FinVolution Group (FINV) 2026 Q1 法說會逐字稿

Hello, ladies and gentlemen. Thank you for participating in the first-quarter 2026 earnings conference call for FinVolution Group. (Operator Instructions) Today's conference call is being recorded.

各位女士、先生，大家好。感謝各位參與 FinVolution Group 2026 年第一季財報電話會議。(接線員指示) 今天的電話會議將被錄音。

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

現在我把電話交給本公司資本市場主管 Yam Cheng。Yam，請開始。

Thank you, Desmond. Hello, everyone. Welcome to our first-quarter 2026 earnings conference call. The company's results were issued via Newswire services earlier today and are 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.

謝謝你，Desmond。各位好。歡迎參加我們 2026 年第一季財報電話會議。公司業績已於今日稍早透過新聞稿服務發布，並已上線公告。您可造訪我們網站的投資人關係（IR）專區下載財報新聞稿，並訂閱公司電子郵件提醒。

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

李鐵錚先生（Tim），我們的執行長；以及徐家元先生（Alexis），我們的財務長，將先進行準備好的發言，並在最後進入問答環節。

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

在本次電話會議中，我們將引用若干非 GAAP 財務衡量指標，以檢視並評估我們的營運表現。這些非 GAAP 財務衡量指標不應被單獨考量，亦不應作為依照美國 GAAP 編製與呈列之財務資訊的替代。關於這些非 GAAP 指標及其與 GAAP 指標的調節資訊，請參閱我們的財報新聞稿。

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.

在我們繼續之前，請注意今天的討論將包含依據 1995 年《美國私人證券訴訟改革法》安全港條款所作的前瞻性陳述。前瞻性陳述具有內在風險與不確定性。因此，公司實際結果可能與今日所表達的觀點存在重大差異。

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.

有關上述及其他風險與不確定性的進一步資訊，已載於公司向美國證券交易委員會（SEC）提交的文件中。除非適用法律另有要求，公司不承擔更新任何前瞻性陳述的義務。

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

最後，我們已在投資人關係網站上發布簡報，提供本季業績的詳細資訊。

I will now turn the call over to our CEO, Tim. Tim, please go ahead.

現在我把電話交給我們的執行長 Tim。Tim，請開始。

Thank you, Yam. Hello, everyone. Let me close out 2025. Besides, we were [typing] into this year with clarity, not certainty. One quarter in, the clarity is beginning to show in the trajectory of our business and in the early results of disciplined choices we made last year.

謝謝你，Yam。各位好。讓我先為 2025 年作個收尾。此外，我們帶著清晰而非確定性進入今年。第一季過後，這份清晰正開始體現在我們業務的走勢上，也體現在我們去年所做出之紀律性選擇的初步成果中。

The micro backdrop has its challenges, yet we delivered a firm first quarter. Risk is recovering in China. Overseas business continues to scale with its own strength. And across the platform, years of technology investment are compounding into operating efficiency.

宏觀環境仍具挑戰，但我們交出穩健的第一季表現。中國的風險狀況正在回升改善。海外業務持續憑藉自身實力擴張規模。同時，在整個平台上，多年科技投入正持續累積並轉化為營運效率。

Despite the typical seasonal softness in the first quarter, transaction volume held broadly steady at RMB42.6 billion, roughly in line with last quarter. Our group net revenue reached RMB3.2 billion, up 6% sequentially. Operating profit was up 13% sequentially. Net profit came in at RMB421 million, up 1%, reflecting the impact of foreign exchange fluctuation.

儘管第一季通常有季節性走弱，交易量仍大致維持在人民幣 426 億元，與上季大致相當。集團淨營收達人民幣 32 億元，季增 6%。營業利潤季增 13%。淨利潤為人民幣 4.21 億元，年增 1%，反映外匯波動的影響。

Overseas markets again delivered 30% of group revenue this quarter. This is no longer only a diversification story. It has matured into a second profitable engine. To give investors a clear view of this business, for the first time, we are disclosing our Overseas business as a separate reportable segment.

本季海外市場再次貢獻集團營收的 30%。這已不再只是分散化的故事。它已成熟為第二個可獲利的引擎。為讓投資人更清楚了解該業務，我們首次將海外業務作為單獨的可報告分部進行揭露。

In the first quarter, Overseas revenue reached RMB949 million, up 35% year over year. Operating profit reached RMB46 million, up 88% year on year. This is a reflection of both the scale we have built and the earnings power that now stand on its own.

第一季，海外營收達人民幣 9.49 億元，年增 35%。營業利潤達人民幣 4,600 萬元，年增 88%。這反映了我們所建立的規模，以及如今已能獨立展現的獲利能力。

Now let me walk you through our two segments.

接下來我將帶各位了解我們的兩個分部。

Let's start with our mature market, Chinese Mainland. The first quarter in China was, in a world, patient. We are seeing early signs of a recovery in progress. The Chinese New Year holiday always makes the first quarter a seasonally softer period. Yet, transaction volume held up at RMB38.5 billion, roughly flat sequentially.

先從我們的成熟市場——中國大陸——談起。中國第一季可以用一句話形容：耐心。我們看到復甦正在進行中的早期跡象。農曆新年假期一向使第一季成為季節性較疲弱的期間。然而，交易量仍維持在人民幣 385 億元，季比大致持平。

On risk, we are seeing gradual improvements. The actions we took in the second half of last year are working, and credit risk is finding its way back to a healthier baseline. Vintage delinquency eased by 30 basis points. Day-1 delinquency ratio also improved, while 30-day collection rates picked up. This improving environment has given us the operating headroom to re-engage with growth, cautiously, not aggressively.

