Q3 2025 Jiayin Group Inc Earnings Call

November 25, 2025

Operator: Good day, ladies and gentlemen. Thank you for standing by, and welcome to Jiayin Group's Q3 2025 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. Sam Lee from Investor Relations of Jiayin Group. Please proceed.

Good day, ladies and gentlemen. Thank you for standing by, and welcome to Jiayin Group's Q3 2025 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. Sam Lee from Investor Relations of Jiayin Group. Please proceed.

Speaker #1: As a reminder, we are recording today's call. If you have any time. I will now turn the call over to objections, you may disconnect at this of Jiayin Group.

Speaker #2: Thank you, Operator. Hello, everyone. Thank you all for joining us discuss Jiayin Group's financial results on today's conference call to

Speaker #2: Thank you, Operator. Hello, everyone. Thank you all for joining us discuss Jiayin Group's financial results

Sam Lee: Thank you, Operator. Hello, everyone. Thank you all for joining us on today's conference call to discuss Jiayin Group's financial results for Q3 2025. We released our earnings results earlier today. The press release is available on the company's website, as well as from Newswire Services. On the call with me today are Mr. Yin Dinggui, Chief Executive Officer, Mr. Fan Chunlin, Chief Financial Officer, and Ms. Xu Yifang, Chief Risk Officer. Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor Provisions of the US Private Securities Litigation Reform Act of 1995, forward-looking statements involving 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 filing with the SEC.

Sam Li: Thank you, Operator. Hello, everyone. Thank you all for joining us on today's conference call to discuss Jiayin Group's financial results for Q3 2025. We released our earnings results earlier today. The press release is available on the company's website, as well as from Newswire Services. On the call with me today are Mr. Yin Dinggui, Chief Executive Officer, Mr. Fan Chunlin, Chief Financial Officer, and Ms. Xu Yifang, Chief Risk Officer. Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor Provisions of the US Private Securities Litigation Reform Act of 1995, forward-looking statements involving 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 filing with the SEC.

Speaker #2: On the call with me today are Mr. Yan Dinggui, Chief Executive Officer, as well as from Newswire, Mr. Fan Chunlin, Chief Financial Officer, and Ms. Xu Yifang, Chief Risk Officer.

Speaker #2: continue, please note that today's discussion will contain forward-looking statements proceed. Before we Executive Officer. the U.S. Private Securities made under the Safe Harbor Provisions of 1995.

Speaker #2: 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.

Speaker #2: The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Also, this call includes discussion of certain non-GAAP financial measures.

Sam Lee: The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Also, this call includes discussion of certain non-GAAP financial measures. Please refer to our earnings release, which contains the reconciliation of the non-GAAP financial measures to GAAP financial measures. Please note that unless otherwise stated, all figures mentioned during the conference call are in RMB. With that, let me now turn the call over to our CEO, Mr. Yin Dinggui. Mr. Yin will deliver his remarks in Chinese, and I will follow up with corresponding English translations. Please go ahead, Mr. Yin.

The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Also, this call includes discussion of certain non-GAAP financial measures. Please refer to our earnings release, which contains the reconciliation of the non-GAAP financial measures to GAAP financial measures. Please note that unless otherwise stated, all figures mentioned during the conference call are in RMB. With that, let me now turn the call over to our CEO, Mr. Yin Dinggui. Mr. Yin will deliver his remarks in Chinese, and I will follow up with corresponding English translations. Please go ahead, Mr. Yin.

Speaker #2: Please refer to our reconciliation of the non-GAAP financial measures to the earnings release, which contains the GAAP financial measures. Please note that unless otherwise stated, amounts are in Chinese renminbi.

Speaker #2: With that stated, all figures mentioned during the conference call are now in. Let me 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.

Speaker #2: Please go ahead, Mr.

Speaker #2: Yan. 大家好，感谢各位参加

Dinggui Yan: ??????????????2025???????????? Good afternoon, everyone. Thank you for joining Jiayin Group's Q3 2025 earnings conference call. ???????GDP?????4.8%???????5.2%????????????????????56.6%??????????????????????????????????????????4.2%????????????????????????????????????????????????????????????? ???????????????322???????20.6%?non-GAAP????4.9????????50.3%????????????? In Q3, China's GDP grew by 4.8% year-on-year, slowing from 5.2% in the previous quarter but remaining stable overall. Consumption continued to play a dominant role, contributing 56.6% to growth. Meanwhile, demand for consumer finance has been rising steadily, with a narrow consumer credit balance up 4.2% year-on-year as of 30 September 2025. Signals from the recent regulatory policies indicate that coordinated efforts to stabilize growth, boost consumption, and advance inclusive finance are creating a favorable environment for long-term, healthy, and sustainable development of the industry. In this quarter, the company facilitated CNY 32.2 billion in loan volume, a year-on-year increase of approximately 20.6%, and reported non-GAAP income from operation of CNY 490 million, up around 50.3% year-on-year, achieving our previously issued guidance.

Dinggui Yan: [Foreign language]

Speaker #3: Jiayin 科技 2025

Speaker #3: 年第三季度业绩电话会议。 Good afternoon, everyone.

Speaker #2: Thank you for joining Jiayin Group's third quarter 2025 earnings conference call.

Speaker #3: 三季度，我国 GDP 同比增长为 4.8%，相较上个季度 5.2% 有所放缓，但整体仍保持平稳，其中消费贡献 56.6% 仍在主导地位。与此同时，消费金融需求稳步上升，截至三季度末的狭义消费信贷余额同比增长 4.2%。结合近期监管政策释放的信号表明，稳增长促消费与普惠金融的举措正在协同发力，为行业的长期健康和持续发展营造积极向好的环境。本季度，公司实现贷款出货交易额 322 亿元，同比增长 20.6%。Non-GAAP 经营利润 4.9 亿元，同比增长约 50.3%，达成前期制定的一致指引。

Speaker #2: In the third quarter, China's GDP grew by 4.8% year-on-year, slowing from 5.2% in the previous quarter, but remaining stable overall. Consumption continued to play a dominant role, contributing 56.6% to growth.

[Translator]: In Q3, China's GDP grew by 4.8% year-on-year, slowing from 5.2% in the previous quarter but remaining stable overall. Consumption continued to play a dominant role, contributing 56.6% to growth. Meanwhile, demand for consumer finance has been rising steadily, with a narrow consumer credit balance up 4.2% year-on-year as of 30 September 2025. Signals from the recent regulatory policies indicate that coordinated efforts to stabilize growth, boost consumption, and advance inclusive finance are creating a favorable environment for long-term, healthy, and sustainable development of the industry. In this quarter, the company facilitated CNY 32.2 billion in loan volume, a year-on-year increase of approximately 20.6%, and reported non-GAAP income from operation of CNY 490 million, up around 50.3% year-on-year, achieving our previously issued guidance.

