FinVolution Group (FINV) 2025 Q4 法說會逐字稿

Hello, ladies and gentlemen. Thank you for participating in the fourth quarter and full year 2025 earnings conference call for FinVolution Group. (Operator Instructions) Today's conference call is being recorded.

各位女士、先生們，大家好。感謝您參加 FinVolution Group 2025 年第四季及全年財報電話會議。（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。

Thank you, Walko. Welcome to our fourth quarter and full year 2025 earnings conference call. 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 at http.ir.finvgroup.com. Mr. Tiezheng Li, our CEO; and Mr. Jiayuan Xu, our CFO, will start the call with their prepared remarks and conclude with a Q&A section.

謝謝你，沃克。歡迎參加我們2025年第四季及全年業績電話會議。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人關係頁面（http.ir.finvgroup.com）下載獲利報告並註冊接收公司的電子郵件提醒。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 U.S. 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GAAP財務指標不應被孤立地考慮，也不應被視為替代根據美國會計準則編制和列報的財務資訊。GAAP。

For information about these non-GAAP measures and reconciliation to non-GAAP measures, please refer to our earnings press release. Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private 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.

有關這些非GAAP指標以及與非GAAP指標的調節信息，請參閱我們的盈利新聞稿。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的安全港條款作出的前瞻性陳述。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 U.S. SEC. The company does not assume any obligation to update forward-looking statements, except as required under applicable law. Finally, we have posted a slide presentation on our IR website, providing details of our results for the quarter.

有關這些及其他風險和不確定性的更多信息，請參閱公司向美國提交的文件。SEC.除適用法律要求外，本公司不承擔更新前瞻性聲明的任何義務。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 the call over 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. Welcome to our fourth quarter and full year 2025 earnings call.

謝謝，Yam。歡迎參加我們2025年第四季及全年財報電話會議。

Pardon me, everyone. It looks like we have lost the audio. Please stand by. Please proceed.

各位，請見諒。音訊似乎丟失了。請稍候。請繼續。

Thanks, Yam. Welcome to our fourth quarter and full year 2025 earnings call. 2025 was a significant year for us. It was FinVolution's 18th anniversary, much like a person stepping into --. Our company has grown from a passionate credit pioneer in China, into a regional platform, reaching the credit gap across Asia and beyond.

謝謝，Yam。歡迎參加我們2025年第四季及全年財報電話會議。 2025年對我們來說是意義非凡的一年。這是 FinVolution 成立 18 週年，就像一個人踏入…——。我們公司從中國充滿熱情的信貸先驅發展成為一個區域平台，致力於彌合亞洲及其他地區的信貸缺口。

This journey has been more than just about scaling. We've learned, adapt and build something viable and lasting. 2025's challenging micro environment tested our resilience, but it also reaffirmed our strategic direction to advance our international expansion. To conclude the year, we delivered full year group revenue of RMB13.6 billion, up 3.8% year-over-year. Net profit also rose to RMB2.5 billion, a 6.6% increase from last year.

這段歷程不僅僅是規模擴張的問題。我們不斷學習、調整，並建構出切實可行且永續發展的體系。 2025 年充滿挑戰的微觀環境考驗了我們的韌性，同時也重申了我們推動國際擴張的策略方向。為這一年畫下圓滿的句號，我們實現了全年集團營收136億元人民幣，年增3.8%。淨利也增至人民幣25億元，較去年成長6.6%。

The resilient financial performance was achieved despite the regulatory uncertainty in China in the second half of the year, which tempered the full year transaction volume to RMB200 billion, down 2.9% year-over-year. Our local excellence global outlook strategy has unlocked diversification value and brought much needed resilience to our platform. In 2025, our international business grew significantly. Our volume increased by 38.6% and revenue rose by 32.0% year-over-year. Most notably, international business contributed 31% of revenue for the quarter, significantly higher than 21% just a year ago.

儘管下半年中國監管情勢不明朗，導致全年交易額降至人民幣2,000億元，年減2.9%，但公司仍取得了穩健的財務表現。我們以本地優勢為核心、全球視野的策略釋放了多元化價值，並為我們的平台帶來了急需的韌性。2025年，我們的國際業務實現了顯著成長。我們的銷量年增了 38.6%，營收年增了 32.0%。最值得注意的是，國際業務貢獻了本季 31% 的收入，遠高於一年前的 21%。

As set out before, we target to grow this number to 50% in 2030, and we are confidently on track to achieve this goal. Today, we operate across both developing markets and most recently, divided the market with our recent entry into Australia. Underpining this momentum is quite evolution of our international strategy itself. In our early expansion, we focus on disciplined execution in each individual market. But as the scale across the region, we have learned that strengthen also lies in connection.

正如之前所製定的，我們的目標是到 2030 年將這一數字提高到 50%，我們有信心實現這一目標。如今，我們的業務遍及新興市場，最近又透過進軍澳洲市場，進一步劃分了市場。這一發展勢頭的背後，是我們國際戰略本身的演變。在擴張初期，我們專注於在每個市場進行嚴謹的執行。但隨著規模擴大到整個地區，我們了解到，加強也在於連結。

We have deepened our capabilities at the platform level inside of each country operating as a standard alone effort. We systematically captured the expertise, relationships and the capabilities we developed in the market and recycle them to accelerate the derisk entry into the next. This means leveraging proven regulatory experience, product development, advanced risk analytics, centralized funding and the regional ecosystem partnership across others. This LEGO-plus Strategy has formed our international portfolio from a collection of local wins into an integrated platform with compounded platform-level advantages. Today, we manage our business through two distinct lenses.

