Q4 2023 Jiayin Group Inc Earnings Call

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Operator: Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Jiayin Group's fourth quarter 2023 earnings conference call. Currently, all participants are in listen-only mode.

None: Good day, ladies and gentlemen, thank you for standing by and welcome to the jogging scraped fourth quarter 'twenty to 'twenty four earnings conference call.

None: Currently all participants are in listen only mode.

Operator: Later, we will conduct a question-and-answer session, and instructions will follow at that time. As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time.

None: So you tell we will conduct a question and answer session and instructions will follow at that time.

None: As a reminder, we are recording today's call. If you have any objections you may disconnect at this time.

Shawn Zhiyuan Zhang: I would like to turn the call over to Mr. Shawn Zhang from Investor Relations of Jiayin Group. Please proceed. Shawn Zhang, Unknown Executive, Jiayin Group. I would like to turn the call over to Mr. Shawn Zhang from Investor Relations at Jiayin Group. Thank you, operator. Hello, everyone.

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Shawn Zhiyuan Zhang: <unk> group. Please proceed.

Shawn Zhiyuan Zhang: Yeah.

Thank you operator, Hello, everyone. Thank you all for joining us on today's conference call to discuss giant groups financial results for the fourth quarter and full year of 2020 free we released our earnings results earlier today. The press release is available on the company's website.

Shawn Zhiyuan Zhang: Thank you all for joining us on today's conference call to discuss Jiayin Group's financial results for the fourth quarter and the full year of 2023. We released our earnings results earlier today. The press release is available on the company's website, as well as from Newsware Services.

Shawn Zhiyuan Zhang: As well as growing newswire services on.

Shawn Zhiyuan Zhang: On the call with me today are Mr. Yan Dinggui, Chief Executive Officer; Mr. Fan Chunlin, Chief Financial Officer; and Ms. Xu Yifang, Chief Risk Officer. Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Security Litigation Reform Act of 1995.

Yung, Kim: On the call with me today are Mr. Yung, Kim Chief Executive Officer, Mr. <unk>, Li Chief Financial Officer, and it means that <unk> chief risk officer.

Before we continue please note that today's discussion will contain forward looking statements made under the safe Harbor provisions of the U S. Private Securities Litigation Reform Act of 1995.

Shawn Zhiyuan Zhang: Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today. Further information regarding these and other risks and uncertainties is included in the company's public filings with the SEC. The company does not assume any obligation to update any forward-looking statement except as required under applicable law.

Yung, Kim: Forward looking statements involve inherent risks and certainties as such the company's actual results may be materially different from the expectations expressed today.

Yung, Kim: Information regarding these and other risks and uncertainties is included in the comp.

Yung, Kim: The company's public filings with the SEC. The company does not assume any obligation to update any forward looking statement, except as required under applicable law.

Shawn Zhiyuan Zhang: Also, please note that unless otherwise stated, all figures mentioned during the conference call are in Chinese. With that, let me now turn the call over to our CEO, Mr. Dinggui Yan. Mr. Yan will deliver his remarks in Chinese, and I will follow up with corresponding English translations. Please go ahead, Mr. Yan. Hello, everyone. Thank you for attending Jiayin Technology's 4th quarter and annual performance phone conference in 2023.

Yung, Kim: Also please note that unless otherwise stated all speakers mentioned during the Congress calls are in Chinese renminbi.

Yung, Kim: Let me now turn the call over to our CEO. Mr. <unk>, Mr. Yan will deliver his remarks in Chinese and I will follow up with corresponding English translations. Please go ahead Mr. Again.

Yan: Hi, Jeff.

Yan: John.

Dan: Hi, Dan.

Dan: Hopefully.

Dinggui Yan: Thank you for joining our fourth quarter and full year 2023 earnings conference call. 2023 is a very important turning point for Jiayin. The change in the PR environment, on the one hand, has amplified the challenges faced by the company, and on the other hand, it has also provided a rare development opportunity.

Yan: Hello, everyone. Thank you for joining our fourth quarter and full year 'twenty two 'twenty three earnings conference call.

Yan: Finally in China.

Yan: Oh Wow.

Yan: If I'm here.

Unknown Executive: [inaudible] In the fourth quarter of 2023, Jiayin firmly implemented various strategies and achieved a brilliant financial and business level. The implementation of these strategies will also strengthen the core competitiveness of Jiayin Group in future development. The year of 2023 was a pivotal year for our company, with the changing macroeconomic landscape amplifying our challenges but also opening up unique opportunities for groups. We are thrilled to share that throughout the fourth quarter and the entire year, we firmly executed our strategic initiatives, achieving remarkable results on both financial and operational fronts. The execution of these strategies will form the core competitive edge for our company's future growth. [inaudible] The key words of China's macroeconomic system are stability and adjustment. Yifang Xu, Shawn Zhang, Unknown Executive, Jiayin Group, Unknown Executive, Jiayin Group , Song Yuan. On the other hand, the development of strategic new industries and the importance of stimulating domestic demand need to be further expanded to adjust the economic development structure, transform, and upgrade the economic development momentum. Unknown Executive, Jiayin Group. Especially since the 4th quarter, Xinzhe Ecology has gradually become a Japanese product.

Yan: Yes.

None: Hi, Jeff Thank you Thomas.

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Jeff: Please go ahead.

Jeff: Sure.

Jeff: Yeah.

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Dan: Hi, Dan.

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The year of 23.

Dan: A payroll the year for our company with the changing macroeconomic landscape amplifying our challenges, but also opening up unique opportunities for group, we are thrilled to share that throughout the fourth quarter and the entire year we firmly.

Executed our strategic initiatives, achieving remarkable results on both financial and operational progress the execution of these strategies will for the core competitive edge for our company's future.

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Unknown Executive: Reflecting on 2023, the key words for China's macroeconomic scene were steady growth and structural adjustment. On the one hand, the recovery of the economy at the macro level faced extended timelines and increased difficulties due to the ongoing multi-year impact of COVID and escalating geopolitical conflicts worldwide. Maintaining steady growth while strictly controlling potential risks became a critical consideration for policymakers.

None: Reflecting on 2023 keywords for China's macro economic, saying, we're steady growth and structural adjustment.

None: The one hand, the recovery of the economy at the macro level face extended time lines and increase.

None: Difficulties due to the ongoing multiyear impact of Kobe.

None: Good leading joku geopolitical conflicts worldwide, maintaining steady group well strictly controlling potential risks became a critical consideration for policymakers on the other hand.

Unknown Executive: On the other hand, the importance of developing industries that are both strategic and emerging as well as stimulating domestic demand became even more pronounced. Adjusting the Structure of Economic Development and Focusing on Transforming and Upgrading the Engines of Growth emerged as the main discussions. Particularly from the fourth quarter onwards, new quality productive forces started to gain traction as a popular concept in 2023. We will continue to pay attention to the important changes in the financial and technology industries during the cross-border period. We will continue to focus on the technology innovation and risk management core capabilities of the company. We will actively expand our market share. , In the fourth quarter, the company's initial transaction volume reached 2.01 billion yuan.

None: Cortes developing industries that are both strategic and emerging as well as stimulating domestic demand became even more pronounced.

None: Adjusting our structure, all the economic development and focusing on transforming and upgrading the aging.

