FinVolution Group (FINV) 2025 Q3 法說會逐字稿

Hello, ladies and gentlemen. Thank you for participating in the third-quarter 2025 earnings conference call for FinVolution Group.

各位女士、先生們，大家好。感謝您參加 FinVolution Group 2025 年第三季財報電話會議。

(Operator Instructions) Today's conference call is being recorded.

（操作員指示）今天的電話會議正在錄音。

I will now turn the call over to your host, Yam Cheng, Head of Capital Markets for the company. Yam, please go ahead.

現在我將把電話交給主持人，公司資本市場主管嚴成先生。Yam，請繼續。

Okay. Thank you. Before I start, thank you, everyone, for dialing in. I think the line today could be a bit choppy. In case we get disconnected, we'll dial again, so bear with us.

好的。謝謝。在開始之前，感謝大家的撥入。我覺得今天的排隊狀況可能會有點不穩定。如果通話中斷，我們會重新撥號，請您耐心等待。

Okay. Welcome to the third-quarter 2025 earnings conference call.

好的。歡迎參加2025年第三季財報電話會議。

The company's results were issued via Newswire services earlier today and posted online. You can download the earnings release and sign up for the company's e-mail alerts by visiting the IR section of our website.

該公司業績報告已於今日早些時候透過新聞專線發布並上線。您可以造訪我們網站的投資者關係部分，下載獲利報告並註冊接收公司的電子郵件提醒。

Mr. Tiezheng Li, our CEO; and Mr. Jiayuan Xu, our CFO, will start the call with prepared remarks and conclude with a Q&A session.

我們的執行長李鐵正先生和財務長徐嘉元先生將首先發表準備好的講話，最後進行問答環節。

During this call, we will be referring to several non-GAAP financial measures to review and assess our operating performance. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with US GAAP.

在本次電話會議中，我們將參考幾個非GAAP財務指標來回顧和評估我們的營運績效。這些非公認會計準則財務指標不應被孤立地看待，也不應被視為替代根據美國公認會計準則編制和列報的財務資訊。

For information about these non-GAAP measures and reconciliation to GAAP measures, please refer to our earnings press release.

有關這些非GAAP指標以及與GAAP指標的調節信息，請參閱我們的盈利新聞稿。

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 results may be materially different from the views expressed today.

在繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案安全港條款所作出的前瞻性陳述。前瞻性陳述涉及固有的風險和不確定性。因此，公司的實際業績可能與今天表達的觀點有重大差異。

Further information regarding these and other risks and uncertainties are included in the company's filings with the US SEC. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

有關這些及其他風險和不確定性的更多信息，請參閱公司向美國證券交易委員會提交的文件。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

Finally, we have posted a slide presentation on our IR website, providing details of our results for the quarter.

最後，我們在投資者關係網站上發布了幻燈片演示文稿，詳細介紹了我們本季的業績。

I will now turn over the call to our CEO, Mr. Tiezheng Li. Tiezheng, please go ahead.

現在我將把電話交給我們的執行長李鐵正先生。鐵正，請繼續。

Thanks, Yam. Hello, everyone. Welcome to our earnings call.

謝謝，Yam。大家好。歡迎參加我們的財報電話會議。

In the third quarter of 2025, against a dynamic regulatory backdrop in China, we delivered another resilient result, driven by robust growth in our International business. Total revenue grew 6.4% year over year to RMB3.5 billion. Net profit came in at RMB641 million, up 2.7% year over year.

2025 年第三季度，在中國充滿變化的監管環境下，我們取得了又一個穩健的業績，這主要得益於我們國際業務的強勁增長。總營收年增6.4%，達35億元人民幣。淨利為人民幣6.41億元，較去年成長2.7%。

Our China business demonstrated stable revenue. Meanwhile, our International business continued to shine. Transaction volume was up 33% year over year. Revenue grew in line with volume, up 37% year over year.

我們在中國的業務實現了穩定的收入。與此同時，我們的國際業務繼續蓬勃發展。交易量較去年同期成長33%。營收與銷量同步成長，較去年同期成長 37%。

Our International segment continued to be an effective natural hedge to our China business, representing a record 25% of total revenue this quarter comparing to 19% a year earlier.

我們的國際業務部門繼續有效地對沖了中國業務的風險，本季佔總收入的 25%，創歷史新高，而去年同期為 19%。

We made meaningful progress in our international expansion. Our borrower base now stands at a cumulative 10 million, with new borrowers up 18% sequentially in the third quarter, reaching 1.3 million. Notably, our international new borrower count has exceeded China's for six straight quarters.

我們在國際擴張方面取得了實質進展。目前我們的借款人總數已達 1,000 萬，第三季新增借款人季增 18%，達到 130 萬。值得注意的是，我們的國際新增借款人數已連續六個季度超過中國。

In Indonesia, growth accelerated, following the stable interest rate policy announced by the OJK in July 2025.