我們已在每個國家內部，以標準獨立的方式，深化了平台層面的能力。我們有系統地收集了我們在市場中累積的專業知識、人脈關係和能力，並加以利用，以加速降低進入下一個市場的風險。這意味著要充分利用成熟的監管經驗、產品開發、先進的風險分析、集中資金以及與其他機構的區域生態系統合作夥伴關係。這種「樂高+」策略將我們的國際投資組合從一系列本地成功案例整合為一個具有複合平台級優勢的綜合平台。如今，我們從兩個截然不同的角度來管理我們的業務。

The first is our mature market, China, which serves as our foundation for consistent profitability and cash generation. The second is our international markets, which include Indonesia, the Philippines and now Australia. These markets are characterized by high growth, scalable opportunities and increasing contributions to our overall portfolio. Now I would like to walk you through the key achievements and updates across both segments. First, our mature market in China.

首先是我們成熟的市場——中國，它是我們持續獲利和現金流的基礎。第二大市場是我們的國際市場，包括印尼、菲律賓，現在還有澳洲。這些市場的特點是高成長、可擴展的機會以及對我們整體投資組合日益增長的貢獻。現在我想帶大家來了解這兩個領域的主要成就和最新進展。首先，我們在中國擁有成熟的市場。

New regulations reshaped the operating landscape in the fourth quarter, as discussed in our Q3 earnings session. We prioritized risk over loan origination in Q4. That means tightened underwriting and enhanced risk controls. The result is a near-term moderation of loan origination volume to RMB38.7 billion and loan balance to RMB68.3 billion in the fourth quarter. These delivery efforts began to pay off with risk [content].

正如我們在第三季財報發布會上所討論的那樣，第四季的新規重塑了經營環境。第四季度，我們優先考慮的是風險控製而非貸款發放。這意味著更嚴格的承保和更完善的風險控制。結果是，第四季貸款發放量短期內將放緩至人民幣387億元，貸款餘額將放緩至人民幣683億元。這些交付努力開始帶來風險並取得成效。[內容]。

Vintage loss for new loan originations stabilized at 3.0%. Outstanding loan portfolio saw risk trending up in line with expectations with [CM2] increased from 0.61% to 0.77% for the quarter. As we ran down our existing loan book upon repayment and originate new loans at higher credit standards, we saw the overall portfolio risk starts stabilizing in December. As we gradually exit the regulatory reset result with a capital reach loan portfolio, compliance infrastructure and risk models, long-term profitability would eventually normalize. We anticipate a phase of industry consolidation but the full effect of the regulation is reflected, and we are well positioned to seize the opportunities.

新發放貸款的帳齡損失穩定在 3.0%。未償還貸款組合的風險呈上升趨勢，符合預期，[CM2] 從本季的 0.61% 上升至 0.77%。隨著我們償還現有貸款並以更高的信貸標準發放新貸款，我們看到整體投資組合風險在 12 月開始趨於穩定。隨著我們逐步退出監管重置，擁有充足的資金、貸款組合、合規基礎設施和風險模型，長期獲利能力最終將恢復正常。我們預期產業將進入整合階段，但監管的全部影響已經顯現，我們已做好充分準備抓住機會。

Within our portfolio, China will continue to provide the scale and cash flow foundation that allows us to invest confidently in our growth overseas. Second, our international markets, including Indonesia, the Philippines and now Australia, we have reached an encouraging milestones for Southeast Asia. Both Indonesia and the Philippines achieved full year profitability and contributed over USD15 million in combined operating profit. Behind the financial outcome is a validation of a respectful locally attuned approach of our international playbook. Our highly localized approach drove strong user growth.

在我們的投資組合中，中國將繼續提供規模和現金流基礎，使我們能夠自信地投資海外成長。其次，我們在國際市場，包括印尼、菲律賓以及現在的澳大利亞，在東南亞地區取得了令人鼓舞的里程碑式成就。印尼和菲律賓均實現了全年盈利，總計營業利潤超過 1500 萬美元。財務結果的背後，是對我們國際策略中尊重當地實際情況並採取相應措施的驗證。我們高度在地化的策略推動了用戶數量的強勁成長。

We doubled our unique user base to [$5.9 million] across Indonesia and the filings for the full year. We also penetrated deeper into the consumer base with diverse product customized around the local consumption preference. For example, our Buy Now, Pay Later solutions have been well received by consumers and ecosystem partners across online and offline channels. In the fourth quarter, we entered the Australian market with the acquisition of a respected lending platform, [Bundle]. This new foray is a well-considered move that draws our -- on our experience in maturing regulatory regime in China and operational excellence in overseas markets.

我們在印尼的獨立用戶群翻了一番，達到 590 萬美元，並提交了全年的財務報告。我們也透過根據當地消費偏好量身訂製的多樣化產品，更深入地滲透到消費群體中。例如，我們的「先買後付」解決方案受到了線上線下通路消費者和生態系統合作夥伴的熱烈歡迎。第四季度，我們透過收購一家備受尊敬的貸款平台進入了澳洲市場。[捆]。這項新措施是經過深思熟慮的，它藉鑒了我們在中國成熟的監管體系方面的經驗以及在海外市場的卓越營運能力。

First, our evolving experience in China has prepared for a mature regulatory environment. Over the years, we have navigated China's transition from high-growth emerging regulation towards a more consumer focused framework. Our operating model has similarly matured towards a lower risk, more sustainable approach. This experience has equipped us with the regulatory maturity, complies discipline and the consumer-first mindset that align closely with the expectation of developed economies like Australia. Second, we have a proven track record of building profitable businesses from the ground up overseas.