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Unknown Executive: Unknown Executive, Jiayin Group. At the same time, the total annual transaction volume reached 88.1 billion yuan, and it has grown 58.7% compared to 2022. [Inaudible] The company reached a record high in the fourth quarter, with a revenue of 1.6 billion yuan, increased 51.8% year-on-year and earned 5.4 billion yuan in revenue. 67.5% Unknown Executive, Jiayin Group In 2023, we kept a close watch on significant changes within the macroeconomic landscape, particularly in the financial and technology sectors. We remain focused on our core competencies of technological innovation and risk management. We did this while striving to enhance our recommended market share and improve our precision in operation, thereby successfully meeting our business objectives. In the fourth quarter, the company's loan facilitation volume was 20.1 billion RMB, an increase of 6.3% year-over-year.

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Unknown Executive: Sure Jim.

Unknown Executive: In 'twenty 'twenty free we kept a close watch on significant changes within the macroeconomic landscape, particularly in the financial and technology sectors.

Unknown Executive: We remain focused on our core competencies are.

Unknown Executive: Technological innovation and our risk management with deep bears, while striving to enhance our accommodation market share and improve our.

Unknown Executive: Precision in operations.

Unknown Executive: Bye.

Unknown Executive: Meeting our business objectives.

Unknown Executive: In the fourth quarter the combination of loan facilitation volume was $20 1 billion RMB, an increase of six 3% year over year. Meanwhile, the Companys total loan facilitation volume for the full year reached $88 1 billion RMB.

Unknown Executive: Meanwhile, the company's total loan facilitation volume for the full year reached 88.1 billion RMB, an increase of 58.7% compared to 2022, surpassing the previously set target guidelines and achieving a new historical high in volume. In the fourth quarter, the company achieved net revenue of $1.6 billion RMB, an increase of 51.8% year-over-year. Annual net revenue reached $5.47 billion RMB, an increase of 67.1%

Unknown Executive: An increase of 58, 7% compared to Tommy <unk>, surpassing the previously set a target got wise and achieving a new historical high in volume.

Unknown Executive: In the fourth quarter. The company achieved net revenue of $1 6 billion RMB and increase.

Unknown Executive: 51, 8% year over year annual net revenue reached $5 47 billion RMB, an increase of 67, 1% year over year continuing.

Unknown Executive: Continuing its healthy growth momentum. Unknown Executive, Jiayin Group. In the spring of 2023, consumer demand in the Chinese market maintained a high level of growth. The State Council Office on Progressive Release of Consumption Opportunities Promoting the Continued Recovery of Consumption, the National Development and Reform Commission on Recovery and Expansion of Consumption, Financial Supervisory Bureau's notice on financial support for recovery and expansion of consumption, and the State Council's implementation of policies and measures to promote the development of high-quality financial stock exchanges have effectively promoted the growth of the consumer market. At the same time, new requirements have also been put forward for the standardization of financial institutions in the country.

Unknown Executive: Healthy growth momentum.

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Jonathan Yap: I'm well.

Jonathan Yap: Let me ask Julian Segal.

Unknown Executive: At the end of 2023, data from the People's Bank of China showed that the balance of all RMB loans of financial institutions was 237.59 trillion yuan, which increased by 10.6% year-on-year, and the annual renminbi loan increased by 22.75 trillion yuan, which is 1.31 trillion yuan more than the previous year. With the continued increase in market demand, we will continue to exert efforts to optimize the structure of loans and pursue sustainable growth in business scale. The recovery of the macroeconomy is closely linked to the support of credit services.

Julian Segal: At that point of view.

Julian Segal: Thanks.

Julian Segal: Hi, Tony.

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Tony: Yes, she chose seafood season basic shop woman, you'll watch it warrants Yokel house.

Tony: Sure.

Tony: Sure.

Tony: The recovery of the macro economy is closely linked to the support of credit services and in 2023, the demand for consumer credit services in the Chinese market remained robust.

Unknown Executive: And in 2023, the demand for consumer credit services in the Chinese market remains robust; policies and measures such as the opinions of the General Office of the State Council on Further Unleashing the Potential of Consumer Spending and Promoting the Sustained Recovery of Consumption, the National Development and Reform Commission's efforts for Restoring and Expanding Consumption, and the National Financial Regulatory Administration's notice on the Financial Support for Recovery and Expansion of Consump Additionally, new requirements were introduced at the national level to regulate financial institutions and enhance service quality at the end of 2023, according to data from the People's Bank of China. The balance of various types of RMB loans from financial institutions amounted to $337.59 trillion RMB, an increase of 10.6% year-over-year. Through the year, RMB loans increased by $22.75 trillion RMB, an additional $1.31 trillion RMB compared with the previous year.

Tony: Policies and measures such as the opinions of their general office state.

Tony: State Council, where there are leasing the potential all consumer spending and promoting.

Tony: Sustained recovery.

Tony: <unk>, the National development and reform Commission effort for restoring and expanding consumption and national financial regulatory administrations notice on the financial support for recovery and expansion of consumption as steakhouse those initiatives too.

Tony: But their facility the high quality development of inclusive finance each contributed to the growth of the consumer credit service market. Additionally, new requirements were introduced at the national level to regulate our financial institutions and enhanced service quality.

Tony: At the end of 2023, according to data from the People's Bank of China.

Tony: The balance.

Tony: Balance of various types of RMB loneliness from financial institutions amounted to 203.

Tony: $37 59 trillion RMB, an increase of 10, 6% year over year through a big year.

Tony: RMB loans increased by $22 75 trillion RMB and additional 131 trailing RMB compared with the previous year against the backdrop of the continuously increasing market demand. We are continuing to focus the focus on <unk>.

Unknown Executive: Against the backdrop of continuously increasing market demand, we are continuing to focus on optimizing customer structure and pursuing sustainable growth in business scale. In 2023, the company will be at the technological boom, especially in the development and application of artificial intelligence technology. [inaudible] In the third quarter, our company's name was officially changed to Jiayin Technology. This is not only the company's strategy to expand technology to the highest priority level, but it has adapted the company's artificial intelligence as a representative of advanced technology applications in various business scenarios. As of now, AI technology cannot include anti-murder monitoring, marketing, and hacking.

Tony: Optimizing customer structure pursuing sustainable growth in business scale.

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Unknown Executive: Unknown Executive, Jiayin Group, to improve customer efficiency and customer satisfaction, and WeChat. We use the combination of large models and AIGC technology to automatically generate high-quality images, materials, and video content to enhance innovation and attract consumers. Currently, Jiayin Group is also working on the application of the Open Source Thumbprint to develop and support data analysis. Unknown Executive, Jiayin Group. 2023 was the year of transformation for our company in terms of technological empowerment, especially in the development and application of artificial intelligence technology. In the third quarter, our company officially changed its name to Jiayin Technology, marking a strategic shift where technology took top priority. This move aligns with the trend of applying AI in various business scenarios. AI technology has empowered us in areas like anti-fraud monitoring, marketing borrower acquisition models, and intelligent quality inspection for customer service.

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None: Talking 'twenty three it was a year of transformation for our company in terms of technological empowerment, especially in the development and application of artificial intelligence technology in the third quarter, Our company officially changed its name to jogging technology, marking.

