Q4 2025 Jiayin Group Inc Earnings Call
Operator: 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: Charleston School. Currently, all participants are enlisted-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.
Speaker #1: 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, Jiayin Group, please proceed.
Speaker #2: Thank you, Operator. Hello everyone. Thank you all for joining us on today's conference call to discuss Jiayin Group's financial results for the fourth quarter of 2025.
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 Q4 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. Dinggui Yan, Chief Executive Officer, Mr. Chunlin Fan, Chief Financial Officer, and Ms. Yifang Xu, 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 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: 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. Yan Dinggui, Chief Executive Officer.
Speaker #2: Mr. Fan Chunlin, Chief Financial Officer. And Ms. Chu Yifang, Chief Risk Officer. Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor Provisions of the U.S.
Speaker #2: Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today.
Speaker #2: Further information regarding these and other risks and uncertainties is included in the company's public filings with the SEC. The company does not assume any obligation to update any forward-looking statement, except as required under applicable law.
Sam Lee: The company does not assume any obligation to update any forward-looking statement, except as required under applicable law. This call includes discussion of certain non-GAAP financial measures. Please refer to our earnings release, which contains a 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 Chinese renminbi. With that, let me now turn the call over to our CEO, Mr. Dinggui Yan. Mr. Yan will deliver his remarks in Chinese, and I will follow up with corresponding English translations. Please go ahead, Mr. Yan. Hello, everyone. Thank you for joining our Q4 and full year 2025 Earnings Conference Call. 2025 was a pivotal year for the industry, marked by deepening regulation and standardized development.
Speaker #2: Also, this call includes discussion of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of the non-GAAP financial measures to GAAP financial measures.
Speaker #2: Please note that unless otherwise stated, all figures mentioned during the conference call are in Chinese renminbi. With that, let me now turn the call over to our CEO, Mr. Yan Dinggui.
Speaker #2: Mr. Yan will deliver his remarks in Chinese, and I will follow up with corresponding English translations. Please go ahead, Mr. Yan.
Speaker #3: 大家好。感谢各位参加嘉英科技2025年第四季度暨全年业绩电话会议。
Speaker #2: Hello everyone. Thank you for joining our fourth quarter and full year 2025 earnings conference call.
Speaker #3: 2025年是行业监管深化、规范发展的关键之年。尽管外部环境持续收紧，我们仍然保持了稳中有进的增长态势。2025年全年，公司贷款出货交易量达到1,290亿元，同比增长约28%，实现收入60.62.2亿元，同比增长约7.3%。净利润15.4亿元，同比增长约45.4%。验证了我们在复杂环境下的经营韧性。
Speaker #2: 2025 was a pivotal year for the industry. Marked by deepening regulation and standardized development. Despite the continuously tightening external environment, we maintain steady progress.
Sam Lee: Despite the continuously tightening in external environment, we maintained steady progress. For the full year, our loan facilitation volume reached CNY 129 billion, representing a year-on-year increase of approximately 28%. We achieved revenue of CNY 6.22 billion, up approximately 7.3% year-on-year. Net income of CNY 1.54 billion, a year-on-year increase of approximately 45.4%, demonstrating our operational resilience amid a complex environment. In Q4, following the implementation of the new regulation, we observed a continuous decline in comprehensive financing costs alongside higher entry barriers and stricter compliance requirements. In response to this new regulatory landscape, we have proactively collaborated with our funding partners to facilitate necessary adjustments. As of now, we maintain partnerships with 79 financial institutions, with an additional 53 currently in negotiations.
Speaker #2: For the full year, our loan facilitation volume reached R&B 129 billion. Representing a year-on-year increase of approximately 28%. We achieved revenue of R&B 6.22 billion, up approximately 7.3% year-on-year.
Speaker #2: And net income of R&B 1.54 billion, a year-on-year increase of approximately 45.4%. Demonstrating our operational resilience amid a complex environment.
Speaker #3: 住贷新规的落地实施，综合融资成本持续下降。行业准入门槛提升，合规要求更加严格。面对新的监管环境，我们积极配合资金方合作手段，协助推进各项调整。截至目前，公司与79家金融机构保持合作关系，另有53家正在洽谈中。
Speaker #2: In the fourth quarter, following the implementation of the new regulation, we observed a continuous decline in comprehensive financing costs alongside higher entry barriers and stricter compliance requirements.
Speaker #2: In response to this new regulatory landscape, we have proactively collaborated with our funding partners to facilitate necessary adjustments. As of now, we maintain partnerships with 79 financial institutions, with an additional 53 currently in negotiations.
Speaker #3: 我们始终坚持合规为本，执效优先的经营理念，主动调整破克节奏。本季度新增借款用户约40.7万人，相较去年同期有所回落，为进一步提升渠道管理精准度与投放预算效率，多部门联动，重塑渠道评估体系，持续优化准入，动态预警及退出机制。另外，通过构建灵活的额度管理体系及精准的存量激活机制，我们有效激发了优质用户的浮贷潜能，重复借款人出货交易额占比达79.4%。相较去年同期增加了6.7个百分点。
Sam Lee: We have consistently adhered to the operating philosophy of compliance as the foundation, quality and efficiency as priorities. We proactively adjusted our borrowing acquisition pace this quarter, adding approximately 407,000 new borrowers, reflecting a year-on-year decline. To further enhance the precision of channel management and the efficiency of marketing spend, we implemented cross-functional collaboration to revamp our channel evaluation framework and to continue to optimize onboarding standards, ongoing monitoring, and off-boarding processes. Additionally, by establishing a more flexible credit limit management system, implementing targeted reactivation strategies for existing borrowers, we effectively unlock the repeat borrowing potential among quality borrowers. Repeat borrowing contribution accounted for 79.4% of loan facilitation volume, an increase of 6.7 percentage points compared to the same period last year.
Speaker #2: We have consistently adhered to the operating philosophy of compliance as the foundation, quality and efficiency as priorities. We proactively adjusted our borrowing acquisition pays this quarter.
Speaker #2: Adding approximately 407,000 new borrowers. Reflecting a year-on-year decline. To further enhance the precision of channel management and the efficiency of marketing spend, we implemented cross-functional collaboration to revamp our channel evaluation framework.
Speaker #2: And to continue to optimize onboarding standards, ongoing monitoring, and offboarding processes. Additionally, by establishing a more flexible credit limit management system, implementing targeted reactivation strategies for existing borrowers, we effectively unlocked the repeat borrowing potential among quality borrowers, repeat borrowing contribution accounted for 79.4% of loan facilitation volume, and increase of 6.7 percentage points compared to the same period last year.