在風險方面，我們看到逐步改善。我們去年下半年採取的措施正在發揮作用，信用風險正回到更健康的基準水準。分期批次（vintage）逾期率下降 30 個基點。首日（Day-1）逾期率亦有所改善，同時 30 天催收率回升。這樣的改善環境，讓我們在營運上有更多空間，得以重新投入成長——謹慎而非激進。

As the industry consolidated, some players pulled back. We selectively acquired more high-quality customers at compiling costs. Conversions improved, acquisition costs came down, and we added roughly 0.6 million new borrowers in China this quarter, up 7% sequentially.

隨著產業整合，部分同業選擇收縮。我們以具選擇性的方式，以具競爭力的成本獲取更多高品質客戶。轉化率提升、獲客成本下降，本季我們在中國新增約 60 萬名借款人，季增 7%。

In the near term, we will continue to closely observe the evolving regulatory landscape. There is still uncertainty ahead. Our approach is to stay aligned with the rules, manage risks carefully, and capture opportunities as they emerge.

短期內，我們將持續密切觀察不斷演變的監管環境。前方仍存在不確定性。我們的做法是與規則保持一致、審慎管理風險，並在機會出現時把握。

Now it roles through our Overseas business. Our Overseas market segment is a regional platform that learns compounds and transfers. Under our LEGO+ framework, the capabilities we build in one market are deliberately designed to flow into the next. That means risk infrastructure, product architecture, customer strategy, funding relationships, a lot of these can be leveraged and replicated.

接著談我們的海外業務。我們的海外市場分部是一個區域性平台，能夠學習、複製並轉移能力。在我們的 LEGO+ 框架下，我們在一個市場建立的能力，會被有意識地設計成可流向下一個市場。這意味著風險基礎設施、產品架構、客戶策略、資金合作關係等多項能力，都可以被槓桿化並複製。

This quarter is a demonstration of that idea in practice. The first quarter is traditionally a low season for our overseas markets as well. Across the region, transaction volume was RMB4.1 billion, broadly flat sequentially.

本季正是這一理念落地實踐的展示。第一季對我們的海外市場而言傳統上也是淡季。在整個區域內，交易量為人民幣 41 億元，季比大致持平。

Indonesia moved through Ramadan. In the Philippines, we deliberately moderated origination ahead of new interest rate regime, taking effect in the second quarter, a mirrored decision consistent with our playbook. Year over year, the direction is clear: loan volume up 35%, loan balance up 38%, unique borrowers more than doubled to 4.5 million.

印尼經歷了齋戒月。在菲律賓，我們在新的利率制度於第二季生效前，有意放緩放款發放（origination），這是一項與我們既有作戰手冊一致的對應決策。從年比來看，方向很清楚：放款量年增 35%，貸款餘額年增 38%，獨立借款人數翻倍以上至 450 萬人。

Australia is unfolding on the roadmap website. We are firmly executing the initiative we laid out from day one, expanding new customer acquisition channels, migrating the platform onto our proprietary risk infrastructure, deploying credit models and decisioning rules tailored for the Australian consumers.

澳洲正依照路線圖逐步推進。我們堅定執行自第一天起所規劃的計畫，擴展新客獲取渠道，將平台遷移至我們自研的風險基礎設施，並部署針對澳洲消費者量身打造的信用模型與決策規則。

Early results are there: sharper risk detection, fighter borrower segmentation, stronger portfolio economics. What will make Australia work is the same combination that has served us before, cross-market experience layered onto deep local knowledge.

初步成果已經顯現：更敏銳的風險識別、更精細的借款人分層、更強的資產組合經濟性。讓澳洲業務成功的關鍵，將是我們過去屢次驗證的同一組合：跨市場經驗疊加深度在地洞察。

Technology, AI is no longer a supporting capability for us. It's how we run the business from AI agents to workflow automation. We are proactively deploying nearly 120 active initiatives across the business, and more than 50% are embedded directly in frontline operations. For example, our engineering teams are building proprietary AI native infrastructure to support new product launches across our current and future markets.

科技與 AI 對我們而言已不再只是支援能力。它是我們經營業務的方式——從 AI 代理到工作流程自動化。我們正主動推進近 120 項在途計畫，其中超過 50% 直接嵌入第一線營運。例如，我們的工程團隊正在打造自研的 AI 原生基礎設施，以支援我們在現有及未來市場的新產品上線。

In some of our Overseas businesses, the results are already tangible. AI collection agents are not only the default touch point for pre-due reminders. They are also handling 50% of early stage collections at a recovery efficiency level in line with our historical benchmarks. We believe this is durable, compounding competitive mode, and we are just getting started.

在部分海外業務中，成果已相當具體。AI 催收代理不僅已成為到期前提醒的預設觸達方式。它們也承擔了 50% 的早期階段催收，回收效率與我們歷史基準相當。我們相信這是一種可持續、可複利累積的競爭護城河，而我們才剛剛開始。

Community. Our longstanding community engagement programs continue to make an impact this quarter. Our microbusiness support program further expanded its reach this quarter, opening eligibility to retired athletes who run their own business in China.

