Q1 2024 Jiayin Group Inc Earnings Call
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Speaker Change: Good day, ladies and gentlemen, thank you for standing by and welcome to the Gines group's first quarter 2020 full earnings conference call.
Speaker Change: Currently all participants are in listen only mode.
Speaker Change: We will conduct a question and answer session and instructions will follow at that time.
Speaker Change: As a reminder, we are recording today's call. If you have any objections you may disconnect at this time.
Speaker Change: I will now turn the call over to Mr. Sean Zhang from Investor Relations of giant Great. Please proceed.
Operator: Thank you, operator. Hello, everyone.
Speaker Change: Okay.
Shawn Zhiyuan Zhang: Thank you all for joining us on today's conference call to discuss Jiayin Group's financial results for the first quarter of 2024. We released our earnings results earlier today. The press release is available on the company's website as well as from Newsware Services. On the call with me today are Mr. Yan Dinggui, Chief Executive Officer; and Ms. 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
Speaker Change: Thank you operator, Hello, everyone. Thank you all for joining us on today's conference call to discuss <unk> group's financial results for the first quarter of 'twenty 'twenty four.
Speaker Change: We released our earnings results earlier today. The press release is available on the company's website as well as from Newswire services.
Speaker Change: On the call with me today are Mr. Yan Dim weight, Chief Executive Officer, Mr. Franklin Lee Chief Financial Officer, and MS. Trudi <unk> from 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.
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 by applicable law.
Speaker Change: From an op 90, 95 forward looking statements he will inherit 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 <unk>.
Speaker Change: He has a couple of rate filings with the SEC.
Speaker Change: The company does not assume any obligation to update any forward.
Speaker Change: We're 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, name and B. With that, let me now turn the call over to our CEO, Mr. Yan Dinggui. Mr. Yan will deliver his remarks in Chinese, and I will follow up with corresponding English translations. Please go ahead, Mr. Yan.
Speaker Change: Please note that unless otherwise stated all figures mentioned during the conference call are in Chinese renminbi.
Speaker Change: With that let me now turn the call over to our CEO. Mr. <unk>. Mr. Again, we will deliver his remarks in Chinese and I will follow up with corresponding English translation. Please go ahead Mr. Yan.
Unknown Speaker: Hello, everyone. Thank you for taking part in Jiayin Technology's 1st Annual Call of Duty Conference in 2024.
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Shawn Zhiyuan Zhang: Hello, everyone. Thank you for joining our first quarter 2024 earnings conference call.
Speaker Change: Hello, everyone. Thank you for joining our first quarter 2024 earnings conference call.
Dinggui Yan: For Jiayin Technology, 2024 is a comprehensive strengthening year in the field of technology., Currently, China's economy is gradually showing signs of recovery, but demand is facing challenges. The residential consumer loan hospital is still in the recovery phase under a background of risk and opportunity. After our unwavering efforts, the company successfully completed its established strategic goals in the first quarter and has made solid progress in terms of financial performance and expansion. [inaudible]
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Shawn Zhiyuan Zhang: For our company, 2024 is a year dedicated to comprehensively strengthening development that is both led by technology and driven by new momentum. China's economy is currently showing signs of gradual recovery, but there are challenges on the demand side, and risk factors such as the stage of recovery in residents' willingness to take up loans for consumption still need to be considered. Against the backdrop of these risks and opportunities, we successfully achieved our strategic goals in the first quarter. Through its unremitting efforts, the company made solid achievements in financial performance and business expansion, enhancing the confidence we have in the operation for the whole year of 2024.
Speaker Change: For our company 'twenty 'twenty four is a year dedicated to comprehensively script and development that is both led by technology and driven by new momentum. China's economy is currently showing signs of gradual.
Recovery, but there are challenges on the demand side and the risk factors such as the stage of a recovery in our residents' willingness to take up walnuts for consumption do need to be considered.
Speaker Change: Against the backdrop of these risks and opportunities we successfully achieve our strategic goals in the first quarter through is.
Speaker Change: Unremitting efforts the company made solid achievements in financial performance and business expansion enhancing the confidence we have in the operation for the whole year of 'twenty 'twenty four.
Dinggui Yan: In the first quarter, we highly valued the self-reliance and risk-sharing activities of the whole company. The market interest rate has fallen, and the demand for overseas supervision has increased, which continues to strengthen the core competitiveness of the company, and the internal mechanization, management, and external business expansion have achieved good results. In the first quarter, the company's initial transaction volume reached 22.5 billion yuan, which increased by 13.6% on the same day., The current revenue is RMB4.75 billion, which is an increase of 31.5%. [inaudible]
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Shawn Zhiyuan Zhang: In the first quarter, we focused on a number of important market factors, such as the fluctuation of market risk levels that emerged last year, the decrease in market interest rates, and changes in overseas regulatory requirements. We continue to enhance the company's ability to empower partners with big data and artificial intelligence, which continuously improves the company's core competitiveness. Both refinements in internal management and external business expansion contributed to our strong results. Our loan facilitation volume for the three months ended March 31st was RMB 22.5 billion, a year-over-year increase of 13.6 percent, exceeding the previously set target guidance. During this period, we achieved net revenue of RMB 1.475 billion, a year-over-year increase of 31.5 percent, continuing a trend of healthy growth.
Speaker Change: In the first quarter, we focused on a number of important market factors such as de <unk> fluctuate blocked.
Speaker Change: Good luck to Asia of the marketing risk levels emerged last year.
Speaker Change: The decrease in market interest rates and changes in overseas.
Speaker Change: Regulatory requirements.
Speaker Change: We continue to enhance the company's ability to empower our partners with big data and artificial intelligence, which continuously improve the company's core competed competed.
Both refinements in <unk>.
Speaker Change: Internal management and external business expansion contributed to our strong results our loan facilitation volume for the three months ended.
Speaker Change: March 31st reached RMB 22, 5 billion a year over year increase of 13, 6% exceeding the previously set a target guide.
Guidance. During this period, we achieved net revenue of RMB 1.4, 75 billion a year over year increase of 31, 5% continued a trend of healthy growth.
Dinggui Yan: At the beginning of 2024, the company fully implemented the application of technology-enhancing artificial intelligence technology development in the technology sector. The level of EU smartization is constantly increasing, and the achievements of technology are constantly increasing. In an AI business that is more mature, the company has integrated all the core capabilities of the applications and unified the design and implementation of AI technology applications. At the same time, the company's technical team is also gradually maturing in terms of market-famous large-scale verification management and application capabilities.
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Dinggui Yan: Large-scale application scenarios, including e-commerce, customer service, behind-the-scenes services, and other intensive work scenarios, including intelligent search, intelligent recommendation, and expert support intensive scenarios, are gradually expanding. The wide and in-depth application of AI technology has significantly improved the company's operating efficiency. We are looking forward to the next year.
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Shawn Zhiyuan Zhang: From the beginning of 2024, we comprehensively implemented technology empowerment, deepened the development and application of AI technology, and continuously improved the level of business intelligence. These technological achievements are constantly emerging.
Speaker Change: From the beginning of 'twenty 'twenty four we comprehensively important data technology empowerment deepened the development and application of AI technology and continuously improve the level of business.
Speaker Change: Intelligence.
Speaker Change: This technological achievements are constantly emerging.
Dinggui Yan: In the relatively mature field of AI commercial services, the company has fully integrated and applied core capabilities in various business scenarios and unified the design, implementation, and delivery of AI technology applications. At the same time, the company's technical team is gradually maturing in terms of the validation management and application capabilities of popular large language models in the market. The application scenarios of large language models are also gradually expanding from task-intensive scenarios, such as telemarketing, customer services, and post-mortem empowerment, to expert knowledge-intensive scenarios, including intelligent search and intelligent recommendation. The extensive and in-depth application of AI technology has significantly improved the company's operational efficiency, and we are full of confidence in further achieving data-driven developments in the future.
Speaker Change: The relatively mature fear of AI commercial services. The company has fully integrated integrated and applied core capabilities in various business scenarios and a unified design implementation and delivery of AI technology.
Speaker Change: At the same time the company has taken.
Technical team is gradually maturing in terms of the validation management and application capabilities of popular large flag risk models in the market.
Speaker Change: The application scenarios of large language models are also gradually expanding from task intensive scenarios, such as tenant marketing customer services and postpone impairments to our expert knowledge intensive scenarios, including <unk>.
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Speaker Change: Extensive and in depth applications of AI technology has significantly improved the companys operational efficiency and we are full of confidence in further achieving data driven developments in the future.
Shawn Zhiyuan Zhang: The company has gradually formed a rich, diverse, and long-term stable network of financial institutions. As of the end of the first quarter, we have established a partnership relationship with 70 financial institutions and are in talks with 32 other financial institutions. At the same time, with the development of overseas business, we look forward to wider and deeper cooperation with foreign banks. In addition, we use financial institutions to strengthen operations, technology, risk management, consumer protection, etc., and actively deepen the cooperation model with the existing important financial institutions.
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Shawn Zhiyuan Zhang: On the one hand, we are improving the business flow of technology-enabled partners to achieve mutual benefits and sharing. On the other hand, we are also exploring the cooperation of the customer bank to achieve further optimization of costs.
