Q3 2024 Jiayin Group Inc Earnings Call
Speaker Change: Good day ladies and gentlemen. Thank you for standing by and welcome to the GIIN Group's third quarter 2024 earnings conference call. Currently all participants are in listen-only mode. 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. I will now turn the call over to Mr. Shawn Zhang from Investor Relations of GIIN Group. Please proceed.
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Speaker Change: The press release is available on the company's website as well as from Newsware Services. On the call with me today are Mr. Yanding Gui, Chief Executive Officer, Mr. Fan Chunlin, Chief Financial Officer, and Ms. Xu Yifang, Chief Risk Officer.
Speaker Change: 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: Forelooking statements invoke inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today.
Speaker Change: Further information regarding these and other risks and uncertainties is included in the company's public filings with the SEC.
Speaker Change: The company does not assume any obligation to update any forward-looking statement except as required under applicable law
Speaker Change: Also, please note that, unless otherwise stated, all figures mentioned during the conference call are in Chinese RMB.
Speaker Change: With that, let me now turn the call over to our CEO, Mr. Yan Jingui. Mr. Yan will deliver his remarks in Chinese, and I will follow up with corresponding English translations. Please go ahead, Mr. Yan.
大家好,感謝各位參加佳音科技2024年第三季度業績電話會議
Speaker Change: Hello everyone, thank you for joining Giant Group's 3rd Quarter 2024 Earnings Conference Call.
Speaker Change: In terms of demand, the total number of consumer goods retailed in September grew by 3.2% and increased by 1.1% compared to August.
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Speaker Change: In the third quarter, we are more active in increasing the volume, increasing investment in the operating cargo sector, and successfully completing the established goal to achieve a loan transfer transaction amount of about 26.7 billion yuan, a record high. The corresponding transfer service income is about 1.1 billion yuan, an increase of 18.1%.
The core business continues to grow steadily.
Speaker Change: In the third quarter, China's economic fundamentals were at a critical stage of adjustment, with several macroeconomic indicators showing positive changes.
and improvement of 1.1% compared with August, reflecting marginal improvement.
Speaker Change: In the third quarter, we took a more proactive approach to driving growth, increasing investment in operations and borrower acquisition.
Speaker Change: We successfully achieved our established goals with a loan facilitation volume of approximately RMB 26.7 billion.
setting a new record.
Speaker Change: Correspondingly, revenue from loan facilitation services reached around RMB 1.1 billion, representing a year-over-year growth of 18.1 percent, with our core business continuing to maintain steady growth.
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Speaker Change: In the third quarter, we further deepened the application of large-language models.
Speaker Change: In addition, we have continuously improved the efficiency of work and customer service experience while fully smartly operating. We have successfully upgraded the knowledge base for literature, launched a knowledge-driven operating model, and launched an automated learning platform in the name of self-discovery.
Speaker Change: It has been a year since the official renaming of Jian Technology.
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Speaker Change: In terms of technology empowerment, we have continued to refine our technologies and optimize our services. In the third quarter, we further deepen the application of large language models and focus on strengthening the construction of our central data platform.
this interview.
Speaker Change: We also introduced our self-developed MingYi automated machine learning platform, which significantly enhanced modeling efficiency in credit risk measurement and marketing scenarios.
It has been nearly a year since Giant Group's rebranding.
Speaker Change: and the technology aspect has now become the company's most distinctive attribute.
Speaker Change: Looking ahead, we will continue to leverage technological innovation as the driving force for our growth, deepening and expanding the application of technology to fully advance the company's digital and intelligent transformation.
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Speaker Change: In terms of institutional cooperation, the company continues to expand the cooperation boundary and explore a diverse and innovative cooperation model.
Speaker Change: and other various financial institutions have established cooperative relations. Based on the success of the joint operation project in the last quarter, we have successfully landed a supply channel for multiple Xifeng products by cooperating with the Internet's leading platform.
此外,我們本季度也正在積極推動兩家金融機構合作夥伴的聯營項目落地。 另有兩家處於洽談中。 通過積極探索和...