Dinggui Yan: 四季度以来，风险指标持续承压，我们分阶段推进风控策略的深度重构，通过多人准入收紧、额度调优与产品迭代，实现风险敞口的主动调控与客群结构的精细运行，抵御了部分外部波动对资产质量的冲击。截至四季度末，九十天以上逾期率为2.03%。进入2026年，得益于尾部风险的精准识别、隔离和存量资产组合的结构优化，前瞻性风险指标呈现向好趋势。我们将持续打造长期稳定性与短期波动特征结合的风控系统，构筑稳健运营的压舱石。
Speaker #3: 风险指标持续承压，我们分阶段推进风控策略的深度重构。通过多轮准入收紧、额度调优与产品迭代，实现风险敞口的主动调控与客群结构的精细运行。抵御了部分外部波动对资产质量的冲击。截至四季度末，90天以上预期率为2.03%，进入2026年，得益于尾部风险的精准识别隔离，我存量资产组合的优结构优化，前瞻性风险指标呈现向好趋势。我们将持续打造长期稳定性与短期波动特征结合的风控系统。构筑稳健运营的压舱石。
Sam Lee: Since Q4, risk indicators have remained under pressure. We have been advancing a safe, deep restructuring of our risk control strategy, which include multiple rounds of tightening entry criteria, optimizing credit limits, and iterating on product offerings. This has allowed us to proactively manage risk exposure and refine borrower segment structures, mitigating the impact of certain external fluctuations on asset quality. As of the end of Q4, the 90-plus day delinquency ratio was 2.03%. Entering 2026, thanks to precise identification and isolation of tail risk along with structural optimization of existing asset portfolio, forward-looking risk indicators are showing positive trends. We will continue to build a risk control system that balances long-term stability with short-term dynamics, serving as the balance for steady operations.
Speaker #2: In the fourth quarter, risk indicators have remained under pressure. We have been advancing a phase deep restructuring of our risk control strategies. Which include multiple rounds of tightening entry criteria.
Speaker #2: Optimizing credit limits. And iterating on product offerings. This has allowed us to proactively manage risk exposure and refine borrower segment structures. Mitigating the impact of certain external fluctuations on asset quality.
Speaker #2: As of the end of the fourth quarter, the 90-plus-day delinquency ratio was 2.03%. Entering 2026, thanks to precise identification and isolation of tail risks, along with structural optimization of existing asset portfolio.
Speaker #2: Forward-looking risk indicators are showing positive trends. We will continue to build a risk control system that balances long-term stability with short-term dynamics. Serving as the balance for steady operations.
Dinggui Yan: 在人工智能领域，2025年我们已经在多模态反欺诈、AI座席辅助、数据智能等方面取得了阶段性进展。2026年，4+2战略将迎来关键升级，我们将原有的四大产品矩阵划分为生产链路与非生产链路两条主线。生产链路聚焦核心业务，创造价值，覆盖获客、风控与营销三大方向。探索AI驱动的优质客群的识别与获取，声画、声纹、图谱等多模态技术在反欺诈中的应用，赋能营销内容的生成与审核。非生产链路围绕日常运营的提质增效，覆盖工程智能、座席辅助与办公智能，重点推进AI编程向代码补全、向自主编程的跃进，人机结合的座席方式，以提升服务质效，并持续完善内部智能化办公体系。与此同时，智能体平台与机器学习平台作为两大基础设施，将持续为上层应用提供底层工具支持。这一调整标志着我们的AI战略完成从能力建设向价值深耕的跨进，从赋能工具真正融入业务价值链，为高质量发展注入确定性动力。
Speaker #3: 在人工智能领域，2025年我们已经在多模态反欺诈、AI数据辅助、数据智能等方面取得了阶段性进展。2026年，4+2战略将迎来关键升级。我们将原有的四大产品矩阵划分为生产链路与非生产链路两条主线。生产链路聚焦核心业务，创造价值，覆盖获客、风控与营销三大方向。探索AI驱动的优质客群的识别与获取，深化深文图谱等多模态技术在反欺诈中的应用。赋能营销内容的生成与审核，非生产链路围绕日常运营的提质增效，覆盖工程智能、坐席辅助与办公智能。重点推进AI变成向代码补全、向自主编程的跃进。人机偶合的坐席范式已提升服务质效，并持续完善内部智能化办公体系。与此同时，智能体平台与机器学习平台作为两大基础设施，将持续为上层应用提供底层工具支持。这一调整标志着我们的AI战略完成从能力建设向价值生根的跨境。从赋能工具真正融入业务价值链，为高质量发展注入确定性动力。
Sam Lee: On the artificial intelligence front, we made solid progress in 2025 in multimodal anti-fraud, AI powered agents, and data intelligence. In 2026, our 4+2 strategy will undergo a key upgrade. We have reorganized our four core pillars into two main tracks: production and non-production. The production track focuses on core business value creation, covering three directions: borrower acquisition, risk management, and marketing. We are exploring AI driven identification and acquisition of high quality borrower groups, deepening the application of multimodal technologies such as voice print, knowledge graph, and anti-fraud, and enabling AI powered content generation and review in marketing. The non-production track aims to improve efficiency and quality in daily operations, covering engineering intelligence, agent assistance, and office intelligence.
Speaker #2: On the artificial intelligence front, we make solid progress in 2025 in multimodal anti-fraud AI-powered agents and data intelligence. In 2026, our four-plus-two strategy will undergo a key upgrade.
Speaker #2: We have reorganized our four core pillars into two main tracks: production and non-production. The production track focuses on core business value creation, covering three directions: borrower acquisition, risk management, and marketing.
Speaker #2: We are exploring AI-driven identification and acquisition of high-quality borrower groups, deepening the application of multimodal technologies. Such as voice print, knowledge graph, and anti-fraud and enabling AI-powered content generation and review in marketing.
Speaker #2: The non-production track aims to improve efficiency and quality in daily operations. Covering engineering intelligence, agent assistance, and office intelligence. Key initiatives include advancing AI programming from coding completion to autonomous coding.
Sam Lee: Key initiatives include advancing AI programming from coding completion to autonomous coding, adopting a human machine collaborative agent model to enhance service quality and efficiency, and further upgrading our internal intelligent workplace systems. Meanwhile, our intelligent agent platform and machine learning platform as the two foundational infrastructures will continue to provide underlying tooling support for upper layer applications. This strategic upgrade marks a shift in our AI strategy from capability building to value creation, embedding AI more deeply into our business value chain, and providing stronger, more sustainable drivers for development.
Speaker #2: Adopting a human-machine collaborative agent model to enhance service quality and efficiency. And further upgrading our internal intelligent workplace systems. Meanwhile, our intelligent agent platform and machine learning platform as the two foundational infrastructures.
Speaker #2: We'll continue to provide underlying tooling support for upper-layer applications. This strategic upgrade marks a shift in our AI strategy from capability building to value creation embedding AI more deeply into our business value chain.
Speaker #2: And providing stronger, more sustainable drivers for development.