None: Strategic ship, where technology to top priority. This move of lies with the training of applying AI in various business scenarios AI technology has empowered us in areas like anti fraud monitoring marketing borrower acquisition.

None: More dose and intelligent quality inspection.

Unknown Executive: These advancements have boosted our risk control capabilities, improved borrower acquisition efficiency, and enhanced customer satisfaction and compliance. In the fourth quarter of 2023, we combined large-language models and AIGC technology to enhance our innovation and influence through automated, high-quality image and video content creation. Internally, we're developing intelligent office tools leveraging open-source large-language models for better operational efficiency in the middle and back office.

None: Inspection for customer service. These advancements have boosted our risk control capabilities improved borrower acquisition efficiency and enhanced customer satisfaction and compliance.

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None: We enhanced our innovation and our ink was through automated high quality.

None: Image and video content creation internally, we're developing intelligent office tools leveraging open source large language models for better operational efficiency in our middle and back office.

Unknown Executive: As of the end of 2023, we have established a cooperative relationship with 71 financial institutions and 36 other financial institutions. [inaudible] Among key partners, we completed the Internet of Things in the fourth quarter. Unknown Executive, Jiayin Group, [inaudible] As the cooperation continues to develop, the company's business scale has also reached a new level. Unknown Executive, Jiayin Group: By the end of 2023, we will have partnership with 71 financial institutions, and we're in talks with an additional 36. Our collaboration with this institution covers operation, technology, risk management, and customer rights protection, enhancing our market competitiveness. In the fourth quarter, we welcomed one internet bank, two tier one city commercial banks, and several private banks as partners, diversifying our funding.

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Steve Quinlan: By the end of 'twenty two 'twenty three we had a partnership with 71 financial institutions and we're in talks with an additional 36, our collaboration with this institution Congress operation technology risk management and customer rights protection.

Unknown Executive: This led to significant growth in our loan facilitation business throughout the year. We believe our expanding ecosystem of partners will be crucial for our long-term goals. The fourth quarter of the company's 2023 balance of risk fluctuation and the development of new customers continues to be vigorous. Currently, we continue to optimize the structure of the borrower to deal with the risk of fluctuation and ensure the quality of assets. You will see.

Steve Quinlan: Enhancing our market competitiveness.

In the fourth quarter, we welcomed one internet bank two tier tier one city.

Commercial banks and several private banks as partners diversifying our phone base.

Steve Quinlan: This led to a.

Steve Quinlan: Significant growth in our loan facilitation business throughout the year, we believe our expanding ecosystem of partners will be crucial for our long term growth.

Unknown Executive: [inaudible] In the future, Jiayin Group will continue to move forward with a cautious and flexible approach. In terms of new customers, the company is moving more steadily. Unknown Speaker 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 40, 41, 42, 43, 44, 44, 45, 46, 47, 48, 49, 50, 51, 52, 52, 53, 54, 55, 56, 57, 58, 59, 60, 60, 61, 62, 63, 62, 63, 63, 64, 64, 65, 67, 67, 68, 67, 68, 69, 69, 70, 70, 71, 71, 72, 71, 72, 72, 72, 73, 74, 75, 74, 75, 75, 76, 77, 78, 78, 79, 79, 79, 80, 80, 81, 81, 81, 81, 81, 81, [inaudible] ??????????,?????????? In terms of customer operation, the life cycle of the core assets is deeply monitored through detailed management. The re-borrowing ratio has reached 72.9%, and the amount of borrowed money has been reduced.

Steve Quinlan: Also our neuroscience diesel genotype.

Steve Quinlan: Portal or potash and coal for me, yes. Thank you Bonnie.

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None: In the fourth quarter of 2023, the company continues efforts in managing risk flagship fluctuations and expanding a borrower base, we understand the importance of optimizing customer score structure and ensure asset quality amidst market change.

None: Changes the delinquency rate $4 61 to 90 days remained at 0.6 to eight 8% manageable overall going forward, Johnny will maintain prudent and a flexible and risk control strategies for new borrower.

None: Acquisition.

None: Pursuit as stable strategy, focusing on our existing multi channel borrower acquisition metrics and achieved success in cost control.

None: This led to an 11, 9% reduction in Q4, 2020 free sales sales and marketing expense compared to the same period of last year.

None: Even borrow operations through a full refund management, we're deeply exploring the lifetime value of core asset our repeat borrowing rate reached 72, 9% with.

Unknown Executive: In the fourth quarter of 2023, the company continued efforts in managing risk fluctuations and expanding its forward base. We understand the importance of optimizing customer structure and ensuring asset quality amid market changes. The delinquency rate for 61 to 90 days remained at 0.68%, manageable overall.

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Unknown Executive: Going forward, Jiayin will maintain prudent and flexible risk control strategies. For new borrower acquisition, we pursued a stable strategy focusing on existing multi-channel borrower acquisition metrics and achieved success in cost control. This led to an 11.9% reduction in Q4 2023 sales and marketing expense compared to the same period of last year. In Borrow Operations through Refined Management, we deeply explored the lifetime value of core assets. Our repeat borrowing rate reached 72.9%, with an average borrowing amount per borrowing of 9,944 RMB.

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None: The company's expansion into overseas market is progressing steadily in Nigeria, we are mindful of the ongoing fluctuations in local exchange rates and a market risks, which may pose challenges to further.

Unknown Executive: Unknown Executive, Jiayin Group. We noticed that the current exchange rate fluctuation in the local market and market risk level fluctuation are still high. [inaudible] We will continue to pay attention to local businesses. Unknown Speaker 00301 00302 00303 00304 00305 00306 00307 00308 00309 003010 003011 003012 003013 003014 003015 003016 003017 003018 003019 003020 003021 003022 003023 003024 003025 We are actively looking for them.

None: We will we will continue to monitor the local business environment closely and make informed decisions accordingly.

None: Meanwhile, in the promos in Pan African markets like India, we are actively exploring expansion opportunities.

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None: Keeping a close eye on the Latin American markets, including Mexico for potential business development opportunities.

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Unknown Executive: [inaudible] in 2023.,,, The company's expansion into the overseas market is progressing steadily. In Nigeria, we are mindful of the ongoing fluctuations in local exchange rates and market risk, which may pose challenges for further. We will continue to monitor the local business environment closely and make informed decisions accordingly. Meanwhile, in a promising pan-African market like Tanzania, we are actively exploring expansion opportunities. Indonesia is also a key market of interest.

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None: Throughout the fourth quarter and full year 2023 consumer rights protection remain a central focus for Giants development. We actively responded to the customer rights protection initiative defending consumer rights with determination.

None: Leveraging our digital technology advantages, we employ had been too lean operational strategies inter internally and have established a robust consumer rights protection system.

Unknown Executive: By the end of 2023, Indonesian regulatory authorities will have introduced new policies requiring lower rates and a tighter market oversight. We are closely monitoring these developments and plan to support our partner to optimize their asset structures and target high-quality board segments. Additionally, we are keeping a close eye on the Latin American market, including Mexico, for potential business development opportunities in this century and the whole year of 2023. Consumer rights protection work has become a key part of Jiayin's development. We actively respond to the work of Daxiaobao. We have fully utilized our company's digital technology advantages to implement business operations in the field, to build a healthy consumer rights protection system, to continue to provide non-technical assistance to the outside world, and to build a sustainable anti-fraud and anti-fire system to jointly create a harmonious and stable society.