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Shawn Zhiyuan Zhang: We have gradually formed a diverse and long-term stable network of institutional partnerships. As of the end of the first quarter, we have established partnerships with 70 financial institutions and are in discussions with an additional 32 financial institutions. At the same time, we are beginning to explore cooperation with foreign banks as our overseas business development is under progress. In addition, we have deepened our cooperation with financial institutions in operations, technology, risk management, and consumer rights protection.
Speaker Change: We have gradually formed a diverse and long term stable network of institutional partnerships at.
Speaker Change: As of the end of the first quarter, we have established partnerships with 70 financial institutions and are in dispute are in discussions with additional thank you to financial institutions at the same time, we are beginning to explore.
Speaker Change: Cooperation with foreign banks.
Speaker Change: Our overseas business development is under progress.
Speaker Change: In addition, we have deepened our cooperation with financial institutions and operations technology risk management and consumer rights protection. These comprehensive collaborations are what they are empowering the financial institutions business processes through.
Shawn Zhiyuan Zhang: These comprehensive collaborations are further empowering the financial institutions' business processes through technology, leading to complementary win-win outcomes for our company and our institutional partners. Furthermore, we are also exploring cooperations on borrower acquisition to further optimize costs.
Speaker Change: <unk>, leading to a complementary win win all comps for our company and our institutional partners.
Speaker Change: We are also exploring collaborations on borrower acquisition to further optimize costs.
Speaker Change: Yes.
Unknown Executive: Unknown Executive, Chunlin Fan, Dinggui Yan, Yifang Xu, Jiayin Group The development of the software has been initiated. Although some of the early risk indicators observed in the first quarter have improved, we will continue to work on the development of the software while pursuing growth. Prioritize risk-taking, achieve scale and efficiency with a balance between development speed and quality, and continue to develop. The expectation of 61 to 90 days is maintained at 0.68%, in line with the company's expectations, which gives us the ability to identify the best customers and a more detailed supply strategy.
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Unknown Executive: The new customer ratio is 27% in one quarter, and it is maintained at a relatively stable level. Unknown Executive, Chunlin Fan, Dinggui Yan, Yifang Xu, Jiayin Group, 10,570 yuan, a 6.6% growth compared to the previous one. In addition to the new and original payment channels, we have also continued to improve the payment ratio of the small programming end of the Internet platform. The key layout is the innovative model of good risk performance and continuous cost optimization, which aims to attract more target customers and maintain growth efficiency.
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Unknown Executive: Continuously optimizing the risk performance of borrowers is the cornerstone of the company's long-term and stable development. Although we have observed some improvements among some early risk educators in the first quarter, we will still continue to prioritize risk factors while pursuing growth to balance the speed and quality of development and achieve sustainable development of scale and efficiency.
Speaker Change: Continuously optimizing the risk performance of borrowers.
Cornerstone for the Companys long term and stable development, although we have observed some improvement among some early risks.
Speaker Change: Indicators in the first quarter, we will still continue to prioritize risk factors well pursuing group to balance speed and quality of development and achieve sustainable development of scale and efficiency.
Unknown Executive: The 61 to 90 days delinquency rate remains at 0.68%, meeting expectations thanks to our ability to identify high-quality borrower groups and our more refined risk control strategy. The proportion of new borrowers reached 27% in this quarter, maintaining a relatively stable level. In addition, the average borrowing amount per borrower in the first quarter was RMB 10,570, representing a year-on-year increase of 60.6%, in addition to deepening our original borrower acquisition channel metrics.
Speaker Change: The 61% to 90 days delinquency rate remaining at zero point, 68% meeting our expectations.
Speaker Change: Thanks for our ability to identify high quality borrower groups and our more refined risk control strategy.
Speaker Change: The proportion of new borrowers reached 27% in this quarter, maintaining a relatively stable level.
Speaker Change: In addition, the average borrowing amount per borrowing in the first quarter was RMB.
Speaker Change: 110570.
Speaker Change: Representing a year on year increase.
Speaker Change: 56% in addition to deepening our original our original borrower acquisition channel metrics.
Unknown Executive: We have also continuously increased the proportion of borrower acquisitions through the many apps on leading internet platforms. We focus on an innovative model with good risk performance and continuously optimized costs, striving to reach more target users and maintain growth of the totality.
Speaker Change: We have also continuously increase the proportion of borrower acquisition through the mini apps on leading internet platforms.
Speaker Change: Focus on the.
Speaker Change: And then with the model with good risk performance and continues Ali optimized cost scrubbing to raise more targeted users and maintain growth Vitol Avi.
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Unknown Executive: The company's overseas business achieved good results in the first quarter. In the Indian market, the number of new registered users in our local cooperation business increased by 37% compared to the previous year. At the same time, in line with the new regulatory requirements of the local government, we have actively optimized the product structure.
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Unknown Executive: We understand that our partners in India are working closely with more than five local private companies. We expect to further expand the scale of living in the Indian region. In the region of Leningrad, business performance has improved steadily, and the square unit volume, square size, and new customer size have steadily increased. At the same time, the local exchange rate fluctuation has gradually stabilized by the end of this quarter, providing us with an advantage in the local expansion market.
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Unknown Executive: In the Mexican market, the local business entities that we invest in increased rapidly in the first quarter, right? We are also actively seeking to expand to more overseas regions. Overseas business will also be a key factor in the future development of the group. We will further increase our investment in overseas business.
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Unknown Executive: Our overseas business achieved favorable results in the first quarter. In the Indonesian market, the number of newly registered users through our partnered local business entity increased 37% quarter-on-quarter, while actively optimizing product structure in response to new local regulatory requirements. We have learned that our Indonesian business partner was in discussions with five local licensed financial institutions in the first quarter, aiming to further expand the volume of loan facilitation business in Indonesia in the future.
Speaker Change: Our overseas business achieve favorable results in the first quarter in the Indonesian market the number of newly registered users.
Speaker Change: Our partnered local business entity increased 70.
Speaker Change: 37% quarter on quarter, while actively optimizing product structure in response to new local our regulatory requirements. We have learned that our Indonesian business partner was in discussion with five local licensed.
Speaker Change: Institutions in the first quarter aiming to further expand the volume of loan facilitation business in Indonesia in the future the business performance in Nigeria showed steady progress with an increase in the amount of borrowing.
Unknown Executive: The business performance in Nigeria showed steady progress, with an increase in the amount of borrowing, loan volume, and new borrowers. At the same time, the local exchange rate gradually stabilized towards the end of this quarter, providing favorable conditions for our further market expansions in the region.
Speaker Change: Loan volume and new borrowers at the same time, the local exchange rates.
Speaker Change: Naturally stabilize towards the end of this quarter.
Speaker Change: Providing favorable conditions for our further market expansion in the region.
Unknown Executive: In the Mexican market, the lending scale of the local business entity we invested in also grew rapidly in this quarter. In addition, we are actively exploring opportunities to expand to more overseas regions, and overseas business will also be one of the key focuses of the group's future development. We will further increase our investments in overseas businesses.
Speaker Change: The Mexican market the lending skull.
Speaker Change: Local business entity, we invested in also grew rapidly in this quarter.
Speaker Change: In addition, we are actively exploring opportunities to expand to more overseas regions and overseas business will also be one of the key focuses of the groups of future development.
Speaker Change: Will further increase our investments in overseas businesses.
Unknown Executive: Jiayin Technology High-Level Consumers' Group Protects Financial Return on Investment 2023 , Unknown Executive, Chunlin Fan, Dinggui Yan, Yifang Xu, Jiayin Group Thanks to the company's technological innovation, the company is working to build anti-bombing defense, safeguard the safety of consumers, and continue to contribute to the evolution of the financial market environment.
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Unknown Executive: We always place great emphasis on consumer rights protection and anti-fraud efforts in finance services. Our White Paper on Consumer Rights Protection in 2023, released at the beginning of this year, elaborates on the company's achievements in the systematic and refined operation of consumer protection, including building anti-fraud firewalls, improving customer service quality and efficiency, strengthening external cooperation, and innovating consumer protection education. In terms of anti-fraud, the company's Fraud Prevention and Control Report for the first quarter 65,000 malicious attacks from the illicit industry and manually investigated and disposed of 20,400 applications from potentially high-risk borrowers in the first quarter.
Speaker Change #100: Yes.
Speaker Change #101: We always place great emphasis on consumer rights protection and anti fraud efforts in finance services, our white paper on consumer rights protection in 2023 release.
Speaker Change #102: At the beginning of this year elaborate on the company's achievements in a systematic and a refined operation of consumer protection, including building anti fraud, firewalls, improving customer service quality and efficiency strengthening external cooperation and <unk>.
Speaker Change #102: Consumer protect protection application in terms of anti fraud, b companies, our fraud prevention and.
Speaker Change #102: Prevention and control report for the first quarter reveals that we have.
Speaker Change #102: Cumulatively.
Speaker Change #102: Identified and block.
Speaker Change #102: 65000 malicious attacks from.
Speaker Change #102: Is it industry and mentally investigated and deep disposed of 20400.
Speaker Change #102: Applications from potentially high risk borrowers in the first quarter. In addition, the company has jointly conducted anti fraud lectures with law enforcement departments and collaborated to establish a cooperation.
Unknown Executive: In addition, the company has jointly conducted anti-fraud lectures with law enforcement departments and collaborated to establish a cooperation mechanism. By effectively combating financial gray and black industries, as well as illegal intermediaries, the company has built a solid anti-fraud defense line to safeguard the financial security of borrowers and continuously contribute to purifying the financial market environment.