Dinggui Yan: 在新业务拓展方面，我们围绕金融产品创新、合作模式创新和海外市场三个维度持续发力。产品端，我们积极布局车抵贷和数字微贷赛道，丰富信贷产品矩阵。合作模式上，我们通过联合运营和对接头部流量生态，与多家机构建立深度战略合作关系，全年累计上线项目二十一个，业务规模逐月攀升。海外方面，作为较早布局海外市场的先行者，其战略价值日益凸显。2025年，印尼地区的业务规模同比增长约187%，注册用户数同比增长约119%，规模效应逐步显现。墨西哥业务在四季度显著提速，全年放款总额同比增长约105%，注册用户数同比增长约101%。完成了商业模型的阶段性验证，我们计划以有投资和运营经验的几个国家为锚点，探索其他市场机会，通过跨地域、跨周期的布局，持续驱动海外版图的扩张。
Speaker #3: 在新业务拓展方面，我们围绕金融产品创新，合作模式创新和海外市场三个维度持续发力。产品端，我们积极布局车底袋和数字微袋赛道，丰富现代产品矩阵。合作模式上，我们通过联合运营和对接头部流量生态，与多家机构建立深度战略合作关系。全年累计上线项目21个，业务规模逐月攀升。海外方面，作为较早布局海外市场的先行者，其战略价值日益凸显。2025年，印尼地区的业务规模同比增长约187%。注册用户数同比增长约119%。规模效应逐步显现，墨西哥业务在四季度显著提速。全年放款总额同比增长约105%。注册用户数同比增长约110%。完成了商业模型的阶段性验证。我们计划以有投资和运营经验的几个国家为锚点，探索其他市场机会。通过跨地域、跨周期的布局，持续驱动海外版图的扩张。
Sam Lee: In terms of new business expansion, we have continued to focus on 3 dimensions: financial product innovation, partnership model innovation, and overseas markets. On the product side, we actively expanded into auto-backed loans and digital intelligent micro loans, enriching our credit product portfolio. In partnership models, we connected with leading traffic ecosystems through joint operations, establishing deep strategic partnerships with multiple institutions. Throughout the year, we launched 21 projects with business scale growing month by month. As an early mover in global markets, its strategic value has become increasingly prominent. In 2025, facilitation volume in Indonesia increased by approximately 187% year-on-year, while registered users grew by approximately 119% year-on-year, demonstrating gradual scale effects. Mexico business accelerated significantly in the Q4.
Speaker #2: In terms of new business expansion, we have continued to focus on three dimensions. Financial, product innovation, partnership model innovation, and overseas markets. On the product side, we actively expanded into all of back loans and digital intelligent microloans, enriching our credit product portfolio.
Speaker #2: In partnership models, we connected with leading traffic ecosystems through joint operations, establishing deep strategic partnerships with multiple institutions. Throughout the year, we launched 21 projects with business-scale growing month by month.
Speaker #2: As an early mover in global markets, it's strategic value has become increasingly prominent. In 2025, facilitation volume in Indonesia increased by approximately 187% year on year.
Speaker #2: While registered users grew by approximately 119% year on year, demonstrating gradual scale effects. Mexico business accelerated significantly in the fourth quarter. For the full year, the total loan facilitation volume grew approximately 105% year on year.
Sam Lee: For the full year, the total loan facilitation volume grew approximately 105% year-on-year, while registered users up approximately 110% year-on-year, marking a key milestone in validating our business model. We plan to use several countries where we have investment and operational experience as anchors to explore opportunities in other markets. Through cross-geography and cross-cycle deployment, we will steadily expand our global footprint.
Speaker #2: While registered users up approximately 110% year on year. Marking a key milestone in validating our business model. We plan to use several countries where we have investment and operational experience as anchors to explore opportunities in other markets.
Speaker #2: Through cross-geography and cross-cycle deployment, we will steadily expand our global footprint.
Dinggui Yan: 金融普惠的本质不仅在于服务的触达深度，更在于对社会温度的传递。过去一年，公益行动深入到青少年心理健康与特殊群体帮扶等多个领域，直接培训教师、学生及家长三万余名，覆盖学校一千三百多所，并为六万名师生开展了心理健康测评，以实际行动守护孩子的健康成长。在志愿服务方面，自嘉银志愿服务队成立以来，已有一百二十名成员，累计开展活动二十八次，服务时长近三千八百小时。我们的公益实践与责任担当也获得了来自政府部门、权威媒体及社会机构的多项认可，这不仅是对我们坚持长期主义的肯定，更是我们构筑品牌信任的核心竞争力。
Speaker #3: 金融普惠的本质不仅在于服务的触达深度，更在于对社会温度的传递。过去一年，工业行动深入到青少年心理健康与特殊群体帮扶等多个领域。直接培训教师、学生及家长3万余名，覆盖学校1,300多所。并为6万名师生开展了心理健康测评，以实际行动守护孩子的健康成长。在自愿服务方面，自家营自愿服务队成立以来，已有120名成员累计开展活动28次，服务时长近3,800小时。我们的公益实践与责任担当也获得了来自政府部门、权威媒体及社会机构的多项认可。这不仅是对我们坚持长期主义的肯定，更是我们构筑品牌信任的核心竞争力。
Sam Lee: The essence of financial inclusion lies not only in the depth of service reach, but also in conveying social value. Over the past year, our philanthropic initiatives reached multiple areas, including youth mental health and support for special needs groups. We directly trained over 30,000 teachers, students, and parents, covering more than 1,300 schools, and conducted mental health assessments for over 60,000 students and teachers, protecting the healthy growth of children through concrete actions. In terms of volunteering services, since the establishment of the Jiayin Volunteer Service Team, we have grown to 120 members, completed 28 activities, and accumulated nearly 3,800 hours of service. Our philanthropic practices and social responsibility efforts have received multiple recognition from government departments, authoritative media outlets, and social organizations.
Speaker #2: The essence of financial inclusion lies not only in the depth of service reach, but also in conveying social value. Over the past year, our philanthropic initiatives reached multiple areas, including youth mental health and support for special needs groups.
Speaker #2: We directly trained over 30,000 teachers, students, and parents covering more than 1,300 schools and conducted mental health assessments for over 60,000 students and teachers.
Speaker #2: Protecting the healthy growth of children through concrete actions. In terms of volunteering services, since the establishment of the Jiayin Volunteer Service Team, we have grown to 120 members, completed 28 activities, and accumulated nearly 3,800 hours of service.
Speaker #2: Our philanthropic practices and social responsibility efforts have received multiple recognition from government departments, authoritative media outlets, and social organizations. This is not only an affirmation of our commitment to long-termism, but also a core competitive advantage in building trust in our brand.
Sam Lee: This is not only an affirmation of our commitment to long-termism, but also a core competitive advantage in building trust in our brand.