在印度尼西亞，隨著金融服務管理局 (OJK) 於 2025 年 7 月宣布實施穩定的利率政策，經濟成長加速。

We also succeeded in upgrading customers' quality, which improved risk metrics and take rate. In the take rate, we boosted transaction volume by 86% year over year to RMB1.6 billion despite typhoon-related seasonal softness.

我們也成功提升了客戶品質，從而改善了風險指標和成交率。儘管受到颱風帶來的季節性疲軟影響，我們的交易額比去年同期成長了 86%，達到 16 億元。

Turning to China regulatory landscape, a new consumer finance regulation framework took effect on October 1, 2025. As expected, we saw transitional effects across the industry in the third quarter.

再來看中國的監理環境，新的消費金融監理架構於2025年10月1日生效。正如預期的那樣，我們在第三季度看到了整個行業的轉型影響。

Our response was proactive and disciplined. We tightened credit centers to keep delinquency in track, prudently managed the loan growth, and maintained close communication with our funding partners to ensure stable funding supply. Our funding costs improved slightly, as a result.

我們的應對措施積極主動、嚴謹有序。我們收緊了信貸中心，以控制逾期率，謹慎管理貸款成長，並與我們的融資夥伴保持密切溝通，以確保穩定的資金供應。因此，我們的資金成本略有改善。

We anticipate that full implementation of this regulation in the fourth quarter could create short-term uncertainties over volume, revenue, and risk metrics.

我們預計，該法規在第四季度全面實施可能會在銷售、收入和風險指標方面造成短期不確定性。

But (technical difficulty) --

但（技術難題）——

Pardon me, ladies and gentlemen. We have appeared to lose the main speaker line.

打擾一下，女士們先生們。我們似乎失去了主講人的線路。

Please stand by while we reconnect.

請稍候，我們正在重新連線。

(technical difficulty)

（技術難題）

It appears we got the speaker line back in. We may proceed.

看來我們已經把揚聲器線接好了。我們可以繼續進行。

Okay. Sorry. We got disconnected.

好的。對不起。我們斷線了。

We will resume from where we start, regarding the China regulatory landscape.

我們將繼續討論中國監管環境。

Okay. Turning to China regulatory landscape, a new consumer finance regulation framework took effect on October 1, 2025. As expected, we saw transitional effects across the industry in the third quarter.

好的。再來看中國的監理環境，新的消費金融監理架構於2025年10月1日生效。正如預期的那樣，我們在第三季度看到了整個行業的轉型影響。

Our response was proactive and disciplined. We tightened credit standard to keep delinquency in check, prudently managed the loan growth, and maintained close communication with our funding partners to ensure stable funding supply. Our funding costs improved slightly, as a result.

我們的應對措施積極主動、嚴謹有序。我們收緊了信貸標準以控制違約率，謹慎管理貸款成長，並與我們的融資夥伴保持密切溝通，以確保穩定的資金供應。因此，我們的資金成本略有改善。

We anticipate that full implication of these regulations in the fourth quarter could create short-term uncertainties over volume, revenue and risk metrics.

我們預期這些法規在第四季全面實施後，可能會對銷售、收入和風險指標造成短期不確定性。

But this is not new to us. As an industry pioneer with 18 years of propriety [data] spending, diverse credit profiles, and economic cycles, we have built a deeply resilient foundation. We continuously enhance our industry-leading risk assessment and pricing capabilities by leveraging big data analytics and AI to refine our models.

但這對我們來說並不新鮮。作為擁有 18 年專有數據支出經驗、多元化信用狀況和經濟週期經驗的行業先驅，我們已經建立了一個極具韌性的基礎。我們不斷利用大數據分析和人工智慧來改進模型，從而提升我們行業領先的風險評估和定價能力。

Most importantly, we have the experience of actually adjusting our operations to dynamic regulatory shifts. We have successfully navigated through interest rate change in China and other developing countries. We are well prepared to adapt to this new environment.

最重要的是，我們擁有根據動態監管變化調整營運的實際經驗。我們已成功應對了中國和其他發展中國家的利率變化。我們已做好充分準備適應這種新環境。

We also continue to lead on the technology and AI. In the third quarter, we hosted our Annual FinVolution Global Data Science Competition, which brought together top AI researchers, engineers, and data scientists to develop tools to combat deepfake image detection.

我們在科技和人工智慧領域也持續保持領先地位。第三季度，我們舉辦了年度 FinVolution 全球資料科學競賽，匯集了頂尖的人工智慧研究人員、工程師和資料科學家，共同開發對抗深度偽造影像偵測的工具。

Over the past decade, the competition has attracted nearly 10,000 cumulative participants and covered frontier topics, including credit assessment, fraud detection, behavioral analytics, [direct] recognition, and voice authentication.

在過去十年間，該競賽累計吸引了近 10,000 名參賽者，涵蓋了信用評估、詐欺偵測、行為分析、[直接]辨識和語音認證等前沿課題。

The competition is (inaudible) growing recognition from academic institutions, as well, including official strikes at IJCAI, International Joint Conference on Artificial Intelligence 2025; and the CIKM, Conference on Information and Knowledge Management 2025, showing the value we are bringing to the global ecosystem.