None: Externally, we continue to empower our business and with our technology building, a strong anti fraud firewall to foster a.

None: Harmonious and a stable consumer environment.

None: In the 22020 free consumer rights protection Whitepaper.

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None: This included educating 26 26 million individuals.

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None: Fast financial Consumer Rights Protection Award at the financial compliance Annual award ceremony.

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Unknown Executive: In the 2023 Xiaobao white paper published in January this year, we detailed the work achievements we have achieved. Yifang Xu, Shawn Zhang, Unknown Executive, Jiayin Group, 9900 in China. , Throughout the fourth quarter and the full year 2023, consumer rights protection remained a central focus for Jiayin's development. We actively responded to the customer rights protection initiative, defending consumer rights with determination.

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None: Reflecting on 2023, we are pleased to report data, we achieved high quality growth demonstrating the effectiveness of our strategies currently ethylene industry regulations interest to a normalized stage. It is so back it is expected that the future.

None: The industry environment will be more conductive to <unk> sustained development. We also made significant strides in technology enabled business operations and expanding our overseas footprint.

Unknown Executive: Leveraging our digital technology advantages, we implemented lean operational strategies internally and established a robust consumer rights protection system. Externally, we continue to empower our business with technology, building a strong anti-fraud firewall to foster a harmonious and stable consumer environment. In the 2023 Consumer Rights Protection White Paper released in January, we detailed our achievements and deep industry insights. This included educating 26 million individuals on consumer protection and assisting 9,900 borrowers in need.

None: We are convinced that maintaining our focus on technological innovation as a course, a cornerstone of our long term competitive strategy.

None: Along with our commitment to expanding our business skill optimizing our asset structure and the original slate managing risk will ensure our continued and stable growth in both Chinese and international markets.

None: We are confident in our company's performance in 2024, setting a goal for total loan facilitation.

Unknown Executive: The company's outstanding performance was recognized with the Best Financial Consumer Rights Protection Award at the Financial Compliance Annual Award Ceremony. Looking back at 2023, we have realized Gao Ziliang's dream and have shown the effectiveness of our strategy to a certain extent. At present, with the supervision of the industry, we have entered the stage of normalization. It is expected that the future industry environment will be more conducive to Jiayin Group. Unknown Executive, Jiayin Group, Yan Yu, Unknown Executive, Wu Qian, Yifang Xu, Shawn Zhang, Unknown Executive, Dinggui Yan, Yifang Xu, Shawn Zhang, Unknown Executive, Jiayin Group, Yifang Xu, [inaudible] Jiayin Group's performance in 2024... We will provide the total loan amount for the The total amount is between 9.3 billion and 9.8 billion yuan.

None: To be ranch from 93 billion to 98 billion RMB for the year with 22 billion and RMB targeted for the first quarter.

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Unknown Executive: Reflecting on 2023, we are pleased to report that we achieved high-quality growth, demonstrating the effectiveness of our strategy. Currently, as industry regulation enters a normalized stage, it is expected that the future industry environment will be more conductive to giant sustained development. We also made significant strides in technology-enabled business operations and in expanding our overseas footprint. We are convinced that maintaining a focus on technological innovation as a cornerstone of our long-term competitive strategy, along with our commitment to expanding our business scope, automating our asset structure, and rigorously managing risk, will ensure our continued and stable growth in both Chinese and international markets. We are confident in our company's performance in 2024, setting a goal for total loan facilitation to be ranged from 93 billion to 98 billion RMB for the year, with 22 billion RMB targeted for the first quarter. Last but not least, I would like to talk about the shareholder returns of the company. In the past nine months, we have developed two products for shareholders. [inaudible] IDS0.8. The total amount of the film was 42.7 million yuan.

None: <unk>.

None: Tons shipped and that change in the future.

None: Finally, I would like to talk about the company's efforts in boosting shareholders' returns over the past nine months, we have distributed two cash dividends to shareholders totaling <unk> eight USD per avs.

None: The total dividend amount reached $42 7 million USD accounting for 25% of the company's net income after tax for the fiscal year of 2022 going forward, we will continue to execute.

None: The company's dividend policy, which is this triple a.

None: Which is to distribute dividends twice a year in cash with an annual total dividend.

None: Less than 15% of the previous year's net income after tax.

None: Subject to dividend conditions being met.

None: Regarding our share repurchase program.

None: Program as of now the company had repurchased.

None: ABS for approximately $10 6 million.

None: D and risked our.

Current effective share repurchased program limit to 13 million USD, we'll look forward to reaffirming our commitment to creating value for our shareholders and our confidence in company's long term growth.

Unknown Executive: In 2022, the company will make a net profit of 25%. In the future, we will continue to run the company. Zhang Yifang, Dinggui Yan, Yifang Xu, Shawn Zhang, Unknown Executive, Jiayin Group. Every year, the share price distribution of Heji is not less than 15% of the last net profit of the last year.

None: Back to these measures.

None: Some of you which includes the sale of 400000 shares shall she is often <unk> that's helped us.

None: With that I will now turn the call over to our CFO. Mr. <unk>. Please go ahead.

CFO: Thank you, Mr Han and Hello, everyone for joining our call today.

Unknown Executive: In terms of the share price rebuy plan, so far, the company has repurchased a total value of about 10.6 million US dollars. And we will launch an effective stock recovery plan to raise $13 million. We look forward to reaffirming our commitment to creating value for shareholders in this way and the company's long-term growth. Finally, I would like to talk about the company's efforts at boosting shareholders' returns. Over the past nine months, we have distributed two cash dividends to shareholders, totaling $0.8 USD per ADS. The total dividend amount reached $42.7 million USD, accounting for 25% of the company's net income after tax for the fiscal year of 2022.

I will now review our financial highlights for the quarter.

CFO: Please note that all numbers will be in RMB.

CFO: All percentage changes refer to year over year comparisons unless otherwise noted.

CFO: I haven't met the I mentioned earlier, we incurred a.

CFO: Fast growth momentum for the hospital.

CFO: Chief New milestones in the fourth quarter.

CFO: Notably our loan facilitation volume grew by six 3% to <unk> 1 billion.

CFO: Net revenue was about $1 6 billion up 51, 8%.

CFO: Moving onto costs facilitation and servicing expenses were $837 2 million, representing an increase of 329, 1% from the same period of 2022.

CFO: Primarily due to increased loan facilitation volume and expenses related to financial guarantee services.

Shawn Zhiyuan Zhang: Going forward, we will continue to implement the company's dividend policy, which is to distribute dividends twice a year in cash with an annual total dividend not less than 15% of the previous year's net income after tax, subject to dividend conditions being met. Regarding our share repurchase program, as of now, the company has repurchased its ADS for approximately $10.6 million USD and raised our current effective share repurchase program limit to $13 million USD. We look forward to reaffirming our commitment to creating value for shareholders and our confidence in the company's long-term growth prospects through these measures. I would like to invite the CEO of the company, Mr.

CFO: Allowance for uncollectible receivables and contract assets loans receivable and others, where the $43 8 million, representing an increase of 191% from the same period of time to tied to.