Speaker #2: Meanwhile, demand for consumer finance has been rising steadily, with a narrow consumer credit balance up 4.2% year-on-year as of September 30. Signals from the recent regulatory policies indicate that coordinated efforts to stabilize growth, boost consumption, and advance inclusive finance are creating a favorable environment for the long-term healthy and sustainable development of the industry.

Speaker #2: In this quarter, the company facilitated R&D $32.2 billion in loan volume, a year-on-year increase of approximately 20.6%, and reported non-GAAP income from operations of R&D $490 million, up around 50.3% year-on-year, achieving our previously issued guidance.

Speaker #3: 报告7类，公司与75家金融机构保持合作，另有64家正在洽谈中。目前，我们已被绝大多数合作的金融机构披露的在白名单中，为稳定的资金供给提供了坚实的保障。我们利用自身技术优势、流量运营和风控能力，提高其资金配置效率。精准匹配其风险偏好，与资方伙伴积极探索开展新的业务形态。

Dinggui Yan: ????????75????????????64?????????????????????????????????????????????????????????????????????????????????????????????????????????????? During the reporting period, the company maintained cooperation with 75 financial institutions, with another 64 under negotiation. We have been included in the whitelist by most of our partner financial institutions, providing a solid foundation for stable funding supply. Leveraging our technological strength, traffic management capabilities, and risk control expertise, we enhance our funding partners' capital allocation efficiency, accurately align with their risk preferences, and actively explore new models for business collaboration. ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????90????????1.33%????????????????????????????????? Against the backdrop of industry contraction and tightening liquidity, we observed pressure on overall risk indicators and fluctuations in asset quality. In response, we rapidly iterated our risk control models, continuously tightening strategies for high-risk, high-volatility users, and introduced models combining long-term and short-term perspectives to enhance the flexibility and timeliness of risk monitoring, thereby enabling sharp insights into risk trends and enabling timely responses. As of the end of Q3, the delinquency rate over 90 days was 1.33%. We will always maintain a prudent operational approach and continue to strengthen the company's competitive advantage in risk control.

Dinggui Yan: [Foreign language]

Speaker #2: During the reporting period, the company maintained cooperation with 75 financial institutions, with another 64 under negotiation. We have been included in the whitelist by most of our partner financial institutions, providing a solid foundation for a stable funding supply.

[Translator]: During the reporting period, the company maintained cooperation with 75 financial institutions, with another 64 under negotiation. We have been included in the whitelist by most of our partner financial institutions, providing a solid foundation for stable funding supply. Leveraging our technological strength, traffic management capabilities, and risk control expertise, we enhance our funding partners' capital allocation efficiency, accurately align with their risk preferences, and actively explore new models for business collaboration.

Speaker #2: Leveraging our technological strengths, traffic management capabilities, and risk control expertise, we enhance our funding partners' capital allocation efficiency, accurately align with their risk preferences, and actively explore new models for business collaboration.

Dinggui Yan: [Foreign language]

Speaker #3: 自行业规模收缩及流动性趋紧的影响，我们观察到整体风险指标承压，资产质量有所波动。对此，我们快速迭代风险风控模型，持续收紧高弹性高风险用户的策略，并且通过构建长短期相结合的模型，提升风险监测的灵活度和时效性，实现对风险趋势的敏锐洞察与及时响应。截至三季度末，90天以上的预期率为1.33%。我们将始终保持审慎运营的态度，持续增强公司在风控方面的竞争优势。

Speaker #2: Against the backdrop of

[Translator]: Against the backdrop of industry contraction and tightening liquidity, we observed pressure on overall risk indicators and fluctuations in asset quality. In response, we rapidly iterated our risk control models, continuously tightening strategies for high-risk, high-volatility users, and introduced models combining long-term and short-term perspectives to enhance the flexibility and timeliness of risk monitoring, thereby enabling sharp insights into risk trends and enabling timely responses. As of the end of Q3, the delinquency rate over 90 days was 1.33%. We will always maintain a prudent operational approach and continue to strengthen the company's competitive advantage in risk control.

Speaker #2: In the face of industry contraction and tightening liquidity, we observe pressure on overall risk indicators and fluctuations in asset quality. In response, we rapidly iterated our risk control models, continuously tightening strategies for high-risk, high-volatility users, and introduced models combining long-term and short-term perspectives to enhance the flexibility and timeliness of risk monitoring.

Speaker #2: Thereby enabling sharp insights into risk trends and enabling timely responses. As of the end of the third quarter, the 90-plus-day delinquency rate stood at 1.33%.

Dinggui Yan: At the end of Q3, the 90-plus-day delinquency rate stood at 1.33%. We will remain committed to prudent operations and continue to reinforce our competitive edge in risk management. ??????????????????????????????????????????????????????????????????????????????????????????????????????????78.6%??????????????9,115???????19.5%? To optimize resource allocation efficiency, we adopted a cautious strategy for new customer acquisition, with a stronger focus on high-quality borrower segments. All newly added channels are leading internet platforms, and we continue to optimize our credit limit management to enhance user stickiness and facilitate repeat borrowing. Additionally, as the cornerstone of business growth, repeat borrowers saw their share of facilitation volume rise further to 78.6%. This drove the overall average borrowing amount per borrowing up to RMB 9,115, representing a year-on-year increase of approximately 19.5%. ????????????????????????????????????????????????????????????????????????????????????????????????AI?????????????????????????????????????????????????????AI??????????? Since the beginning of this year, the company's AI development has entered a new phase.

At the end of Q3, the 90-plus-day delinquency rate stood at 1.33%. We will remain committed to prudent operations and continue to reinforce our competitive edge in risk management.

Speaker #2: We will remain committed to prudent operations and continue to reinforce our competitive edge in risk management. With提升资源配置效率，我们对于新客投放采取谨慎的策略，更加专注于优质客群的挖掘，新增渠道均为头部互联网平台，并持续优化额度机制，增强用户粘性及购物意愿。此外，重复借款人作为业务增长的基石，其出货交易额占比进一步提升至78.6%，拉动整体建军借款金额提升至9,115元，同比增长约19.5%。

Dinggui Yan: [Foreign language]

Speaker #3: To optimize resource allocation efficiency, we adopted a cautious strategy for new customer acquisition, with a stronger focus on high-quality borrower segments. All newly added channels are leading Internet platforms, and we continue to optimize our credit limit management to enhance users' stickiness and facilitate repeat borrowing.

[Translator]: To optimize resource allocation efficiency, we adopted a cautious strategy for new customer acquisition, with a stronger focus on high-quality borrower segments. All newly added channels are leading internet platforms, and we continue to optimize our credit limit management to enhance user stickiness and facilitate repeat borrowing. Additionally, as the cornerstone of business growth, repeat borrowers saw their share of facilitation volume rise further to 78.6%. This drove the overall average borrowing amount per borrowing up to RMB 9,115, representing a year-on-year increase of approximately 19.5%.

Speaker #3: Additionally, as the cornerstone of business growth, repeat borrowers saw their fair share of facilitation volume rise further to 78.6%. This drove the overall average borrowing amount per borrower up to ¥9,115.