這項競賽（聽不清楚）也日益受到學術機構的認可，包括在 2025 年國際人工智慧聯合會議 (IJCAI) 和 2025 年資訊與知識管理會議 (CIKM) 上舉行的正式罷工，這表明我們為全球生態系統帶來了價值。

On the ESG front, we adopted AI to improve fulfillment of customer service and enhance consumer rights protection. During the quarter, we introduced a new upper grid on customer service AI agent to more accurately identify customer intent; and automated response to select inquiries, based on the level of urgency. This upgrade simplifies the customer service journey, enabling more timely engagement with customers. During the quarter, the enhanced AI agents have successfully completed over 1 million times of service interactions.

在 ESG 方面，我們採用人工智慧來改善客戶服務，並加強消費者權益保護。本季度，我們在客戶服務 AI 代理中引入了一個新的上層網格，以更準確地識別客戶意圖；並根據緊急程度對部分諮詢進行自動回覆。此次升級簡化了客戶服務流程，使與客戶的互動更加及時。本季度，增強型人工智慧代理已成功完成超過 100 萬次服務互動。

In summary, we delivered a resilient quarter, thanks to disciplined execution of our Local Excellence, Global Outlook strategy, and an experienced response to changing regulation. Our diverse portfolio was a key strength.

總而言之，我們憑藉「本地卓越，全球視野」策略的嚴格執行以及對不斷變化的監管環境的成熟應對，實現了穩健的季度業績。我們多元化的投資組合是我們的關鍵優勢。

We remain confident in the long-term fundamentals of our China business, where our International operations are gaining exciting momentum.

我們對中國業務的長期基本面依然充滿信心，我們的國際業務也正在獲得令人振奮的發展動能。

I'm now turning the call over to our CFO, Jiayuan Xu, for a deeper look at the numbers.

現在我將把電話交給我們的財務長徐嘉源，讓他更深入地分析這些數據。

Thank you, Tiezheng. Hello, everyone.

謝謝你，鐵錚。大家好。

Let me go through our key results for the third quarter. Please refer to our third-quarter earnings press release for further details.

讓我來介紹一下我們第三季的主要業績。更多詳情請參閱我們的第三季財報新聞稿。

Let's start with China. The economy remains in moderate recovery model. Domestic demand is still relatively mild and made of complex external environment. Consumer confidence in (inaudible) trended up slightly in Q3.

我們先從中國說起。經濟仍處於溫和復甦模式。國內需求依然相對溫和，且受複雜的外部環境影響。第三季消費者信心略為上升（聽不清楚）。

Against this softer environment, coupled with the early impact of the new regulation, we saw my (technical difficulty) liquidity has improved, while funding cost has been on a downward trend, improving from 3.7% last quarter to 3.6% this quarter. Customer acquisition (technical difficulty) has also become more [rational] as a competition for consumer (inaudible). Looking ahead, we should continue to be (inaudible) on risk as we manage our business.

在這種較為寬鬆的環境下，加上新規的早期影響，我們看到我的（技術難題）流動性有所改善，而融資成本呈下降趨勢，從上季度的 3.7% 改善至本季度的 3.6%。客戶獲取（技術難度）也變得更加理性，因為消費者競爭日益激烈。（聽不清楚）展望未來，我們在經營業務時應該繼續保持（聽不清楚）風險意識。

On the International front, we delivered robust growth this quarter, underscoring the strength of our regional strategy and the power of our scalable platform. On the timing, this regional performance is our core technological capability. We are especially replicating our proven playbook, spanning technology, risk modeling, and the partnership frameworks into high-growth economies like those in Southeast Asia. The results speak for themselves.

在國際市場方面，我們本季實現了強勁成長，凸顯了我們區域策略的優勢和我們可擴展平台的強大實力。就時間安排而言，這種區域性的表現是我們的核心技術能力。我們正在將我們行之有效的策略（涵蓋技術、風險建模和合作框架）複製到東南亞等高成長經濟體。結果不言而喻。

From the macro standpoint, we saw a path of (inaudible) in the region. Typhoon season lowered the [PMI] to 49.9% in the Philippines, while consumer confidence remained similar in the third quarter in Indonesia.

從宏觀角度來看，我們看到該地區出現了一條（聽不清楚）路徑。颱風季節使菲律賓的[PMI]下降至49.9%，而印尼第三季的消費者信心保持不變。

Against this economic climate, we delivered RMB3.6 billion in total transaction volume, a 33% increase year over year. The growth was broad-based, with Indonesia and the Philippines contributing 57% and 43% of volume, respectively.

在當前的經濟環境下，我們實現了36億元的總交易額，年增33%。此次成長基礎廣泛，其中印尼和菲律賓分別貢獻了 57% 和 43% 的銷售量。

Our unique International borrower base also expanded to 3 million, [13 -- 114%] year over year, confirming the deep untapped demand across the region.