社區。我們長期推動的社區參與計畫在本季持續產生影響。我們的微型企業支持計畫本季進一步擴大覆蓋範圍，將資格開放給在中國經營自有事業的退役運動員。

Since launch, over 140 small business owners have benefited from this initiative and upgraded their business with our help on operational and funding support. In the Philippines, our local platform partnered with multi-local institutions to combat fintech-related cybercrime, reinforcing our commitment to building a safer digital financial ecosystem. Together, these initiatives reflect the depth of our local roots and consistency of our commitment to responsible growth.

自推出以來，已有超過140位小企業主受惠於此項倡議，並在我們提供的營運與資金支持協助下升級其業務。在菲律賓，我們的本地平台與多家本地機構合作打擊與金融科技相關的網路犯罪，強化我們打造更安全數位金融生態系的承諾。這些倡議共同反映出我們深厚的在地根基，以及對負責任成長一以貫之的承諾。

To close, the first quarter gave us the early shape of the year, a recovery in China amid regulatory fog. Our overseas business standing on its own with growth and profit, a technology advantage that is compounding. Against an uncertain macro, we move with the same posture we spoke of last quarter, clarity not certainty, patience not hit. We remain focused on growth that lasts and on creating durable value for consumers and our stakeholders.

總結而言，第一季讓我們看見今年的初步輪廓：在監管迷霧中，中國出現復甦。我們的海外業務已能獨立站穩，實現成長與獲利，且技術優勢正在持續累積放大。面對不確定的宏觀環境，我們延續上季所提到的姿態：追求清晰而非確定，保持耐心而非急於求成。我們仍專注於可持續的成長，並為消費者與利害關係人創造長期且穩健的價值。

I will now turn the call over to Alexis.

接下來我把電話會議交給Alexis。

Thank you, Tim. This quarter marks a meaningful evolution in how we report. For the first time, we are presenting our Overseas operations as a separate segment. The reason is simple. Our overseas operation has grown into awareness with its own skill, possibility, and trajectory.

謝謝你，Tim。本季標誌著我們在報告方式上的一次重要演進。我們首次將海外營運作為獨立分部呈列。原因很簡單。我們的海外營運已成長為具備自身能力、潛力與發展軌跡的業務。

Reported alongside our China operations, the two tell a cleaner story. China is the foundation of cash flow and stability. Overseas is the engine of growth. Two engines, distinct but aligned.

與中國業務並列呈報，兩者能講出更清晰的故事。中國是現金流與穩定性的基礎。海外是成長的引擎。兩個引擎，各自獨立但方向一致。

The Overseas segment consists of Indonesia, the Philippines, and Australia. Together, these three markets have reached the scale, growth, and profitability where segment reporting gives investors a much clearer view of how they will drive upside going forward. We are also introducing adjusted EBITDA for each segment. This metric aligns with how global peers report their financial services business and helps investors see the underlying profitability of each engine.

海外分部由印尼、菲律賓與澳洲組成。這三個市場已達到一定規模、成長與獲利水準，使分部揭露能讓投資人更清楚看見它們未來如何推動上行空間。我們也將為各分部引入調整後EBITDA。此指標與全球同業揭露其金融服務業務的方式一致，並有助投資人看見各引擎的核心獲利能力。

Transparency builds trust. By separating the two engines, we make it easier for investors to value each segment on its own metrics and unlock the true value of the platform we have built.

透明帶來信任。透過將兩個引擎分開，我們讓投資人更容易以各自的指標為每個分部估值，並釋放我們所打造平台的真實價值。

Now let me discuss each of the segments.

接下來我將逐一說明各分部。

China. The macro backdrop was broadly stable. GDP growth of 5%. Consumption sentiment holding safe ground. Our China business continues to work through the reset and begin in the second half of 2025. Loan origination volume was largely flat quarter on quarter. Given Q1 seasonality, this is a resilient outcome. Net revenue coming in at RMB2.2 billion, up 7% sequentially. Take rate rose from 3% to 3.2%, supported by better risk performance.

中國。宏觀背景整體保持穩定。GDP成長5%。消費情緒維持在相對穩健的水準。我們的中國業務持續推進調整，並預計於2025年下半年開始。放款撮合量較上季大致持平。考量第一季的季節性因素，這是相當具韌性的表現。淨營收為人民幣22億元，較上季成長7%。受更佳風險表現支撐，抽成率由3%上升至3.2%。

On risk, the picture is consistent across indicators. In the first quarter, vintage delinquency eased from 3% to 2.7%. Day 1 delinquency improved from 5.5% to 5.2%. The 30-day collection rate ticked up from 85.9% to 86.8%. As a result, M2 default rate declined from 0.77% to 0.68%.

在風險方面，各項指標呈現一致的改善趨勢。第一季，分期批次（vintage）逾期率由3%降至2.7%。首日逾期率由5.5%改善至5.2%。30天催收率由85.9%小幅上升至86.8%。因此，M2違約率由0.77%降至0.68%。

On the funding side, we continue to maintain stable partnerships with a broad base of financial institutions, which kept the funding cost stable during the quarter. This healthier risk environment allows us to selectively broaden our credit appetite. Targeting has sharpened. Conversion has improved. New borrowers rose 7% sequentially, even when we actually reduced sales and marketing spend in China.