Speaker #3: representing a year-on-year increase of approximately 19.5%.

Dinggui Yan: [Foreign language]

Speaker #3: ???????????????????????????????????????????????????????????????????????????????????????????????? AI ?????????????????????????????????????????????????????AI ??????????? Beginning of this year, the company's AI development has entered a new phase. Through increased resource investment and organizational restructuring, we have achieved multiple significant innovations.

[Translator]: Since the beginning of this year, the company's AI development has entered a new phase.

Dinggui Yan: Through increased resource investment and organizational restructuring, we have achieved multiple significant innovations, establishing a technical benchmark of high performance, low cost, and lightweight. In terms of deepening business empowerment, we focused on deploying multimodal anti-fraud systems and AI-powered agent assistance. Compared to external models, our in-house model not only directly reduced costs by over RMB 1 million, and more importantly, building our own technological moat while fundamentally enhancing our AI capability. ????????????????????????????????????????????????4,000????????????????????????????????????????????????90%???????????????????????????????????????????????????????AI??????????????????????????????????????????100%?????90%?????????????????? By establishing a historical voiceframe database and a high-quality voiceframe processing pipeline, we conducted real-time fraud identification for incoming calls, identifying over 4,000 new fraudulent voiceframes to date. For image recognition, by capturing contextual features of applicants and screening clues from high-risk scenarios, we achieved an accuracy rate exceeding 90% in identifying associations with organized fraud.

Through increased resource investment and organizational restructuring, we have achieved multiple significant innovations, establishing a technical benchmark of high performance, low cost, and lightweight. In terms of deepening business empowerment, we focused on deploying multimodal anti-fraud systems and AI-powered agent assistance. Compared to external models, our in-house model not only directly reduced costs by over RMB 1 million, and more importantly, building our own technological moat while fundamentally enhancing our AI capability.

Speaker #3: Establishing a technical benchmark of high performance, low cost, and lightweight, we focused on deploying multimodal anti-fraud systems and AI-powered agent assistance compared to external models in terms of deepening business empowerment.

Speaker #3: Our in-house model not only directly reduced costs by over $1 million in R&D but, more importantly, built our own technological multiplier, fundamentally enhancing our AI capabilities.

Dinggui Yan: [Foreign language]

[Translator]: By establishing a historical voiceframe database and a high-quality voiceframe processing pipeline, we conducted real-time fraud identification for incoming calls, identifying over 4,000 new fraudulent voiceframes to date. For image recognition, by capturing contextual features of applicants and screening clues from high-risk scenarios, we achieved an accuracy rate exceeding 90% in identifying associations with organized fraud.

Speaker #2: 通过搭建历史生物的数据库和高质量的声纹处理通道，我们对进线通话实施黑彩识别，累计识别黑彩声纹数量达4,000个以上。在图像识别方面，通过捕捉境界用户的场景特征，筛选出高风险场景的线索，识别黑彩团伙准确率超90%。多模态能力的叠加之下，黑彩挖掘的时效从过去的一周压缩为两小时以内，构筑科技反诈新防线。在客服环节，我们打造了AI产品矩阵，以覆盖从前期作息培训实施绘画辅助到事后洞察分析的全流程。作息覆盖率100%，准确率达90%以上，有效提升人员的效率和服务效果。

Speaker #3: By establishing a historical voice print database and a high-quality voice print processing pipeline, we conducted real-time fraud identification for incoming calls, identifying over 4,000 new fraudulent voice prints to date.

Speaker #3: For image recognition, by capturing contextual features of applicants and scenarios, we achieved a screening clue from a high-risk accuracy rate exceeding 90% in identifying associations with organized fraud.

Speaker #3: With the integration of these multimodal capabilities and the timeliness of fraud detection, it was compressed from a week to within two hours, forging a new tech-driven line of defense against fraud.

Dinggui Yan: With the integration of these multimodal capabilities, timeliness of fraud detection was compressed from a week to within two hours, forging a new tech-driven line of defense against fraud. In customer service process, our AI product matrix covered the entire business process, from initial agent training and real-time conversation support to post-event analysis. With 100% agent coverage and over 90% accuracy, it significantly boosted staff efficiency and service quality. ???????????????????????????????AI??????????????????300???????????40%???????????????AI???????????????????????????????????????????????32????16??????????????????????????????????????????????????????????????????????????????????AI??????????????????????????? In terms of broadening business coverage, the launch of Qianjin Intelligent Agent R&D platform has significantly lowered the development threshold for AI agents. So far, the number of such agents has exceeded 300, with an internal monthly active penetration rate exceeding 40%, effectively enhancing department efficiency and enthusiasm in independently developing AI agents.

With the integration of these multimodal capabilities, timeliness of fraud detection was compressed from a week to within two hours, forging a new tech-driven line of defense against fraud. In customer service process, our AI product matrix covered the entire business process, from initial agent training and real-time conversation support to post-event analysis. With 100% agent coverage and over 90% accuracy, it significantly boosted staff efficiency and service quality.

Speaker #3: In the customer service process, our AI product matrix covered the entire business process, from initial agent training and real-time conversation support to post-event analysis. With 100% agent coverage and over 90% accuracy, it significantly boosted staff efficiency and service quality.

Dinggui Yan: [Foreign language]

Speaker #2: 在覆盖业务的广度方面，随着千机智能体研发平台的推出，显著降低了AI智能体的开发门槛。截至目前，数量已达300余个。内部月活渗透率达40%以上，有效提升了各部门独立开发AI智能体的效率及异性。服务器模型管理平台则致力于提高模型部署效率，是模型从开发到投产所需的时间从32天缩短为16天。模型投产数量增加了近3倍，两大平台让各业务部门实现了从单点应用到生态协同的转变。未来，我们将继续深入贯彻自家二战略，围绕四大应用方向，利用两大基础设施整合现有的AI模型和工具，进一步实现从技术突破到价值创造的升级更新。

Speaker #3: In terms of

[Translator]: In terms of broadening business coverage, the launch of Qianjin Intelligent Agent R&D platform has significantly lowered the development threshold for AI agents. So far, the number of such agents has exceeded 300, with an internal monthly active penetration rate exceeding 40%, effectively enhancing department efficiency and enthusiasm in independently developing AI agents.

Speaker #3: Broadening business coverage, the launch of the Tianjin Intelligent Agent R&D platform has significantly lowered the development threshold for AI agents. So far, the number of such agents has exceeded 300, with an internal monthly active penetration rate exceeding 40%, effectively enhancing department efficiency and enthusiasm in independently developing AI agents.

Speaker #3: The Fuxi model management platform is dedicated to improving model deployment efficiency. It reduces the time required for models to go from R&D to production from 32 days to 16 days, and nearly triples the number of models put into production.