我們獨特的國際借款人群體也擴大到 300 萬，年增 13%（114%），證實了該地區存在巨大的未開發需求。

Our regional strategy evened out the distinct local conditions and brought about diversification. For example, while our growth was moderated by the seasonal typhoon in the Philippines, we were encouraged by the stabilizing regulatory environment in Indonesia, allowing us to accelerate our user acquisition. This drove transaction volume to RMB2.1 billion, up 14% year over year and the loan balance to RMB1.4 billion, up 21% year over year in Indonesia.

我們的區域策略平衡了各地不同的條件，並實現了多元化發展。例如，雖然菲律賓的季節性颱風減緩了我們的成長，但印尼穩定的監管環境鼓舞了我們，使我們能夠加快用戶獲取速度。這使得印尼的交易金額達到人民幣21億元，年增14%；貸款餘額達到人民幣14億元，年增21%。

Across the region, we continue to scale the platform with our operational know-hows. We strategically upgraded our user quality in Indonesia to drive improved unit economics, as evidenced by longer loan tenure, healthy risk metrics, and higher take rates.

在整個地區，我們利用自身的營運經驗不斷擴大平台規模。我們從策略上提升了印尼的用戶質量，從而提高了單位經濟效益，這體現在更長的貸款期限、健康的風險指標和更高的貸款發放率。

Furthermore, our partnerships with ecosystem partners continue to expand. Our growing credibility is unlocking premium funding sources and attracted a new institutional bank partners to our franchise in the Philippines.

此外，我們與生態系統合作夥伴的合作關係也不斷擴大。我們不斷提升的信譽度正在解鎖優質資金來源，並吸引了新的機構銀行合作夥伴加入我們在菲律賓的特許經營業務。

Our e-commerce partnerships also continue to proliferate, forming 36% of volume in the Philippines, up from 20% a year ago. As a result, transaction volume was up 86% year over year to RMB1.6 billion and the loan balance surged 101% year over year to RMB897 million in the country.

我們的電子商務合作關係也不斷擴大，在菲律賓的銷售額佔比達到 36%，高於一年前的 20%。因此，該國的交易額年增 86% 至人民幣 16 億元，貸款餘額年增 101% 至人民幣 8.97 億元。

Overall, strong operational execution this quarter produced a resilient financial results despite modern external strategy.

總體而言，儘管面臨現代外部策略，本季強勁的營運執行力仍帶來了穩健的財務業績。

Group net revenue reached RMB3.5 billion, up 6.4% year over year. Net income was RMB641 million, up 2.7% year over year but down 14.7% sequentially, partially due to one-off government subsidiaries in Q2.

集團淨收入達人民幣35億元，較去年成長6.4%。淨利為人民幣6.41億元，年增2.7%，但季減14.7%，部分原因是第二季一次性政府補貼。

Our balance sheet remains healthy, with cash and short-term investments of RMB7 billion and a historical low leverage ratio of 2.4 times. We also maintained a prudent provision coverage ratio of 517%.

我們的資產負債表依然健康，現金及短期投資達人民幣70億元，槓桿率處於歷史低位，為2.4倍。我們也維持了審慎的撥備覆蓋率，為 517%。

Furthermore, we remain committed to shareholder returns in the third quarter. We repurchased a total of approximately USD2.6 million. As of September 30, 2025, we have repurchased a total value of approximately USD66.5 million, bringing cumulative share repurchase amount to USD437 million since 2018. Since October, we further accelerated our buyback effort and mid-market price dislocation.

此外，我們仍致力於在第三季實現股東回報。我們總共回購了約 260 萬美元。截至 2025 年 9 月 30 日，我們已回購總價值約 6,650 萬美元的股票，使自 2018 年以來的累計股票回購金額達到 4.37 億美元。自 10 月以來，我們進一步加快了股票回購力度，並調整了中階市場價格。

In short, we continue to demonstrate strong execution of our Local Excellence, Global Outlook strategy. While our financial performance for the first nine months ended September 30, 2025, remains generally in line with our revenue forecast for this period, the recent regulatory changes in China have introduced near-term uncertainties. We now expect full-year 2025 total revenue guidance to be in the range of approximately RMB13.1 billion to RMB13.7 billion, representing year-over-year growth of approximately 0% to 5%.

總之，我們繼續有力地執行「本土卓越，全球視野」策略。儘管截至 2025 年 9 月 30 日的前九個月的財務業績總體上仍符合我們對該期間的收入預測，但中國最近的監管變化帶來了短期不確定性。我們現在預計 2025 年全年總營收將在人民幣 131 億元至 137 億元之間，年增約 0% 至 5%。

Thank you. Now, let me hand over the call to the moderator.

謝謝。現在，我把通話交給主持人。

Operator, please continue.

操作員，請繼續。

Okay. We will now begin the question-and-answer session.

好的。現在開始問答環節。

(Operator Instructions)

（操作說明）

Alex Ye, UBS.