Speaker Change: to jointly develop innovative products. We look forward to cooperating with high-quality partners in the future to jointly develop innovative products.
Speaker Change: Regarding institutional partnerships, the company has been expanding its cooperation boundaries and actively exploring diverse and innovative collaboration models.
Speaker Change: By leveraging a high-quality and a sustainable network of financial institutions we are achieving more stable growth. As of September 30th, we had established partnerships with 70 diverse financial institutions building on the successful implementation of joint operation projects in the second quarter. We have collaborated with leading internet platforms to successfully launch borrower acquisition channels for multiple niche products.
Speaker Change: In the third quarter, we also actively advance the implementation of joint projects with two financial institutions partners, and two more are currently in discussion.
Speaker Change: By actively exploring and collaboratively developing innovative services, we look forward to achieving win-win outcomes and growing together with high quality partners in the future.
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especially when it comes tonsil cells.
关注用户留存及长期运营效果,另一方面,我们与头部在线视频
Speaker Change: E-commerce and lifestyle service platforms collaborate to explore different types of customer acquisition channels, uncover potential demands, and achieve differentiated supplementation of existing customer groups.
Speaker Change: In this quarter, the number of new loans increased by 826,000 and increased by 71.3%. The company has made significant progress in increasing the number of customers.
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in response to the diverse
Speaker Change: created demands arising from various consumption scenarios. We have adopted a more proactive approach in our business deployment and operational strategies.
Speaker Change: As part of that effort, we have significantly increased investment in acquiring new borrowers.
Speaker Change: On the one hand, we have focused on several things and extensive operating borrower acquisition models in vertical domains, enhancing in-house acquisition capabilities, and prioritizing user retention and long-term operational outcomes.
Speaker Change: different types of acquisition channels, uncover potential needs, and obtain differentiated supplements to our existing borrower base.
Speaker Change: In the third quarter, we obtained 826,000 new borrowers, representing a year-over-year growth of approximately 71.3%. These sustained efforts in borrower acquisition have yielded notable results.
Speaker Change: A continuous decline for two consecutive quarters while facing a large number of new customers
Speaker Change: From the transfer of RTA models from customer channels to the risk management of modern application and cross-procurement, the strategies and models of each link are continuing to play an active role. We insist on the principle of saving and operating to achieve a balanced development of quantity and value.
另外,我們全面升級了智能化模型架構,持續引入更加豐富的數據樣本去訓練模型,通過自研的靈犀AI-Agent智能體或福犀模型平台,我們大幅提升了建模和上線效率。
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Speaker Change: as well as the continuous iteration of our risk control models.
Speaker Change: In addition, we fully upgraded our intelligent model architecture and continuously introduced richer data samples for model training.
Speaker Change: Through our self-developed LinXi AI engine and Fuji model platform, we significantly improved modeling and deployment efficiency.
Speaker Change: From an overseas market point of view, the demand for portable business continues to rise, and the number of new users of overseas business increases rapidly.
Speaker Change: In India, the number of new users has increased by two-fold, despite the fierce competition in the Indian market.
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Speaker Change: From the perspective of overseas markets, the demand for loan facilitation services continues to increase with the number of new users for giant overseas business growing rapidly.
Speaker Change: In Indonesia, the quarterly loan origination volume and new registered users for our local business partners further increased compared with the second quarter. Despite intense
technical support and brand influence.
Speaker Change: In Mexico, we have observed that local regulations regarding the listing of financial apps are becoming increasingly strict.
We believe that a normalized and a mature re...
Speaker Change: Looking ahead, we are committed to providing even more exceptional services to our overseas clients.
Thank you.
Speaker Change: In September, the country implemented a series of positive monetary policies and innovative tools to improve market confidence and expectations. Our future development is more optimistic than in the past few quarters.
Speaker Change: We expect that the total amount of the fourth quarter loan will not be less than 2.5 billion yuan, and we are full of confidence in the achievement of the annual goal.