Dinggui Yan: The Fuxi model management platform is dedicated to improving model deployment efficiency, reducing the time required for models to go from R&D to production from 32 days to 16 days, and nearly tripling the number of models put into production. These two platforms have enabled various business departments to transition from standalone applications to an integrated, collaborative ecosystem. Looking ahead, we will continue to further advance the 4+2 strategy, focusing on four major application directions, and leveraging two key infrastructure platforms to integrate existing AI models and tools, further achieving an upgrade and innovation from technological breakthroughs to value creation. Overseas markets serve as both a game-changing engine for us to break through regional growth boundaries and a core pillar in building our global strategic footprint. In the third quarter, the Indonesia region continued to connect with multiple funding institutions, with business scale growing nearly 2x year over year, and the number of loan users increasing approximately 1.5x year over year. Based on our recognition of its development potential, we have continued to increase our investment in the local market, acquiring more than 20% of its equity, which demonstrates our firm commitment to deepening our presence there. In terms of the Mexico business, loan facilitation volume and user base continued to grow rapidly during this period. Market expansion has begun to show results, and we are still in a critical stage of product innovation and foundational capability building, aiming to lay a solid foundation for deep operations.

The Fuxi model management platform is dedicated to improving model deployment efficiency, reducing the time required for models to go from R&D to production from 32 days to 16 days, and nearly tripling the number of models put into production. These two platforms have enabled various business departments to transition from standalone applications to an integrated, collaborative ecosystem. Looking ahead, we will continue to further advance the 4+2 strategy, focusing on four major application directions, and leveraging two key infrastructure platforms to integrate existing AI models and tools, further achieving an upgrade and innovation from technological breakthroughs to value creation. Overseas markets serve as both a game-changing engine for us to break through regional growth boundaries and a core pillar in building our global strategic footprint. In the third quarter, the Indonesia region continued to connect with multiple funding institutions, with business scale growing nearly 2x year over year, and the number of loan users increasing approximately 1.5x year over year. Based on our recognition of its development potential, we have continued to increase our investment in the local market, acquiring more than 20% of its equity, which demonstrates our firm commitment to deepening our presence there. In terms of the Mexico business, loan facilitation volume and user base continued to grow rapidly during this period. Market expansion has begun to show results, and we are still in a critical stage of product innovation and foundational capability building, aiming to lay a solid foundation for deep operations.

Speaker #3: These two platforms have enabled various business departments to transition from standalone applications to an integrated collaborative ecosystem. Looking ahead, we will continue to further advance the 4+2 strategy, focusing on four major application directions and leveraging two key infrastructure platforms to integrate existing AI models and tools.

Speaker #3: Further achieving an upgrade and innovation from technological breakthroughs to value creation.

Speaker #2: 海外市场是我们突破地域增长边界的破局引擎，更是构建全球战略版图的核心支柱。第三季度，印尼地区持续对多对接多家资方机构，业务规模较去年同期增长近两倍，放款用户数同比增长约1.5倍，基于其对发展潜力的认同，我们对当地投资不断加码。增值收购其超过20%的股权，体现了我们深耕当地市场的坚定决心。墨西哥业务方面，本期放款规模和用户体量延续了高速增长的态势。市场拓展初见成效，当前仍处于产品创新和基础能力建设的关键阶段，旨在为深度运营夯实基础。

Speaker #3: Overseas markets serve as both a game-changing engine for us to break through regional growth boundaries and a core pillar in building our global strategic footprint.

Speaker #3: In the third quarter, our Indonesian business maintained engagement with multiple financial institutions, driving business scale increased by nearly 200% year-on-year, and the number of borrowers rising by approximately 150% compared to the same period last year.

Dinggui Yan: In the third quarter, our Indonesian business maintained engagement with multiple financial institutions, driving business scale increased by nearly 200% year-on-year, and the number of borrowers rising by approximately 150% compared to the same period last year. Recognizing its growth potential, we have significantly increased our investment in the local operator, acquiring a stake of more than 20% through capital injection, demonstrating our strong commitment to local market development. In Mexico, the loan volume and user base have maintained rapid growth, with initial success in market expansion. Currently, we remain in a critical phase of product innovation and foundational capacity building, aiming to lay a solid foundation for in-depth local operations. ??4?????????????????????????2025???????????RMB 230 billion?250??????????????RMB 1,278 billion?1,298???????????26.8%?28.8%????GAAP????????RMB 1,990 million?2,060????????????52.3%?57.6%????????????????????????????????????????????????? With the implementation of the new loan facilitation regulation in October, the industry is undergoing numerous changes and challenges.

Speaker #3: Recognizing its growth potential, we have significantly increased our investment in the local operator, acquiring a stake of more than 20% through capital injection. This demonstrates our strong commitment to local market development.

Speaker #3: In Mexico, the loan volume and user base have maintained rapid growth, with initial success in market expansion. Currently, we remain in a critical phase of product innovation and foundational capacity building, aiming to lay a solid foundation for in-depth local operations.

Dinggui Yan: [Foreign language]

Speaker #2: 随着4月初代新规的落地，行业面临速度变化和挑战。公司预计2025年四季度的出口交易量为230亿至250亿元人民币，全年出口交易量达1,278亿至1,298亿元人民币，同比增长约26.8%至28.8%。全年long

Speaker #2: gap经营利润指引定为19.9亿元至20.6亿元人民币，同比增长约52.3%至57.6%。在复杂多变且竞争加剧的外部环境下，我们力求以经营业化的运营能力穿越周期，构建行稳致远的长期韧性。 With the implementation of the

[Translator]: With the implementation of the new loan facilitation regulation in October, the industry is undergoing numerous changes and challenges.

Speaker #3: New loan facilitation regulation in October has led the industry to undergo numerous changes and challenges. The company projects its loan facilitation volume at RMB 23 billion to RMB 25 billion for Q4 2025, with full year volume expected to be in the range of RMB 127.8 billion to RMB 129.8 billion.

Dinggui Yan: The company projects its loan facilitation volume at RMB 23 billion to 25 billion for Q4 2025, with full year volume expected to be in the range of RMB 127.8 to 129.8 billion, representing a year-on-year increase of approximately 26.8% to 28.8%. The full year non-GAAP operating profit guidance is set at RMB 1.99 billion to 2.06 billion, reflecting a growth of approximately 52.3% to 57.6%. Amid a complex, volatile, and increasingly competitive external environment, we aim to navigate cyclical headwinds with lean operational capabilities, and forge long-term resilience for steady, sustainable growth. ??????CFO???????????????? I will now turn the call over to our CFO, Mr. Fan Chunlin. Please go ahead. Thank you, Mr. Yin, and hello everyone for joining our call today. I will now review our financial highlights for the quarter.

The company projects its loan facilitation volume at RMB 23 billion to 25 billion for Q4 2025, with full year volume expected to be in the range of RMB 127.8 to 129.8 billion, representing a year-on-year increase of approximately 26.8% to 28.8%. The full year non-GAAP operating profit guidance is set at RMB 1.99 billion to 2.06 billion, reflecting a growth of approximately 52.3% to 57.6%. Amid a complex, volatile, and increasingly competitive external environment, we aim to navigate cyclical headwinds with lean operational capabilities, and forge long-term resilience for steady, sustainable growth.