在資金端，我們持續與廣泛的金融機構維持穩定合作關係，使本季資金成本保持穩定。更健康的風險環境讓我們得以有選擇地擴大授信偏好。目標客群鎖定更精準。轉化率有所提升。即便我們在中國實際降低了銷售與行銷支出，新借款人仍較上季成長7%。

Overseas segment. Overseas revenue was up 35% year over year at expanding margin. Adjusted EBITDA was RMB47.5 million, up 87% year over year. More importantly, all three markets contributed to this profitability.

海外分部。海外營收年增35%，且利潤率擴張。調整後EBITDA為人民幣4,750萬元，年增87%。更重要的是，三個市場皆對此獲利作出貢獻。

The deeper picture is seeing how we deepen our integration into local ecosystems. We are embedding our financial services into the daily life and the commerce of each market. This plays out across three consistent themes.

更深層的圖景在於，我們如何加深與在地生態系的整合。我們正將金融服務嵌入各市場的日常生活與商業活動之中。這體現在三個一致的主題上。

First, customer upgrading through targeted product development. Across all markets, we are systematically shifting our portfolio to better quality borrowers. This is not a collection of one-off products. It’s a consistent push toward higher quality portfolio composition.

第一，透過有針對性的產品開發推動客戶升級。在所有市場，我們正系統性地將資產組合轉向更高品質的借款人。這不是零散的一次性產品集合。而是一項持續推動資產組合品質提升的長期努力。

In Indonesia, offline buy now, pay later remains the primary growth engine despite Ramadan, a seasonally slow period. Both transaction volume and loan balance grew 5% sequentially. Customer quality improved and ARPU held steady. Even as headline PMI eased modestly to 50.1. Unique borrowers reached 3.2 million, nearly 5 times the level of the same period last year.

在印尼，線下「先買後付」仍是主要成長引擎，儘管齋戒月屬於季節性較慢的期間。交易量與貸款餘額皆較上季成長5%。客戶品質提升，ARPU維持穩定。即便整體PMI小幅回落至50.1，獨立借款人數仍達320萬，接近去年同期的5倍。

Second, regulator preparedness as a core capability. Our regulator playbook is being applied again in the Philippines. We tightened loan origination ahead of the new pricing regulation, and the early read on risk indicators suggests the caution is paying off. We have navigated a pricing transition in Indonesia and China before, and we are approaching this one with the same posture and the same quiet confidence.

第二，將監管準備度作為核心能力。我們的監管應對手冊正在菲律賓再次落地應用。在新的定價監管上路前，我們已收緊放款撮合，而風險指標的初步觀察顯示，這份謹慎正在帶來成效。我們過去已在印尼與中國成功應對過定價轉換，本次也將以同樣的姿態與同樣的沉著信心來面對。

Third, our proprietary risk infrastructure refined over years in China and Southeast Asia is being gradually deployed in Australia. Credit trends there have moved lower from last quarter’s seasonal peak, a validation of the portability of our infrastructure. With a renewed credit model, we still achieved sequential growth in transaction volume despite seasonal softness in the first quarter.

第三，我們在中國與東南亞多年打磨的自有風險基礎設施，正逐步部署至澳洲。當地信貸趨勢已自上季的季節性高峰回落，驗證了我們基礎設施的可移植性。在更新的信貸模型支持下，即便第一季存在季節性走弱，我們仍實現交易量的環比成長。

Finally, our funding ecosystem continues to expand. We have recently added a prominent international bank to our funding partnerships in the Philippines. We’re encouraged by the shared mission of our partners to support the exciting growth of the digital credit industry in the country.

最後，我們的資金生態系持續擴張。我們近期在菲律賓的資金合作夥伴中新增一家知名國際銀行。我們對合作夥伴共同支持該國數位信貸產業令人振奮的成長使命感到鼓舞。

On a group basis, net revenue for the quarter reached RMB3.2 billion, marking a 6% increase sequentially driven by an improved take rate. Operating profit improved by 30% quarter on quarter to RMB547 million, offset by impact of FX fluctuation. Net income reached RMB421 million, up 1% sequentially.

以集團口徑計，本季淨營收達人民幣32億元，受抽成率改善帶動，較上季成長6%。營業利潤較上季提升30%至人民幣5.47億元，但部分被匯率波動影響所抵銷。淨利達人民幣4.21億元，較上季成長1%。

Our shareholder return. Since 2018, we have continuously returned value to our shareholders through share repurchase and dividends. Recently, our Board of Directors approved our eighth annual dividend in the amount of USD0.306 per ADS, reflecting a DPS increase of 10.5% year over year. This dividend was distributed to May 7, 2026, bringing our total dividend distributions to shareholders for fiscal year 2025 to USD74.5 million. As of the end of April, we have deployed USD54 million towards share repurchase, reflecting our conviction in our business and the commitment to shareholders.

股東回饋。自2018年以來，我們持續透過股份回購與股利向股東回饋價值。近期，董事會核准我們第八次年度股利，每股ADS為0.306美元，反映每股股利（DPS）年增10.5%。該股利已於2026年5月7日發放，使我們在2025財年的股利發放總額達7,450萬美元。截至4月底，我們已投入5,400萬美元進行股份回購，體現我們對業務的信心以及對股東的承諾。

Outlook. For full-year 2026, we reiterate our revenue guidance in the range of RMB11.5 billion to RMB12.9 billion. We are on track toward our 2030 ambition, 15% of group revenue for Overseas markets.