首先，我們在中國不斷累積的經驗已經為我們適應成熟的監管環境做好了準備。多年來，我們見證了中國從高成長的新興監管體係轉向以消費者為中心的框架的轉變。我們的營運模式也同樣日趨成熟，朝著風險更低、更永續的方向發展。這段經驗使我們具備了監管方面的成熟度、合規紀律和以消費者為先的理念，這與澳洲等已開發經濟體的期望非常契合。其次，我們在海外從零開始打造獲利企業方面擁有良好的業績記錄。

We have successfully executed the zero to one journey, not just once, but in multi-international markets, scaling operations to profitability. This capability in launching, localizing and scaling businesses abroad gives us strong conviction in our ability to replicate success in Australia. Moving on to respect tech innovation, a core part of how we build.

我們已成功實現了從零到一的轉型，而且不只一次，而是在多個國際市場中，將業務規模擴大到獲利水準。我們在海外開展、在地化和擴展業務的能力，使我們堅信我們有能力在澳洲複製成功。接下來要尊重科技創新，這是我們建設方式的核心部分。

Pardon me, everyone. We have lost speaker connection, please stand by while we get the back-up line connected. Your line is open, please proceed.

各位，請見諒。揚聲器連接中斷，請稍候，我們正在連接備用線路。您的線路已開通，請繼續。

It's embedded directly into application flow, breaking the journey into a clear logical steps and offering a real-time guidance at each stage. The impact has been tangible. We are seeing fewer viewers drops off, higher complication rates and better overall conversation. It's a refinement that may sound small, but it meaningfully improves how user experience our platform. Localization and support of local communities also play a key role in our success overseas.

它直接嵌入到應用程式流程中，將整個過程分解成清晰的邏輯步驟，並在每個階段提供即時指導。影響是顯而易見的。我們看到觀眾流失率降低，問題解決率提高，整體對話品質提升。這看似微小的改進，卻能顯著提升使用者體驗。在地化和對當地社區的支持也是我們在海外取得成功的關鍵因素。

In Q4, we launched an emergency humanitarian response following the severe flooding that struck Indonesia in late November 2025. We established emergency kitchen and fully equipped sanitation facilities to benefit approximately 1,800 affected residents across six locations in [Samara]. Our ESG efforts like this have driven an increase in our S&P [CSA] score for seven consecutive years, reflecting our belief that how we grow is as important as how much we grow. Our commitment to responsible stewardship extends to our shareholders. We accelerated to our buyback program this year with USD107 million repurchased in 2025.

2025 年 11 月下旬，印尼發生嚴重洪災，隨後我們在第四季啟動了緊急人道救援行動。我們設立了緊急廚房和設備齊全的衛生設施，使分佈在六個地點的約1800名受災居民受益。[薩馬拉]。像這樣的 ESG 舉措已經連續七年推動我們的標普 [CSA] 分數上升，反映出我們相信，我們如何成長與成長多少同樣重要。我們對負責任的管理承諾也適用於我們的股東。今年我們加快了股票回購計劃，計劃在 2025 年回購 1.07 億美元。

It's a historical record since our IPO. This commitment is personal as well. In December, our Chairman and the management team recently invested an additional USD1.9 million of their own capital in share buyback, a gesture of deep confidence in this journey, we are on together. In addition of buyback, we are also announcing approximately USD74.5 million in dividend for 2025. That translates to total shareholder return of approximately [$182 million], equivalent to 50% payout.

這是我們自IPO以來的歷史最高紀錄。這份承諾也包含個人層面的意義。去年 12 月，我們的董事長和管理團隊又投入了 190 萬美元自有資金用於股票回購，體現了他們對我們共同踏上的這段旅程的深切信心。除了股票回購外，我們還宣布將於 2025 年發放約 7,450 萬美元的股息。這意味著股東總回報約為 1.82 億美元，相當於 50% 的股利。

As we entered 2026, we do so with clarity, not certainty. We will manage our China business with patience, nurture our international segments with focus and continue investing in the technologies and the partnerships that make sustainable growth possible. Our long-term vision remains to build a truly global evolution. Thank you for being part of this journey with us. I will now turn the call or to our CFO, Jiayuan Xu for deeper look at the numbers.

進入2026年，我們懷著清晰的認識，而非確定的信心。我們將耐心經營中國業務，專注培養國際業務，並持續投資於能夠實現永續成長的技術和合作夥伴關係。我們的長遠願景仍然是建構一個真正的全球化發展。感謝您與我們一同走過這段旅程。現在我將把電話轉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, and hello, everyone. Let me go through our key results for the fourth quarter and full year. Please refer to our earnings press release for further details. On a group level, our fourth quarter results reflect the near-term impact of our disciplined China strategy and the continued investment in international expansion. Group net revenue was RMB3 billion.

謝謝鐵正，大家好。讓我來介紹一下我們第四季和全年的主要業績。詳情請參閱我們的盈利新聞稿。從集團層面來看，我們第四季的業績反映了我們嚴謹的中國戰略的近期影響以及對國際擴張的持續投資。集團淨收入為人民幣30億元。

In 2025, China economy remained largely stable with GDP growth of 5%, maintained within reasonable range while in pursuit of high-quality development. On the industry front, the regulator authorities released upon new guidance for banks, customer finance and macro-lending companies during the quarter, which aimed at lowering the overall financing costs. As the industry reconfigured its assets and funding in line with the new regulatory framework, we saw contraction in loan volume and a pickup in risk in the second half of 2025. We are refining our underwriting parameters to focus on the high-quality borrowers and have gradually praised our marginal assets that used to be credible before the new regulation. This provided protection to the unit economics.