Speaker #3: Representing a year-on-year increase of approximately 26.8% to 28.8%. The full year non-GAAP operating profit guidance is set at R&D $1.99 billion to $2.06 billion.

Speaker #3: Reflecting a growth of approximately 52.3% to 57.6%, amid a complex, volatile, and increasingly competitive external environment, we aim to navigate cyclical headwinds with lean operational capabilities and forge long-term resilience for steady, sustainable growth.

Dinggui Yan: [Foreign language]

[Translator]: I will now turn the call over to our CFO, Mr. Fan Chunlin. Please go ahead.

Speaker #2: 他们有请公司CFO方春林先生介绍本季度的财务表现。

Speaker #3: And with that, I will now turn the call over to.

Speaker #3: our CFO, Mr. Fang Chunlin.

Speaker #3: Please go ahead. Thank you,

[Translator]: Thank you, Mr. Yin, and hello everyone for joining our call today. I will now review our financial highlights for the quarter.

Speaker #4: Mr. Jiayin, and hello everyone, thank you for joining our call today. I will now review our financial highlights for the quarter. Please note that all numbers will be in R&D.

Dinggui Yan: Please note that all numbers will be in RMB, and all percentage changes refer to year-over-year comparisons unless otherwise noted. As Mr. Yin noted earlier, we demonstrated robust business resilience in Q3 and successfully achieved our financial guidance. Loan facilitation volume was RMB 32.2 billion, representing an increase of 20.6% from the same period of 2024. Our net revenue was RMB 1,470.2 million, representing an increase of 1.8% from the same period of 2024. Moving on to costs, facilitation and servicing expense was RMB 286.5 million, compared with RMB 419.1 million for the same period of 2024. This was primarily due to decreased expenses related to financial guarantee services.

Chunlin Fan: Please note that all numbers will be in RMB, and all percentage changes refer to year-over-year comparisons unless otherwise noted. As Mr. Yin noted earlier, we demonstrated robust business resilience in Q3 and successfully achieved our financial guidance. Loan facilitation volume was RMB 32.2 billion, representing an increase of 20.6% from the same period of 2024. Our net revenue was RMB 1,470.2 million, representing an increase of 1.8% from the same period of 2024. Moving on to costs, facilitation and servicing expense was RMB 286.5 million, compared with RMB 419.1 million for the same period of 2024. This was primarily due to decreased expenses related to financial guarantee services.

Speaker #4: And our percentage changes refer to year-over-year comparisons unless otherwise noted. As Mr. Jiayin noted earlier, we demonstrated robust business resilience in Q3 and successfully achieved our financial guidance.

Speaker #4: Loan facilitation volume was $32.2 billion, representing an increase of 20.6% from the same period of 2024. Our net revenue was $1.47 billion, representing an increase of 1.8% from the same period of 2024.

Speaker #4: Moving on to costs, facilitation and servicing expense was $286.5 million, compared with $419.1 million for the same period of 2024. This was primarily due to decreased expenses related to financial guarantee services.

Speaker #4: Allowance for unclearable receivables contra assets loan receivable and others was 1.5 million, representing a decrease of 87.1% from the same period of 2024. Primary due to decreased allowance for overseas loans as a result of disposal of Nigerian entities during 2024 and growth slowdown of receivables from loan facilitation business.

Dinggui Yan: Allowance for uncollectible receivables, contra assets, loans receivable, and others was RMB 1.5 million, representing a decrease of 87.1% from the same period of 2024, primarily due to decreased allowance for overseas loans as a result of disposal of Nigerian entities during 2024, and the gross slowdown of receivables from loan facilitation business. Sales and marketing expense was RMB 544.2 million, representing a decrease of 1.1% from the same period of 2024. General and administrative expense was RMB 72.4 million, representing an increase of 29% from the same period of 2024, primarily driven by an increase in share-based compensation. R&D expense was RMB 108.7 million, representing an increase of 13.3% from the same period of 2024, primarily driven by an increase in expenditures for employee compensation and related benefits. Non-GAAP income from operation was RMB 490.6 million, compared with RMB 326.5 million in the same period of 2024.

Allowance for uncollectible receivables, contra assets, loans receivable, and others was RMB 1.5 million, representing a decrease of 87.1% from the same period of 2024, primarily due to decreased allowance for overseas loans as a result of disposal of Nigerian entities during 2024, and the gross slowdown of receivables from loan facilitation business. Sales and marketing expense was RMB 544.2 million, representing a decrease of 1.1% from the same period of 2024. General and administrative expense was RMB 72.4 million, representing an increase of 29% from the same period of 2024, primarily driven by an increase in share-based compensation. R&D expense was RMB 108.7 million, representing an increase of 13.3% from the same period of 2024, primarily driven by an increase in expenditures for employee compensation and related benefits. Non-GAAP income from operation was RMB 490.6 million, compared with RMB 326.5 million in the same period of 2024.

Speaker #4: Sales and marketing expenses were $544.2 million, representing a decrease of 1.1% from the same period in 2024. General and administrative expenses were $72.4 million, representing an increase of 29% from the same period in 2024.

Speaker #4: Primarily driven by an increase in share-based compensation, R&D expense was $108.7 million, representing an increase of 13.3% from the same period in 2024. This was primarily driven by an increase in expenditures for employee compensation and related benefits.

Speaker #4: Non-GAAP income from operations was $490.6 million, compared with $326.5 million in the same period of 2024. Consequently, our net income for the third quarter was $370.76 million, representing an increase of 39.7% from the same period of 2024.

Dinggui Yan: Consequently, our net income for the third quarter was RMB 376.5 million, representing an increase of 39.7% from the same period of 2024. Our basic and diluted net income per share was RMB 1.83, compared with RMB 1.27 in the third quarter of 2024. Basic and diluted net income per ADS was RMB 7.32, compared with RMB 5.08 in the third quarter of 2024. We ended this quarter with RMB 124.2 million in cash and cash equivalents, compared with RMB 316.2 million at the end of the previous quarter. With that, we can open the call for questions. Ms. Xu, our Chief Risk Officer, and I will answer your questions. Operator, please proceed. Thank you so much. Dear participants, as a reminder, if you wish to ask a question, please press *11 on your telephone keypad and wait for your name to be announced. To withdraw a question, please press *11 again.

Consequently, our net income for the third quarter was RMB 376.5 million, representing an increase of 39.7% from the same period of 2024. Our basic and diluted net income per share was RMB 1.83, compared with RMB 1.27 in the third quarter of 2024. Basic and diluted net income per ADS was RMB 7.32, compared with RMB 5.08 in the third quarter of 2024. We ended this quarter with RMB 124.2 million in cash and cash equivalents, compared with RMB 316.2 million at the end of the previous quarter. 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 #4: Our basic and diluted net income per share was RMB 1.83, compared with RMB 1.27 in the third quarter of 2024. Basic and diluted net income per ADS was RMB 7.32, compared with RMB 5.08 in the third quarter of 2024.