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Speaker Change #103: Effectively combating.
Speaker Change #103: Financial Green and Black industries, as well as illegal intermediate intermittent salaries leveraging technological innovation.
Speaker Change #103: The company has built a solid anti fraud defense line to safeguard the financial security of borrowers and continuously contribute to profile that financial market environment.
Dinggui Yan: Based on our confidence in the future and the company's sufficient cash reserves, we are happy to announce that in 2024, by ADS 0.5. Details of the fans' shooting and related dates will be announced after the board of directors has made further decisions.
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Dinggui Yan: In terms of the repurchase plan, last quarter, the Board of Directors approved the current stock repurchase plan to be listed at 30 million U.S. dollars. In the near future, we will further approve the extension of the return plan and tender until June 12, 2025. In the future, we will continue to report to the public with practical actions, to improve the sense of achievement of company investors, and to develop long-term confidence in the company. Finally, considering the level of market risks and business growth needs, we decided to set the loan amount for the second quarter of 2024 at 23 billion yuan.
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Shawn Zhiyuan Zhang: Based on our confidence in the company's sustained future growth and the company's ample cash reserves, I am pleased to announce the company's plan for the first cash dividend distribution for 2024. The company plans to distribute a cash dividend of 0.5 USD per ADS. Further details and relevant dates regarding these dividend payouts will be announced separately after further confirmation by the Board of Directors. With regard to the share repurchase plan, in the previous quarter, the board of directors approved raising the upper limit of the current share repurchase plan to $30 million USD and recently further approved exchanging the validity period of the repurchase plan to June 12, 2025.
Speaker Change #117: Based on our confidence in the company's sustained future growth and the company's ample cash reserves.
Speaker Change #117: And quite pleased to announce the company's planning of the first tranche of dividend distribution for 2024, the company plans to distribute a cash dividend of 0.5 USD per avs.
Speaker Change #118: Further details in a relevant dates regarding these.
Speaker Change #118: Dividend payout will be announced separately after further confirmation by the board of directors.
Speaker Change #118: With regard to share repurchase plan in the previous quarter. The board of directors approved raising the upper limit of the current share repurchase plan to you.
Speaker Change #118: 38 million USD and recently for their approved extending the relative.
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Speaker Change #118: The later period after repurchase plan to June.
Speaker Change #118: <unk> 2025.
Shawn Zhiyuan Zhang: In the future, we will continue to reward our shareholders, enhance the sense of gain among investors, and boost their long-term confidence in the company's development. Finally, considering the level of market risk and the demand for business growth, we have decided to set the guidance for the loan facilitation volume for the second quarter of 2024 at RMB 23 billion.
Speaker Change #118: In the future, we will continue to reward our shareholders enhance the sales of gain among investors and then Bruce there long term confidence in the company's development finally, considering the level of market risk and.
Speaker Change #118: The demand for business growth, we have decided to stop the guidance on loan facilitation volume for the second quarter of 2024 at RMB 23 billion.
Speaker Change #118: Billion.
Shawn Zhiyuan Zhang: Next, let's welcome the CFO of the company, Mr. Fan Chunlin, to introduce the financial performance of this quarter in detail. Thank you.
Speaker Change #118: Yeah.
Speaker Change #119: Semi urgent goes it is therefore franklin lesions and challenge each other up generally held back here.
Shawn Zhiyuan Zhang: With that, I will now turn the call over to our CFO, Mr. Fan Chunlin. Please go ahead. Thank you.
Speaker Change #120: With that I will now turn the call over to our CFO. Mr. Functionally. Please go ahead. Thank you.
Chunlin Fan: Thank you, Mr. Yan, and hello everyone for joining our call today. I will now review our financial highlights for the quarter. Please note that all numbers are in RMB, and all percentage changes refer to year-over-year comparisons, unless otherwise noted. As Mr. Yan mentioned earlier, our company successfully achieved its strategic targets in the first quarter.
Speaker Change #120: Thank you, Mr Han and Hello, everyone for joining our call today.
Mr. Functionally: I'll review, our financial highlights for the quarter. Please note that all numbers were being RMB and all percentage changes refer to year over year comparisons unless otherwise noted.
Speaker Change #122: As Mr. Yan mentioned earlier, our company successfully achieve these strategic targets in the first quarter.
Chunlin Fan: We have also recorded solid financial results. Notably, our loan facilitation volume grew by 13.6% to $22.5 billion. Our net revenue was about 1.48 billion, up 31.5%, as our other revenue dropped to 119.8 million from 126.9 million in the same period last year. Moving on to the court,
We have also recorded solid financial results, notably our loan facilitation volume grew by 13, 6% to 102 5 billion.
Speaker Change #122: <unk> revenue was about 148 billion.
Speaker Change #122: Such a one 5%.
Speaker Change #122: All other revenue dropped to 119 8 million from $126 9 million in the same period last year.
Speaker Change #122: Moving onto costs.
Chunlin Fan: Facilitation and servicing expenses were $667 million, representing an increase of 143.3% from the same period of 2023, primarily due to the increase in guaranteed costs incurred and increased loan facilitation volume. Allowance for uncollectible receivables, contract assets, loans receivable, and others was $2.6 million, compared with $6.7 million in the first quarter of 2023. Sales and marketing expense was $359.8 million, representing a decrease of 5.5% from the same period in 2023, primarily due to lower commission expenses.
Speaker Change #122: Facilitation of servicing expenses were $667 million.
Speaker Change #123: Representing an increase of 143, 3% from the same period of time Katanga three.
Speaker Change #124: Primarily due to the increase of our guarantee cost incurred and increase loan facilitation volume.
Speaker Change #124: Allowance for uncollectible receivables and contract assets loans receivable and others was $2 6 million competitive ways of $6 7 million in the first quarter of 2023.
Speaker Change #124: Sales and marketing expense was 359 8 million reps.
Speaker Change #124: Representing a decrease of five 5% from the same period of time to tier III.
Speaker Change #125: Primarily due to lower commission expenses.
Chunlin Fan: GNA expense was $46.2 million, compared with RMB46.4 million in the first quarter of 2020. R&D expense was 83.3 million, representing an increase of 28.5% from the same period of 2023, primarily due to higher employee compensation benefits as the number of our research and development employees increased. Consequently, our net income for the first quarter was $273.1 million, representing a decrease of 2.4% from $279.7 million in the same period of 2023. Our basic and diluted net income per share was 1.29 compared to 1.31 in the first quarter of 2023; basic and diluted net income per ABS were both 5.16 compared to 5.24 in the first quarter of 2020.
Speaker Change #125: G&A expense was $46 2 million.
Speaker Change #125: Competitive with RMB 46, 4 million in the first quarter of 2023.
Speaker Change #125: R&D expense was $83 3 million, representing an increase of 10 to eight 5% from the same period of tanker <unk> III.
Speaker Change #125: Primary due to higher employee compensation benefit as the number of our research and development employees increased.
Speaker Change #125: Consequently.
Speaker Change #125: Net income for the first quarter was $273 1 million, representing a decrease of two 4% from $279 7 million in the same period of 293.
Speaker Change #125: Our basic and diluted net income per share was 129 compared to one point Federer won in the first quarter of 2023.
Speaker Change #125: Basic and diluted net income per avs.
Speaker Change #125: <unk> five point 16, compared to <unk> 24 in the first quarter of ton incentive fee.
Chunlin Fan: We are pleased to report a significant improvement in our cash position this quarter. As of March 31, 2024, our cash and cash equivalents reached 568.2 million, a substantial increase from 370.2 million at the end of December 31, 2024. This growth highlights our strong financial discipline and operational efficiency. With that, we can open the call for questions. Ms. Xu, our Chief Risk Officer, and I will answer your questions. Operator, please proceed.
Speaker Change #125: We are pleased to report a significant improvement in our cash position this quarter.
Speaker Change #125: As of March 31st 2024, our cash and cash equivalents reached 506.
Speaker Change #125: 168 2 million.
Speaker Change #125: Attention increased from $372 million at the end of December 31st 10 23.
Speaker Change #125: This growth highlights our strong financial discipline and operational efficiency.
Speaker Change #125: With that we can open the call for questions Ms. Shea, our chief risk Officer, and I will answer your question.
Operator: Thank you. To ask a question, you will need to press star 1 and 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 and 1 again. Please stand by while we compile the Q&A roster. Once again, that's star one and one to ask a question. Thank you.
Speaker Change #126: Operator. Please proceed.
Speaker Change #127: Thank you to ask a question you will need to press star one and one on your telephone and wait for your name to be announced to withdraw. Your question. Please press star one on one again, please standby, while we compile the Q&A roster.
Speaker Change #127: Once again Thats star, one and wanted to ask a question.
Speaker Change #127: Thank you.
Speaker Change #127: We will now take our first question.
Operator: Please stand by.
Speaker Change #127: Please standby.
Speaker Change #128: Now turning to the gym.
Operator: The first question is from the line of Hua Rong from Jinyu Asset; please go ahead.
Speaker Change #129: First question is from the line of Huang from Jim You asset. Please go ahead.
Huarong: Hello, Management Team. I'm Huarong, an analyst from Shanghai Financial Asset Management.
Speaker Change #130: Glenn and Conor anyhow or should I say Asia hygiene, and just trying to think you ship out at all.