2025年，中國經濟大致維持穩定，GDP成長率維持在5%左右，在追求高品質發展的同時，維持合理成長。在行業方面，監管機構在本季度發布了針對銀行、客戶金融和宏觀貸款公司的新指導方針，旨在降低整體融資成本。隨著業界根據新的監管框架重新配置其資產和資金，我們看到 2025 年下半年貸款量收縮，風險上升。我們正在改進承保參數，以專注於高品質借款人，並逐步提高了在新規實施前曾經具有信譽的邊緣資產的評級。這為單位經濟效益提供了保障。

Our IRR remained stable. As Tiezheng mentioned, the vintage loss of the newly originated cohort began to stabilize around 3% in Q4. More importantly, early risk indicators began to show signs of peaking in the middle December with day one and the 30 collection rate coming down upwards. We continue to deepen our engagement with funding partners as the funding supply of dynamics start to normalize. In Q4, we added new funding partners and further reduced the funding cost by 20 basis points quarter-on-quarter to 3.4%.

我們的內部報酬率保持穩定。正如鐵正所提到的，新創始群體的年份損失在第四季度開始穩定在 3% 左右。更重要的是，早期風險指標開始顯示出在 12 月中旬達到頂峰的跡象，第一天和第 30 天的收集率開始下降上升。隨著資金供應動態開始正常化，我們將持續深化與資助夥伴的合作。第四季度，我們新增了融資夥伴，融資成本較上季降低了 20 個基點，至 3.4%。

Overall, our take rate held steady at around 3%. Closing the quarter, we booked RMB2.1 billion revenue for China. In our international markets, we maintained a strong growth momentum in Q4 with the consolidation of our new Australia business, complemented by broad-based performance across our established markets in Indonesia and the Philippines. From a regional macro perspective, we navigated a period of moderate economic growth with accelerated GDP growth in Indonesia, offset by slower growth in the Philippines due to seasonal flows. Overall, we delivered robust results.

整體而言，我們的成交率穩定在 3% 左右。本季末，我們在中國的收入為人民幣21億元。在國際市場方面，第四季度我們保持了強勁的成長勢頭，這得益於我們在澳洲新業務的鞏固，以及我們在印尼和菲律賓等成熟市場的全面表現。從區域宏觀角度來看，我們經歷了一段經濟成長溫和的時期，印尼的 GDP 成長加速，但菲律賓由於季節性因素導致成長放緩，抵消了這一成長。總體而言，我們取得了令人滿意的成績。

Our international transaction volume reached RMB4.1 billion or USD0.6 billion for the quarter, up 41% year-over-year. And the unique borrowers grew to 3.8 million, 133.8% increase year-over-year. Across the region, we are benefiting from a clearly regulatory environment. In Indonesia, the regulatory clarity provided by July's announcement to maintain the interest rate cap provided a stable framework. We proactively increased our customer acquisition investment, which drove transaction volume to a historical high of USD0.3 billion, equivalent to 10% growth quarter-over-quarter.

本季我們的國際交易金額達到人民幣41億元（約6億美元），年增41%。獨立借款人數增至 380 萬，年增 133.8%。整個地區都受益於清晰的監管環境。在印度尼西亞，7 月宣布維持利率上限所帶來的監管清晰度，並提供了一個穩定的框架。我們積極增加客戶獲取方面的投入，推動交易量達到歷史新高 3 億美元，相當於月增 10%。

In the Philippines, a new interest rate cap is scheduled to take effect in April 2026. We believe this upcoming change will favor players with strong technology and operational capabilities, areas we are --. We are already preparing in advance to accommodate the new pricing structure, driving our relevant experience, navigating similar regulatory transactions in multiple markets. We are confident in managing a smooth adaptation even as we anticipate some near-term moderation during the transition period. We continued to upgrade customer quality and expand our diversified product offerings to credible consumers.

菲律賓新的利率上限將於 2026 年 4 月生效。我們相信，即將到來的這項變革將有利於那些擁有強大技術和營運能力的企業，而這些正是我們所在的領域。——。我們已提前做好準備，以適應新的定價結構，發揮我們在多個市場處理類似監管交易的相關經驗。我們有信心順利完成調整，儘管我們預計在過渡期內短期內會出現一些緩和。我們不斷提升客戶服務質量，並擴大產品種類，以吸引更多信譽良好的消費者。

During the quarter, we have added 1.6 million new borrowers, up 26% quarter-over-quarter. In Indonesia, our offline consumption finance initiatives boost customer quality and engagement. Buy Now Pay Later solutions in mobile phone stores and other small ticket items drove an influx of new users, growing new borrower base by more than 3x year-over-year. In the Philippines, embedded e-commerce partnerships now contribute 43% of the country's volume compared to 30% a year ago. Total transaction volume in the Philippines reached USD0.2 billion, a 64% of growth year-over-year.