Dinggui Yan: 股东回报方面，2025年公司持续践行与股东共享发展成果的承诺，年内已完成了现金股息派发，累计总额派发总额达4,105万美元，同比增长超过50%。八月，我们将现行股份回购计划的总额度提升了不少于8,000万美元。截至目前，已回购近460万ADS，总价值约3,040万美元。我们将持续既定的分红政策，灵活运用剩余的回购额度，持续回报股东。
Speaker #3: 活动回报方面，2025年公司持续践行与股东共享发展成果的承诺，年内已完成了现金股息派发，累计总额派发总额达4,105万美元，同比增长超过50%。8月，我们将现行股份回购计划的总额度提升了不少于8,000万美元。截至目前，已回购近460万ADS，总价值约3,040万美元。我们将持续既定的分红政策，灵活运用剩余的回购额度，持续回报股东。
Sam Lee: Regarding shareholder returns, in 2025, we continue to deliver on our commitment to sharing benefit of our development with our shareholders. During the year, we completed cash dividend distributions totaling $41.1 million, representing an increase of over 50% year on year. In August, we increased the total quota of the current share repurchase program to no less than $80 million. To date, we have repurchased nearly 4.6 million ADS with total value of approximately $30.4 million. We will maintain our existing dividend policy and make disciplined use of the remaining repurchase capacity to deliver sustainable returns to shareholders.
Speaker #2: Regarding shareholder returns, in 2025, we continue to deliver on our commitment to sharing benefit of our development with our shareholders. During the year, we completed cash dividend distributions totaling US$41.1 million representing an increase of over 50% year on year.
Speaker #2: In August. We increased the total quota of the current share repurchase program to no less than US$80 million. To date, we have repurchased nearly 4.6 million ADS with total value of approximately US$30.4 million.
Speaker #2: We will maintain our existing dividend policy and make disciplined use of the remaining repurchase capacity to deliver sustainable returns to shareholders.
Dinggui Yan: 鉴于宏观环境仍存在不确定性，公司保持审慎态度。预计2026年一季度的撮合交易量为185至195亿元人民币。我们将以合规保障行稳致远，以创新注入发展动能，持续夯实科技底座，构建抵御周期波动的经营韧性。
Speaker #3: 介于宏观环境仍存在不确定性，公司保持损分态度，预计2026年一季度的撮合交易量为185至195亿元人民币。我们将以合规保障、行稳致远，以创新注入发展动能，持续夯实科技底座，构建抵御周期波动的经营韧性。
Sam Lee: Given the ongoing uncertainty in the macro environment, we maintain a prudent stance and expect loan facilitation volume for Q1 2026 to be between RMB 18.5 billion and RMB 19.5 billion. We will continue to use compliance as our foundation and innovation as our engine to continuously solidify the technological foundation and build resilience against cyclical fluctuations. 下 面 请 CFO Fan Zong 介 绍 2025 年 Q4 的 财 务 表 现 。With that, I will now turn the call over to our CFO, Mr. Chunlin Fan. Please go ahead.
Speaker #2: Given the ongoing uncertainty in the macro environment, we maintain a prudent stance and expect loan facilitation volume for the first quarter of 2026 to be between R&B 18.5 billion and R&B 19.5 billion.
Speaker #2: We will continue to use compliance as our foundation and innovation as our engine to continuously solidify the technological foundation and build resilience against cyclical fluctuations.
Speaker #3: 下面请CFO樊总介绍2025年四季度的财务表现。
Speaker #2: With that, I will now turn the call over to our CFO, Mr. Fan Chunlin. Please go ahead.
Chunlin Fan: Thank you, Mr. Yan, and hello everyone for joining our call today. I will now review our financial highlights for the quarter. Please note that all numbers will be in RMB. All percentage changes refer to year-over-year comparisons unless otherwise noted. As Mr. Yan noted, amid the liquidity tightening and heightened risk volatility following the new regulatory implementation, we have proactively pivoted to prioritize asset quality over expansion to safeguard our long-term stability. Loan facilitation volume in Q4 was CNY 24.2 billion, representing a decrease of 12.6% from the same period of 2024. Our net revenue was CNY 1,090.2 million, representing a decrease of 22.4% from the same period of 2024. Moving on to costs.
Speaker #4: 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 R&B.
Speaker #4: And all percentage changes refer to year-over-year comparisons, unless otherwise noted. As Mr. Yan noted, amid the liquidity tightening and heightened risk volatility, following the new regulatory implementation, we have proactively pivoted to prioritize asset quality over expansion to safeguard our long-term stability.
Speaker #4: Loan facilitation volume in Q4 was 24.2 billion, representing a decrease of 12.6% from the same period of 2024. Our net revenue was 1,090.2 million, representing a decrease of 22.4% from the same period of 2024.
Chunlin Fan: Facilitation and servicing expense was CNY 328.2 million, representing a decrease of 3.3% from the same period of 2024. Reversal of credit losses of contract assets, loans receivable and others was CNY 20.1 million, compared with CNY 1.2 million allowance for credit losses of contract assets, loans receivable and others in the same period of 2024, primarily due to write-back of allowance for overseas contingent guarantees arising from lower expected loss rates. Sales and marketing expense was CNY 498.7 million, representing a decrease of 3.6% from the same period of 2024, primarily driven by the improvement in operational efficiency. General and administrative expense was CNY 66.8 million, representing an increase of 24.4% from the same period of 2024, primarily due to an increase in employee costs.
Speaker #4: Moving on to costs, facilitation and servicing expense was 328.2 million, representing a decrease of 3.3% from the same period of 2024. Reversal of credit losses of uncreditable assets, loan receivable, and others was 20.1 million, compared with 1.2 million allowance for credit losses of uncreditable assets, loan receivable, and others in the same period of 2024.
Speaker #4: Primarily due to write-back of allowance for overseas contingent guarantees arising from lower expected loss rate. Sales and marketing expense was 498.7 million, representing a decrease of 3.6% from the same period of 2024.
Speaker #4: Primarily driven by the improvement in operational efficiency. General and administrative expense was 66.8 million, representing an increase of 24.4% from the same period of 2024.
Chunlin Fan: R&D expense was CNY 121.9 million, representing an increase of 21.4% from the same period of 2024, primarily due to an increase in professional service fees and employee costs. Non-GAAP income for operation was CNY 120.4 million, compared with CNY 402.4 million in the same period of 2024. Consequently, our net income for the Q4 was CNY 100.6 million, compared with CNY 275.5 million in the same period of 2024. Our basic and diluted net income per share were both CNY 0.49, compared with CNY 1.30 in the Q4 of 2024. Basic and diluted net income per ADS were both CNY 1.96 compared with CNY 5.20 in the Q4 of 2024.
Speaker #4: Primarily due to an increase in employee costs. R&D expense was 121.9 million, representing an increase of 21.4% from the same period of 2024. Primarily due to an increase in professional service fees and employee costs.