Speaker Change: In addition, as a result of the needs of the board to arrange the operation of the company and the management of cash flow, the Board of Directors approved a revision of the stock market policy.
根據修訂後的股息政策
Speaker Change: From 2025, the company plans to announce and issue a cash-in-stock plan for each financial year. The total amount is 15% less than the last financial year's net profit. We will explain the follow-up information on the issued plan in detail in the related announcement.
Speaker Change: Compared with previous quarters, we are more optimistic about future development. We anticipate that the loan facilitation volume in the fourth quarter will be no less than RMB25 billion, and we are confident in achieving our annual target.
Speaker Change: Additionally, to better coordinate company operations and manage cash flow, the Board of Directors approved a revision to the dividend policy, adjusting the distribution frequency.
Speaker Change: and distribute cash dividends once per fiscal year with the total amount no less than 15% of the previous fiscal year's net profit after tax.
Speaker Change: Further details regarding the dividend distribution will be provided in upcoming disclosures.
Thank you very much.
Speaker Change: Next, I would like to invite Mr. Fan to introduce the company's financial performance this quarter.
Speaker Change: With that, I will now turn the call over to Mr. Fan Chunlin for financial remarks of the quarter. Please go ahead.
Speaker Change: 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 will be in RMB, and our percentage changes refer to year-over-year comparisons, unless otherwise noted.
Speaker Change: Echoing Mr. Yan's remarks, despite the significant impact of ongoing macroeconomic shifts,
We have confidently met the performance benchmarks we aimed for.
a 10.3% increase compared with the same period in 2008.
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Our net revenue was $1,444.9 million.
Speaker Change: representing a decrease of 1.5% from the same period of 2023.
Moving on to the costs.
Speaker Change: Facilitation and service expense was $419.1 million compared with $544.3 million for the same period of 2023.
Speaker Change: This was primarily due to decreased expenses related to financial guarantee services.
Speaker Change: which was partially offset by the effect of increased lung facilitation volume.
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Speaker Change: Allowance for uncollectible receivables, contract assets, loans receivable, and others was $11.6 million.
Speaker Change: representing an increase of 36.5% from the same period of 2023.
Speaker Change: primarily due to increased balance of receivables arriving from loan facilitation.
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Sales and marketing expense was 550.3 million
Speaker Change: representing an increase of 34.9% from the same period of 2023.
primarily due to an increase in borrower acquisition expenses.
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Journey Expense was $56.1 Million
representing an increase of 5.5% from the same period, 2023.
Speaker Change: primarily driven by an increase in expenditures for employee compensation and related benefits.
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Speaker Change: R&D expense was 95.9 million, representing an increase of 36% from the same period of 2023.
Speaker Change: primarily driven by an increase in expenditures for employee compensation and related benefits.
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Speaker Change: Consequently, our net income for the third quarter was $269.6 million.
Speaker Change: representing a decrease of 16.8% from 323.9 million in the same period of 2023.
Speaker Change: Our basic and diluted net income per share were both RMB 1.27 compared with RMB 1.51 in the third quarter of 2013.
Speaker Change: Basic and Diligent Net Income for ADS were both RMB 5.08 compared with RMB 6.04 in Q3 2023.
Speaker Change: As of September 30, 2024, our cash and cash equivalents were $741.2 million, compared with $880.2 million as of June 30, 2024.
Speaker Change: 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: Thank you. If you would like 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.
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Please stand by while we compile the Q&A queue.
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Thank you. We'll now take our first question.
Speaker Change: Your question is from the line of Yuxuan Chen from Huatai Securities. Please go ahead.
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Speaker Change: Thank you, Guan Yifeng, for giving me the opportunity to learn. I have two questions.
Speaker Change: The first is that the company's revenue has dropped by 1.5% this quarter.
Speaker Change: The interest rate has dropped by 16.8%. Could you please explain the reason behind the drop in the income structure and the cost of the company? In addition, we have observed that the profit margin of the company has also changed. Could you please tell us about the future trend of the profit margin?
Speaker Change: In the next few quarters, I would like to ask the management team whether the increase is expected to continue or accelerate.