Huarong: I have two questions for the Management Team. The first question is, compared to the previous high-speed growth, the company's first quarter loan balance increased by 13.6%. What is the main reason for the slowdown in the increase? What will be the main sources of income in the future? My second question is, in the first quarter of this year, revenue in the fourth quarter of 2023 was somewhat reduced. But in the first quarter, cash and cash add-ins increased by nearly 200 million RMB. What is the reason for this? Hello, Management. I'm Huarong from Jinyu Asset. And I have two questions.
Speaker Change #131: Good Daniel down <unk> <unk> from Cowen Shack.
Speaker Change #132: Diesel and negotiation.
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Speaker Change #136: Is it the world is changing your question Doug.
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Speaker Change #138: Hello management I'm plateau from search.
Duncan: Yeah.
Huarong: The first one is, compared to the previous period of rapid growth, the company's loan facilitation volume in the first quarter of this year increased by 13.6%. Could you please explain the main reasons for the slowdown in growth? Which borrower acquisition channels will be the primary focus in the future? My second question is whether revenue in the first quarter of this year decreased compared to the fall quarter of 2023, but cash positions increased by nearly 200 million RMB by the end of the fourth quarter. Could you please explain the reason for this? That's all. Thank you.
Speaker Change #139: And I have two questions.
Speaker Change #139: First one is compared to the previous period after rapid growth the comp.
Speaker Change #140: <unk> loan facilitation volume in the first quarter of this year increased by 13 pound 6% could.
Speaker Change #140: Could you. Please expand the main reasons for the slowdown in growth rich borrower acquisition channels will be the primary focus in the future.
Speaker Change #141: And my second question is the revenue in the first quarter of this year decreased compared to the fourth quarter of.
Speaker Change #140: 23.
Speaker Change #142: Our cash position increased by nearly two weeks after the meeting RMB.
Speaker Change #142: By the end of the fourth quarter could.
Speaker Change #143: Could you. Please explain the reason for that.
Speaker Change #144: Thank you.
Speaker Change #143: Okay.
Speaker Change #143: Yes.
Yifang Xu: Hello, Ms. Huarong. I am Yifang Xu. Thank you very much for your long-standing interest in Jiayin. My first question for you is about the speed of growth of our industry and recent growth factors. I will answer some questions.
Speaker Change #145: And borrowings anyhow.
Speaker Change #146: And as Eva.
Speaker Change #146: Thank you.
Speaker Change #147: J E.
Speaker Change #148: One two.
Speaker Change #148: I'll give you an answer of shifting demand.
Speaker Change #148: John.
Speaker Change #149: So the <unk> element within.
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Speaker Change #149: Ladies.
Speaker Change #149: Okay.
Speaker Change #149: Okay.
Yifang Xu: Oh, hello, Huarong. I'm Yifang Xu. Thank you for your question. And thank you for your long-term support of us. And I will answer your first question.
Speaker Change #150: Oh Hello borrow.
Speaker Change #151: <unk>. Thank you for your question I think if we are a long term support.
Speaker Change #151: On us and I will answer about your first question.
Yifang Xu: After the transition in 2019, Jiayin has experienced rapid growth in the past few years. This rapid growth in the past few years is mainly due to the 10-year accumulation in the industry. This accumulation includes two aspects. One aspect is the accumulation in terms of capital management ability and operating ability. The other aspect is the growth in the development of the Internet finance and financial technology industry. After deepening our market, we are accumulating at the customer level.
Speaker Change #151: Yes.
Speaker Change #152: Jason that is OSA.
Speaker Change #153: Gen Z Kona Simi lines Ian.
Speaker Change #152: Yeah.
Speaker Change #152: Yes.
Speaker Change #154: <unk> and gentlemen, good evening.
Speaker Change #154: Hi.
Speaker Change #154: Ladies.
Speaker Change #154: Johnny.
Speaker Change #154: Yes.
Speaker Change #154: And we can make it.
Speaker Change #154: Well again from you.
Speaker Change #154: Sure.
Speaker Change #155: Question for me.
Speaker Change #155: Anyway.
Speaker Change #156: He says that the payback genco well.
Speaker Change #156: What do you do you could you.
Speaker Change #157: Yeah, the plaza in Chicago and Houston.
Speaker Change #158: Oh, okay.
Speaker Change #159: Do you mean.
Yifang Xu: So since 2019, our explosive growth in recent years after our transformation is attributed to over a decade of dedication in the industry and includes two reasons. First is the accumulation of operational and risk management capabilities. And second is the accumulation of market clients across the user's borders through in-depth industry development and growth.
Speaker Change #159: Okay.
Speaker Change #160: Since <unk> 2019, our explosive growth in recent years softer.
Speaker Change #160: Our transformation is attributed to over a decade of dedication in the industry includes.
Speaker Change #160: Two reasons.
Speaker Change #160: First is the accumulation of the operational and risk management capabilities.
Speaker Change #161: The accumulation of market clients.
Speaker Change #161: Users borrowers through the in depth.
Speaker Change #161: Industry development and growth.
Speaker Change #161: Yeah.
Yifang Xu: However, with the development of the industry gradually maturing, the regulatory framework is also gradually and steadily improving, and the competition in the market has also maintained a more dynamic and stable development trend. On the growth level of Jiayin Group this quarter, we did not see a rapid release of potential in the past few years. But we have achieved a 13.6% growth rate thanks to the entire industry. This is also a reasonable result.
Speaker Change #162: Thank you Joanne Yeah, Jim go ahead Thomas.
Speaker Change #161: Thompson.
Speaker Change #163: Thank you.
Speaker Change #161: Yes.
Speaker Change #164: Much of the English.
Speaker Change #165: Once you launch in Belgium.
Speaker Change #164: Yes.
Speaker Change #161: Sure.
Speaker Change #167: So you can imagine with Keytruda.
Speaker Change #168: Thank you John.
Speaker Change #166: Sure Jimmy.
Speaker Change #166: Okay.
Chad Stephens: Hey, Chad Stephens, Inc.
Chad Stephens: Yes.
Speaker Change #170: Thank you Jason.
Speaker Change #170: Yeah.
Speaker Change #170: Yeah.
Yifang Xu: With the steady advancement of the industry's regulatory framework, orderly market development, and a competitive landscape that remains dynamically stable, we have also still achieved a relatively solid performance for this quarter with 13.6% growth.
Speaker Change #171: With the steady advancement of the industry is regulatory framework orderly market development and a competitive landscape that remains <unk>.
Speaker Change #171: NAMIC Hawaii stable.
Speaker Change #171: We have we have also achieved a relatively solid performance for this quarter with a 13, 6% growth.
Yifang Xu: I would like to emphasize that the 3.6% growth we are seeing is actually from our very cautious and systematic assessment of market risks and credit risks and the overall business operation results after comprehensive considerations. In the macro environment, we still see a good trend, but in terms of degree, we have a cautious and optimistic expectation.
Speaker Change #172: So what does that really matter.
Speaker Change #172: Ill handle that Josh if any and all of a sudden jump now can you just.
Speaker Change #173: Thank you.
Speaker Change #174: Beyond T shirt.
Sure.
Speaker Change #174: James.
Speaker Change #175: Thank you Paul and.
Speaker Change #176: <unk> got to change.
Speaker Change #176: Yes.
Speaker Change #176: Okay.
Speaker Change #177: Yeah, she turned online nutrition.
Speaker Change #177: On the following.
Speaker Change #178: Oh no gwenda.
Speaker Change #178: Okay.
Speaker Change #178: So the growth we observed.
Speaker Change #178: From our from call it cautious Ana systematic business operations that consider the market and credit risk assessments.
Yifang Xu: So the groups we observed are from cautious and systematic business operations that consider market and credit risk assessments. While the macroeconomic environment remains positive, we maintain a cautiously optimistic outlook regarding its level.
Speaker Change #178: The macroeconomic environment remains positive change.
Speaker Change #178: We maintain a cautiously optimistic outlook regarding its level.
Yifang Xu: One of the causes of this growth comes from the growth in customer service. We are still actively exploring the upstream new product market in the market. The growth and output of customer service is one of the key points of our long-term healthy development. Although we have seen some changes in the cargo market, including some changes, mainly in the information flow channels. The information flow channels themselves are in the financial technology direction.
Speaker Change #178: Yeah.
Matt: No Matt.
Speaker Change #180: Thank you Joey.
Speaker Change #180: In July 2019.
Speaker Change #180: Gotcha.
Speaker Change #181: Well my goodness.
Speaker Change #181: Sean.
Speaker Change #182: Uh huh.
Speaker Change #183: Two questions on that.
Speaker Change #181: Yeah.
Speaker Change #181: Yes, we will go now need Xinjiang vanish.
Speaker Change #184: We can't quantify that diesel Dan G.
Speaker Change #184: And just a quick question on Xiaomi and others.
Speaker Change #184: Yeah.
Speaker Change #184: Well, yes.
Speaker Change #185: Thank you Qi <unk>.
Speaker Change #186: Please proceed.
Todd: Sure Todd. Thank you. Thank you with you I'm pretty bummed out.
Yifang Xu: But overall, we are maintaining a more diversified channel management policy. In the background of this big diversification, we will focus on the expansion and construction of high-quality customers and some new channels. Mr. Dinggui Yan also talked about some explorations in the small programming direction. In general, we focus on actively cultivating high-quality cargo channels and capabilities.