CFO: Primarily due to the increased balances arriving for our loan facilitation in the guarantee services.

CFO: Sales and marketing expense was $329 5 million, representing a decrease of <unk> <unk>.

CFO: Seven 9% from the same period of time to 'twenty two.

CFO: Primarily due to lower commission expenses.

CFO: G&A expenses were 60 512 million, representing an increase of nine 9% from the same period of time to try to primarily driven by an increase in employee costs.

Shawn Zhiyuan Zhang: Fan Chunlin, to give a detailed introduction to the financial plan for this quarter. With that, I will now turn the call over to our CFO, Mr. Fan Chunlin.

CFO: R&D expenses were $92 9 million, representing an increase of 44, 3% from the same period of 2022.

Chunlin Fan: Please go ahead. Thank you, Mr. Yan, and hello everyone, for joining our course today. I will now review our financial highlights for the course. Please note that all numbers will be in RMB, and our percentage changes refer to year-over-year comparisons unless otherwise noted. As Mr. Yan mentioned earlier, we carry the theme of the vast growth momentum of the past to achieve new milestones in the fourth quarter. Notably, our loan facilitation volume grew by 6.3% to $20.1 billion. Our net revenue was about $1.6 billion, up $51.8 billion. Moving on to cuts.

CFO: Primarily due to the higher employee compensation as a result of an increase in research and development Department head count.

CFO: Consequently.

CFO: Net income for the fourth quarter was $367 6 million.

CFO: <unk> a decrease of 31, 1% from $533 7 million in the same period of 292.

CFO: Our basic and diluted net income per share was $1 72 compared to $2 49 in the fourth quarter of 2022.

CFO: Basic and diluted net income per ads.

CFO: <unk> 6.8, compared to nine point 97 in the fourth quarter of 2022.

Chunlin Fan: Facilitation and servicing expenses were $837.2 million, representing an increase of 329.1% from the same period of 2020, primarily due to increased loan facilitation volume and expenses related to financial guarantee services. Allowance for uncollectible receivables, counter-assets, loans receivable, and others was $43.8 million, representing an increase of 190.1% from the same period of 2021, primarily due to the increased violence, arriving for Sales and marketing expense was $329.5 million, representing a decrease of 11.9% from the same period of 2020, primarily due to lower commission expenses. J&A expenses were $65.2 million, representing an increase of 9.9% from the same period of 2020, primarily driven by an increase in employee costs.

CFO: We ended the quarter with $372 million in cash and cash equivalents compared to $183 million at the end of the previous quarter.

We can open the call for questions. Mr. Hu, our chief risk Officer, and I will answer your questions. Operator. Please proceed.

None: Thank you to ask a question. Please press star one and one on your telephone and wait for your name to be announced two weeks ago. Your question. Please press star one and one again.

None: <unk>. Please press star one and one on your telephone and wait for your name to be announced until we go. Your question. Please press star one and one again.

None: Okay.

None: Please stand by while we compile the Q&A roster. This will take a few moment once again, please press star one and one on your telephone and wait for your name to be announced thank you.

None: We are now going to proceed with our first question.

None: And the question is come from the line of wrong, who off from J U asset. Please ask your question.

Wrong: Oh go ahead, Tony Hall, or should I ask Lee Chen does vis vis your firewall or when do you guys have quantified.

Chunlin Fan: R&D expenses were 92.9 million, representing an increase of 44.3% from the same period of 2022, primarily due to higher employee compensation as a result of an increase in research and development department headcount. Our net income for the fourth quarter was $367.6 billion, representing a decrease of 31.1% from 533.7 million in the same period of 2020. Our basic and dilutive net income per share was 1.7 billion, compared to 2.49 in the fourth quarter of 2020. Basic and Diluted Net Income per ADS was 6.88, compared to 9.97 in the fourth quarter of 2020. We ended this quarter with $370.2 million in cash and cash equivalents, compared to $180.3 million at the end of the previous quarter.

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Ali Jackson: Two questions.

Ali Jackson: So first of all as we have observed that the difficult day rates fall periods of one two store today, 31% to six two days.

Ali Jackson: 61 July take days, Nigel one to 190 days.

Operator: With that, we can open the call for questions. Mr. Xu, our Chief Risk Officer, and I will answer your questions. Operator, please proceed. [inaudible] Please stand by while we compile the Q&A roster. This will take a few moments. Once again, please press star 1 and 1 on your telephone and wait for your name to be announced. Thank you.

Oh 180 days.

Ali Jackson: Higher than the level during the same peer ranch 2022.

None: Could you please share what the company plans to take you in the future to keep delinquency rates slope and then my second question I also have.

None: I also have a question about the shareholder return in 2020 suite the company initially Kate dividend distribution.

Operator: We are now going to proceed with our first question, and the questions come from the line of Ronghua from Jingyu Asset. Please ask your question. Hello, everyone.

None: Expect for the future dividend policy and payout ratio. Thank you.

Unknown Speaker: I'm Huarong, an analyst from Jingyu Asset Management. I have two questions for the management team. First, we can see that......whether it's 1-30 days, 31-60 days......61-90 days, 91-190 days......or more than 180 days......the rate is higher than the same period in 2022.

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Unknown Speaker: What measures will the company take......to ensure a low rate of loss? Second, in terms of shareholder returns......the company has started a plan for 2023. What is the future policy of the company and its share ratio? Hello, management. I'm Huarong from Jingyu Asset. I have two questions.

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Unknown Speaker: The first one is that we have observed that the delinquency rates for periods of 1 to 30 days, 31 to 60 days, 61 to 90 days, 91 to 190 days, and over 180 days are all higher than the level during the same period in 2022. Could you please share what measures the company intends to take in the future to keep delinquency rates low? And my second question is, I also have a question about shareholder return. In 2023, the company initiated dividend distribution. What can we expect for the future dividend policy and payout ratio? Thank you. Hello, Ms. Fan.

None: Linda.

None: Hello, Mr. Bock. Thank you so much for focusing our delinquency rates as a our investor.

None: So.

None: Jessica.

None: Just a call back from what Mr. Yan just sat in tiny tiny afraid the overall domestic economic environment still faced multiple challenges and also days and one very certain thing that.

None: The economic recovery speed is still very slow.

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Jonathan Yap: Jonathan Thank you Tony.

Yifang Xu: I'm Yifang Xu. I'd like to discuss your first question with you. First of all, I'd like to thank you, as our investor, for paying attention to the performance of our multi-dimensional risk indicators. Indeed, compared to 2022, we've seen a rise in the range of indicators in various dimensions. Let's go back to what Mr. Yan shared with us earlier. In 2023, the overall domestic economic environment will face many challenges and uncertainties. One of the uncertainties is that the overall economic recovery will be slower. Hello, Mrs. Hua.

Jonathan Yap: Sam Bland and Xiaomi.

Jonathan Yap: Patrick.

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None: You will see that since the second quarter of <unk> 23, we have adjust already adjusted and face the challenges to risk management, given by economic cycles and under this perception.

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Yifang Xu: Thank you so much for focusing on our delinquency rate as our investor. So, just a callback to what Mr. Yan just said, in 2023, the overall domestic economic environment still faces multiple challenges and uncertainties. And one very certain thing is that the economic recovery speed is still very slow.