本季度，我們新增了 160 萬借款人，季增 26%。在印尼，我們的線下消費金融措施提高了客戶品質和參與度。手機商店和其他小額商品的「先買後付」解決方案吸引了大量新用戶，新借款人數量同比增長超過 3 倍。在菲律賓，嵌入式電子商務合作夥伴關係目前貢獻了該國交易量的 43%，而一年前這一比例為 30%。菲律賓的總交易額達到 2 億美元，年增 64%。

On new market, our recent entry into Australian marks a significant strategic expansion into a developed market. Australia represents a high-value English-speaking market with a material regulatory framework that provides long-term operating stability. The combination of near-prime customers' unmet demand for digital lending, stable pricing structure and an under-digitalized market creates a significant opportunity for superior risk-adjusted returns. The [Fundo] acquisition allows us to leverage our core strength in data-driven risk pricing, operational efficiency and low-cost capital to grow in Australia efficiency while building a durable and diversified revenue stream for FinVolution Group. Moving on to shareholder returns.

在新市場方面，我們近期進入澳洲市場標誌著我們向已開發市場進行了重大的策略擴張。澳洲是一個高價值的英語市場，擁有完善的監管框架，能夠提供長期的營運穩定性。優質客戶對數位貸款的未滿足需求、穩定的定價結構以及數位化程度較低的市場，共同創造了獲得卓越風險調整後收益的巨大機會。收購 [Fundo] 使我們能夠利用我們在數據驅動的風險定價、營運效率和低成本資本方面的核心優勢，在澳洲提高成長效率，同時為 FinVolution 集團建立持久和多元化的收入來源。接下來談談股東回報。

We maintained our commitment to meaningful shareholder returns in 2025. We executed USD40.7 million of buybacks in the fourth quarter alone, which is our largest quarterly buyback every if we exclude the buyback concurrent with convertible issue in Q2. We also increased our dividend per share by 10.5% to [USD0.36] for the year. The progressive dividend and buyback for 2025 highlights our commitment to our shareholders during a year of volatility. In short, we navigated a complex environment and delivered resilient results in 2025.

我們始終致力於在 2025 年為股東帶來有意義的回報。光是在第四季度，我們就執行了 4,070 萬美元的股票回購，如果我們排除第二季與可轉換債券發行同時進行的股票回購，這將是我們有史以來最大的季度股票回購。我們今年的每股股息也提高了 10.5%，達到 0.36 美元。2025 年的股利和股票回購計畫凸顯了我們在動盪的一年中對股東的承諾。簡而言之，我們在複雜的環境中取得了穩健的成果，並在 2025 年取得了成功。

In light of the recent regulatory change in China, we expect full year 2026 group revenue to decline between 5% and 15% year-over-year. Our long-term goal remains to be 50% of revenue coming from international markets by 2030. We are stepping into the new year, not with grand promises, but with a quite steady confidence in the resilience of our model, the dedication of our teams and the solid partnerships we have built along the way.

鑑於中國最近的監管變化，我們預計 2026 年全年集團營收將年減 5% 至 15%。我們的長期目標仍然是到 2030 年實現 50% 的收入來自國際市場。我們邁入新的一年，沒有做出宏大的承諾，而是對我們模式的韌性、團隊的奉獻精神以及我們一路走來建立的牢固夥伴關係抱有相當堅定的信心。

Thank you. I will now hand the call back to the moderator for Q&A.

謝謝。現在我將把電話交還給主持人進行問答環節。

(Operator Instructions) Alex Ye, UBS.

（操作員說明）Alex Ye，瑞銀集團。

(interpreted) I have two questions here. The first one is about the company's shareholder return policy. So it's good to see the accelerated buyback pace in Q4. So can we expect this momentum to sustain in the near term given there's still a lot of uncertainty on the regulatory front? Second question is regarding the Chinese market.

（翻譯）我這裡有兩個問題。第一個問題是關於公司的股東回報政策。因此，很高興看到第四季股票回購步伐加快。鑑於監管方面仍存在諸多不確定性，我們能否預期這種勢頭在短期內得以維持？第二個問題與中國市場有關。

So based on the various regulatory tightening measures since last year, can you give us an update on some of the operational targets for this year for the domestic market, such as the loan volume growth, average loan pricing and sales and marketing budget?

鑑於去年以來推出的各種監管收緊措施，您能否向我們介紹今年國內市場的一些營運目標，例如貸款額成長、平均貸款定價以及銷售和行銷預算？

Okay. I will take your questions. Well, your first question is about our share buybacks. Yes. We have mentioned with that up significantly in the fourth quarter, reached about $4.7 million.

好的。我會回答你們的問題。好的，你的第一個問題是關於我們的股票回購計畫。是的。我們之前提到過，第四季該指標大幅成長，達到約 470 萬美元。

And this is a quarterly record for us and for the full year 2025, total repurchase coming at $107 million. Despite the domestic regulatory headwinds, our China business had remained resilient and our international business continued to deliver a very strong growth with improving profitability. So at the current valuation level, we see still the very attractive opportunities for us. So we are maintaining that purchase momentum. Just to give you some sense, in the first quarter so far, we have already executed another $38 million in buybacks.

這對我們來說是一個季度紀錄，2025 年全年回購總額將達到 1.07 億美元。儘管國內監管環境面臨不利因素，但我們在中國的業務依然保持韌性，而我們的國際業務也持續保持強勁成長，獲利能力不斷提高。因此，以目前的估值水準來看，我們仍然看到了非常有吸引力的機會。因此，我們正在保持這種購買勢頭。為了讓大家有個概念，光是第一季至今，我們已經執行了 3,800 萬美元的股票回購。

As of year-end '25, we had about $74 million remaining under our current $150 million buyback authorization. We will continue to review the program regularly to ensure our buyback policy remains consistent and sustainable. And beyond the corporate level activity, I also want to highlight the personal commitment from our Chairman and the senior management team. We have repurchased about [1.9 million] worth of ADS around 370,000 shares using their own personal funds. This is a very clear signal of the long-term confidence in the company's core value.