Speaker #4: Non-GAAP income from operation was 120.4 million, compared with 402.4 million in the same period of 2024. Consequently, our net income for the fourth quarter was 100.6 million, compared with R&B 275.5 million in the same period of 2024.
Speaker #4: Our basic and diluted net income per share were both 0.49, compared with 1.30 in the fourth quarter of 2024. Basic and diluted net income per ADS were both 1.96, compared with 5.20 in the fourth quarter of 2024.
Chunlin Fan: Each ADS represents 4 Class A ordinary shares of the company. We ended this quarter with CNY 61.8 million in cash and cash equivalents compared with CNY 124.2 million as of 30 September 2025. With that, we can open the call for questions. Ms. Xu, our Chief Risk Officer, and I will answer questions. Operator, please proceed.
Speaker #4: Each ADS represents forecast A ordinary shares of the company. We ended this quarter with 61.8 million in cash and cash equivalents, compared with 124.2 million as of September 30, 2025.
Speaker #4: With that, we can open the call for questions. Ms. Xu, our Chief Risk Officer, and I will answer questions. Operator, please proceed.
Operator: Our first question comes from Yuxuan Chen with Huatai Securities. Your line is open.
Speaker #3: To ask a question, please press star 11 on your telephone. And wait for your name to be announced. To withdraw your question, please press star 11 again.
Speaker #3: Please stand by while we compile the Q&A roster. Our first question comes from Yuxuan Chen with Huatai Securities. Your line is open.
Yuxuan Chen: Hello。管理层晚上好，我是来自华泰证券的陈宇轩，感谢给我提供的机会。我这边有两个问题想请教。第一个是关于风险的。能不能请管理层分享一下25年的四季度以及2026年之间的风险数据的一个趋势。那由于行业近期还是比较波动性的，那公司是如何调整获客策略的呢？这是第一个问题。然后第二个问题呢，是关于监管的。那国内目前的监管环境还是持续收紧，那管理层对于今年发展有过预期，特别是撮合体量和盈利能力等核心业务指标。那我来翻译一下。Hello management, thanks for taking my question.
Speaker #5: Hello. 我是来自华泰证券的陈宇轩。感谢给我提问的机会。我这边有两个问题想请教。第一个是关于风险的。可否请管理层分享一下25年四季度以及2026年至今的风险数据的一个趋势？由于行业近期还是比较波动的，在公司是如何调整或策略的呢？这是第一个问题。然后第二个问题呢，关于监管的。国内目前的监管环境还是持续收紧。管理层对于今年发展有何预期？特别是撮合体量和盈利能力等核心业务指标。那我来翻一下。所有management thanks for taking my question. I got two questions here. The first one is about the risk. Could the management share how your risk metrics have been trending in the fourth quarter of 2025?
Yuxuan Chen: I got 2 questions here. The first one is about risk. Could the management share how your risk and metrics have been trending in Q4 2025 and year to date in 2026? Given the recent volatility in the industry, how have you adjusted your customer acquisition strategy? The second one is about regulation. With the regulatory environment in China continuing to tighten, what are your expectation for growth this year? In particular, how do you see the key metrics like loan facilitation volume and profitability trending? Thanks. That's all.
Speaker #5: And the year-to-date in 2026. Given the recent volatility in the industry, how have you adjusted your customer acquisition strategy? The second one is about the regulation.
Speaker #5: With the regulatory environment in. China continuing to tighten? What are your expectations for growth this year? In particular, how do you see the key metrics like loan facilitation volume and profitability trending?
Yifang Xu: 好的，谢谢宇轩。你这第一个问题的话呢，我会来给我们谈一下。那第二个问题呢，我会请Charlie来谈一下。第一个问题你谈到的是整个的风险的情况，那大家都知道这个风险的情况在2025年跟我们的整个政策和政策在行业上解读是息息相关的。那在这里呢，我们就不做太多的这方面的解读，那也相信就是关注这个行业的发展的朋友们呢，对这个方面都比较熟悉和了解了。
Speaker #5: Thanks. That's all.
Speaker #1: 好的，谢谢宇轩。你这第一个问题的话呢，我会来主动谈一下。那第二个问题呢，我会请Charlie来谈一下。第一个问题你谈到的是整个的风险的情况。那大家都知道这个风险的情况在2025年跟我们的整个政策和政策在行业上解读是息息相关的。那在这里呢，我们就不做太多的这方面的解读。那也相信就是关注这个行业的发展的朋友们呢，对这个方面都比较熟悉和了解了。
Sam Lee: Hi, 我 是 Yuxuan Chen. I will answer your first question, Mr. Fan will answer your second question. As you know, risk for this year is high related to the regulation, I won't go into too much detail on the interpretation of the new policy and new regulation because I believe most of the investors in the sector are already quite familiar with the dynamics.
Speaker #5: 嗨，宇轩。I will answer your first question and Mr. Fan will answer your second question. So as you know, risk for this year is highly related to the regulation.
Speaker #5: So I won't go into too much detail on the interpretation of the new policy and new regulation. Because I believe most of the investors in the sector are already quite familiar with the dynamics.
Yifang Xu: 那我们就要谈一下，就是从我们嘉银这个视角上看到我们的这个内部的这样的一个风险的一个走势哈。整体来讲呢，去年的风险较前一个周期的变化，整个的拉起的时间是长的，然后这个涨势也是比较猛，尤其是在峰值前的四到六周。尤其我们在看到新客的层面呢，就是看到市场在去年九月至十月初呢，是来到了最高峰，那我们看到也看到这个渠道的质量这件事情上面，对这件事情上也有所影响。那不同质量的渠道呢，它在达到高峰值的时间上是略有不同，然后在十月份维持一定的高位，略有下降，到十二月份开始明显能看到这个下行的趋势。
Speaker #1: 那我们继续要谈一下就是从我们嘉银这个视角上看到我们的内部的这样的一个风险的一个走势。整体来讲呢，去年的风险较前一个周期的变化，整个的拉起的时间是长的，然后这个涨势也是比较猛，尤其是在峰值前的4到6周。尤其我们在看到新客的层面呢，就是看到市场在去年9月底、10月初呢，是来到了最高峰。那我们看到也看到这个渠道的质量这件事情上面，对这件事情上也有所影响。那不同质量的渠道呢，它在达到高峰值的时间上是略有不同。然后在10月份维持一定的高位，略有效性到12月份开始明显能看到这个下行的趋势。
Sam Lee: From Jiayin perspective, compared with the previous cycle, the increase in risk last year was more pronounced and more prolonged. Particularly in the first 4 to 6 weeks leading up to the peak, at the new borrower level, we observed the market reached its peak around late September and to early October. The exact timing is a little bit different across different channels with different quality. Risk levels remain elevated through November before starting to decline in December.