Okay, let me do the translation.
I got two questions.
Speaker Change: The first one is noticing that the net revenue for this quarter decreased by 1.5% and the net profit dropped by 16.8% year-over-year.
Speaker Change: Could the management please explain the underlying reasons from both the company's revenue structure and the cost of competition? Also, could you provide a forecast for the future trend of the company's profit margin?
Speaker Change: Looking ahead to the next few quarters, does the management expect this level of growth rate to continue, or is there potential for it to accelerate further? Thanks.
Thank you for watching!
Speaker Change: Thank you for your question. I will answer your first question, which is about the future trends in terms of transaction volume, revenue, and profit.
Speaker Change: In this quarter, we have created a new record of 26.7 billion yuan. Our share price has increased by 4.3% and the return has increased by 11.25%.
[inaudible]
Yuxuan: Okay, Yuxuan, I will answer your first question. So in this quarter, the facilitation volume reached RMB 26.7 billion with a year-over-year increase of 10.3% and also a quarter-over-quarter increase of 11.25%.
Yuxuan: The revenue of Q3 has reached 1.4 billion yuan. The total amount is slightly less than before. Our income structure is significantly improved.
Speaker Change: As Mr. Yan just mentioned in his remark, the total revenue of this quarter has increased significantly, reaching 1.05 billion yuan, which is an increase of 18.1% on average, and an increase of more than 16% on average. This is also a historic increase.
So our facilitation volume also reached...
See you all soon.
Thank you very much.
Speaker Change: Our urban loan facilitation service volume also reached RMB 1.105 billion in the third quarter, which also set a new quarterly record with an increase of 18.1% year-over-year and more than 16% quarter-over-quarter.
Speaker Change: The revenue from the guarantee service is relatively low. We have been strategically reducing the revenue in the last few quarters.
Speaker Change: In this quarter, the revenue of the guarantee service is 2.52 billion yuan, which is 1.46 billion yuan lower than the 3.98 billion yuan in the same period last year. The revenue of Q4 will be further reduced.
Thank you.
Speaker Change: So, for the guarantee service related revenue, which has a lower profit margin, and from the company's perspective of overall business development and strategy, we have been gradually reducing the proportion of this kind of revenue in the recent quarters.
And the guarantee related revenue for this quarter was RMB
252 million with a
decrease of RMB 146 million compared to the RMB
Speaker Change: 398 million in the same period last year and in the fourth quarter we are seeing a further decrease for this proportion of revenue as well.
Speaker Change: In terms of sales contribution percentage, the sales of the first quarter of this year increased from 56% to 76% or more.
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Well, the Guarantee Service Related Revenue
Speaker Change: share of total revenue decreased from around 35% in the first quarter to around 17% in the third quarter. So the company's revenue structure aligns with our strategic expectations for high quality growth.
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Speaker Change: The reason for the decline in net profit is the company's strategic investment in cargo and technology development.
Speaker Change: Q3, our customer cost and growth cost increased significantly compared to last year.
Speaker Change: In fact, our Q3 profit margin has dropped by more than 50 million yuan. But if we only focus on the cost of customers, this quarter we have increased by more than 100 million yuan compared to last year. So from the result, this quarter our new customers accounted for 32.2%. The number of new customers in the third quarter of the company exceeded 820,000.
Speaker Change: has increased by 71.3% compared to the same period last year.
Speaker Change: In addition, the company's R&D costs in the third quarter increased by more than 25 million yuan The growth rate is 36%
Speaker Change: The company continues to promote new systems and applications in the field of AI technology landing and business scenarios, to continue to improve our operating efficiency and improve the user experience.
Speaker Change: These two parts of strategic investment can enhance the company's performance and growth and contribute to the company's long-term health and sustainable development.
Thank you.
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Speaker Change: Yuxuan, you also mentioned the decline of our net profit year over year. So as you said, our net profit decreased from RMB 324 million in the same period last year to RMB 270 million in the third quarter, which is a drop of RMB 54 million.