Speaker #4: We ended this quarter with $124.2 million in cash and cash equivalents, compared with $316.2 million at the end of the previous quarter. With that, we can open the call for questions.

Speaker #4: Ms. Chu, our Chief Risk Officer, and I will answer your questions. Operator, please proceed.

Operator: Thank you so much. Dear participants, as a reminder, if you wish to ask a question, please press *11 on your telephone keypad and wait for your name to be announced. To withdraw a question, please press *11 again.

Speaker #5: Thank you so much. Dear participants, as a reminder, if you wish to ask a question, please press *11 on your telephone keypad and wait for your name to be announced.

Speaker #5: To withdraw a question, please press *1 and then 1 again. Please don't bother compiling the Q&A rules; this will take a few moments. And now we're going to take our first question.

Dinggui Yan: Please then bow or compile the Q&A row state. This will take a few moments. Now we're going to take over the first question. It comes to the line of Yi Wen Xu from Guojin Securities. Your line is open. Please ask your question. ?????????????????????????????????????????????????????????????????????????????????????10??????????????????????????????????????????????????????????????????????????????? So good evening, management. Thank you for taking my questions. I'm Yi Wen from Guojin Securities. I have two questions. The first one is that, after the new regulation took effect in October, what impact have you seen on the business, and could management provide more color on any strategic adjustments and the outlook going forward? This is my first question. Thank you. ??????????????????????????????????????10?????????????????????????????????????????????????????24? ?????????????????????????????????????????????????????????????????????????????????????????????????????????10????????????????????????????????????????????????????????????????????????????????????????????? ?????????????????????????????????????????????????????????????????????????????????????? ????????????????????????????????????????????????????????????????????????????? ??????? ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????. Hi, you were, I will do the translation for Ms. Xu. Following the implementation of the new regulation, the impact on the industry has been pretty significant.

Speaker #5: And it comes in line of Yifang Xu from Guojin Securities. Your line is open. Please ask your question.

Speaker #5: question. Hey, hold

[Analyst] (Guojin Securities): ?????????????????????????????????????????????????????????????????????????????????????10???????????????????????????????????????????????????????????????????????????????

[Analyst] (Guojin Securities): So good evening, management. Thank you for taking my questions. I'm Yi Wen from Guojin Securities. I have two questions. The first one is that, after the new regulation took effect in October, what impact have you seen on the business, and could management provide more color on any strategic adjustments and the outlook going forward? This is my first question. Thank you.

Speaker #6: up.问题是关于新规。那么想请管理层能否为我们梳理一下自从10月份出台新规正式实施以来，这对于公司的业务具体产生了哪些影响？那么以及管理层在经营策略层面有哪些最新的调整和展望？这是我的第一个问题。那现在我把它翻译成英文。 So good evening, management. Thank you for taking my questions. I'm Yiyun from SinoLink Securities. I have two questions. The first one is that after the new regulation talk effect in October, what impact have you seen on the business?

Speaker #6: And could management provide more color on any strategic adjustments and the outlook going forward? This is my first question. Thank you.

[Analyst] (Guojin Securities): ??????????????????????????????????????10?????????????????????????????????????????????????????24? ?????????????????????????????????????????????????????????????????????????????????????????????????????????10????????????????????????????????????????????????????????????????????????????????????????????? ?????????????????????????????????????????????????????????????????????????????????????? ????????????????????????????????????????????????????????????????????????????? ??????? ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????.

Speaker #5: Thank you,刚才谈到就是10月份的这个出台新规的影响，其实在监管层面的话，整体的大的一个要求就是一个定价的一个下行要求来到24。另外呢，就是在这个过程中呢，我们看到就是持续呢对交保这样的一个指标的一个持续的一个关注。那么在行业里面，从资金的供应上来讲的话，那我们看到我们合作的持牌机构也是积极响应这个监管的这个要求，在产品上面在10月落地之前也都完成了这个合规的改造，也在我们也是配合这个我们的持牌机构去做去完成这样的一个改造。在后续的话，对这个整个风险的这个诉求和要求也是以及消保的这个诉求也是同样的关注。这是一个资金层面。在客户层面上的话，因为这个整个资金的一个供给层面上来讲是有一个收紧，那么在客户的这个需求上面的话，我们看到在市场上还是非常旺盛的。

Speaker #6: 对，有点断断续续的。好的。感谢管理层的回答。那我这边有些信号一些不太清。我觉得这是一个刚才是不是有点那个就是。

Speaker #4: 对。现在可以吗？

Speaker #6: 现在可以听清。

Chunlin Fan: Hi, you were, I will do the translation for Ms. Xu. Following the implementation of the new regulation, the impact on the industry has been pretty significant.

Speaker #4: 我觉得这是一个大的一个层面，但是在这个变化其实在过去的一两个季度里面其实就是这样的一个变化的方向其实都是在预期范围内。目前的话呢，面对这个整个的价格下行和行业上的一个流量波动，就是我们内部的一个应对的话还是主要从两个方面来着手，一个方向呢是在获客流量上的选择，会继续加大这样的一个调整的力度。也会注重尤其是注重在业平台流量和流量获客投放的这个方向上面的一个获客的一个结构性调整。并且呢，在当下比较波动的一个这个风险环境下面的话，整个获客策略的谨慎程度我是持续拉高的。

Speaker #7: Ms. Xu, following the implementation of the new regulation, the impact on the industry has been pretty significant. Most of the changes have been primarily on the downward pressure of pricing to $24 and the continued emphasis on consumer protection.

Dinggui Yan: Most of the changes have primarily been on the downward pressure of pricing to 2024 and the continued emphasis on consumer protection. As of October, the asset pricing of our loan facilitation business is fully compliant with the regulatory requirements of our funding partners. As liquidity tightens, we've responded, we've had response to the pricing pressure and liquidity pressure in the broader industry and the volatility industry. We have really intensified adjustment in traffic acquisition and placed a greater focus on cross-industry platforms and optimizing our traffic mix, adopting a more cautious customer acquisition strategy under the current environment. ??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? For our existing borrower base, we've enhanced borrower segmentation. Really, on one hand, we want to improve our risk identification for higher risk groups.

Most of the changes have primarily been on the downward pressure of pricing to 2024 and the continued emphasis on consumer protection. As of October, the asset pricing of our loan facilitation business is fully compliant with the regulatory requirements of our funding partners. As liquidity tightens, we've responded, we've had response to the pricing pressure and liquidity pressure in the broader industry and the volatility industry. We have really intensified adjustment in traffic acquisition and placed a greater focus on cross-industry platforms and optimizing our traffic mix, adopting a more cautious customer acquisition strategy under the current environment.

Speaker #7: So, as of October, the asset pricing of our loan facilitation business is fully compliant with the regulatory requirements of our funding partners. In response to tightening liquidity, we have faced pricing pressure and liquidity challenges in the broader industry, along with market volatility. Therefore, we have really intensified adjustments in our traffic acquisition strategies, placing a greater focus on cross-industry platforms and optimizing our traffic mix. We are adopting a more cautious customer acquisition strategy under the current circumstances.