Speaker Change #189: <unk> only got a woman she about shipyards doing them.
Speaker Change #188: 2000 and John.
Speaker Change #190: Thank you God Battle Royale.
Jonathan: Jonathan would you do that surgical pool towards Sean.
Speaker Change #190: Thank you.
Speaker Change #193: <expletive> excuse that EMEA.
Speaker Change #192: Any way you can give juliet.
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Speaker Change #194: In terms of them.
Speaker Change #192: Yes.
Speaker Change #196: We will now take <unk>.
Speaker Change #195: Got you.
Speaker Change #195: We're gonna Toone dollars.
Speaker Change #195: Assortment planning that.
Yifang Xu: So one thing is that the growth was from our borrower acquisitions. We continue to actively acquire upstream borrowers in the market, focusing particularly on the expansion and development of high-quality borrower segments. On the other hand, we pursue prudent and rational risk management in the operation of our current borrowed base. We are currently exploring the development of differentiated and diverse products and services that incorporate risk considerations. They are aiming for further breakthroughs in attracting and retaining high-quality borrower groups.
Speaker Change #195: So.
Speaker Change #195: The growth from.
Speaker Change #195: One thing that the growth was from.
Speaker Change #195: Our acquisitions, we continue to actively acquire upstream for us in the market.
Speaker Change #195: Particularly focus on the expansion and development of high quality four segments.
Speaker Change #195: And on the other hand, we pursue prudent and rational risk management in the operation of our current borrowing base.
Speaker Change #195:
Speaker Change #195: We are currently exploring the development of differentiated and diverse.
Speaker Change #195: <unk> products and services.
In corporate risk considerations.
For further breakthroughs in attracting and retaining high quality borrower groups.
Yifang Xu: We just talked about customer service. Although we often want to emphasize customer service when we talk about growth, we still need to realize that the management of on-demand customers is also very, very important. It's a big part of our entire industry. So, from risk awareness and rational management, we will take risk and profit as a main starting point and then look at the need for overall business growth and some possibilities of growth.
Speaker Change #197: Well that haven't seen already now.
Speaker Change #198: Sure, Yes, your incentives Hillman Donaldson.
Speaker Change #199: <unk> yeah.
Speaker Change #198: Cool.
Speaker Change #201: And I'll, let you use that data.
Steven: Sure Steven.
Steven: Backhaul.
And let's hope we can ensure high <unk> now.
Steven: That's all we know.
Speaker Change #202: Hi, Bobby.
Speaker Change #202: All of that should come back and.
Jonathan: And Jonathan.
Speaker Change #203: Once you have been Jonathan.
Speaker Change #203: Yeah.
Speaker Change #203: So.
Yifang Xu: So, just as important as the new borrowers, our current borrowers are also very important. So, in the future, we will look for potential growth considering both risk and profit.
Speaker Change #205: Just as important as the.
Speaker Change #204: The new borrowers.
Speaker Change #204: Our current Boris are also very important so we will see.
In the future we will.
Speaker Change #206: Look forward to show growth.
Speaker Change #206: Considering both risk and profit.
Yifang Xu: We have just talked about the management of our online classroom. We are still exploring the need for risk management and the construction of our entire differentiated product and service to become a new direction for our patent. We hope to be able to introduce, take over, land, and maintain this direction to make further breakthroughs. This is also a continuation of our strategy of high-quality classroom management and continuous innovation and breakthrough.
Speaker Change #207: No that sounds all the things that go along with that unfortunate E.
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Speaker Change #209: Now Paul will then do you like to watch.
Speaker Change #210: How do you want <unk> would've issue too.
Jonathan: Yeah Jonathan.
Speaker Change #211: Thank you.
Jonathan: Sure.
Speaker Change #212: Thank you.
Speaker Change #213: If you turn to you.
Speaker Change #214: Well all your thoughts on that.
Speaker Change #214: Two four.
Speaker Change #214: Yes sure.
Speaker Change #215: J J could you Jean Jacques.
Speaker Change #216: Yes generally yes.
Speaker Change #217: Yeah, She blah blah blah.
Speaker Change #216: Two points.
Speaker Change #216: Yeah.
Speaker Change #216: So.
Yifang Xu: So, um, as we talk about the risk, we are, just like we have talked before, exploring differentiated products and services that aim for our high quality borrower groups. And also, this is in line with our ongoing strategy to enhance our capability in managing high quality borrower operations.
As we talk about the risk.
Speaker Change #216: We are.
Speaker Change #216: Just like we have talked before that.
Speaker Change #216: We are.
Speaker Change #216: Exploring differentiated products and services.
Aiming for our high quality borrower groups and also this is in line with our ongoing strategy.
Speaker Change #216: <unk> enhanced our capability in managing.
Speaker Change #216: High quality of our operations.
Yifang Xu: This is my first question about the growth of the industry and the direction of growth. The second question is about the direction of revenue and profit. I would like to ask Director Wan to answer this question.
Speaker Change #218: Mhm was lagging indeed.
Speaker Change #220: Yes, John.
Speaker Change #219: She doesn't Becky.
Speaker Change #221: Yeah, I can mention a flash of silver.
Speaker Change #221: And so.
Speaker Change #221: Okay.
Speaker Change #221: Yeah.
Speaker Change #221: Right.
Yifang Xu: This is my answer to your first question and your second question, Mr. Yan. Can you answer that?
Speaker Change #221: This is my answer for your first question in your seven question.
Speaker Change #222: Mr Yang to answer for that.
Speaker Change #221: Alright.
Speaker Change #221: Okay.
Dinggui Yan: Yes, the cash flow in the first quarter of 2024, especially my cash balance, increased by nearly 200 million yuan compared to last year's Q4, right? As Mr. Fang just mentioned, my Q1 revenue in 2024 is actually slightly lower than the Q4 in 2023, and the return ratio has dropped slightly. There are several reasons for this.
Speaker Change #223: Why don't you shouldn't take a windshield.
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Speaker Change #224: J J or something <unk>.
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Speaker Change #224: Number one a nicely accretive initially.
Speaker Change #224: Only a few dollars of churches.
Speaker Change #224: Onions, and niches that systemic issue.
John: Sure John.
Dinggui Yan: First, there are some changes in the structure of our revenue, which has led to an increase in our operating profit, right? As we mentioned before, the return distribution service fee has a relatively high profit rate, and the guarantee income profit rate is relatively low. In 2020 Q1, the return distribution service ratio was improved. The guarantee income profit rate has dropped a little. And this trend will continue throughout 2024, right?
Speaker Change #225: Hey, Austin Grand Cherokee.
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Speaker Change #226: Jean <unk>.
Speaker Change #227: Take a chance and job youre backing away and she's going to hit in Q.
Speaker Change #228: Two of them in parallel frequently acquired the Genco Tiger shark.
Speaker Change #228: So I'll call it our.
Speaker Change #228: Tampa San Jose continues throughout the year.
Speaker Change #228: Karina.
Speaker Change #228: Hum, Florida, 70 developed Houston, Tamp ourselves quite attentive sales with Sean I don't think it yourself.
Speaker Change #228: Many of them equation.
Dinggui Yan: This is related to the strategic business focus of the company. The optimization of the revenue structure has improved our operating profit margin. As a result, our operating profit margin for QE in 2024 has been improved. In the announcement, it is 3.16 billion yuan, which is more than 36% of last year's 2.32 billion yuan. The operating cash flow has increased significantly.
Speaker Change #228: I think it's been constant.
Speaker Change #229: Salaries, and where you guys are with you.
Speaker Change #228: So to answer your question.
Speaker Change #230: <unk> kitchen room, and they are changing so your women's yoga <unk> gene do you want to go in.
Speaker Change #228: <unk> imaging.
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Speaker Change #231: Assuming you got back in.
Speaker Change #232: <unk> new sufficient so there's anything Jonathan J D.
Speaker Change #232: So in the first quarter of 'twenty 'twenty four.
Dinggui Yan: So in the first quarter of 2024, revenue was RMB1.475 billion, which was a decrease from RMB1.6 billion in Q4 2023. There are some reasons for that.
Speaker Change #232: The revenue was 1.4 70 475 billion RMB.
Speaker Change #232: <unk> has a decrease from Sig.
Speaker Change #232: One 6 billion RMB in the Q4 2005.
Speaker Change #232: Three there are some reasons for that the first reasoning is that the revenue structure has changed with a higher proportion coming from loan origination services and a lower proportion from guarantee services.
Dinggui Yan: The first reason is that the revenue structure has changed, with a higher proportion coming from loan origination services. This trend is expected to continue. [inaudible] As I have mentioned before, the profit margin for guaranteed income is lower, so the optimization of the revenue structure has improved the company's operating profit margin, and Jiayin's income from operations in the first quarter was about 316 million RMB, which is an increase of more than 36% compared to 232 million RMB in the fourth quarter of the previous year. And the operating cash flow had a significant increase. That's the first reason.
Speaker Change #232: And.
Speaker Change #232: This trend.
Speaker Change #232: Trend is expected to continue.
Speaker Change #232: As I have mentioned before the profit margin for guarantee income is lower so the optimization of the revenue structure has improved the company's operation operating profit margin.
Speaker Change #232: On.
Speaker Change #232: <unk> income from operations in the first quarter was about 316 million RMB.