Speaker #5: So from Jiayin's perspective, compared with the previous cycle, the increase in risk last year was more pronounced and more prolonged. And particularly in the first four to six weeks leading up to the peak, at the new borrower level, we observed the market reached its peak around late September and to early October.
Speaker #5: So the exact timing is a little bit different across different channels or different quality. But risk levels remain elevated through November before starting to decline in December.
Yifang Xu: 在这过程中呢，我们主动进行了几个方向的一个管理，就是渠道组合的一个调整，另外一个呢，是在我们在模型层面和策略层面的策略的标准，以及整体的绝对获客体量去进行一个控制。
Speaker #1: 在这个过程中呢，我们主动是进行了几个方向的一个管理。一个是渠道组合的一个调整，另外一个呢，是在我们在模型层面和策略层面的策略的标准以及整体的绝对获客体量去进行一个控制。
Sam Lee: Yeah, during this period, we proactively adjusted our channel mix. We tightened our standards in the new borrower models and strategies and controlled the absolute volume of new borrower acquisition.
Speaker #5: So during this period, we proactively adjusted our channel mix。We tightened our standards in the new borrower models and strategies and control the absolute volume of new borrower acquisition.
Yifang Xu: 来到老客层面，尤其在老客新增资产层面，我们看到过去这样的一个信贷周期，是于十一月份来到我们最高点，在十二月份以后开始慢慢地回落。同样，在风险管理上面，我们也是挑选更为稳健的、更具抗压性的客户进行准入和持续向他们提供服务。那在多共债和弱资产或者融资能力较差的客户，尤其是准新客这些层面，采取了更加谨慎的准入和更审慎的额度管理。
Speaker #1: 那来到老客层面，尤其在老客新增资产层面呢，我们看到这个过去的这样的一个信贷周期呢，是于1月份来到我们最高点，在12月份以后开始慢慢的回落。同样呢，在风险管理上面呢，我们也是挑选了更为稳健的、更具抗压性的客户呢，进行准入和持续向他们提供服务。那在多共债和弱资产或者融资能力较差的客户，尤其是准新客这些层面采取了更加谨慎的准入和比较更审慎的这个额度的管理。
Sam Lee: From the repeat borrower side, for the incremental assets from the repeat borrowers, risk peaked in November and then gradually declined starting in December. In response, we adopted a more selective and disciplined approach to risk management, focusing on higher quality and more resilient borrowers for approval. We also applied more stringent underwriting and credit limit management for customers, who are higher risk with multiple outstanding debts, weaker asset profiles and limited financing capacity, particularly among the near-prime or marginal borrowers.
Speaker #5: So from the repeat borrower side, for the incremental assets from the repeat borrowers, risk peaked in November and then gradually declined starting in December.
Speaker #5: So in response, we adopted a more selective and disciplined approach to risk management, focusing on higher quality and more resilient borrowers for approval. So we also applied more stringent underwriting and credit limit management for customers who are higher risk with multiple outstanding debts, weaker asset profiles, and limited financing capacity.
Yifang Xu: 整个这个结构性的管理还是取得比较有效的一个结果。根据我们自己内部比较分析的话，在过去的这个行业性的风险波动周期下，我们的主动的管理措施对风险的压降至少取得了25%到30%这样的一个优化的成果。
Speaker #5: Particularly among the near prime or marginal new marginal borrowers.
Speaker #1: 那整个这个结构性的管理还取得了比较有效的一个结果。那根据我们自己内部的分析的话，在过去的这个行业性的风险波动周期下呢，我们的主动的管理的措施对风险的压降至少取得了25%到30%这样的一个优化的一个成果。
Sam Lee: Overall, our structured risk management approach has delivered tangible results. Based on our internal analysis, amid the broad industry-wide risk cycle, our measures contributed to an improvement in risk metrics by approximately 25% to 30%.
Speaker #5: So overall, our structured risk management approach has delivered tangible results. And based on our internal analysis, amid the broad industry-wide risk cycle, our measures contributed to an improvement in risk metrics by approximately 25% to 30%.
Yifang Xu: 一月份以来，我们比较密切地关注整个行业的体量的发展，因为不管平台也好，还是我们合作的金融机构，其实仍然在消化去年的风险震荡带来的影响。目前来看的话，新增的风险在持续地优化。在整个获客方向，因为你的问题提到整个获客的方向，那在获客方向的话还是比较谨慎的。从渠道的选择上面，会偏向去看头部的流量平台和低价的这个渠道的获客，那也是为长期的整个客户结构的调优，不断地努力。
Speaker #1: 那1月份以来呢，我们比较密切的注重关注这整个行业的体量的发展。因为不管平台也好，还是我们合作的金融机构，其实仍然在消化去年的风险震荡带来的影响。目前来看的话，新增的风险在持续的优化，在整个获客，因为你问题是提到整个获客的方向嘛。那在获客方向的话，我们还是比较谨慎的。从渠道的选择上面会偏向去看到头部的流量平台和地下的这个渠道的获客。那也是为长期的整个客户结构的调优去不断的努力。
Sam Lee: Since January, we have been closely monitoring the overall industry volume trends. Both the platforms and our financial institutional partners are really still digesting the impact of last year's risk volatility. With that said, we're still seeing continued improvement in our new risk vintages. Since your question is on the customer acquisition front, we remain cautious in ramping up volumes. In terms of channel strategy, we are really prioritizing the leading traffic platforms and lower cost acquisition channels so that we can optimize our customer mix for the long term.
Speaker #5: Since January we have been closely monitoring the overall industry volume trends, both the platforms and our financial institutional partners are really still digesting the impacts of last year's risk volatility.
Speaker #5: With that said, we're still seeing continued improvement in our new risk vintages. Since your question is on the customer acquisition front, we remain cautious in ramping up volumes.
Speaker #5: In terms of channel strategy, we're really prioritizing the leading traffic platforms and lower cost acquisition channels. So that we can optimize our customer mix for the long term.
Yifang Xu: 那么第二个问题的话，我把这个话题交给我们的CFO Charlie。
Sam Lee: Okay. For the second question, I'll hand it over to our CFO, Mr. Chunlin Fan.
Speaker #1: 那么第二个问题的话，我把这个话题交给我们的CFO Charlie。
Chunlin Fan: 好，谢谢宇轩。宇轩的第二个问题是关于就是说这个目前监管持续收紧的情况下，这个公司对于今年的发展的一个预期，就特别提到撮合体量和盈利能力这两个核心指标。那么应该讲到2025年，对于全年来看，公司完成的这个撮合交易量1,290亿，营收和净利润分别达到62.2亿和15.4亿，全年的净利润率是达到了24.14%。
Speaker #5: Okay. So for the second question, I'll hand it over to our CFO, Mr. Charlie. Thanks.