展望。對於2026全年，我們重申營收指引區間為人民幣115億元至129億元。我們正按計畫朝2030年目標邁進：海外市場貢獻集團營收的15%。

To conclude, China continues to provide a resilient foundation and it’s steadily finding its footing. Overseas is scaling profitability alongside it. The combination gives us the stability we need today and growth we are building for tomorrow. We step a quarter deeper into the year with a confidence that is quieter but firmer in the resilience of our model, in the discipline of our execution, and in the partnerships that carry us forward.

總結而言，中國業務仍持續提供具韌性的基礎，並且正穩步站穩腳跟。海外業務也在同步擴大利潤規模。兩者結合，為我們帶來當下所需的穩定性，以及我們為明天所打造的成長。我們帶著一種更安靜但更堅定的信心，讓今年再往前推進一個季度——這份信心來自我們商業模式的韌性、執行的紀律，以及推動我們前行的合作夥伴關係。

Thank you. Now back to the operator for questions.

謝謝。接下來交回給接線員進行提問。

(Operator Instructions) Alex Ye, UBS.

(接線員指示) UBS 的 Alex Ye。

(spoken in foreign language)

(以外語發言)

(interpreted) Two questions. First one, it's on buyback. We are glad to see the company has maintained its pace of buyback in Q1 similar to previous quarters. So can you give us some color in terms of the outlook, including the pace for your buyback in coming quarters?

(口譯) 兩個問題。第一個關於回購。我們很高興看到公司在第一季維持了與前幾季相近的回購節奏。能否請您就未來展望提供一些說明，包括未來幾季的回購節奏？

Second question on the regulatory outlook. So we have seen several new regulatory documents coming up in past several months, including the latest document, which is so-called the management rules on the online marketing of financial products. Could you share with us what impact could this regulation document bring to your day-to-day operations, and how would the company react to mitigate the impact?

第二個問題關於監管展望。過去幾個月我們看到多份新的監管文件出台，包括最新的所謂《金融產品網路行銷管理辦法》。能否請您分享這份監管文件可能對你們日常營運帶來哪些影響，以及公司將如何應對以降低影響？

Okay. Thanks, Alex. Yeah. I will take your first question, and Tim will take your second question. Your first question is about the buyback.

好的。謝謝你，Alex。是的。我來回答你的第一個問題，Tim 來回答你的第二個問題。你的第一個問題是關於回購。

On buyback execution side, as you have seen, we have been really at a pretty active pace since the fourth quarter last year. We did around $14 million in the fourth quarter. And the momentum has carried into 2026.

在回購執行方面，如你所見，自去年第四季以來我們一直保持相當積極的節奏。我們在第四季回購了約 1,400 萬美元。而這股動能也延續到了 2026 年。

In the first quarter, we executed another $39 million. And by the end of April, we have added another $15 million. So the total amount this year is about $54 million. The remaining capacity in our current program stands at about $20 million. With that as the backdrop, our Board recently approved a new USD150 million program and also lasts for two years. It’s quite similar to the two programs we did in 2023 and 2025.

第一季我們又執行了 3,900 萬美元的回購。截至四月底，我們又追加了 1,500 萬美元。因此今年迄今合計約 5,400 萬美元。我們目前回購計畫的剩餘額度約為 2,000 萬美元。在此背景下，我們董事會近期核准了一項新的 1.5 億美元回購計畫，期限同樣為兩年。這與我們在 2023 年與 2025 年所做的兩項計畫非常相似。

And on the capital allocation, our goal is always to maximize the shareholder return. The return accretion could come from business expansion, especially from the overseas business, and it could also come from the share repurchase at the dislocated price. So we will make sure we have enough firepower to support the business expansion and then deploy the buybacks in a more flexible way based on the liquidity and the price we trade. It will be dynamically balanced.

在資本配置方面，我們的目標始終是最大化股東回報。回報的增厚可以來自業務擴張，尤其是海外業務；也可以來自在股價偏離合理水準時進行股份回購。因此，我們會確保有足夠的「火力」支持業務擴張，並根據市場流動性與交易價格，以更靈活的方式部署回購。我們會動態地取得平衡。

Hi, Alex. As you mentioned, the online marketing for financial products, we think this regulation is a natural continuation of a long-running trend. The core ideas, I think, are protecting consumers, ensuring only licensed players offer financial products, and keeping a clean line between tech and finance. And some of these we agree with.

嗨，Alex。如你所提到的，關於金融產品的網路行銷，我們認為這項監管是長期趨勢的自然延續。我認為其核心理念是保護消費者、確保只有持牌機構提供金融產品，以及在科技與金融之間保持清晰界線。其中有些方向我們也認同。

Right now, I think it’s still early to determine the full impact. The industry is working through the details on execution. Generally, we see three broad areas where the industry will adapt.

目前我認為要判斷全面影響仍為時尚早。行業正在針對落地執行的細節進行梳理。整體而言，我們看到行業將在三個主要面向做出調整。

First, marketing rules are getting tighter. Things like low barrier to entry and instant disbursement and zero costs are out. The days of flashy, borderline, misleading advertisements are fading. For the industry, that means higher compliance costs, and some players we think may need to make some adjustments to their processes.

第一，行銷規則正在收緊。例如「低門檻、即時放款、零費用」這類宣傳將不再被允許。過去那種花俏、踩線、具誤導性的廣告時代正在退場。對行業而言，這意味著更高的合規成本，我們認為部分業者可能需要調整其流程。

Our approach has always focused on responsible lending and long-term brand building. So we see this as an opportunity to raise our standards even further.