Speaker Change #232: Which is a increase of more than 36% compared to the 232 million RMB in the fourth quarter of the previous year.
Speaker Change #232: And the operating cash flow has significant increase that's the first reason.
Dinggui Yan: Second, the company has always had a good recovery from the revenue of the accounts. And now, with the strategic reduction of the guarantee business and the continuous optimization of some related commercial terms, the guarantee fund is also gaining momentum for our company's funding.
Yes.
Speaker Change #233: So John Klein from call it just slippage.
Speaker Change #233: Okay.
Speaker Change #234: The foundation is solid with Shanghai, Nanjing, Shanghai Telecom, that's issued EUR <unk> film cost. So you can say, it's about time that the Dodgers shipper.
Dinggui Yan: So the second reason is that our accounts receivable recovery is performing very well, and the funds tied up in the margins are being continuously released.
Speaker Change #234: So the second reason is that our Oh.
Speaker Change #234: Counts receivable syllable recovery is performing very well.
Speaker Change #234: Phones are tight aimed.
Speaker Change #234: And the margins are beginning are being continuously released.
Dinggui Yan: These two points are the main reasons why our cash position has increased significantly. I would like to point out that in the first quarter, we actually paid 0.4 USD of cash dividend for each ADS. It's about 1.52 billion RMB. So if we add this up, the total amount of cash in the company is actually higher than this. This is a clear indication that our cash situation is really not good.
Speaker Change #234: So I'd say on the assortment.
Speaker Change #235: Changing positioning operation, so listen I think Jonathan because anyway, you know what <unk> traditionally slow.
Speaker Change #236: How much is on the PGA tour, which is outside of Florida.
Speaker Change #236: <unk> Lingus.
Speaker Change #236: Estimating the degree of changing from a I'm not and I'm a topical issue. So it can do that from home Shanghai <unk>. So it will go back to your quite Jonathan <unk>.
Speaker Change #236: Is changing that.
Speaker Change #236: She is quickly can call. It. So it's just one biannual mentioned you have some cost changes with Dennis.
Dinggui Yan: So, these are the two main reasons, but other than that, remember, in the first quarter we also picked out cash dividends, with a total amount of about 152 million RMB. So if you take in this part of cash, the company's cash balance will be even higher.
Speaker Change #236: So these.
Speaker Change #236: These are the two main reasons, but other than that I remember in the first quarter. We have also our cash dividends.
Speaker Change #236: With the total amount of about 152 million RMB. So if you're counting in this part of cash the companys cash balance will be even higher.
Dinggui Yan: Yes, so the continuous optimization of the cash flow also builds a solid foundation for our long-term sustainable development and further better return to shareholders. The chairman also mentioned in his remark that we will continue to implement our previous dividend policy. And the board passed a resolution on June 4th. Our first independent development plan this year. Every ADS is 0.5 USD. And on last year's record, we have further strengthened our return to shareholders.
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Speaker Change #237: Hunsicker essentially without hurting it broken up by Bob.
Speaker Change #237: It is having a tough decision.
Speaker Change #238: Tom said downsizing of the marketing media to dollar John <unk>, who many of you on the phone.
Speaker Change #238: And also if the Hudson Conchology homogeneous offset a <unk> <unk> hit that tree.
Speaker Change #238: 1000, <unk> charge Hologic with only thing Paul.
Dinggui Yan: Okay, so the continuous optimization of the company's cash flow will lead a solid foundation for the company's long term sustainable development and better returns for shareholders in the future. Just like what Mr. Yan, our chairman, just said before, we will continue to pay out the dividends and to continue to commit in our dividend policy. And also you can see that we have the Board of Directors recently further approved the extending of the valid period of the repurchase plan to June 12, 2025. So in the future we will continue to reward our shareholders, better reward our shareholders. ?,??,???? Okay, thank you, Huang Rong ??,???? Okay, thank you, Huang Rong
Speaker Change #239: Okay. So the continuous optimization of the company's cash flow will laid a solid foundation a foundation for the company's long term sustainable development and better returns for our shareholders in the future.
Speaker Change #240: Just like what Mr. Yan, our chairman just said before.
Speaker Change #239: We will continue to pay.
Speaker Change #239: Pay out the dividend and to come.
Speaker Change #239: To committing our dividend policy.
Speaker Change #239: Also you can see data we have that the board of directors.
Speaker Change #241: <unk> recently further approve the extending of the well.
Speaker Change #241: Well it period.
Speaker Change #241: Repurchase plan to June of 2025.
Speaker Change #241: So in the future, we will continue to reward our shareholders better reward our shareholders.
Dinggui Yan: Okay, thank you. Thank you, Huang Rong.
Speaker Change #242: Top tier CLO.
Speaker Change #243: Okay. Thank you.
Speaker Change #243: Yeah.
Speaker Change #243: Yeah.
Speaker Change #243: Thank you.
Operator: We will now take our next question. This is from the line of Yuxuan Chen from Huatai Securities. Please go ahead.
Speaker Change #244: We will now take our next question.
Speaker Change #245: This is from the line of <unk> from Wedbush Securities. Please go ahead.
Yuxuan Chen: Good evening, Guan Yiteng. I'm Chen Yuxuan from Huatai.
Speaker Change #245:
Yuxuan Chen: I have two questions for you. The first question is, in the first quarter of 2024, trading volume and revenue increased, but net profit declined. What is the reason?
Speaker Change #245: Sure.
Speaker Change #246: So to start a whole lot.
Jonathan: Hey, Jonathan.
Jonathan: Can you go into the not sure tomorrow.
Jonathan: Yes.
Jonathan: I will tell you that.
Scott: Thanks Scott.
Speaker Change #248: And then as soon as you industrial yourself on Japan.
Yuxuan Chen: And what do you think is the future profit rate trend? This is the first question. The second question is, I'd like to ask about the Indonesian market. We have observed that the Indonesian market is a key point of overseas business. What do you think about the current regulation of the Indonesian currency and the requirements for the decline in profits? Do you have any corresponding response measures? Okay, let me do the translation. This is Yushan Chen from the POTUS authorities.
Speaker Change #248: Do you actually have your interest and have them.
Speaker Change #248: I'm going to.
Speaker Change #248: Sure.
Speaker Change #248: <unk> balance sheet and beyond.
Speaker Change #248: Yes.
Speaker Change #249: Oh got you can knock out that Mr. Trump.
Speaker Change #250: Infrastructure bank of Hawaii, or whether you go to India.
Speaker Change #250: Number two we send out junk what do you need to start you Aldo.
Speaker Change #250: Sure.
Speaker Change #251: I hope that Mr National Sunday.
Speaker Change #250: Sure.
Speaker Change #252: Okay, Let me do the translation.
Yuxuan Chen: And I have two questions. The first one is whether facilitation volume and revenue both increased year over year in the first quarter of 2024. But net income slightly declined. Could you please explain the reasons for this? And could management provide more color on the future trend of the company's net margin? The second question is: I have noticed that the Indonesian market is one of the key targets for the companies to oversee business. What is the companies' view on the Indonesian regulator's requirements for the interest rate reduction?
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Speaker Change #253: I got two questions.
Speaker Change #253: First of all I asked.
Speaker Change #254: Okay, Thanks, maybe patient wallet.
Speaker Change #255: Both increased year over year in the first quarter synchrony for <unk>.
Speaker Change #255: Net income.
Speaker Change #255: I think the decline.
Speaker Change #256: Could you please explain the reasons for that.
Speaker Change #257: Could the management provide more color on the.
Speaker Change #258: The trend of the company for that Martin.
Speaker Change #258: And the second question.
I have noticed that the inclination marketing.
Speaker Change #258: Key targets for the conference all of your business.
Speaker Change #259: What are the company's view on the.
Speaker Change #260: Regulators' requirements for the interest rate reduction.
Speaker Change #260: Yes.
Speaker Change #261: And in fact to conquer bedroom product okay.
Speaker Change #261: Okay.
Speaker Change #261:
Speaker Change #261: Sure.
Chunlin Fan: Thank you, Yufan. The first question is about trading volume, revenue, and profit margin. Let me answer it. In 2024, QE's combined trading volume increased by 13.6%. Revenue also increased by 31.5%. But our net profit margin decreased by 2.4%. There are two main reasons.
Speaker Change #261: Sure.
Speaker Change #262: Are you in case according to J D.
Speaker Change #262: So.
Speaker Change #263: Hey, guys.
Speaker Change #264: I'll ask <unk> to talk about all you do.
Speaker Change #265: <unk> systems on a Sunday.
Speaker Change #265: So in the Eagle buttons.
Speaker Change #265: <unk> with its <unk>.
Speaker Change #265: So we don't do that.
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Chunlin Fan: The first reason is the change in the structure of our revenue. In the second half of 2023, the company's revenue related to guarantee services is increasing relatively fast. As for this part of the revenue, as we have repeatedly mentioned, its profit margin is actually lower than that of our return distribution services. In 2024, QE, our guarantee service revenue, will have a bigger growth than QE in 2023. So this will lower my QE profit rate in 2024. If we look at this part of the reason, based on the increase in operating efficiency, in fact, my QE in 2024, whether it's sales costs, management costs, or R&D costs, it actually accounts for my revenue.
Speaker Change #266: That's one issue.
Speaker Change #266: With me.