截至 2025 年底，在我們目前 1.5 億美元的股票回購授權下，還剩下約 7,400 萬美元。我們將繼續定期審查該計劃，以確保我們的回購政策保持一致性和可持續性。除了公司層面的活動之外，我還想強調我們董事長和高階管理團隊的個人承諾。我們已使用其自有資金回購了價值約 190 萬英鎊的 ADS，約 37 萬股。這非常清楚地表明了市場對公司核心價值的長期信心。

And your second question is about our forecast for our domestic business. Yes. In 2026, our China business will focus on what we call the high-quality operations. That means greater focus on sustainability, compliance and serving better quality customers. We are also exclusively excessively embracing the use of AI to drive efficiencies across customer acquisition risk and the various key functions within our organizations.

您的第二個問題是關於我們對國內業務的預測。是的。2026年，我們在中國的業務將專注於我們所謂的高品質營運。這意味著要更加重視永續發展、合規性和為更優質的客戶提供服務。我們也大力採用人工智慧來提高客戶獲取風險和組織內各種關鍵職能的效率。

Here are some of our key priorities for information. As for the transaction volume in the first quarter, we typically would expect lower transaction volume due to Chinese New Year, and this year should follow the same pattern. And for the full year, it will really depend on the risks, macro, the regulation, which we are closely tracking. At this point, we are focusing on strengthening our business operation and will adapt as the conditions become clearly. And for price, our price is shared by funding partners and the regulator guidance.

以下是我們一些重點的資訊需求。至於第一季的交易量，我們通常預期由於春節假期，交易量會下降，今年也應該遵循同樣的規律。至於全年情況，將取決於風險、宏觀經濟和監管，我們正在密切關注這些因素。目前，我們正專注於加強業務運營，並將根據情勢發展進行調整。至於價格，我們的價格由投資夥伴和監管機構共同決定。

We are continuously refining our models to balance risk and return with our compliance framework. We are also offering the better pricing to high-quality borrowers. This aligns with the revenue expectation and is good for building a stronger customer base in the long term. As for the customer acquisition, actually, last year, the unrest in China market led to relatively moderate competition in marketing activities. Customer acquisition costs came down as a result.

我們不斷改進我們的模型，以在合規框架內平衡風險和回報。我們也為優質借款人提供更優惠的價格。這與收入預期相符，並且有利於從長遠角度建立更強大的客戶群。至於客戶獲取方面，實際上，去年中國市場的動盪導致行銷活動的競爭相對溫和。因此，客戶獲取成本下降了。

In Q4, our cost per new borrower declined by 15% quarter-over-quarter, while our acquisition expense ratio declined by 22%. Now we consider the rent acquisition cost is quite attractive, especially when you compare the lifetime value and new customer can potentially bring. So we maintain a relatively proactive customer position in the first quarter of 2026, and we will keep a close eye on our customer acquisition strategy dynamically.

第四季度，我們每位新借款人的成本較上季下降了 15%，而我們的獲客費用率下降了 22%。現在我們認為，租賃獲取成本相當有吸引力，尤其是考慮到終身價值和新客戶可能帶來的價值。因此，我們在 2026 年第一季保持相對積極的客戶定位，並將密切關注我們的客戶獲取策略的動態變化。

Cindy Wang, China Renaissance.

Cindy Wang，中國復興。

I have two questions. First, could you give us the trend in Q4 and January to March for day one delinquency rate and 30-day loan collection rate? Based on the changes in early indicators, how do you see this round of the credit cycle? Has it approached to the end or still in the middle of the cycle? Second, the revenue contribution from overseas markets increased significantly in Q4.

我有兩個問題。首先，能否提供一下第四季和1月至3月的首日逾期率和30天貸款回收率的趨勢？根據早期指標的變化，您如何看待本輪信用週期？它已經接近尾聲還是仍處於週期中期？其次，第四季海外市場的營收貢獻顯著成長。

How do you view the revenue contribution from overseas market this year? And what customer acquisition strategy are employed in Indonesia and Philippines? Thank you.

您如何看待今年海外市場的收入貢獻？印尼和菲律賓分別採用了哪些顧客獲取策略？謝謝。

Okay. Thank you, Cindy. And I will take your questions. Well, your first question is about the recent metrics for our domestic business. Yes.

好的。謝謝你，辛蒂。接下來我會回答你們的問題。好的，你的第一個問題是關於我們國內業務最近的各項指標。是的。

Actually, we have seen an increase in risk overall, but it appears to be contained, especially from the current vantage point. During the quarter, we saw risk picking up from the end of September, accelerating October moderating but still trending up in November and finally peaking in the middle of December. Average early risk indicators in Q4 increased slightly from Q3. They were up from 5% to 5.5% and the 30-day loan collection rate down from 88% to 86%. So the CM2 flow rate as a result increased from 0.61% in Q3 to 0.77% in Q4.

實際上，我們看到整體風險增加，但似乎得到了控制，尤其從目前的角度來看。本季度，我們看到風險從 9 月底開始上升，10 月加速上升，11 月有所緩和但仍呈上升趨勢，最終在 12 月中旬達到高峰。第四季平均早期風險指標較第三季略有上升。貸款回收率從 5% 上升到 5.5%，30 天貸款回收率從 88% 下降到 86%。因此，CM2 流量從第三季的 0.61% 增加到第四季的 0.77%。

And in the first quarter, 2026 following the gradual runoff of our legacy loans from the high-risk customers, the quality of the existing loan portfolio continued to improve. Meanwhile, the new loans are originated at high credit standards and have better credit quality. So as a result, our delinquency has trended down in January and February for two consecutive months. For example, the early risk indicators show initial sense of recovery, returned to the level somewhat closer to the end of September last year. Now the current day one delinquency has slowed to around 5%.