Alex Ye，瑞銀集團。

(spoken in foreign language)

（用外語說）

I will translate my question.

我會翻譯我的問題。

My first question is regarding -- given the current regulatory changes, it has introduced some volatility in the near-term risk, as well as impairment charges, which impact our earnings, as well. I'm just wondering how should we expect our normalized take rate (inaudible) to settle in the next few quarters, after assuming the asset quality gradually stabilized?

我的第一個問題是關於——鑑於目前的監管變化，它為短期風險帶來了一些波動性，以及減損費用，這也影響了我們的收益。我想知道，假設資產品質逐漸穩定下來，我們應該預期未來幾季的正常化報酬率（聽不清楚）會如何變化？

The second question is regarding our buyback plan. Can you remind us what are the current [unused quarter] that we have in place? Given the current related uncertainties and (inaudible) product, do you have any more specific guidance, in terms of the pace, now that you're going to implement those buyback plan in the next 12 months?

第二個問題與我們的回購計畫有關。可以提醒我們一下目前有哪些未使用的季度嗎？鑑於目前相關的不確定性和（聽不清楚）產品，既然您將在未來 12 個月內實施這些回購計劃，您在進度方面是否有任何更具體的指導？

Okay. I will take your questions.

好的。我會回答你們的問題。

Your first question is about the normalized situation and the 24%. But our risk-bearing loan stays within 24%. In Q3, the average is around 22%.

你的第一個問題是關於正常情況和 24%。但我們的風險承擔貸款維持在 24% 以內。第三季平均約 22%。

Following the 24% cap, there were several factors to consider.

在24%的上限之後，還有幾個因素需要考慮。

First, risk may fluctuate across cycle and is the most important factor in the current environment. Based on our experience in the previous cycles, it would be mostly back to the normal level.

首先，風險可能會隨著週期而波動，並且是當前環境下最重要的因素。根據我們以往的經驗，大部分情況下都會恢復到正常水平。

On the funding side, as subjected to the demand and supply of liquidity, now, we are seeing more liquidity changing after high-quality assets, as there should be some room for the [optimization] on funding costs.

在資金方面，由於受到流動性供需關係的影響，目前我們看到更多流動性流向了高品質資產，因為融資成本方面應該有一些優化空間。

Overall, for our risk-bearing portfolio, the take rate should likely track well towards during the normal period.

整體而言，對於我們的風險承擔型投資組合而言，正常時期報酬率應該會穩定上升。

However, the new revolution may impact some parts of our business, such as the [traffic] (inaudible) business. Some customers will no longer be (inaudible).

然而，這場新的變革可能會影響我們業務的某些方面，例如交通運輸業務。部分客戶將不再是（聽不清楚）

Also, we expect the take rate for this service should narrow, accordingly. It depends on the factors, like the market liquidity, funding costs, and the real appetite of our partners.

此外，我們預期這項服務的接受度也會隨之降低。這取決於市場流動性、融資成本以及合作夥伴的實際需求等因素。

Below the revenue take rate, we also need to factor in operational efficiency. On the user acquisition front, we have noticed that (inaudible) reduced competition in the market, there should also be some room to optimize the acquisition costs. We will continue to adjust our acquisition pace dynamically based on price, funding availability, and the risk strategy.

除了收入轉換率之外，我們還需要考慮營運效率。在用戶獲取方面，我們注意到（聽不清楚）市場競爭減少，因此在優化獲取成本方面也應該有一些空間。我們將繼續根據價格、資金可用性和風險策略動態調整收購步伐。

As the business scales up and the technology becomes more deeply embedded across our operations, we also see further potential to optimize the fixed cost.

隨著業務規模的擴大和技術在我們的營運中越來越深入地融合，我們也看到了進一步優化固定成本的潛力。

In short term, we do anticipate some P&L impact from the risk. This uptick will tighten our new loan origination and the impact of volume.

短期內，我們預期該風險會對損益產生一定影響。這一增長將收緊我們的新貸款發放，並加劇貸款量的影響。

At the same time, the historical cohort will likely perform when risks increase. It resulted in the high provision cost. Both the elements could reduce the near-term profit level.

同時，歷史隊列可能會在風險增加時表現出色。這導致了高昂的供應成本。這兩個因素都可能降低近期利潤水準。

As the risk metrics are still volatile, it may be too early to say how we may evolve. But we will continue to monetize closely.

由於風險指標仍然波動較大，現在判斷我們將如何發展可能還為時過早。但我們會繼續密切關注商業化進程。

Your second question is about the shareholder return. On the buyback front, we have been actively repurchasing our shares. As of November 14, we have bought back USD178.4 million worth of shares.

你的第二個問題是關於股東回報的。在股票回購方面，我們一直在積極回購我們的股票。截至11月14日，我們已回購價值1.784億美元的股票。

Notably, the pace picked up in the fourth quarter. We did $12 million in the Q4, so far, which is nearly 5 times what we did in the third quarter.