我們一貫的做法是聚焦負責任的放貸與長期品牌建設。因此我們將此視為進一步提升標準的機會。

Second, on user traffic flow from a platform to lenders. The rules add some friction. It requires third-party platform to refer users directly to the financial institution’s own platform. A lot of details still need to be hammered out on implementation. So it’s too early to say for sure. But we are working with financial institutions and internet platforms to restructure some of the workflow under this renewed framework. There will certainly be some adjustments to the process. We are in close communication.

第二，關於用戶流量從平台導向放款機構。新規則增加了一些摩擦。它要求第三方平台將用戶直接導流至金融機構自有平台。在落地執行上仍有許多細節需要敲定。因此現在還無法下定論。但我們正與金融機構及網路平台合作，在新的框架下重構部分工作流程。流程上肯定會有一些調整。我們保持密切溝通。

And the third, on business boundaries. The regulation reinforced that core financial decisions such as credit approval and risk assessments must rest with licensed financial institutions. This has always been our model. We provide the technology and data tools. Our partners make the final calls.

第三，關於業務邊界。監管強化了這一點：授信審批、風險評估等核心金融決策必須由持牌金融機構承擔。這一直就是我們的模式。我們提供技術與數據工具。最終決策由合作夥伴做出。

And overall, this regulation raised the bar for the entire industry. There would be adjustments near term. But as a company, FinVolution as a company with strong compliance and technology infrastructure, we see it as a net positive over the medium to long term. Thanks, Alex.

總體而言，這項監管提高了整個行業的門檻。短期內會有調整。但作為一家具備強合規能力與技術基礎設施的公司，FinVolution 認為從中長期來看這是淨利多。謝謝你，Alex。

Cindy Wang, China Renaissance.

中國文藝復興的 Cindy Wang。

(spoken in foreign language)

(以外語發言)

(interpreted) I have two questions. First, could you let us know whether domestic risk performance in April and May continued to improve from first quarter? And then if credit risk improves, will transaction volume in China in the second quarter would increase?

(口譯) 我有兩個問題。第一，能否請您說明國內業務在四月與五月的風險表現是否延續第一季的改善趨勢？另外，如果信用風險改善，中國第二季的交易量是否會增加？

And second, we noticed that the company has made segment disclosure this time. Could you please share the consideration behind the segment disclosure? And also, could you please introduce some operating indicators for overseas markets including APR, funding costs, and default rate? And what percentage of the group’s EBITDA is expected to contribute from overseas market by 2030?

第二，我們注意到公司這次新增了分部資訊揭露。能否請您分享進行分部揭露背後的考量？另外，能否請您介紹海外市場的一些營運指標，包括 APR、資金成本與違約率？以及預期到 2030 年，海外市場將貢獻集團 EBITDA 的百分之多少？

Okay. Thanks, Cindy. I will take your questions. Your first question is about the domestic business.

好的。謝謝你，Cindy。我來回答你的問題。你的第一個問題是關於國內業務。

Yeah, when we look at the risk performance in the second quarter, the improving trend has continued. The asset quality has continued to get better. And by the end of April, our day one delinquency has already fallen below 5% back to where we were in July and August of last year. The sustained improvement in the asset quality is really the reflection of the risk management we have been building across the full credit life cycle.

是的，當我們觀察第二季的風險表現時，改善趨勢仍在延續。資產品質持續變好。截至四月底，我們的首日逾期率已降至 5% 以下，回到去年七、八月的水準。資產品質的持續改善，確實反映了我們在整個信貸全生命週期所建立的風險管理能力。

On the front end, customer acquisition and the preapproval, we have been actively moving up the credit quality curve offering higher limits and better pricing to those high-quality customers. And on the technology side, we have been leveraging the large language model to refine the risk analysis, fraud detection and intelligent post loan collections, which has meaningfully lift both the business efficiencies and asset quality.

在前端的獲客與預授信方面，我們一直積極沿著信用品質曲線上移，對高品質客戶提供更高額度與更好的定價。在技術方面，我們運用大型語言模型來優化風險分析、反詐欺偵測以及智慧化貸後催收，顯著提升了業務效率與資產品質。

As the asset quality stabilized, we have selectively raised our risk appetite in the second quarter. We are now running a diversified approach backed by the AI models. For those high-quality existing borrowers, we are now offering more credit limit at controlled pace. And we're also selectively offering a wider group of customers of reasonable credit quality to expand our potential customer pool.

隨著資產品質趨於穩定，我們在第二季有選擇性地提高了風險承受度。我們目前採用由 AI 模型支撐的多元化策略。對於高品質的存量借款人，我們正以可控的節奏提供更高的授信額度。同時，我們也有選擇性地向更廣泛、信用品質合理的客群提供服務，以擴大潛在客戶池。

So we are making progress on sustaining the first-quarter growth momentum into the second quarter and we will keep a close eye on the macro environment and our early risk indicators. Stay focused on the high-quality growth and continue to keep the balance between volume, risk and profitability, okay?

因此，我們正在推進把第一季的成長動能延續到第二季，並將密切關注宏觀環境與我們的早期風險指標。我們會持續聚焦高品質成長，並在規模、風險與獲利能力之間保持平衡，好嗎？

And then your next question is about the Overseas business. I think it's the multipart question. So I will break it into three pieces.