Speaker Change: which is also decreased from the same period last year. But if you compare quarter over quarter, there is a increase of 13.2%.
Speaker Change: And I think the main reason for this is our strategy of pursuing high-quality booths and also mainly because of our cost
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So, talking about our borrower acquisition and credit costs,
Speaker Change: This increase significantly compared to the same period last year The borrower acquisition cost alone increased by more than RMB 100 million compared to the last year
and also...
Speaker Change: The proportion of the new borrowers in the Q3 also reached 32.2%.
Speaker Change: And so the company will continue to focus on improving the conversion and retention rates of high-quality borrows and exploring...
Speaker Change: the value of users. The investment will strengthen the company's future performance growth and will contribute to a long-term healthy and sustainable development of business.
Speaker Change: and also talking about our strategic investment in the R&D expense. Our R&D expense increased by more than 36% year-over-year.
Speaker Change: And the company is continuously launching new systems and applications to implement AI technology in business scenarios and improving efficiency through intelligent operations.
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关于最后一个点,就是金玉伦律这一块,未来的一个趋势,我们的一个预估
Speaker Change: In the first three quarters of this year, our net profit was 18.5% and 16.1% respectively. In the last three quarters, our net profit was 18.7%.
Speaker Change: The earnings for servicing will be reduced and the highlights of previous lessons will be optimized The company will come back on track with market performance improving
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16.1% and 18.7% for the most recent quarter, respectively.
Speaker Change: Going forward, as the guaranteed related service revenue, which depressed the profit margins, continues to decrease.
Speaker Change: And as the earlier investment in the new borrower acquisition continues to improve the borrower retention and conversion, contributing to the mid- and long-term growth.
Speaker Change: We believe that the company's economies of scale and operational efficiency will further reflect and lead to an improvement in our profit margins.
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Speaker Change: The second question is about the growth of our performance. Let's have Mr. Yifang to answer this one.
Mr. Yifang: Thank you, Mr. Fan. Let's talk about the direction of the next step in the development of the overall large-scale trading volume.
Mr. Yifang: Overall, I have confidence in the economic development and market growth, as well as the development of our financial technology platform and platform business.
Speaker Change: Okay Yuxuan, I will talk about the second question. So generally we are highly confident in the market's growth potential and also the development of our platform business.
Speaker Change: Here, we will evaluate the overall macroeconomic trend, the development of consumer demand, and the overall risk trend and outlook to make a comprehensive assessment and a comprehensive consideration of the speed of development.
Speaker Change: So, when discussing whether our growth will accelerate, it's well understood that the credit business is subject to both economic and seasonal cycles.
Speaker Change: In terms of internal work, we will focus on the overall risk management ability and overall data.
from SWIRST, and Heyi from TWS. Thank you.
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Speaker Change: their sensitivity to the market dynamics and the overall market outlooks shared earlier by Mr. Yan.
Speaker Change: this position is to deliver even better long-term returns for our investors and exceed expectations in the journeys ahead.
您刚才这个问题也比较广泛,也涉及到多个方向,这里我们就简单谈这些。
http://TheBusinessProfessor.com
That will be my answers to your second question.
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Speaker Change: 00 praise for the China People are learning Through the Passport of the Caucasus but The China
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Okay operator, I think we can take the next question.
Thank you.
Speaker Change: Your next question is from the line of Hua Rong from Jinyu Asset. Please go ahead.
Good evening, management. I have two questions.
Speaker Change: The first question is, we are concerned about the 3rd quarter, the balance of the account has exceeded 2.8 billion yuan. At the end of Q2, the balance has increased by nearly 400 million yuan. Can the management team explain the situation of Q3, the balance of the account has significantly increased and recovered? The second question is, at the same time, we are also concerned about the increase in the income of this quarter's housing business, which has increased by 10.3%.
Speaker Change: However, the loan amount of Jianjun has dropped by 30.5%. What is the main reason for this? Does this mean that the current market trend is more towards smaller loan amounts?