值得注意的是，比賽節奏在第四節加快了。截至目前，我們第四季營收為 1,200 萬美元，幾乎是第三季營收的 5 倍。

So given the momentum, we are on track for our full-year total that looks a lot like last year.

鑑於目前的勢頭，我們預計將實現全年總業績，與去年非常相似。

For the dividends, (inaudible), we paid out $0.277 per share, representing 17% year-over-year increase. It makes -- it marks five [JDs] of growth; average, 80% CAGR. Looking ahead, our work remains on delivering the steady growth of our EPS.

至於股息，（聽不清楚）我們每股派發了 0.277 美元，年增 17%。它實現了——它標誌著五個[JD]的成長；平均複合年增長率為80%。展望未來，我們的工作重點仍是實現每股盈餘的穩定成長。

Let me reiterate our shareholder return strategies: Even with all the short-term fluctuations in the market, our core commitment to our shareholders remains solid. When we think about the retaining value, we will look at the whole future, including the dividend and the share buyback program. We will weigh the benefits of each.

讓我重申一下我們的股東報酬策略：即使市場出現各種短期波動，我們對股東的核心承諾依然堅定不移。當我們考慮如何留住價值時，我們會著眼於整個未來，包括股利和股票回購計畫。我們將權衡每種方案的利弊。

Right now, with our stock trading adjusted 0.6 times of our net book value and only 1.5 times of our short-term liquidity, given the situation, buy back our own shares is an effective way to create the value for our shareholders. That's why we are ramping up our buyback activity.

目前，我們的股票交易價格調整後僅為帳面淨值的 0.6 倍，短期流動性僅 1.5 倍。有鑑於此，回購我們自己的股票是為股東創造價值的有效途徑。這就是我們加大股票回購力道的原因。

Okay. Thanks, Alex.

好的。謝謝你，亞歷克斯。

Cindy Wang China Renaissance.

Cindy Wang 中國文藝復興。

(spoken in foreign language) I have two questions here.

（用外語）我有兩個問題。

First one, due to the connection issues, could you tell us back to your day-1 delinquency rate and also, the 30-day loan collection rate in third quarter? Based on the early risk indicators since July, have you seen a stabilization in October and November? How do you determine the inflection point of credit risk?

首先，由於網路連線問題，您能否告知我們您第三季的首日逾期率以及 30 天貸款回收率？根據7月以來的早期風險指標，您認為10月和11月的情況是否趨於穩定？如何確定信用風險的轉捩點？

Second, looking ahead, will the growth momentum in overseas market accelerate? What are the main product driving growth in Indonesia and the Philippines?

其次，展望未來，海外市場的成長動能是否會加速？哪些產品是推動印尼和菲律賓市場成長的主要動力？

Okay. Thank you, Cindy. Yeah. Sorry for the connection issue. Hopefully, everything is good now.

好的。謝謝你，辛蒂。是的。抱歉，連線出現問題。希望現在一切都好。

I will take your first question. Tiezheng will take your second question.

我先回答你的第一個問題。鐵正將回答你的第二個問題。

Your first question is about the risk (inaudible) business. Well, the new regulation has tightened the industry-wide liquidity and increased the credit risk. This was reflected in our Q3 results, with the day-1 delinquency rate increasing by 30 bps quarter over quarter to 5% and the 30-day collection rate softened to 88%.

你的第一個問題是關於風險（聽不清楚）業務的。新規收緊了整個產業的流動性，增加了信用風險。這反映在我們的第三季業績中，第一天逾期率較上季上升 30 個基點至 5%，30 天收款率下降至 88%。

This trend persisted in the early October, driven by the regulatory changes and the seasonal effect upon the National Day holiday. We saw a further uptick on risk in the first half of October.

受監管變化和國慶假期季節性影響，這一趨勢在 10 月初仍在持續。10 月上半月，我們看到風險進一步上升。

Now, we have begun to see early sense of stabilization. By November, the day-1 delinquency rate decreased by 4% from its October peak, though it remains by 8% above the Q3 average.

現在，我們已經開始看到局勢趨於穩定的初步跡象。到 11 月，首日逾期率比 10 月的峰值下降了 4%，但仍比第三季平均高出 8%。

While this is a positive development, we believe it's too early to draw a conclusion here. If we can see the sustained improvement of two consecutive months (inaudible) point.

雖然這是一個積極的進展，但我們認為現在下結論還為時過早。如果我們能看到連續兩個月的持續改善（聽不清楚）點。

Our response to this cycle has been shifting the strategy. We focus on the key risk management areas, like risk underwriting, collection. We have proactively refined our risk models, leveraging the insights from past downturns to simulate various scenarios to more precisely calibrate, create credit exposure.

我們應對這一周期的措施是調整戰略。我們專注於風險管理的關鍵領域，例如風險承保和催收。我們積極改進風險模型，利用過去經濟低迷時期的經驗來模擬各種情景，從而更精確地校準和創建信用風險敞口。

Furthermore, we are deploying advanced AI to enhance our early-warning alert capabilities for individual borrower stress. This analytical approach has been translated into concrete measures. We have taken underwriting standards, reduced exposure to high-risk profiles, and scale back customer acquisition spending on lower-quality channels.