Speaker Change #267: Irena cannot yet shown here shortly to check whether you Pamela and weights and guarding thank you Davis.
Speaker Change #267: The shopping.
Speaker Change #267: Okay.
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Speaker Change #267: The woman that dollar from going from a CRT issue.
Speaker Change #267: Hudson you answering QE on them off on windows, or the Shanghai and the total up the <unk>, So and that's all for each of the lobby was another nice thing in QE, that's again even to this day.
Speaker Change #267: No local partnership with ongoing kick highlight kind of on that journey.
Speaker Change #268: I mean, Charlotte Houston lot tissue.
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Speaker Change #267: This also has the quantity of feel for the impasse touches salary. So PD 10 years of the PDR buildings can be dosing you can charge on a vast majority of that kind of high sulfur <unk> and <unk>.
Speaker Change #267: I'm happy on that journey, we're assuming a samsung.
Speaker Change #269: So if I am constitutionally and Bob I mean are you guys still shooting a toyota to heating.
Chunlin Fan: Okay, so in the first quarter of 2024, our loan facilitation volume increased by 13.6% year-over-year, and revenue increased by 31.5% year-over-year. However, net profit decreased slightly by 2.4% year-over-year. I think there are some main reasons as follows. So the first reason is the change in our revenue structure. Throughout the year of 2023, especially in the second half, the company's revenue from guarantee services increased rapidly. And so the profit, the profit margin from this revenue, this kind of revenue is lower compared to our loan facilitation services.
Speaker Change #270: Okay. So in the first quarter of 2024 hour our loan facilitation volume increased by 13, 6% year over year and our revenue increased by 31, 5% year over year.
However, the net profit decreased slightly by two 4% year over year.
Chunlin Fan: If we exclude this factor, both our S&M and G&A expenses slightly decreased in absolute amounts year-over-year due to our improved operational efficiency, and the R&D expenses increased year-over-year, reflecting our continued investment in technology and research development. That's the first reason.
Speaker Change #270: There are.
Speaker Change #270: Some may reasons are as follows so the first reason is that.
Speaker Change #270: It's about the change in our revenue structure.
Speaker Change #270: Throughout the year of 2023, especially in the second half.
Speaker Change #271: The companys revenue from guarantee services increased rapidly.
Speaker Change #271: So the profile the profit margin from this revenue this kind of what revenue is lower.
Speaker Change #271: Paired to our loan facilitation services.
Speaker Change #271: If we.
Speaker Change #271: Exclude this factor.
Speaker Change #271: Our SME and G&A expenses slightly decreased in absolute amounts.
Year over year due to our improved operational efficiency and R&D expenses increased year over year, reflecting.
Speaker Change #271: Our continued investment in technology and research and development.
Chunlin Fan: The second reason is that my take rate has been dropping steadily in the past few years. If you compare my QE in 2024 with my QE in 2023, you can see that my take rate has dropped a lot.
Speaker Change #271: That's the first reason.
Speaker Change #271: It can change a senior or the zynga.
Speaker Change #271: <unk>.
Speaker Change #272: Sitting here with a take rate coming from Quaternary kind a lot of customers, maybe Q2 or the temporary that those to do that when someone within chat Jonathan can we go hunting.
Speaker Change #272: <unk>.
Chunlin Fan: So the second reason is the decline in our take rate. So although the loan facilitation volume increased year over year in the first quarter of 2024, the overall take rate of the company's loan facilitation services actually decreased year over year.
Speaker Change #272: So the second reason you ship out the decline of our take rate so adult loan facilitation volume increased year over year in the us.
Speaker Change #272: In the first quarter of 274.
Speaker Change #272: The overall take rate of the company's loan facilitation services.
Speaker Change #272: <unk> decreased year over year.
Chunlin Fan: I would like to talk about the key factors that will affect the company's profit margin in the future. First of all, as the national interest rate goes down, the price and take rate of the total loan will also show a steady or slightly declining trend, which will make the loan more profitable.
Speaker Change #272: So it's under way.
Speaker Change #272: <unk>.
Speaker Change #273: That Shiga Cushing that you got to go in sooner.
Speaker Change #274: Hey, John Xinjiang teenagers or punish it gives an engaging accordingly due to the degree to which the modem saccoccio unlocking jobs take rate is still quite some change in our win zone was wondering massage Allentown literatures says, Jim on chicken and controllers as a whole.
Speaker Change #275: Okay, so talking about the.
Speaker Change #275: Future trend of our profit margins I want to talk some.
Speaker Change #275: Some more some more information so the firstly within the downward interest rate cycle, our pricing and take rates will be relatively steady, but there will be some decrease to benefit our borrowers.
Chunlin Fan: So talking about the future trend of our profit margins, I want to give you some more information. First of all, we think that in the downward interest rate cycle, our pricing antiquated will be relatively steady, but there will be some decrease to benefit our borrowers. That's the first one.
Chunlin Fan: Secondly, as I just mentioned, we will strategically reduce the revenue from guaranteeing services in 2024. The proportion of revenue will also continue to decline. This is a positive trend for our overall revenue level.
Speaker Change #275: The first one just.
Speaker Change #276: Just on Chicago, Tampa, Florida, Shanghai's, Ottawa, <unk> valuation Thats, a solid number Todd.
Speaker Change #277: <unk> got the time charter simply what's inherent in reshaping our <unk>, you can see China and Australia.
Chunlin Fan: The second is about the decreasing proportion of our guaranteed service revenue. Just as I mentioned before, the proportion of the revenue from guaranteed services will continue to decline, which will positively impact the overall profit margin.
Speaker Change #277: Secondly, secondly is about the decreasing proportion of our guarantee service revenue.
Speaker Change #277: Just ask what I mentioned before the proportional.
Speaker Change #278: The revenue from guarantee services will continue to decline which will.
Speaker Change #278: Positively impacting overall profit margins.
Chunlin Fan: Thirdly, we are committed to high-quality documents and continue to invest in the field of technological research and development. This will lead to an improvement in the efficiency of operations and further enhance our cost-effectiveness. This will also have a positive impact on the level of profitability.
Speaker Change #279: He found that savings how much of a change causes around though when jenkins on them all of the tissue OEM Bollinger because your total debt as of even Charlotte Houston, guys that technically achievable, which is only one official strategically reducing opinion data units in Germany.
Chunlin Fan: Their one is about stable growth and operational efficiency. So with robust growth in scale and continuous improvement in operational efficiency, cost effectiveness will further improve, which will also positively impact our profit margin.
Speaker Change #279: The third one is about a stable growth and operational efficiency so with Roche.
Speaker Change #279: Robust growth in scale and and continuous improvement in operational efficiency.
Cost effectiveness will further improve which will also positively impact our profit margins.
Unknown Speaker: Unknown Speaker 1, 2nd Speaker, Li Yifang, Dinggui Yan, Yifang Xu, Jiayin Group
Chunlin Fan: Our next focus is that we will balance well in operation the balance between performance growth and profitability and then really achieve high-quality development of the enterprise.
Speaker Change #280: Once you got it.
Speaker Change #281: <unk> just rolled in diabetes.
Speaker Change #282: Opinion harder your chickens are green and.
Speaker Change #282: We need to gain that Youre Kingland came out I was just going to substantiate a costly down neoplasms.
Chunlin Fan: So our focus for the future is that we will balance our growth and also the risk factors to ensure healthy development in the future.
Speaker Change #282: So our focus in the future is that were well balanced.
Speaker Change #282: Balancing our growth and also the.
Speaker Change #282: The risk factors to make to ensure a healthy development in the future.
Chunlin Fan: My second question is about our overseas business. Yuxuan, your second question is about our overseas business. I will let Ms. Xu answer your second question.
Speaker Change #283: Okay. Thank you everyone in case, the continuum of Hawaii over there it is rich.
Speaker Change #284: Sure absolutely.
Speaker Change #285: Your second question is about our overseas business.
Speaker Change #284: Mrs.
Speaker Change #286: To answer your second question.
Yifang Xu: Thank you, Mr. Fan.
Speaker Change #284: Yes.
Speaker Change #287: No that's fine.
Speaker Change #287: Hum.
Yifang Xu: Let's talk about the Indonesian market. Of course, the rise in interest rates is definitely a challenge for the industry. But if you look at it from the positive side, it also reflects the possibility that regulators will have further development and long-term development in the industry. In fact, it is also a challenge. So, in order for the industry to continue to develop for a long time, from a regulatory perspective, we will continue to explore how to support and help this industry to develop policies, arrangements, effective management methods, and incentives.
Speaker Change #287: Yeah.
Speaker Change #287: Okay.
Speaker Change #287: Thank you.
Speaker Change #287: You see the jump Jack.
Speaker Change #288: Oh yeah.
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Speaker Change #290: Glen do.
Don: Yeah.
Speaker Change #291: The project.
Speaker Change #292: As you know by that.
Joel grant: Yeah sure Chi Chi this is Joel grant.
Speaker Change #294: No we don't.
Speaker Change #294: Tom.
Uh huh.
Speaker Change #295: Your line is open gentlemen.
Speaker Change #296: It's Andrew Charles Schwab.
Speaker Change #297: Got you.
Speaker Change #297: Sure.
Speaker Change #298: Yes, she's bajaj.
Speaker Change #298: Okay.
Speaker Change #298: Let me ask you about it.
