets activities, particularly in technology sector investments. These booking centers operate independently within their respective regulatory frameworks, focusing primarily on research and information support with no direct cross-jurisdiction business activities, underpinning the company's compliance and operational foundation.

A：The expected trend is for the proportion of investment-related income to rise gradually as the company transitions away from heavy reliance on relationship managers towards a human-machine collaborative operation-driven model.

A：The company highlighted strong operating profit growth, structural margin expansion, and a shift in revenue mix towards investment-led business model. They reported a significant increase in non-GAAP net income, year-over-year growth in operating profit and margin, and an approved dividend proposal, including a special dividend, to bring the total payout to 100% of a full year non-GAAP net income for the third consecutive year.

A：Structural cost optimization and enhanced operating efficiency are important as they contributed to the year-over-year growth in non-GAAP net income without relying on short-term factors, showcasing the company's transition towards a more resilient and investment-driven model.

A：The company's AI strategy translated into tangible productivity gains by supporting a substantial portion of client engagement, automated recording, and routine workflow tasks, leading to an increase in output per capita and the scaling of global operations while maintaining disciplined cost control and consistent service quality.

A：The special dividend approval was based on the company's operational strength, as evidenced by the 100% payout and the introduction of the special dividend, reflecting confidence in the sustainability of earnings and the company's commitment to creating long-term shareholder value.

A：The company has taken a cautious approach by advising clients based on their risk appetite and asset allocation, steering away from single product sales towards a more consultative role in the wealth management business.

A：The company has taken early positions in advising clients based on risk appetite, looking at historical situations like the one in China, and has advised clients to adjust their investments depending on whether they have a more midterm or risk-averse appetite.

A：The company leverages its substantial experience in handling different economic cycles and deep knowledge of Chinese high net worth individuals and families to tailor investment strategies that align with their specific investment portfolio needs and risk tolerance.

A：The company is shifting focus from being a product-driven seller to a wealth management platform that provides a total solution. This transition is supported by AI, which enhances efficiency and enables the company to offer a wider range of services such as identity planning and trust services, while also reaching out to additional clients due to increased efficiency.

A：The company has integrated AI into its operations to improve efficiency, resulting in reduced human resources while increasing AUM. The integration has allowed the company to cover more clients effectively. Despite the enhanced efficiency, the company remains cautious about client privacy, ensuring that investment planning suggestions are handled prudently to avoid privacy concerns.

A：The purpose of the RM script program is to have Relationship Managers (RM) hand pick around 100 clients for intensive management and allocate the remaining clients to the AI wealth management department. This is done to enhance service quality and to potentially increase income for the RM, which in turn drives the company's profit in the future.

A：The significance of buyback and dividend shareholder return is that the company has confidence in its ability to drive future growth, knows how to allocate resources effectively within the financial industry, and therefore believes it has a high confidence in continuing to reward its shareholders.

A：Under the repurchase program, the company has repurchased about 4.3% of the total shares outstanding, indicating a disciplined execution of the dividend policy. The company has also managed to increase the dividend payout, with the accumulated dividend crossing the 2 billion threshold, showing a significant and impressive level of shareholder rewards.

A：Future revenue and investment performance may be affected by factors such as the exit from a US dollar-denominated fund in Silicon Valley and the performance of domestic RMB private hedge funds, which contributed to a balanced return in the fourth quarter. Additionally, market volatility in the first quarter could have implications on the company's equity in affiliates.

A：The primary drivers behind the significant increase in operating margin include cost optimization in human resources, specifically salary and bonuses, and back office streamlining. These efforts, along with the utilization of AI and the streamlining of processes, have led to a 10% decrease in staffing costs and a healthy operational margin of 30%, which the company aims to continue striving for in future strategies.