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Yifang Xu: If you follow our discussions in the past few quarters, you will know that since Q2 of last year and Q2 of 2023, they have re-adjusted their understanding of the economic environment's growth and slowdown and how to deal with the risk management measures and measures taken by us in such an economic cycle. And if you follow our updates in the past several quarters, you will see that since the second quarter of 2023, we have already adjusted for and faced the challenges to risk management given by economic cycles and under this perception. In light of the risk management mechanism of ShenShen, we have intensified our research on customer groups and their sensitivity to external environmental indicators.

None: So it's a devotee of our borrower group two external environmental impacts accelerated.

None: Adjustment and adapt and adopt adapted adaptation of internal strategies.

None: And managed risk indicators throughout the whole life.

None: FICO of our borrowers.

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Yifang Xu: We have also accelerated our internal policy to adjust and adapt to different customer groups and to manage the risk management process throughout the customer's life cycle. Also, under a prudent risk decision making mechanism, we have strengthened our research on the sensitivity of our borrower group to external environmental impacts, accelerated the adjustment and the adaptation of internal strategies, and match risk indicators throughout the whole life cycle of our borrowers. Especially in the post-sale stage, we use technology and models to enhance the return on investment. Unknown Executive, Jiayin Group, [inaudible] Unknown Executive, Jiayin Group, One thing I want to point out is that in the post-facilitation stage, we have enhanced the intelligence and experience of repayment, reminder, and collection through technology and models, strengthened the application of mediation and legal collection at different stages, and improved the optimization of risk indicators at each stage, and all under the premise of enhancing borrower operation experience and protecting consumer rights.

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None: One thing I want to point out that in the post facilitation stage, we have enhanced the intelligence and <unk>.

None: The experience of repayment reminder, and collections through technology and models strengthen the application of <unk>.

Mediation and a legal collection at different stages.

None: <unk> improved.

The optimization of our risk indicators at each stage and all under the premise of enhancing borrower operation experience and protecting consumer rights and those are our measures.

None: To be.

None: The risk control measures under the economic cycle.

None: Okay.

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None: Okay that sounds good.

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None: That's all true.

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None: Okay.

None: Those are my answers to your first question and I will give the.

CFO: Give it to our CFO, Mr. Essentially Inc. For your second question.

CFO: Hey, guys.

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Yifang Xu: And those are our measures for risk control measures under the economic cycle. This is my answer to the first question; if there is anything else you would like to discuss, please feel free to ask. So those are my answers to your first question, and I will give it to our CFO, Mr. Fan Chunlin, for your second question. Thank you, Mr. Fan.

CFO: <unk> constituting 10 units are quite so fast that told me that when Jamie well, many billions of alpha <unk> and channel tissue guys centers that we choose.

None: So there's a routine and continue to just one.

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None: Since her rights issue quite volatile in the quarter.

Ms Clark: Thank you Ms Clark and.

Chunlin Fan: It is true that we are all concerned about the shareholder's feedback. As Mr. Yan just said, we have made some efforts in this area. Based on the recent years of rapid development of our company and the operation of our documents, our operating indicators and financial indicators have shown a continuous trend of improvement. Therefore, the company's operating cash flow is relatively sufficient, and the various indicators of the asset representative are also becoming more and more solid. Therefore, the company has already and will continue to repay our customers through the stock buyback plan and Fenghong policy. Thank you, Ms. Huang.

Ms Clark: It's true that the rewards to our shareholders are.

None: Very interesting as a just as Mr. <unk> said based on our company's rapid development and a robust management over the past few years, both operational and financial indicators have shown a continuous improvement trend the comp so are we.

None: The company's operating cash flow is relatively abundant.

None: And the metrics on the balance sheet are increasingly laying solid.

None: Therefore, the company has been and will continue to reward our shareholders through share repurchase plans and dividend policies.

None: Consider two tier what's interesting interesting judge Leon yellow.

Chunlin Fan: Yeah, it's true that the rewards to our shareholders are very interesting. Just as Mr. Yan just said, based on our company's rapid development and robust management over the past few years, both operational and financial indicators have shown a continuous improvement trend. So our company's operating cash flow is relatively abundant, and the metrics on the balance sheet are increasingly solid. Therefore, the company has been, and will continue to reward our shareholders through share repurchase plans and dividend policies. The company's stock market recovery plan has been implemented for nearly two years. [inaudible] Considering the company's basic aspects and our strong profitability, the management team thinks that the company's stock price cannot really reflect the internal price of the company. The Board of Directors has approved an additional 20 million U.S. dollars in stock return plans.

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The current stock trading price is wrong.

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None: The <unk> ratio is Ron just to considering our company's fundamentals and strong profitability.

None: Our management believes that the stock price does not.

None: Fully reflect the companys internal value, which means we are undervalued.

None: So our board of directors, just approved and additional 20.

None: 20 million USD share repurchase plan.

Chunlin Fan: Our current stock return has increased to 30 million U.S. dollars. It has been already two years since we just started our share repurchase plans. But the current stock trading price is around just two, and the P ratio is around just two. Considering our company's fundamentals and strong profitability, our management believes that the stock price does not fully reflect the company's internal value, which means we are undervalued. So, our board of directors recently approved an additional $20 million USD share repurchase plan, raising the repurchase limit to $30 million USD. In the past nine months, we have achieved two dividends according to our equity allocation policy. In total, the dividend amount is $0.8 per month.

None: <unk> recently, reaching the repurchase limit to 30.

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Howard: It's Howard <unk>.

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Howard: Okay.

Howard: Over the past year, we have implemented two dividends totaling <unk> eight USB per eds.

Howard: If you calculate it based on our closing price yesterday.

Six nine.

Howard: USD per <unk>.

Howard: The dividend yield exceeds 11, 5% so in the future we will continue to.

Chunlin Fan: According to yesterday's sales price of $6.90, our share price has exceeded 11.5%. (Inaudible) Over the past year, we have implemented two dividends totaling $0.8 USD per ADS. If you calculated based on our closing price yesterday, which was 6.9 USD per ADS, the dividend yield exceeds 11.5%.

Howard: <unk> give a dividend policy and rewarding our shareholders through regular dividends.

None: Okay. Thank you Carl.

None: Yes.

None: Thank you we are now going to proceed with our next question.

None: And the question comes from the line of Wilson Chen from <unk>. Please ask your question. Your line is open.

Chunlin Fan: So in the future, we will continue to our established dividend policy and reward our shareholders through regular dividends., Okay, thank you, Huang Rong. Thank you.

Okay.

None: Sure.

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Wilson Chen: Sure Carlos.

Wilson Chen: We shouldn't see a double question as you point out quite a bit from here.

Operator: We are now going to proceed with our next question, and the questions come from the line of Huxun Chen from HTSC. Please ask your question. Your line is open. Good evening, everyone.

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Unknown Speaker: Thank you for taking the time to listen to my presentation. I'm Chen Yixuan from Huatai Securities. I have two questions for you.

None: Certainty.

None: The macroeconomic environment could you. Please share one of the comments you really start to adjustments to be competitive.