2026 年第一季，隨著高風險客戶的遺留貸款逐步減少，現有貸款組合的品質持續改善。同時，新發放的貸款符合較高的信貸標準，信用品質更好。因此，我們的拖欠率在1月和2月連續兩個月呈現下降趨勢。例如，早期風險指標顯示出初步復甦跡象，已恢復到去年 9 月底的水平。現在，首日違約率已放緩至 5% 左右。

Having said that, we continue to be diligent on risk until the sign of recovery is care. And your second question is about our overseas market. Yes, in terms of the 2026 international revenue contribution, we expect our international business to maintain its rapid growth momentum this year. And for this year, we are guiding international revenue to account for roughly 30% of our full year total. And the profitability should scale nicely as well.

話雖如此，在康復跡象顯現之前，我們仍將保持對風險的警惕。您的第二個問題是關於我們的海外市場。是的，就 2026 年國際收入貢獻而言，我們預計今年國際業務將保持快速成長動能。今年，我們預計國際收入將佔全年總收入的約 30%。而且盈利能力也應該能夠很好地擴展。

We are looking at a meaningful step from the USD15 million operating profit we delivered in 2025. And let me share some updates for the customer acquisitions in Indonesia and the Philippines. Well, we have built a pretty systematic approach to customer acquisition. It really comes down to three things. The precision traffic acquisition, embedding ourselves into high-frequency spending scenarios and then looking in user loyalty through brand and experience.

我們正在展望一個意義重大的目標，在 2025 年實現 1,500 萬美元的營業利潤。接下來，我將分享我們在印尼和菲律賓的客戶拓展的最新進展。我們已經建立了一套相當系統化的客戶獲取方法。其實歸根究底就是三件事。精準流量獲取，將我們融入高頻消費場景，然後透過品牌和體驗來提升用戶忠誠度。

Those combination helps us move beyond just acquiring users It's about capturing deeper lifetime value. In terms of the online acquisition channels, across our international markets, we use mainstream channels like Google, Facebook, Instagram and TikTok. Backed by our data models and the years of execution experience, we can reach our target audience pretty efficiently. Those channels are not easy to master. They have high operating batteries.

這些組合幫助我們超越單純的用戶獲取，而是專注於更深層的用戶終身價值。就線上獲客管道而言，在我們的國際市場中，我們使用主流管道，例如 Google、Facebook、Instagram 和 TikTok。憑藉我們的資料模型和多年的執行經驗，我們可以非常有效率地觸及目標受眾。這些管道並不容易掌握。它們擁有高性能電池。

But when you crack and code, they can help you build a strong brand recognition and capture full user lifetime value. And once the model is validated, it becomes a sustainable growth engine for the local business. And the second, moving beyond the traditional online advertisement, we focus on deeper integration with local ecosystem. For example, in Indonesia, our MF license was an important channel for our ecosystem expansion. It allowed us to expand from pure online cash loans into offline installment lending, cover things like [3G] products, home appliance and furniture.

但是，當你破解程式碼後，它們可以幫助你建立強大的品牌知名度並獲得完整的用戶生命週期價值。一旦該模式得到驗證，它就成為當地企業可持續成長的引擎。第二，我們將超越傳統的網路廣告，專注於與在地生態系統進行更深層的整合。例如，在印尼，我們的MF牌照是我們生態系統擴展的重要管道。它使我們能夠從純粹的線上現金貸款擴展到線下分期貸款，涵蓋[3G]產品、家用電器和家具等產品。

We are now showing up where people actually spend the money. The results speak for themselves. We cross 3 million new customers in '25, 3x of last year. This year, we will keep expanding that offline footprint and build out true multichannel acquisition network. And in the Philippines, our approach is partnership-driven.

我們現在出現在人們實際花錢的地方。結果不言而喻。2025年我們新增客戶超過300萬，是去年的3倍。今年，我們將繼續擴大線下業務範圍，並建立真正的多通路客戶獲取網路。在菲律賓，我們採取的是以合作驅動的方式。

We have integrated with lending e-commerce platforms to offer [Banorte] product at online checkout. That now account for 36% of our volume in 2025. We have also teamed up with --, a major telecom operator for Buy Now Pay Later products on mobile tops. And also, we are working with [cover sales], the regional second-hand marketplace to embed financial services into their platform. Those thinking are simple, meet users in their daily routines, make the financial services part of experience and the customer acquisition happens steadily.

我們已與貸款電子商務平台整合，以便在線上結帳時提供 [Banorte] 產品。到 2025 年，這將占我們總業務量的 36%。我們也與一家大型電信業者合作，在手機上推出「先買後付」產品。此外，我們正在與區域二手市場 [cover sales] 合作，將金融服務嵌入到他們的平台中。這些想法很簡單：在使用者的日常生活中與他們互動，使金融服務成為體驗的一部分，客戶獲取就會穩定地進行。

Okay, thank you.

好的，謝謝。

[Jing] CICC.

【京】中金公司。

Let me translate my questions which is about the overseas market expansion. You mentioned in the meeting that we plan to enter development in markets such as Australia. Could you share the strategic thinking behind this decision? And what the current competitive and regulatory environment in development markets Also, could you briefly talk about the company's full development plans? Thank you.