Speaker #6: 对，你现在的第二个问题是关于这个说这个目前监管持续收紧的情况下，这个公司对于今年的发展的一个预期就特别提到撮合体量和盈利能力这两个核心指标。那么应该讲2025年这个全年来看，公司完成的这个撮合交易量1290亿，营收和净利润分别达到62.2亿和15.4亿。全年的净利润率是达到了24.7%。
Sam Lee: Yuchen, your second question is on the effects of the regulation and metrics. For the full year of 2025, we achieved total facilitation volume of RMB 129 billion, with revenue and net profit reaching RMB 6.2 billion and RMB 1.54 billion respectively, representing a net margin of 24.7%.
Speaker #5: So you said your second question is on the effects of the regulation and metrics。So for the full year of 2025, we achieved total facilitation volume of R&B 129 billion.
Speaker #5: With revenue and net profit reaching R&B 6.2 billion and R&B 1.54 billion respectively, representing a net margin of 24.7%.
Chunlin Fan: 咱们看到在2025年第二季度以后，特别是《助贷新规》正式落地实施以来，行业的流动性是逐步趋紧的，而且整个行业的风险是出现了明显的上升态势，刚刚徐总也提到了。那么在这个大背景下呢，我们是主动地缩紧投放，重构了我们的风控策略。季度的撮合交易量在第二季度的371亿历史高点后，Q3和Q4我们持续缩量。Q4的交易量我们降到了242亿，营收和净利润分别为10.9亿和1亿，净利润率也是下降到了9.2%。
Speaker #6: 那么看到在2025年第二季度以后，特别是住宅新规正式落地实施以来，行业的流动性是逐步的趋紧的，而且整个行业的风险是出现了这个明显的上升态势，上升的态势刚刚徐总也提到了。那么在这个大背景下呢，我们是主动的这个收紧投放，重构了我们的风控策略，季度的撮合交易量在第二季度的371亿历史高点后，Q3和Q4我们持续这个缩量，Q4的交易量我们降到了242亿，营收和净利润分别为10.9亿和1个亿，净利润率也是下降到了这个9.29.2%。
Sam Lee: We see since Q2 2025, particularly following the formal implementation of the new regulations, industry liquidity has gradually tightened and risk levels have shown a clear upward trend. Against this backdrop, we proactively tighten our standards and restructure our risk management strategies. After reaching a historical quarterly peak of RMB 37.1 billion in facilitation volume in Q2, we continue to scale back in Q3 and Q4, with Q4 volume declining to RMB 24.2 billion. Revenue and net profit for the quarter were RMB 1.09 billion and RMB 100 million respectively, with net margin declining to 9.2%.
Speaker #5: So we see since the second quarter of 2025，particularly following the formal implementation of the new regulations，industry liquidity has gradually tightened and risk levels have shown a clear upward trend.
Speaker #5: So against this backdrop, we proactively tighten our standards and restructure our risk management strategies. So after reaching a historical quarterly peak of R&B 37.1 billion in facilitation volume in Q2, we continue to scale back in Q3 and Q4 with Q4 volume declining to R&B 24.2 billion.
Speaker #5: Revenue and net profit for the quarter were R&B 1.09 billion and R&B 100 million, respectively. With net margin declining to 9.2%.
Chunlin Fan: 与几家头部的同业公司一样，就伴随着这个定价的下行、风险数据的短期波动和快速缩量带来的规模不经济，我们短期的利润率是面临了一定的压力。
Speaker #6: 你只是要头部的同业公司一样，就伴随着这个定价的这个下行，风险数据的短期波动和快速缩量带来的一个规模不经济，我们短期的这个利润率是面临了一定的压力。
Sam Lee: Similar to other leading players in the industry, we have faced short-term pressure on profitability due to declining pricing, volatility in risk metrics, and diseconomies of scale resulting from rapid volume contraction.
Speaker #5: Similar to other leading players in the industry, we have faced short-term pressure on profitability due to declining pricing, volatility, and risk metrics, and this economies of scale resulting from rapid volume contraction.
Chunlin Fan: 然后这个如同我们前几次业绩会上多次提及的，新规落地会抬高整个行业的门槛，提升市场的集中度。那么作为一家头部平台，嘉银科技在经历短期的风险波动和规模收缩后，中长期我们会进入高质量的温和增长的一个新阶段。我们也清晰地看到了这个整个行业的风险。在经历几个季度的上行之后，各类资产的风险指标已经不同程度地出现了企稳优化的迹象。
Speaker #6: 然后这个如同我们前几次业绩会上多次提及的，新规落地会抬高整个行业的门槛，提升市场的集中度。那么作为一家头部平台，佳音科技在经历短期的风险波动和规模收缩后，中长期我们会进入高质量的温和增长的一个新阶段。我们也新时的看到了这个整个行业的风险在经历几个季度的上行之后，各类资产的风险指标已经不同程度的出现了企稳优化的迹象。
Sam Lee: With that said, as we've iterated in previous earnings calls, the implementation of the new regulation is expected to raise industry entry barriers and increase market concentration. As a leading platform, we believe that Jiayin Technology can navigate through this period of short-term risk volatility and scale adjustment. We are well positioned to enter a new phase of high quality moderate growth over the medium to long term. Encouragingly, after several quarters of rising risk across the industry, we are beginning to observe the early signs of stabilization and improvement in asset quality.
Speaker #5: So with that said, as we've iterated in previous earnings calls, the implementation of the new regulation is expected to raise industry entry barriers and increase market concentration.
Speaker #5: As a leading platform, we believe that Jiayin Technology can navigate through this period of short-term risk volatility and scale adjustment. We are well positioned to enter a new phase of high-quality moderate growth over the medium to long term.
Speaker #5: And encouragingly, after several quarters of rising risk across the industry, we are beginning to observe the early signs of stabilization and improvement in asset policy.
Chunlin Fan: 我们将继续坚守合规为本的经营原则，动态观察风险数据和市场流动性的变化，基于行业的基本面，实时地调整我们的经营策略。鉴于未来一段时间行业依然将处于新规带来的变革时期，我们将保持充分的灵活度，我们会按照季度来审视我们的这个业绩目标。刚刚严总提到，我们2026年Q1的交易指引是185到195而已。
Speaker #6: 我们将继续坚守合规为本的经营原则，动态观察风险数据和市场流动性的变化。基于行业的基本面，实时的调整我们的经营策略，鉴于未来一段时间行业依然将处于新规带来的变革时期，我们将保持充分的灵活度。我们会按照季度来审视我们的这个业绩目标，刚刚严总提到我们2026年Q1的交易指引是185到195个亿。
Sam Lee: Looking ahead, we'll continue to operate with the compliance as our foundation, closely monitoring changes in risk trends and market liquidity, and dynamically adjusting our strategy in line with the evolving industry fundamentals. Given that the industry is still undergoing a transition period following the new regulations, we will maintain a high degree of flexibility and review our target on quarterly basis. As Mr. Yan mentioned, for Q1 of 2026, we expect the facilitation volume to be in the range of RMB 18.5 billion to 19.5 billion.
