Unknown Executive

Good morning, everyone. This is Tracy Lee from Waterdrop Investor Relations. It's my pleasure to welcome everyone to Waterdrop's First Quarter 2026 Earnings Conference Call.

[Operator Instructions]

As a reminder, today's conference call is being recorded. Please note that discussion today will contain forward-looking statements made under the safe harbor provision of the U.S. Private Securities and Litigation Reform Act of 1995.

Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks 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 reconciliation between non-GAAP and GAAP. Joining us today on the call are Mr. Peng Shen, our Founder, Chairman and CEO; Mr. Yang Li, Director and GM of Insurance Business; Ms. Xia, Head of Finance Department; and Ms. Li Wu, Board Secretary. We will take questions in the man line at the end of the conference call.

Now let's invite our CEO, Peng Shen to start.

Peng Shen
Co-Founder, Chairman of the Board & CEO

Dear investors and analysts, thank you for joining Waterdrop's First Quarter 2026 Earnings Conference Call. In the first quarter, we continued our last year's growth momentum with total revenue of RMB 1.24 billion, up 64.8% year-over-year and net profit attributable to ordinary shareholders of more than RMB 98 million.

Since the first quarter of 2022, we have maintained GAAP profitability for 17