Speaker Change #298: Me too.
Yifang Xu: Thank you, Mr. Fan. So talking about the Indonesian market, although the reduction in interest rates poses a challenge for industry operators, we also see it as a recognition from the regulators of the industry's potential for long-term development. And additionally, it reflects the management approach and the strength of policies designed to continuously explore and safeguard the industry's long-term development.
Speaker Change #299: Okay. Thank you Mr. Frank so talking about the.
Speaker Change #300: And our nation market, although the reduction in interest rate poses a challenge for the industry operators.
Speaker Change #300: We also see it as a recognition from the regulations.
Speaker Change #301: <unk> of a pound the industry has potential for us.
Speaker Change #301: Long term development.
Speaker Change #301: And Additionally, it reflects the management approach and the strength of policies designed to continuously explore.
Speaker Change #301: Safeguard the industry's long term development.
Yifang Xu: The fast development of the financial and technology industries, the changes in regulatory policies, frameworks, systematization, adaptation, and adjustment are all within the expectations of our industry entrepreneurs. In addition, from all aspects, especially for the C-class customers directly facing our industry, it reflects their constant requirements for the construction of high-quality products and services.
Yeah.
Speaker Change #302: Do you could you have a.
Speaker Change #303: Question on kind of a pattern.
Speaker Change #304: Your line Jon Tower wells that are being financed by that much harder.
Speaker Change #303: Sure.
Speaker Change #305: It's weird.
Speaker Change #305: She got band that you need it.
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Speaker Change #305: Goodbye.
Speaker Change #305: No.
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Speaker Change #305: So can you give me any the seaborne cool yeah. He said, yes, I know that you.
Speaker Change #305: I mentioned.
Speaker Change #305: Youll do that.
Speaker Change #305: For the kitchen the onshore.
Yifang Xu: With the rapid development of the FinTech industry, regulatory policies and frameworks are becoming more systematic, and iterations and adjustments are within our expectations. This also reflects the industry's various aspects, especially from the client's perspective in their demand for high-quality products and services.
Speaker Change #305: With the rapid development of the.
Speaker Change #306: The cleantech industry.
Speaker Change #306: Regulatory policies and the frameworks are becoming more systematic and iterations and adjustments or within our expectations.
Speaker Change #306: This also reflects the industry's various aspects, especially from the client's perspective.
Speaker Change #306: <unk> mined for the.
The high quality products and services.
Speaker Change #307: Well no.
Speaker Change #307: And the charge AZ.
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Speaker Change #307: Danielle.
Nathan: Yeah Nathan.
Speaker Change #308: We thank you Sir.
Yifang Xu: [inaudible] Which two? One is a platform that has been in the market for a long time. After a long process, data and customer accumulation give them more room for adjustment and trial and error. On the other hand, they may not be in the market, but they are in the industry, and have outstanding performance in risk management and financial management. Through technology, we can also speed up the pace of adjustment and iteration to meet the demands of the new market.
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Speaker Change #311: Thanks to a couple of the Chile.
Speaker Change #311: Good and bad.
Speaker Change #311: Yes.
Speaker Change #311: Yeah.
Speaker Change #312: You May now its you should say hi, Janet. Thank you go ahead. Please.
Speaker Change #313: He is on mute.
Speaker Change #314: Easy one Jean Michel Man.
Speaker Change #315: Do you think tomorrow.
Speaker Change #316: Speaking of <unk>.
Speaker Change #316: <unk>.
Speaker Change #317: So what you saw 99 year caliche, jokwe intelligent well do that.
Speaker Change #317: Do you.
Speaker Change #317: C C.
Speaker Change #317: Gotcha.
Yifang Xu: So regarding the challenges you just mentioned, the reduction in interest rates will give two types of firms an advantage in meeting these challenges. So the first kind of companies are the platforms that have been dedicated to the market for a long time, which have more room for adjustments and trial for error due to their data and also the accumulation of users. The second is that companies with outstanding risk management and refined operational capabilities can accelerate their adjustment and iteration pace through technical capabilities to adapt to new market requirements.
Speaker Change #317: Okay.
Speaker Change #317: So regarding the challenges you just mentioned.
Speaker Change #317: The reduction on interest rates will give two types of firms and advantage in meeting. These challenges. So first kind of companies or the platforms that have been dedicated in the market for a long time, which has.
Speaker Change #317: More room for adjustments and Tau for error due to their data and also the accumulation of users the.
Speaker Change #317: The second is the companies with.
Speaker Change #317: Outstanding risk management and refined operational capabilities.
Speaker Change #317: That they can accelerate their adjustment and iteration piece too.
Speaker Change #317: Technical capabilities to adopt to new market requirements.
Yifang Xu: Back to Jiayin Group and its partners in the English market. We have been in business in the English market for some time. Although it is not a long-term business, it has accumulated a certain amount of knowledge and experience. In terms of risk management, we talked about the second type of risk management and psychological management. Jiayin has accumulated a long history in this industry. These abilities will allow us to make corresponding and faster adjustments to the requirements of the new interest rate.
No okay.
Speaker Change #318: Well again, thank you she talked about what's the whole bag.
Speaker Change #319: Well, Thank you say English.
Speaker Change #319: Okay. Okay.
Speaker Change #319: Yeah.
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Speaker Change #320: 90 <unk> session.
Speaker Change #320: You may now in D C.
Speaker Change #320: Yes.
Speaker Change #320: Okay.
Speaker Change #321: And I'm, just wondering why because each one each in Birmingham.
Speaker Change #321: Sure.
Speaker Change #321: Yes.
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Speaker Change #322: Well yeah.
Speaker Change #322: <unk> seen that need to be eligible.
Speaker Change #322: Tony.
Speaker Change #322: And children.
Yifang Xu: So, talking about Jiayin Group, we have been operating in Indonesia for some time now. Although it cannot be considered as a very long time, we have already gained some understanding, knowledge, and experience. Our long-term experience in risk management and refined operations allows us to respond and adjust quickly to new requirements based on interest rates.
Speaker Change #323: So talking about giant group, we have been operating in Indonesia for some time, although it cannot be considered as a very long time, but we have already gained some understanding.
Speaker Change #323: Knowledge M&A experience.
Speaker Change #323: Our long term experience in risk management and refined our operations.
Speaker Change #323: As to respond and adjust quickly to new requirements.
Speaker Change #323: The interest rates.
Yifang Xu: In the first half of this year, we have seen that business in Indonesia has started under the new interest rate requirements on January 1st. We have made quite a rapid adjustment and response. The indicators in all aspects have improved. Next, we look forward to further development and breakthroughs on this scale. In addition, we expect a long-term recovery and development in the Indonesian market.
Speaker Change #324: I'll give you some banyan, Tom Willingham HL Macondo Yahoo.
Speaker Change #324: <unk> seen the need to be honest with you.
Speaker Change #325: Yeah, you all's attention junkie onshore.
Speaker Change #326: Uh huh.
Speaker Change #327: And then so on Sundance.
Speaker Change #327: Sometimes ashish charger.
Speaker Change #327: In doing so.
Speaker Change #327: Don.
Speaker Change #327: That shot.
Speaker Change #327: So while.
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Speaker Change #328: Sorry that one.
Speaker Change #327: Paul.
Speaker Change #329: You wanted on the firewall.
Speaker Change #327: Yeah.
Speaker Change #330: So you should see that she does.
Speaker Change #331: Thank you.
Speaker Change #332: Got it.
Yifang Xu: So, in the first half of this year, we have seen rapid and positive improvements in various indicators of our business in the Indonesian market under the new interest rate requirement. So, next, for the next step, we look forward to breakthroughs and further development in the scale of our business in this market. And overall, we are committed to long-term development in the installation market.
Speaker Change #332: So.
Speaker Change #332: The first half of this year.
Speaker Change #332: We have seen rapid and positive improvements in railroad indicators of our business innovation market.
Speaker Change #332: The new interest rate requirements.
Speaker Change #332: So next for the next step we look forward to breakthrough and further development.
Speaker Change #332: The scale of our business in this market.
Speaker Change #332: And overall, we are committed to long term development in the Indonesian market.
Yifang Xu: This is our overall opinion on the Indonesian market and how to deal with it. This is my answer to the question about the Indonesian market.
Speaker Change #333: Didn't show a woman Danish enhance MTBE go on sandbox.
Speaker Change #333: He is doing.
Speaker Change #335: Thank you Michelle.
Speaker Change #334: I'm sorry.
Yifang Xu: That's our opinion about our business in the Indonesian market, and that's all for me.
Speaker Change #336: That's our opinion about our business into at a nascent market and that's all for me.
Speaker Change #336: Yeah.
Michelle: Thank you.
Shawn Zhiyuan Zhang: If there are no more questions, I will return the call to Sean for closing remarks. Please go ahead.
Speaker Change #338: Seeing no more questions I will overtime Nicole to Sean for closing remarks. Please go ahead.
Shawn Zhiyuan Zhang: 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.
Shawn Zhiyuan Zhang: 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.
Operator: Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.
Speaker Change #339: Thank you. This concludes today's conference call. Thank you for participating you may now disconnect.
Speaker Change #339: Yeah.
Speaker Change #339: Okay.
Speaker Change #339: [music].
Speaker Change #339: Okay.
Speaker Change #339: Okay.
Speaker Change #339: Yes.
Speaker Change #339: [music].