Speaker #5: So looking ahead, we'll continue to operate with the compliance as our foundation. Closely monitoring changes in risk trends and market liquidity, and dynamically adjusting our strategy in line with the evolving industry fundamentals.
Speaker #5: Given that the industry is still undergoing a transition period following the new regulations, we will maintain a high degree of flexibility and review our target on quarterly basis.
Speaker #5: As Mr. Yan mentioned, for the first quarter of 2026, we expect the facilitation volume to be in the range of R&B 18.5 billion to 19.5 billion.
Chunlin Fan: 好，谢谢 Yuchen，问你。
Sam Lee: Thank you, Yuchen.
Speaker #6: 好，谢谢余轩的问题。
Speaker #5: Thank you,余轩。
Operator: Thank you. Our next question comes from Roxy Liu with Kailu Capital. Your line is open.
Speaker #7: Thank you. Our next question comes from Roxy Liu with Kailu Capital. Your line is open.
Roxy Liu: Thank you, operator. 管理层晚上好，我的问题是关于海外业务的。可以看到在2025年公司的海外业务实现了快速增长。管理层能否分享一下嘉银海外业务的发展战略跟展望？下面我将翻译一下我的问题。Given the rapid growth of the company's overseas business in 2025, could the management elaborate on Jiayin's strategic roadmap and the future outlook in the overseas market? Thank you.
Speaker #8: Thank you, operator. 关于筹码上好，我的问题是关于海外业务的。可以看到在2025年公司的海外业务实现了快速增长，管理层能否分享一下佳音海外业务的发展战略跟展望？下面我将翻译一下我的问题。 Given the rapid growth of the company's overseas business in 2035, could the management elaborate on Jiayin's strategic roadmap and the future outlook in the overseas market?
Yifang Xu: 好，Roxy 你好，我就是来谈一下这个海外业务的一个发展情况哈。实际上说就是在我们今天来谈金融科技，那海外业务是整个行业也都比较关注，尤其对嘉银来讲也是比较专注去培育的一个增长型的业务。好，前面呢，就是严总跟大家介绍了我们在印尼和墨西哥市场的发展呢，在2025年呢，是实现了递进的这个增长的往，的一个这样的一个成果。
Speaker #8: Thank you.
Speaker #2: How Roxy,你好。我就是来谈一下这个海外业务的一个发展情况。就像你说，就是在我们今天来谈金融科技，那海外业务是整个行业也都比较关注，尤其对佳音来讲也是比较专注去培育的一个增长性的业务。前面呢，就是严总跟大家介绍了我们在印尼和墨西哥市场的发展呢，啊，在2025年呢，是实现了一倍的这个增长的往的一个这样的一个成果。
Sam Lee: Hi, Roxy. I'll answer your question on the overseas part. In today's Fintech landscape, the international business has really become a key growth pillar that we're actively cultivating. As Mr. Yan mentioned earlier, our operations in Indonesia and Mexico have both been growing at a strong pace with volumes roughly doubling, year-over-year in 2025. We expect this momentum to continue.
Speaker #5: Hi Roxy, I'll answer your question on the overseas part. So in today's fintech landscape, the international business has really become a key growth pillar that we're actively cultivating.
Speaker #5: As Mr. Yan mentioned earlier, our operations in Indonesia and Mexico have both been growing at a strong pace with volumes roughly doubling year over year in 2025.
Yifang Xu: 2026年也不例外。我们一边在体量上面做了一个翻倍的增长计划，在质量上面，在两个市场上面，也能实现2026年盈利性方向上面这个关键战略节点的突破。
Speaker #5: So we expect this momentum to continue.
Speaker #2: 那2026年呢，也是也不例外哈。我们一边呢，就是在体量上面是做了一个翻倍的一个增长的计划。那么在质量上面呢，啊，在两个市场上面，我们也是啊，能实现2026年能够实现盈利性方向上面实现这个关键的战略节点的突破。
Sam Lee: From the scale perspective, we look to do the same in 2026. Another year of doubling in scale. At the same time, on the quality front, both markets are expected to reach important strategic milestones and moving towards profitability.
Speaker #5: So from the scale perspective, we look to do the same in 2026. So another year of doubling in scale. At the same time, on the quality front, both markets are expected to reach important strategic milestones in moving towards profitability.
Yifang Xu: 在模式上，我们也在计划持续加深本地市场，拓展跟本地金融机构的合作，加强为当地金融机构的赋能。同时也会去积极地拓展国际金融的合作，实现这个国际化战略的一个协同优势。
Speaker #2: 那在模式上呢，也我们在计划呢，也是要持续去扎根本地市场，拓展呢跟本地金融机构的合作。加强为当地金融机构的赋能，同时呢，也会去积极的拓展国际金融的合作，实现呃，体现这个国家化呃，这个国际化战略的一个协同的优势。
Sam Lee: From a business model perspective, we will continue to deepen our localization strategy, expanding partnerships with local financial institutions and enhancing our ability to serve and empower the local financial ecosystem. At the same time, we will continue to broaden our collaboration with international financial institutions to capture synergies from our global strategy.
Speaker #5: So from a business model perspective, we will continue to deepen our localization strategy, expanding partnerships with local financial institutions and enhancing our ability to serve and empower the local financial ecosystem.
Speaker #5: At the same time, we'll continue to broaden our collaboration with international financial institutions to capture synergies from our global strategy.
Yifang Xu: 在新的国家和新的市场的开拓上面，我们已经在积极地做前期的布局，也非常期待我们2026年呢有更多好消息能够跟大家分享。
Speaker #2: 那在新的国家和新的市场的开拓上面，我们已经在积极的做前期的布局，也非常期待我们2026年呢，有更多的好消息能够跟大家分享。
Sam Lee: For the new countries and markets, we've been actively laying the groundwork for expansion into new markets. We look forward to sharing more progress with you later in 2026.
Speaker #5: For the new countries and markets, we've been actively laying the groundwork for expansion into new markets. So we look forward to sharing more progress with you later in 2026.
Yifang Xu: 好，谢谢。这就是我们关于海外开发有的一些想法。
Sam Lee: Thank you. That's my answer on the international part.
Speaker #2: 谢谢。这就是我们关于海外这块业务的一些想法。
Speaker #5: Thank you. That's my answer on the international part.
Operator: Thank you. Seeing no more questions, I will return the call back to Sam for closing remarks. Please go ahead.
Speaker #7: Thank you. Seeing no more questions, I will return the call back to Sam for closing remarks. Please go ahead.
Sam Lee: 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 progress.
Speaker #5: 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.
Operator: Thank you all again. This concludes the call. You may now disconnect.