請容許我翻譯一下我的問題，這些問題是關於海外市場拓展的。您在會議上提到，我們計劃進入澳洲等市場進行開發。您能否分享一下這項決定背後的策略考量？目前發展中國家市場的競爭與監管環境如何？另外，能否簡單介紹一下公司的整體發展計畫？謝謝。

I will take your question. I will answer your question in three parts. First is why developed market. Let think of it this way, we are taking the mature experience we will build in China. It's actually aligned pretty close to developed market regulations and combining it with a scalable growth engine we've proven in Southeast Asia.

我會回答你的問題。我將分三部分回答你的問題。首先是為什麼選擇已開發市場。換個角度想，我們將把在中國累積的成熟經驗帶到這裡。實際上，它與已開發市場的監管規定非常接近，並且結合了我們在東南亞已經證明的可擴展成長引擎。

So we are exporting our capabilities to a new frontier. We think development markets offer something really valuable, large Spanish personal loan market that are ready for digital transformation. By entering this market, we are not just chasing growth. We are building a resilient. A more balanced geographical portfolio helps us hedge earnings volatility in any single market.

因此，我們正在將我們的能力輸出到新的領域。我們認為新興市場蘊藏著真正有價值的東西，例如龐大的西班牙個人貸款市場，它已經準備好進行數位轉型。我們進入這個市場，不僅僅是為了追求成長。我們正在建構一個具有韌性的體系。更均衡的地域投資組合有助於我們對沖任何單一市場的獲利波動。

And frankly, being of the new fintech platform that can credibly operate across both emerging and divide the market, evaluate our global brand and influence. And second, why Australia? Australia presents a clear structure opportunities. The unsecured personal loan market here is around AUD 33 billion. It is sizable.

坦白說，作為一個能夠在新興市場和細分市場中可靠運作的新型金融科技平台，評估我們的全球品牌和影響力至關重要。其次，為什麼選擇澳洲？澳洲展現出清晰的結構性機會。澳洲無擔保個人貸款市場規模約330億澳元。它相當大。

And we watched nonbank players steadily gain shares from traditional banks over the past few years. So as one of the first Chinese players to enter, we have first-mover advantage. And looking at the general operating landscape, we see a somewhat moderate competition. Digitalization level remains moderate. There is no major dominant player in the space.

過去幾年，我們看到非銀行金融機構穩步從傳統銀行手中奪取市場份額。因此，作為首批進入該領域的中國企業之一，我們擁有先發優勢。從整體經營環境來看，競爭程度較為溫和。數位化水準仍處於中等水準。該領域沒有絕對的主導企業。

So for a technology-driven platform like FinVolution, it's an ideal entry point. And added to that, regulatory environment that both robust and transparent giving us the clarity and the stability we need for long-term sustainable operation. So Australia became the natural -- became our first choice for our push into high-income, highly regulated markets. Third, [bundle]. [Fundles] has an ACL license, it typically requires a long expensive process to guide and ongoing compliance costs are significant.

因此，對於像 FinVolution 這樣的技術驅動型平台來說，這是一個理想的切入點。此外，健全透明的監管環境也為我們提供了長期可持續營運所需的清晰度和穩定性。因此，澳洲自然而然地成為了我們進軍高收入、高度監管市場的首選。第三，[捆綁銷售]。 [Fundles]擁有ACL許可證，通常需要漫長而昂貴的流程來指導，並且持續的合規成本也很高。

By acquiring Fund, we effectively bought ourselves a fast pass into Australian market. It lets us enter faster at lower cost and with the ability to immediately upgrade an existing operation rather than starting from the stretch. And the [fund] business already self-sustaining and profitable with strong risk controls in place. And more importantly, [fundle] level of digitalization and automation already put it ahead of most local competitors. That made it a candidate to plug into our LEGO-plus global platform.

透過收購該基金，我們實際上獲得了進入澳洲市場的快速通行證。它使我們能夠以更低的成本更快地進入市場，並能夠立即升級現有業務，而不是從頭開始。而該基金業務已經能夠自給自足並獲利，並建立了強有力的風險控制措施。更重要的是，[fundle] 的數位化和自動化水準已經使其領先於大多數本地競爭對手。這使得它成為接入我們 LEGO-plus 全球平台的候選平台。

Looking ahead to 2026, our focus is straightforward. Sharpen our risk models and refine operations and optimize funding costs to keep improving the unit economies. We are confident we can help fund to accelerate its growth, both in origination volume and revenue.

展望2026年，我們的重點很明確。完善風險模型，改善運營，優化融資成本，以不斷提高單位經濟效益。我們有信心透過提供資金來加速其成長，無論是在貸款發放量還是收入方面。

Thank you. That concludes our question-and-answer session. I'd like to turn the conference back over to the company for any closing remarks.

謝謝。我們的問答環節到此結束。我想把會議交還給公司，請他們作總結發言。

Okay. Thank you. Thank you once again for joining us today. If you have any further questions, please feel free to contact FinVolution Group's IR team. This concludes the conference call. You may now disconnect your lines. Thank you so much.

好的。謝謝。再次感謝您今天蒞臨。如果您還有其他疑問，請隨時聯絡 FinVolution Group 的投資者關係團隊。電話會議到此結束。現在您可以斷開線路了。太感謝了。

Thank you. Once again, that does conclude the conference call. You may disconnect your line at this time, and have a wonderful day.

謝謝。至此，電話會議結束。現在您可以斷開線路了，祝您有美好的一天。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。