Speaker #7: environment. Yeah, I'm sorry

[Analyst] (Guojin Securities): ???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

[Translator]: For our existing borrower base, we've enhanced borrower segmentation. Really, on one hand, we want to improve our risk identification for higher risk groups.

Speaker #4: to聊一下这个获客方面的这个策略上的一些调整和加速的一个变化。那我们在存量客户经营上面的话呢是会去注重在客户的分群识别，一边通过去强调这个风险周期的弹性，定价还有近期申请频次等等，对高风险客群通过控制余额加速出清的方式去消化在我们这个定价下行之后持续经营存在挑战的这个客群的一个管理。另外一个方向呢我们也会在通过产品和价格的调整去加强优质流失客户的和潜在流失客户的这样的一个经营。这样通过几方面去结合去加速整个盘面的一个调整。怎么说呢，就是在资产定价上面可以可预见的其实是这个价格下行的趋势是在那里的。我们不仅要做好这次波动的应对，还是要持续去关注我们这个对整个或者多个这个风险周期穿越正是风险周期能力的一个建设和提升。

Speaker #7: So for our existing borrower base, we've enhanced borrower segmentation. On one hand, we want to improve our risk identification for higher-risk groups, utilizing measures such as managing outstanding balances and accelerating runoff based on indicators like risk cycle, elasticity, pricing, and recent application frequency.

Dinggui Yan: We're utilizing measures such as managing outstanding balances and accelerating runoff based on indicators like risk cycle, elasticity, pricing, and recent application frequency to address the segments that are more challenging to operate under lower pricing. On the other hand, through product and pricing adjustments, we've strengthened the efforts to retain and reengage high-quality borrowers who may potentially churn. Taken together, these initiatives are helping us optimize the overall portfolio structure. Regarding asset pricing, it's foreseeable that the downward trend will continue. Our focus is not only navigating through the current period of volatility, but also continuously strengthening our ability to operate through risk cycles over the long term. ?????????????????? That's my answer for your first question. ?????????????????????????????????????????????????????????? take rate ???????????? I will do the translation. Given the current environment, how should we think about the revenue take rate and the margin expectations going forward?

Chunlin Fan: We're utilizing measures such as managing outstanding balances and accelerating runoff based on indicators like risk cycle, elasticity, pricing, and recent application frequency to address the segments that are more challenging to operate under lower pricing. On the other hand, through product and pricing adjustments, we've strengthened the efforts to retain and reengage high-quality borrowers who may potentially churn. Taken together, these initiatives are helping us optimize the overall portfolio structure. Regarding asset pricing, it's foreseeable that the downward trend will continue. Our focus is not only navigating through the current period of volatility, but also continuously strengthening our ability to operate through risk cycles over the long term.

Speaker #7: To address the segments that are more challenging to operate under lower pricing, we have strengthened our efforts to retain and re-engage high-quality borrowers who may potentially churn through product and pricing adjustments. Taking together these initiatives is helping us optimize the overall portfolio structure.

Speaker #7: And regarding asset pricing, it's foreseeable that the downward trend will continue. Our focus is not only on navigating through the current period of volatility but also on continuously strengthening our ability to operate through risk cycles over the long term.

Speaker #4: Yeah, you mentioned quite in

[Analyst] (Guojin Securities): ??????????????????

Speaker #4: detail. That's my

[Translator]: That's my answer for your first question.

Speaker #7: answer for your first question.

[Analyst] (Guojin Securities): ?????????????????????????????????????????????????????????? take rate ????????????

Speaker #4: ????????????????????????????????????????????????????? take rate ????????????Then I will do the translation, so given the current environment, how should we think about the revenue take rate and the margin expectations going forward?

[Translator]: I will do the translation. Given the current environment, how should we think about the revenue take rate and the margin expectations going forward?

Speaker #4: Thank you.

Dinggui Yan: Thank you. ????????????????????????? Q3????????????? 322 ?????????????? 4.91 ???????????????Q3 ???? 3.76 ????????? 25.6%????? Q2?????????????????????????????????????????? 14.35 ????????????????? 84%?????????? 2024 ??? 10.56 ??????????????? 2025 ?????????????? 2024 ??????????????? Thank you, Yi Wen. I'll answer this question. In the third quarter of 2025, the company facilitated RMB 32.2 billion in volume and delivered RMB 491 million in non-GAAP income from operation, in line with the guidance we previously provided. The net profit for the quarter was RMB 376 million, representing a net margin of 25.6%. In terms of the net margin, it's a slight decrease from the 27.5% net margin in Q2. For the first three quarters, we achieved RMB 1.435 billion in net profit, up 84% year over year, and already well above the full year 2024 figure of RMB 1.056 billion. For the full year of 2025, we expect profitability to be significantly higher than 2024. ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? so as Ms.

Speaker #7: 好的，谢谢Yiyun，我来回答第二个问题，就是我们在 Q3 我们实现了这个撮合交易量 322 亿，然后非通用准则的经营利润 4.91 亿达到了我们给出的这个指引。Q3 的净利润 3.76 亿，净利润率达到了 25.6%。那么相比 Q2 这个净利润率的这个确实略有下滑。那么应该讲前三季度我们实现的整体的这个净利润总数是 14.35 亿，比去年的这个前三季度同比增长有 84%，并且已经远远超出了 2024 年全年 10.56 亿的这个净利润的数字。所以整体 2025 年的全年的利润率水平啊，相比 2024 年会有一个非常显著的一个提升。 Thank you Yiyun, I will answer this question.

Chunlin Fan: Thank you, Yi Wen. I'll answer this question. In the third quarter of 2025, the company facilitated RMB 32.2 billion in volume and delivered RMB 491 million in non-GAAP income from operation, in line with the guidance we previously provided. The net profit for the quarter was RMB 376 million, representing a net margin of 25.6%. In terms of the net margin, it's a slight decrease from the 27.5% net margin in Q2. For the first three quarters, we achieved RMB 1.435 billion in net profit, up 84% year over year, and already well above the full year 2024 figure of RMB 1.056 billion. For the full year of 2025, we expect profitability to be significantly higher than 2024.

Speaker #7: So in the third quarter of 2025, the company facilitated RMB 32.2 billion in volume and delivered RMB 491 million in non-cap income from operations.

Speaker #7: In line with the guidance we previously provided, the net profit for the quarter was RMB 376 million, representing a net margin of 25.6%.

Speaker #7: In terms of net margin, there is a slight decrease from the 27.5% net margin in Q2. For the first three quarters, we achieved RMB 1.435 billion in net profit, up 84% year over year, and already well above the full year 2024 figure of RMB 1.056 billion.

Speaker #7: For the full year of 2025, we expect profitability to be significantly higher than in 2024. ?, so as you...