Speaker Change: Hello management, I have two questions. The first one is noticing that the accounts receivable balance at the end of Q3 exceeded RMB 2.8 billion, the increase of nearly RMB 400 million compared to the end of Q2. Could the management provide more information regarding the significant increase in accounts receivable for Q3 and the schedule of its recovery?
Speaker Change: And my second question is, at the same time, we also noticed that the revenue from low facilitation service increased by 10.3% year-on-year in the period.
by 30.5% year-on-year. What's the main reason for this?
Speaker Change: Does this suggest that the user are currently showing a preference for smaller loan amount? Thank you.
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Speaker Change: As mentioned, we have reached 1.05 billion yuan in revenue from this quarter. This is a record high.
Speaker Change: The return on investment of Q2 is more than 16%. The growth rate is basically the same as the growth rate of the previous Q2.
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Okay, I will answer your first question.
Speaker Change: The increase in the balance at the end of third quarter compared to the previous quarter is primarily due to the growth in our facilitation volume and corresponding revenue in this quarter. As we
Speaker Change: Previously mentioned, our loan facilitation service revenue reached RMB 1.105 billion, setting a new quarterly record.
Speaker Change: And this revenue increased by more than 16% if you compare with the last quarter, which is in line with the growth of our accounts receivable balance and the company's accounts receivable collection.
Yeah, so that's that's the condition of our
Thank you for listening.
Speaker Change: As a company that operates on a light-asset basis, you can see that the total share of our sales account has exceeded 50% in the last three quarters.
Speaker Change: The company has been paying close attention to the timely recovery of the bank accounts. Historically, the recovery of our bank accounts has been very good. We will continue to improve the control of the entire process, make this work better, and further optimize the structure of the company's assets.
Thank you.
Speaker Change: and we will continue to closely monitor the recovery of our accounts receivable. So in the history, our account receivable collection is in a very good condition. And so in the future, we will improve our control processes and further enhance the company's cash flow.
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Yeah, so I will take your second question.
Speaker Change: So, your second question is about the average borrowing amount per borrowing in this quarter and talking about the decrease you are compared with our condition in the same quarter last year.
Speaker Change: So if you focus on our average borrowing amount per borrowing every quarter, you could see that there is a decrease in average consecutive quarter.
Speaker Change: This change mainly comes from two directions. The first direction is a change in the direction of the whole process. The second is a structural change in the direction of the process.
Speaker Change: And the changes in the average borrowing amount per borrowing are mainly due to our business strategy optimization and also the structural shifts driven by the recent growth.
Thank you very much.
Speaker Change: For the Board of Governors in Europe, we'll take a look... On Foreing Customers, for us we're mainly concerned with foreign customers who retain their past.
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Speaker Change: So firstly, I want to talk about our existing borrowers. So for them, we have consistently emphasized retaining high quality borrowers and enhancing their experience.
Speaker Change: So, in terms of the critical line withdrawal, we have further improved convenience to elevate their borrower experience, ensuring responsiveness to their needs.
Speaker Change: This approach supports the retention of our premium borrowers, and for them, their equity requirements vary from maybe large amounts to relatively smaller ones.
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Speaker Change: So for the new borrowers, we have expanded access for them who have a potential growth already in the future, but for this part of the new borrowers, their initial credit levels are often relatively lower.
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Speaker Change: So, if we talk about the structural strategy about our borrower base, due to our sustained focus on acquiring new borrowers, the average borrower base has been refreshed, indicating a better long-term growth potential.
Speaker Change: The combination of these two factors leads to an increase in the overall number of users. At the same time, the average number of users is decreasing.
Speaker Change: So if you combine the two perspectives, this effort has led to an increase in the overall borrower base utilizing credit and a decline in the average borrowing amount per borrowing.
Speaker Change: So that will be our answer to the question about the average boring amount per boring. Thank you.
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Okay, thank you. Thank you, operator.
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Speaker Change: Thank you. There are no further questions on the line so I will hand back to the speakers.
Speaker Change: 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. Thank you.
Speaker Change: Thank you all again. This concludes the call. You may now disconnect.
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Thank you. Bye-bye.