接下來您的下一個問題是關於海外業務。我認為這是一個多部分的問題。所以我會把它拆成三個部分來回答。

First is about the overseas operating metrics. We will not break our APR funding cost or risk by market because each is very different from the interest rate to borrow profile but I will give you some high-level guidance for reference.

第一部分是關於海外營運指標。我們不會按市場拆分我們的 APR、資金成本或風險，因為各市場在利率與借款結構上差異很大；但我會提供一些高層次的指引供您參考。

For APR, compliance is always our first priority. We strictly follow the local pricing rules. At the same time, moving towards high-quality customers will give us the flexibility to offer different price. Take the buy now pay later product, as an example, it helps us reach more prime customers.

就 APR 而言，合規永遠是我們的第一優先。我們嚴格遵循當地的定價規則。同時，朝向高品質客群移動，將讓我們在提供不同價格方面更具彈性。以先買後付（Buy Now Pay Later）產品為例，它幫助我們觸達更多優質客戶。

And for the funding costs, more institutions recognize our asset quality. And our funding partners grew from 13 in 2024 to 18 today, which is continuously optimizing our funding cost.

至於資金成本，越來越多機構認可我們的資產品質。我們的資金合作夥伴已從 2024 年的 13 家增至目前的 18 家，這也在持續優化我們的資金成本。

And for the delinquency rates, as we upgrade customer quality and advance our risk capabilities, the risk metrics are improving across all markets. We continue to aim to progressively bring this down going forward, okay?

至於逾期率，隨著我們提升客群品質並強化風險能力，各市場的風險指標都在改善。我們也會持續努力，未來逐步把它降下來，好嗎？

And the second part is about the EBITDA contribution, okay? For 2030 overseas EBITDA, I think it's still too early to guide on that because it depends on too many variables. The contribution from our Chinese business, the accounting rules impact and the pace of the overseas business. But for 2026, we have a very clear target. If you look back over the past few years, you will see a very clear roadmap. We clarify our strategy and then execute it, deliver the results and the reporting.

第二部分是關於 EBITDA 貢獻，好嗎？對於 2030 年海外 EBITDA，我認為現在仍然太早提供指引，因為它取決於太多變數。包括中國業務的貢獻、會計準則的影響，以及海外業務的發展節奏。但對於 2026 年，我們有非常明確的目標。如果您回顧過去幾年，會看到一條非常清晰的路線圖。我們明確策略，然後執行，交付成果並進行披露。

So secondly, disclosure is the nature of milestones in that ongoing narrative. When we look back at our international journey, it goes like, the step one, prove and replicate the operating model. We first prove the viability and the probability of our business model in Indonesia. This was our first zero to one breakthrough in an overseas market, and then we replicate the success to the Philippines. And step two, we set a long-term goal and delivered steadily.

因此第二點，披露本身就是這段持續敘事中的里程碑。回顧我們的國際化歷程，大致是這樣：第一步，驗證並複製營運模式。我們先在印尼驗證商業模式的可行性與可複製性。這是我們在海外市場從 0 到 1 的首次突破，之後我們把成功複製到菲律賓。第二步，我們設定長期目標並穩步交付。

As our Overseas business took share, we formulated a group strategy to guide operations and gurus, our local excellence, global outlook, or legal strategy. We also clearly laid out the goal of reaching 50% Overseas revenue by 2030. We are now already at 30% today, steadily on track.

隨著海外業務市佔提升，我們制定了集團層面的策略來指導營運與治理：本地卓越、全球視野，以及法務策略。我們也清楚提出到 2030 年海外收入達到 50% 的目標。目前我們已達到 30%，正穩步按計畫推進。

And step three, the full strategic upgrade to LEGO+. As we expanded into developed market like Australia, we have made a fundamental upgrade to what we call LEGO+. We moved from being a collection of local wings to an integrated platform with compounding platform-level advantages.

第三步，是全面的策略升級至 LEGO+。隨著我們擴展到像澳洲這樣的已開發市場，我們對所謂的 LEGO+ 進行了根本性的升級。我們從一組分散的本地「翼」轉變為一個整合式平台，並形成可複利的平台級優勢。

So under this framework, replicate experience, product structures, risk capabilities, and founding networks, all validated in new markets can be systematically reused and migrated to new markets. That has greatly accelerated the de-risk of new market entry.

在這個框架下，在新市場中被驗證的經驗、產品結構、風險能力與資金網絡，都可以系統性地重複使用並遷移到新市場。這大幅加速了新市場進入的去風險化。

And the next step, the formal segmented disclosure. Now, we truly have built a business that is both high growth and profitable on its own. That’s the right time to provide separate disclosure for better understanding of the value in our business.

接下來一步，是正式的分部披露。現在，我們確實已建立起一個既高成長、又能獨立盈利的業務。這正是提供單獨披露、以便更好理解我們業務價值的合適時點。

This segmented disclosure is a major link in our overseas story, and it ties together what we have done and where we are headed. It validates the success of our LEGO strategy to date, and it provides a transparent window into the high-quality global growth we are building for future. In the coming years, you will see that overseas engine is not only fast, but also increasingly profitable, with unit economics that keeping improving. Okay. Thank you.