Chunlin Fan: so as Ms.

Dinggui Yan: ??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

Speaker #6: 刚刚曲总也提到了，就是新规的这个落地啊，短期内给整个行业带来的这个整体的流动性，包括这个资产质量的一些冲击。那么加营收为一家高度敏捷的科技型公司，我们借助于我们过去多次穿越经济信贷和监管周期的成功经验，我们已经根据市场的变化快速迭代了我们的模型，及时审慎地调整了我们的业务的规模增长，风险策略和定价策略等等。

Dinggui Yan: Xu mentioned, the new regulation brought short-term pressure to industry, while liquidity and asset quality as a highly agile technology-driven company and drawing on our past experience navigating regulatory credit cycles, we made timely and prudent adjustments to our business scale, risk posture, and pricing strategy in response to market conditions. ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? Over the long term, the enforcement of the new regulation will raise industry entry barriers and help drive the sector towards a healthier, more orderly, more compliant, and more sustainable development. As the industry shifts towards higher quality borrower segments, pricing, therefore, revenue take rate is expected to moderate, and margins will return to a healthier and more sustainable level. The company is entering a new phase of high-quality development.

Xu mentioned, the new regulation brought short-term pressure to industry, while liquidity and asset quality as a highly agile technology-driven company and drawing on our past experience navigating regulatory credit cycles, we made timely and prudent adjustments to our business scale, risk posture, and pricing strategy in response to market conditions.

Speaker #7: As mentioned, the new regulation brought short-term pressure to the industry while affecting liquidity and asset quality. As a highly agile, technology-driven company, and drawing on our past experience navigating regulatory credit cycles, we made timely and prudent adjustments to our business scale, risk posture, and pricing.

Speaker #7: Strategy in response to market conditions.

Dinggui Yan: ??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

Speaker #7: Over the long term, the enforcement of 当前来看，这个新规的贯彻执行将进一步提升行业的进入门槛，有利于整个行业更健康有序、更合规、更可持续的发展。伴随着我们向高质量客群的迁移，定价将这个温和下行，利润率也将进一步回归到健康可持续发展的水平。公司正在全面迈入高质量发展的新阶段。 the new regulation will raise industry entry barriers and help drive the sector towards a healthier more orderly more compliant and more sustainable development.

Chunlin Fan: Over the long term, the enforcement of the new regulation will raise industry entry barriers and help drive the sector towards a healthier, more orderly, more compliant, and more sustainable development. As the industry shifts towards higher quality borrower segments, pricing, therefore, revenue take rate is expected to moderate, and margins will return to a healthier and more sustainable level. The company is entering a new phase of high-quality development.

Speaker #7: As the industry shifts towards higher quality borrower segments, pricing therefore revenue take rate is expected to moderate. And margins will return to a healthier and more sustainable level.

Speaker #7: The company is entering a new phase of high-quality development.

Speaker #6: 我再重申一遍刚刚严总在 remark 里面提到的我们的这个指引，我们 Q4 撮合交易量将达到 230 到 250 亿，全年交易量会在 1278 到 1298 亿这个区间内，同比增长 26.8% 到 28.8%。全年的非通用准则经营利润指引我们是这个设在了 19.9 亿到 20.6 亿，同比也有一个 52.3% 到 57.6% 的这样的一个增长。

Dinggui Yan: ????????????? mark ??????????????? Q4 ???????? 230 ? 250 ????????? 1,278 ? 1,298 ??????????? 26.8% ? 28.8%???????????????????????? 19.9 ?? 20.6 ???????? 52.3% ? 57.6% ????????? I want to reiterate Mr. Yan's guidance that he provided earlier. We expect Q4 volume to reach RMB 23 to 25 billion, bringing full year facilitation volume to RMB 127.8 to 129.8 billion, approximately 26.8% to 28.8% year over year growth. Full year non-GAAP income from operation guidance is RMB 1.99 to 2.06 billion, approximately 52.3% to 57.6% growth year over year. ??????? Thank you, Yi Wen. Thank you, management. That's very helpful. I have no more questions. Thank you. Thank you. Dear participants, once again, if you would like to ask a question, please press star 11 on your telephone keypad. Dear participants, if you would like to ask a question, please press star 11 on your telephone keypad.

Dinggui Yan: ????????????? mark ??????????????? Q4 ???????? 230 ? 250 ????????? 1,278 ? 1,298 ??????????? 26.8% ? 28.8%???????????????????????? 19.9 ?? 20.6 ???????? 52.3% ? 57.6% ?????????

Dinggui Yan: I want to reiterate Mr. Yan's guidance that he provided earlier. We expect Q4 volume to reach RMB 23 to 25 billion, bringing full year facilitation volume to RMB 127.8 to 129.8 billion, approximately 26.8% to 28.8% year over year growth. Full year non-GAAP income from operation guidance is RMB 1.99 to 2.06 billion, approximately 52.3% to 57.6% growth year over year. ??????? Thank you, Yi Wen.

Speaker #7: I want to reiterate Mr. Yan's guidance that he provided earlier. We expect Q4 volume to reach RMB 23 to 25 billion, bringing full year facilitation volume to RMB 127.8 to 129.8 billion.

Speaker #7: Approximately 26.8% to 28.8% year-over-year growth. Full year non-cap income from operations guidance is RMB 1.99 billion to RMB 2.06 billion, representing approximately 52.3% to 57.6% growth year-over-year.

Speaker #6: 好，谢谢Yiyun。

Speaker #7: Thank you Yiyun.

[Analyst] (Guojin Securities): Thank you, management. That's very helpful. I have no more questions. Thank you.

Speaker #4: Thank you management.

Speaker #4: That's very helpful. I have no more questions. Thank you.

Operator: Thank you. Dear participants, once again, if you would like to ask a question, please press star 11 on your telephone keypad. Dear participants, if you would like to ask a question, please press star 11 on your telephone keypad.

Speaker #1: Thank you. Dear participants, once again, if you would like to ask a question, please press *11 on your telephone keypad. Dear participants, if you would like to ask a question, please press *.

Speaker #1: 11 on your telephone keypad. Dear speaker, turn off further questions for today. I would now like to hand the conference over to Sam Lee for closing

Dinggui Yan: Dear speakers, no further questions for today. I would now like to hand the conference over to Sam Lee for closing remarks. Thank you, Operator, and thank you all for participating on today's call. We appreciate your interest, and look forward to reporting to you again next quarter on our progress. Thank you all again. This concludes the call. You may now disconnect.

Dear speakers, no further questions for today. I would now like to hand the conference over to Sam Lee for closing remarks.

Speaker #1: remarks. Thank you operator,

Sam Li: Thank you, Operator, and thank you all for participating on today's call. We appreciate your interest, and look forward to reporting to you again next quarter on our progress. Thank you all again. This concludes the call. You may now disconnect.

Speaker #7: today's call. We appreciate your and thank you all for participating on interest and look forward to reporting to you again next quarter on our

Speaker #7: progress. Thank you all again.

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