Unknown Speaker: The first question is, considering the current uncertainty in the Hongwan environment, what effective adjustments and improvements have we made in terms of payment channels and risk control? Based on these adjustments and improvements, does the company have a detailed plan for future development? The second question is, we observe that the business revenue of the company decreased considerably in the fourth quarter of the year, and the revenue has increased considerably. What are the main factors that affect business revenue and the company's outlook on business revenue this year? Let me do the translation.

None: In the customer acquisition channels and the risk control and also does the company Henry can tug potential future developments based on these adjustments on.

None: And the second question is we haven't noticed a ticketing and the decrease in the Companys net income in the fourth quarter.

None: And also a notable year over year increase in accounts receivable with.

None: What are the primary factors I know whats the Companys protection for the net income this year.

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Unknown Executive: The first question is, given the uncertainty in the current macroeconomic environment, could you please share what positive and effective adjustments and improvements you have made in the customer acquisition channels and risk control? And also, does the company have a detailed plan for future development based on these adjustments and improvements? And the second question is, we have noticed a significant decrease in the company's net income in the fourth quarter of 2023 and also a notable year-over-year increase in accounts receivable. What are the primary factors, and what is the company's projection for net income this year? Unknown Executive, Jiayin Group. Okay, Mr. Chen, the first question is about the direction of risk management. I will answer and discuss it with you. As Mr. Zheng mentioned earlier, there is a lot of uncertainty about the public environment. But I would like to go back to the past few years.

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Mr. Chen: Okay. Mr. Chen.

Mr. Chen: I will take your first question. So firstly I would like to remind that in the past few years.

Unknown Executive: In fact, our domestic housing business experienced integration first. [inaudible] In the past few years, Jiayin has been relatively... [inaudible] Unknown Executive, Jiayin Group. Okay, Mr. Chen, I will take your first question. So firstly, I would like to remind you that in the past few years, the online credit industry has gone through a period of consolidation, followed by a slowdown in the economic recovery of the external environment. During this period, we fully leveraged its long-accumulated data and users' advantages. With the rapid development of facilitation volume, the risk control indicators have also been satisfactory. Today, we will look at the adjustments and improvements required for the development of Yelp.

Keybanc: Online credit industry has gone through a period of consolidation.

Keybanc: All forward by a slowdown in the economic recovery of the external environment. During this period, we fully leverage its long accumulated.

Keybanc: Data users advantages with the rapid development of a facilitation volume.

Keybanc: The risk control indicators has also been satisfactory.

Keybanc: No matter, who Vanessa that comes with a new fragrance was shocking keep intelligent okay.

None: Mitchell. Please don't go purchase Hadar, Jake our turnkey if I can with you.

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Joe: This is Joe.

Joe: Okay.

Joe: These are my questions.

Joe: We think of Q.

Joe: Three children.

Joe: And call Center.

Joe: Okay.

Unknown Executive: We will emphasize sustainable and long-term development. We hope that Jiayin's technology will continue to be a financial partner in China and the international market. We will therefore carefully consider pursuing a healthy distribution of platform transactions under the premise of risk-control. So today, as we consider the development of our business, we will place more emphasis on a sustainable long-term development goal, continuously empowering our financial partners in both China and international markets with our technological capabilities. So we will only consider the healthy growth of the platform's facilitation volume under the premise of controllable risk. Specifically, we can talk about these few aspects.

Joe: So today as we consider the development of our business, where we will place more emphasize on certain.

Joe: Sustainable long term development goal.

Joe: Continuously empowering our financial partners.

Joe: In both China and international markets with our ticket.

Joe: The logical capabilities.

Joe: So we will prudently consider the healthy group of their platforms facilitation volume under the premise of controllable risks.

None: Okay last one hour.

None: Tanja just if I'm here. These are not just sure right now.

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Unknown Executive: The first one is the customer channel. We will focus more on the channel combination later. Unknown Executive, Jiayin Group, Yifang Xu, Shawn Zhang, Unknown Executive, Jiayin Group, In terms of product and operation strategy, we will continue to strengthen the business strategy of high-quality customers. Unknown Executive, Jiayin Group, Unknown Executive, Jiayin Group, Unknown Executive, Jiayin Group, In terms of risk strategy, we've talked about some ways and methods. On the other hand, we will continue to pay attention to the market, to the introduction and testing of new data products, to systematize and evaluate external environmental risks affecting the impact of different clients, and to strengthen monitoring, to improve model iteration, and optimization.

None: And of course, unless we should have.

None: So we're taking the user cohorts to answer that.

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None: Jimmy Choo.

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Unknown Executive: In terms of strategy, we will focus on client management. Finally, let's move on to the background, apart from the information we shared earlier. Yifang Xu, Shawn Zhang, Unknown Executive, Jiayin Group,. So in detail, firstly, on the term of borrower acquisition channels, we will focus on balancing the channel mix metrics, prioritizing the development of channels that mainly acquire high-quality assets. Secondly, from the service and operational strategy perspective, we will enhance the management and retention of high-quality borrowers, increasing the mining and application of borrower behavior data by promoting the elevation of borrower quality and asset portfolios towards high-quality borrower groups. Thirdly, in terms of risk strategy, we will continue to focus on the introduction and testing of market data products, systematically assess and monitor the impact of external environment risks on different borrower groups, and strengthen the iteration and optimization of our models.

None: Oh sure Chi Tung could you hit total until it ourselves.

None: With that Joe.

None: Oh, Yeah, well shelf powertrain me, it's all about training.

None: Thank you Jeremy.

None: Correct.

Bill: Thank you Bill.

Bill: So in detailed firstly in the terminal borrower acquisition channels, we will focus on balancing.

Bill: Balancing the channel mix Ah metrics.

Bill: <unk> the development of our channels that mainly acquire high quality assets secondly from these serious and operational strategy perspective, we will enhance the management and retention of high quality borrowers, increasing the mining and obligations.

Bill: Borrower behavior data.

Bill: By promoting the elevation of borrower.

Bill: Borrower quality and asset.

Bill: Portfolios towards high quality both of our groups.

Bill: Certainly in terms of risk strategy, we will continue to focus on the introduction and our testing of market data products system, Italy.

Bill: Assess and monitor the impact of external environment risk on a different borrower groups and stripping.

Bill: Stripping be.

Bill: Iteration and optimization of our models.

Unknown Executive: Strategically, we will conduct differentiated management by different borrower groups, implementing differentiated approval rates, differentiated pricing, and differentiated credit limit management. So, lastly, in the post-facilitation aspect, as previously mentioned, the introduction of various strategies and methods aim to enhance the optimization of risk indicators at each stage, all under the premise of strengthening borrower operational experience and protecting consumer rights. This is my first question for you. Thank you for inviting Mr. Fan.

Bill: Strategically we will conduct differentiated management by different Barro group implementing differentiated approval rates differentiated pricing and differentiated credit limit measurement.

So lastly in post facilitation aspect as previously mentioned.

Bill: The introduction of various strategies animal and methods.

Bill: To enhance the optimization of risk indicators at each stage.

Bill: All under the premise of strengthening Barbara operational experience and protecting consumer rights.

None: No matter, what Tony do you want to sample it sounds like this year.

None: Not sure it will play out just.

None: Thank you Henry.

Unknown Executive: So those are some ideas about your first question. And at the same time, the second question we'll give to Mr. Fan Chunlin.

