Ladies and gentlemen, thank you for standing by for CNinsure's Third Quarter 2015 Earnings Conference Call. [Operator Instructions] For your information, this conference call is now being broadcast live over the internet. Webcast replay will be available within three hours after the conference is finished. Please visit CNinsure's IR website at ir.cninsure.net, under the Events & Webcasts section. Today's conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the meeting over to your host for today's conference, Ms. Oasis Qiu, CNinsure's Investor Relation Officer.

Good morning. Welcome to our third quarter 2015 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 note that the discussion today will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The accuracy of these statements 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 are not limited to those outlined in our filings with the Securities and Exchange Commission, including our registration statement on Form 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, Mr. Yinan Hu; Chief Executive Officer, Mr. Chunlin Wang; and Chief Financial Officer, Mr. Peng Ge. They will walk you through our financial and operating performance in third quarter 2015 and take your questions after their prepared remarks. Now I will turn the call over to Mr. Wang.

[Interpreted] Good morning and thanks for joining us in our third quarter earnings conference call. I'm happy to have our Chairman Yinan Hu and our CFO Mr. Peng Ge here with me. Now I will give you an update of our financial and operational results in the third quarter of 2015. Mr. Hu, Mr. Ge, and I will take your questions at the end of the report. Despite the slower economic growth in China, CNinsure had a solid quarter with core operating metrics exceeding our expectations. Our top line grew 32.2% year over year in the third quarter, keeping us on track to achieve the full year target of 30% growth, while gross margin increased from 22.9% in the same period last year to 24.1% and operating margin increased from 0.2% last year quarter to 3.1%. Driven by the solid top-line growth and market expansion, our operating income was up 25 times and net income attributable to shareholders up 20.4%, reflecting the positive effects of our internal restructuring and strategic transformation. Firstly, robust growth in the life insurance segment. Life insurance agency business recorded a 91.6% year-over-year growth in net revenues during the quarter, largely owing to a strong growth of over 130% in new term life insurance policy sales. Gross margin increased by 4.1% [inaudible] to 34.3% from 30.2% in the same quarter last year. The fast growth in life insurance business was due to the rising demand for traditional life insurance products and low interest rate environment, along with the successful implementation of our cross-selling strategy as more of our agencies, which previously [inaudible] products also started to sell life insurance products. Secondly, recovery of the claims adjusting business. Our claims adjusting business rebounded from the downturn in the past three quarters to a 17.2% year-over-year growth. The…

Now our CEO Mr. Wang, our CFO Mr. Ge, and our Chairman Mr. Hu will open the floor for your questions.

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. [Operator Instructions] You have a question from the line of Andy Nahas. Please go ahead.

Thank you. I've got a couple of questions. The first one, going forward, if your revenues grow at 30%, will the operating income grow at higher than that or lower than that? What's your sense for that?

[Chinese language spoken]

[Interpreted] We expect the operating income growth will be in line with the revenue growth in the third quarter -- in the fourth [ph] quarter.

Okay. Thank you. And I also want to congratulate you. Your stock has I think doubled this year. If you look at the two best Chinese stocks listed in the U.S., I believe it's CNinsure and Ctrip. And your -- Ctrip's business is sort of an intermediary in the travel space, where people can compare and choose which airline they want to -- hotel they want to choose from. Is there sort of an analogy with your business being an intermediary in insurance and maybe people having the opportunity to choose from various insurance companies? I mean, do you think the analogy with yourselves as maybe a vertical -- the vertical for insurance is similar to Ctrip as the vertical for travel?

[Chinese language spoken]

[Interpreted] We do have some -- share some similarity with Ctrip in retail business. However, we also think that insurance is quite different, in terms that the product distributed or sold compared on Ctrip is more standardized products, while CNinsure, the product or the demand -- the customer demand that we are facing are more personalized and would need to be taken care of by professional advisors. And we also see that this year, our revenue grows strongly, primarily driven by a strong performance in our life insurance segment and also the brokerage -- insurance brokerage segment, which respectively grew 130% in new term life insurance policy sales and 30% in insurance brokerage sales. And all these two kind of business models are related to providing personalized and professional services to customers. So we think these two lines of business constitute our competitiveness and [inaudible] and also kind of [inaudible].

And Mr. Wang, our CEO, would like to add some comments.

[Interpreted] And we think that Ctrip's business model is a kind of B2C model -- B2B2C model. For its B2C business, it directly deals with direct customers, while B2B2C models, they deal with channels, various channels. While CNinsure, our positioning or we regard ourselves, our business model, as an O2O model, which means we provide a platform that supports online transactions with the support of offline sales network and offline network that consisted of a large number of sales force. And we believe that -- and also through our experience in the past decade, we believe the O2O model is the most feasible business model for the development of insurance intermediary.

Thank you, Andy.

Thank you.

Thank you for the questions. There are no more questions from the phone line. I would like to hand the call back to the management for closing remarks.

Thanks for joining us on today's conference call. If you have any further questions, please feel free to contact me. Thank you.