此外，我們正在部署先進的人工智慧技術，以增強我們對個人借款人壓力的早期預警能力。這種分析方法已轉化為具體措施。我們提高了承保標準，減少了對高風險客戶群的敞口，並縮減了在低品質通路上的客戶獲取支出。

On the collection front, we have adopted a more refined and dynamic strategy, optimizing repayment reminders based on (inaudible) categories and enhancing our communication approach.

在催收方面，我們採取了更精細和動態的策略，根據（聽不清楚的）類別優化還款提醒，並加強了我們的溝通方式。

So the cumulative impact of this volume and recent management adjustment is that while overall risk levels remain on a high level, the rate of increase has begun to moderate.

因此，此次交易量和近期管理調整的累積影響是，雖然整體風險水準仍然很高，但成長速度已開始放緩。

As a market leader with consistent prudent risk culture and the deep cycle experience, we are confident in our positioning. We maintain strong risk resilience, supported by ample cash reserves and consecutive provision coverage ratio of [570%].

作為一個擁有持續審慎風險文化和深週期經驗的市場領導者，我們對自身的市場地位充滿信心。我們保持著強大的風險抵禦能力，這得益於充足的現金儲備和連續的撥備覆蓋率。[570%]。

And so the financial foundation positions us to not only withstand the current market situations but to emerge from this cycle in a strengthened competitive position, okay?

因此，良好的財務基礎不僅使我們能夠抵禦當前的市場形勢，而且還能讓我們在這個週期中脫穎而出，並擁有更強的競爭優勢，明白嗎？

(inaudible), I will share some information about the growth and products on our International markets.

（聽不清楚），我將分享一些關於我們在國際市場的成長和產品方面的資訊。

Our International businesses are growing very fast, right now. Since -- from 2020 to 2024, the transaction volume grew at a CAGR of over 70%.

目前，我們的國際業務發展非常迅速。從 2020 年到 2024 年，交易量以超過 70% 的複合年增長率成長。

In Indonesia, after increased rate cap adjustment, the business has bounced back and is now growing very quick. The Philippine market has kept up high-double-digit growth year on year.

在印尼，隨著利率上限調整幅度加大，該產業已反彈，目前正快速成長。菲律賓市場每年都保持著兩位數的高成長。

Looking ahead to 2025, we expect transaction volume for both markets to grow at current trajectory. Profitability should also stay solid.

展望 2025 年，我們預期這兩個市場的交易量將以目前的趨勢成長。獲利能力也應保持穩健。

From product side, we have a diverse product to meet different consumption scenarios.

從產品方面來看，我們擁有多樣化的產品，以滿足不同的消費場景。

In Indonesia, we are not just doing online cash loans, we've also been pushing into buy now, pay later in offline retail. We got multifinance license last year. We are rolling out installment finance for products like phones and e-bikes and appliance and furnitures.

在印度尼西亞，我們不僅在線上提供現金貸款，還在下線零售領域大力推廣「先買後付」模式。我們去年獲得了多元金融執照。我們正在推出分期付款服務，涵蓋手機、電動自行車、家電和家具等產品。

We have built partnership with leading electronic brands to attach our financing solutions to select [three ] products in their store. Right now, the buy now, pay later product still makes a small part of our overall business but they are growing very fast. It's 6 times in transaction volume year over year.

我們與領先的電子品牌建立了合作關係，將我們的融資方案附加到他們商店中的精選[三款]產品上。目前，「先買後付」產品在我們整體業務中所佔比例仍然很小，但成長速度非常快。交易量較去年同期成長了6倍。

In Philippines, we built attractive e-commerce partnerships. It's contributed 36% of the transaction volume. We started the digital partnership in February last year. Now, the transaction volume was triple of what it was a year earlier. This helped us reach a whole different customer cohort: smaller take size, higher repurchase frequency, and a lot of them are female customers. We think these users tend to be lower risk. It will balance out our online loan portfolio.

在菲律賓，我們建立了極具吸引力的電子商務合作關係。它貢獻了36%的交易量。我們在去年二月啟動了數位化合作。現在，交易量是去年同期的三倍。這幫助我們接觸了完全不同的顧客群：單次購買量較小，復購頻率較高，而且其中許多是女性顧客。我們認為這些用戶的風險相對較低。這將平衡我們的線上貸款組合。

Building on the success, we are expanding similar solutions to daily consumption in broader industry. For example, we recently partnered with Smart. It's a Philippine local telecom provider, provides consumer with buy now, pay later solution.

以此成功為基礎，我們將類似的解決方案推廣到更廣泛的產業，以滿足日常消費需求。例如，我們最近與 Smart 建立了合作關係。這是一家菲律賓本地電信業者，為消費者提供先買後付的解決方案。

As we keep expanding into more offline scenarios, we'll be able to reach even more people who aren't active online. So we expect our customer base to keep getting broader and higher quality, over time.