None: As a woman.

None: So those are.

None: Some ideas about your first question and at the same the second question will give to administer fine tuning.

Chunlin Fan: Thank you for your questions. In 2024, Q4's net profit reached RMB3.68 billion. Our net profit rate is 23%. In comparison, the 3.2 billion is slightly higher than the 2023 Q3.

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Chunlin Fan: But if you compare it with the Q4 of 2022, there is indeed a 31% decrease. The main reason is that in 2022, the net profit rate of Q4 is particularly high, close to 51%, because there are some non-common events that have affected the Q4. As I mentioned last time at E2, the key is that our core operating systems have been officially acquired by Q4 2022 by high-tech companies using 15% of the tax revenue. Therefore, in 2022 Q4, the tax benefit of this project was adjusted once. And this can be traced back to 2021.

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None: Okay. Thank you for your question.

None: So for the fourth quarter at <unk> Creek.

Chunlin Fan: So if this non-normative project is deducted, in fact, in 2022 Q4, the absolute profit and net profit will be leveled off. Okay, thank you, Yixuan, for your question. So for the fourth quarter of 2023, the net income was 368 million RMB, which is a slight increase compared to RMB324 million in the third quarter of 2023. However, there was a 31% decrease if you compare it to RMB534 million in the fourth quarter of 2022. And I think there are some main reasons why.

None: Net income was.

None: It was up 368 million RMB, which is a slight increase.

None: Compared to RMB.

None: $324 million in the third quarter of 2023.

However.

None: There was a 31% decrease if you compare it to the RMB 534 million in the fourth quarter of 2022, and I think there are some may reasons. So firstly the net margin in the fourth quarter I was trying to get into what's exception was.

Chunlin Fan: So firstly, the net margin in the fourth quarter of 2022 was exceptionally high, which was about 51%. So I think we have mentioned in the course before that the primary reason was that several of our core operating entities officially obtained the high-tech enterprise qualification in the fourth quarter of 2022, which adjusted the applicable income tax rate to 15%, and it is retroactive to 2021.

None: The exceptionally high which is about a 50, 51%.

None: I think we have mentioned in the cost before that the primary reason was that several of our core.

None: Operating entities, obviously obtained the high Tech enterprise qualification in the fourth quarter of a tiny tiny too, which I've just stay at the applicable income tax rates to 15%.

None: And it is it is it is a retroactive to.

Chunlin Fan: Therefore, we made a one-time financial adjustment for this tax benefit in the fourth quarter of 2022. If you exclude this one-time adjustment and other non-recruiting items, the net income for the fourth quarter of 2022 would be much lower. Another point is that in 2023, Q4's revenue is guaranteed to be higher than Q4's revenue in 2022. Thus, the profit margin of this business is lower than our return on investment. This will also lower our overall profit margin. From the point of view of the overall business development strategy, we will continue to focus on the return-divide-and-conquer strategy. We will take reasonable control of the types of business divisions in terms of revenue-to-value ratio. For example, in the detailed classification of our revenue for the fourth quarter of 2023, the proportion of guarantee income was higher than in the fourth quarter of 2022.

None: 2021.

None: Therefore, we made a one time and financial adjustment for this tax benefit in the fourth quarter of two if you exclude exclude this.

None: One time adjustments and other non.

None: Recruiting items the net profit.

None: Net income for the fourth quarter I was trying to go and who would be much lower.

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None: So in the detailed the classification of a revenue of fourth quarter of 123.

None: The proportion of guaranteed income was higher than in the fourth quarter over 22.

Chunlin Fan: And the profit margin of this kind of business is lower than our facilitation and risk control services. So in the future, I think our listed company will continue to focus on facilitation and risk control services. And we will also reasonably control the balance of different business segments in our revenue proportion. We don't have any guidance on the number of net profits. We only have guidance on the volume of transactions, from 9.3 billion to 9.8 billion. But if you look at the net profit rate in the past, in the past three years, from 2021 to 2023, it was 26.3, 36.1, and 23.3. In the future, we will definitely stick to document operation.

None: And the appropriate margin of this kind of business is lower than our facilitation on our risk control services.

None: So in the future I think our listed company will continue to focus on the facilitation and risk control services and we will also reasonably controlled the balance of different business segments in our revenue proportion.

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Unknown Executive: We will keep our Pickerate. Unknown Executive, Jiayin Group. So regarding the income statement figures, we are not going to provide any guidance today. But we have already given a range for our facilitation volume this year, which is $93 to $98 billion. If you look at our net margin in certain quarters in the past, it fluctuated due to some non-recurring items. Annually, our net margins for the past three years, which is 2021 to 2023, were 26.3%, 36.1%, and 23.7%, respectively. And also in the future, we will continue to operate steadily, maintain a stable take rate, increase investment in R&D, and improve operational efficiency to keep the overall margin at a very healthy level. [inaudible] Yes, in 2023, the revenue from Q4 will be more than Q4 in 2022. This is mainly due to my business income.

None: I should also say with technology.

None: So regarding the income statement figures, we are not going to provide any guidance today, but if you are but we have already given a ranch for IRA facilitation volume this year, which is nearly 398 billion.

None: If you look at our net margin in the second quarter as in the past in the past has fluctuated due to some nonrecurring items annualize our margins for the past three years.

None: 2021 to 'twenty hungry or <unk>.

None: 26, 3% 36, 1% and 23, 7% respectively.

None: And also in the future we will continue to operate steadily maintain a stable take rate increase increase in wells.

None: E R&D and improve our operational efficiency to keep the overall margin at a very healthy level.

None: Okay <unk>.

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Unknown Executive: If you compare 2023 Q4 with 2023 Q3, our revenue accounts have actually declined. The company's overall assets and liabilities are continuing to decline. And yes, if you compare the Congress syllables in the Q4 2023 to the Q4 2022, there is a difference, just as you said. But if you compare the balance at the end of the fourth quarter compared with the end of the third quarter, the balance was roughly flat and a little bit.

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None: And yes, if you compare with the account receivables.

None: The Q4 'twenty to 'twenty two.

None: The Q4 292.

None: It's a different just as what you said, but if.

If you compare the balance at the end of the fourth quarter.

None: Compared with the end of the third quarter, the balance was roughly flat and a little bit decrease.

Unknown Executive: So... Our company's balance sheet will continue to increase. All right, thank you, Yixuan, for your question. Thank you. Since I see no more questions now, I would like to return the call to Shawn for closing remarks. Please go ahead. Okay, thank you operator and thank you all for participating in today's call and thank you for your support. We appreciate your interest and look forward to reporting to you again next quarter on our progress. Thank you all again. This concludes the call. You may now disconnect. Thank you. [inaudible] Thank you for watching!

None: So.

None: Our company's balance sheet will continue to improve.

None: Alright, Thank you Sean for your question.

Thank you seeing no more questions now I would like to return the call to shown for closing remarks. Please go ahead.

None: Yeah.

Shawn: Okay. Thank you operator, and thank you all for participating on today's call and thank you for your support we appreciate your interest and look forward to reporting to you again next quarter on our progress.

None: Thank you all again this concludes the call you may now disconnect. Thank you.

None: Okay.

None: Okay.

None: [music].

None: Okay.

[music].