這項分部披露是我們海外故事中的重要一環，把我們已做的事情與未來方向串聯起來。它驗證了我們迄今 LEGO 策略的成功，也為我們正在打造的高品質全球成長提供一個透明窗口。未來幾年，您將看到海外引擎不僅速度快，而且盈利能力也會持續提升，單位經濟效益不斷改善。好的。謝謝。

Jing Yujie, CICC.

景玉潔，中金公司。

(spoken in foreign language)

（外語發言）

(interpreted) I have a question regarding overseas market expansion. Now that our Overseas business has achieved profitability, what will be the key drivers for its sustainable growth? Could you also share your outlook for this business?

（翻譯）我有一個關於海外市場擴張的問題。既然我們的海外業務已經實現盈利，未來其可持續成長的關鍵驅動因素會是什麼？也請您分享一下對這項業務的展望。

Thanks, Yujie. I will answer this question. As previously mentioned, our overseas business continues to deliver strong and resilient further growth. And over the past five years, from 2020 to 2025, Overseas transaction volume grew at 69% CAGR.

謝謝你，玉潔。我來回答這個問題。如前所述，我們的海外業務持續交出強勁且具韌性的成長。在過去五年（2020 至 2025 年），海外交易量以 69% 的複合年增長率成長。

In the first quarter of this year, despite the seasonally slow period, we still delivered solid results. And revenue grew 35% year over year, with EBITDA up 87%. And Overseas business is now the group’s second-largest growth engine.

今年第一季，儘管處於季節性淡季，我們仍交出穩健的成績。營收年增 35%，EBITDA 年增 87%。海外業務目前已成為集團第二大成長引擎。

The co-driver behind this growth is a dual flywheel loop we built as a data-driven tech platform. With over 56 million registered users, our growing data pool sharpens our risk models. And the high-quality assets consistently attract more institutional funding. More capital at better cost allows us to serve broader and higher quality customer segments across Indonesia, the Philippines, and Australia. We have graduated from the early investment phase and are now profitable.

推動這一成長的共同驅動力，是我們作為數據驅動科技平台所打造的雙飛輪循環。我們擁有超過 5,600 萬名註冊用戶，不斷擴大的數據池讓我們的風險模型更精準。而高品質資產也持續吸引更多機構資金。以更低成本取得更多資金，使我們能在印尼、菲律賓與澳洲服務更廣泛且更高品質的客群。我們已走過早期投入階段，現在已實現盈利。

And for Indonesia market, after the adjustments in the past years, growth has resumed. The first-quarter transaction volume grew over 30% year over year, and our approach is to proactively pursue higher quality customers. And the continuous traction of our offline buy now, pay later product is a direct result of that strategy. In the first quarter, offline buy now, pay later volume doubled from last year.

就印尼市場而言，經過過去幾年的調整後，成長已恢復。第一季交易量年增超過 30%，我們的做法是主動追求更高品質的客戶。我們線下先買後付產品的持續放量，正是該策略的直接成果。第一季線下先買後付交易量較去年同期翻倍。

In the Philippines, we proactively adjusted our lending pace in the first quarter ahead of the new interest rules. It took effect in the second quarter this year. Even so, transaction volume still grew on double digits year over year. We also broadened our funding sources with one new international bank, a clear recognition of our asset quality.

在菲律賓，我們在第一季提前因應新的利率規則，主動調整放款節奏。該規則於今年第二季生效。即便如此，交易量仍維持年增雙位數。我們也新增一家國際銀行作為資金來源，這清楚反映市場對我們資產品質的認可。

And for the Australia market, we are systematically deploying our fintech expertise and risk management capabilities, automated system, and funding capacity from the group. In the first quarter, transaction volume grew 25% year over year. With more local data and ongoing model improvements, we are confident Australia will continue to grow in both top line and profitability.

至於澳洲市場，我們正系統性地部署集團的金融科技專長與風險管理能力、自動化系統以及資金能力。第一季交易量年增 25%。隨著更多本地數據累積與模型持續優化，我們有信心澳洲在營收與盈利能力上都將持續成長。

And looking ahead, as our business scales, the flywheel loop would accelerate. Our long-term vision is to become a global example of a technology-driven, inclusive financial platform. Operating on multiple fronts globally comes with a challenge but we are a mature tech moat. But with our mature tech moat and operational agility, we are very confident about the journey ahead. Thanks, Yujie.

展望未來，隨著業務規模擴大，飛輪循環將進一步加速。我們的長期願景，是成為科技驅動、普惠金融平台的全球典範。在全球多線作戰確實帶來挑戰，但我們擁有成熟的技術護城河。憑藉成熟的技術護城河與營運敏捷性，我們對未來的旅程非常有信心。謝謝你，玉潔。

Thank you for the questions. As there are no further questions now, I would like to turn the call back over to the company for closing remarks.

感謝各位的提問。由於目前沒有更多問題，我想把電話交回公司作結語。

Thank you, Desmond. Thank you once again for joining us today. If you have any further questions, please feel free to contact our groups and our team. Thank you so much.

謝謝你，Desmond。再次感謝各位今天參與。如有任何進一步問題，歡迎隨時聯繫我們的集團與團隊。非常感謝。

That does conclude today's conference call. You may now disconnect your lines. Thank you.

今天的電話會議到此結束。您現在可以掛斷電話線。謝謝。

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.

本逐字稿中標註（翻譯）的部分，為現場電話會議中由口譯員所說內容。該口譯員由本活動主辦公司提供。