隨著我們不斷拓展線下應用場景，我們將能夠觸及更多不活躍於網路的人群。因此，我們預計隨著時間的推移，我們的客戶群將不斷擴大，客戶品質也將不斷提高。

Thank you, Cindy.

謝謝你，辛蒂。

(inaudible) Zhou, CICC.

（聽不清楚）週，中金公司。

(spoken in foreign language)

（用外語說）

I will translate my question.

我會翻譯我的問題。

With the current regulatory situation so uncertain, what measures has the company taken to address it? What are the key priorities for the future development?

鑑於當前監管情勢的不確定性，該公司採取了哪些措施來應對？未來發展的關鍵優先事項是什麼？

Thanks, Dongping.

謝謝東平。

For over 18 years, FinVolution has successfully navigated multiple market cycles.

18 年來，FinVolution 成功度過了多個市場週期。

In China, we have upgraded from a P2P model to a long (inaudible) model, adapted to an evolving regulatory landscape, and managed through [civil] interest rate-type adjustment. Our International business has similarly matured through its own cycle of regulatory change. This experience made us a more resilient and stronger company.

在中國，我們已經從 P2P 模式升級為長期（聽不清楚）模式，適應了不斷變化的監管環境，並透過（民用）利率類型的調整進行管理。我們的國際業務也經歷了類似的監管變革週期，並逐漸成熟。這段經歷使我們成為一家更具韌性和更強大的公司。

In China, we took pre-emptive action early this year in response to initial signs of market volatility and (inaudible) prioritized quality over quantity.

今年年初，針對中國市場波動的最初跡象，我們採取了先發制人的措施，並且（聽不清楚）優先考慮品質而非數量。

In recent months, we have proactively upgrade our borrower base. We reached our underwriting standard to target higher-quality customers. We also adjusted our user acquisition spend to maximize risk-reward efficiency, from a lifetime value perspective. This strategy allowed us to reduce both near-term risk and the user acquisition cost. As a direct result of these efforts, our sales and marketing expense decreased by 12% quarter over quarter.

近幾個月來，我們積極提升了借款人基礎。我們達到了承保標準，以便吸引更高品質的客戶。我們也調整了用戶獲取支出，以從用戶生命週期價值的角度最大限度地提高風險回報效率。這項策略使我們能夠降低近期風險和用戶獲取成本。由於這些努力，我們的銷售和行銷費用較上季下降了 12%。

Looking forward, we remain vigilant in our risk management discipline.

展望未來，我們將繼續嚴格把控風險管理工作。

Turning up to our International markets, since our expansion began in 2018, we have built one of the few skilled overseas platform in our sector. We reached a significant milestone this quarter, as our International revenue contributed 25% of group revenue for the first half.

自 2018 年開始擴張以來，我們已進軍國際市場，並在業界建立了為數不多的技能嫻熟的海外平台之一。本季我們取得了一項重大里程碑，上半年國際收入佔集團總收入的 25%。

Today, our International business has built a strong foundation. We have over 15 institutional funding partners, a diverse [night] work of online and offline partnerships, flexible product offerings, and a complete licensing portfolio across multi countries.

如今，我們的國際業務已經奠定了堅實的基礎。我們擁有超過 15 個機構資助合作夥伴，開展了多元化的線上線下合作，提供靈活的產品，並在多個國家擁有完整的許可組合。

So our playbook has proven successful in Southeast Asia. We are well positioned to replicate this model further.

因此，我們的策略在東南亞已經取得了成功。我們完全有能力進一步複製這種模式。

Looking ahead, the China market will continue to be a major bedrock of our business. We will focus on the right balance between risk and growth, solidifying the foundation for profitable, long-term sustainable business.

展望未來，中國市場仍將是我們業務的重要基石。我們將專注於風險與成長之間的適當平衡，從而鞏固獲利、長期可持續發展的業務基礎。

Our International operations are already profitable. We will continue to enhance the profitability, as we scale.

我們的國際業務已經獲利。隨著規模擴大，我們將繼續提高獲利能力。

Our strategic target is to build a balanced portfolio, with 50% of our business coming from International markets by 2030.

我們的策略目標是建立一個均衡的業務組合，到 2030 年，50% 的業務將來自國際市場。

Thank you.

謝謝。

As there are no further questions, I'd like to turn the call back over to management for any closing remarks.

由於沒有其他問題，我想把電話交還給管理階層，請他們作總結發言。

Thank you, once again, for joining us today.

再次感謝您今天蒞臨。

Apology for the disconnection over the call.

很抱歉通話中斷。

If you have any further questions after this call, please feel free to (inaudible) and contact the FinVolution IR team.

如果您在本次通話後還有任何疑問，請隨時（聽不清楚）聯絡 FinVolution IR 團隊。

Thank you so much.

太感謝了。

This concludes the conference today. You may now disconnect your lines. Thank you.

今天的會議到此結束。現在您可以斷開線路了。謝謝。