FinVolution Group (FINV) 2026 Q2 法說會逐字稿

Hello, ladies and gentlemen, thank you for participating in the second-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，感謝您參加樂信集團（FinVolution Group）2026年第二季業績電話會議。(接線員指示) 今天的電話會議將被錄音。

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本次會議主持人——公司資本市場主管鄭欽文（Yam Cheng）。Yam，請開始。

Hi, all. Thank you for joining our call. Welcome to our second-quarter 2026 earnings conference call. The company's results were issued to Newswire services earlier today and are posted online. You can download the earnings release and sign up for the company's email alerts by visiting the IR section of our website.

大家好。感謝各位加入我們的電話會議。歡迎參加我們2026年第二季業績電話會議。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）專區下載業績新聞稿，並訂閱公司電子郵件提醒。

Mr. Tim Li, our Chief Executive Officer; and Mr. Alexis Xu, our Chief Financial Officer, will start the call with the prepared remarks and conclude with a Q&A section.

公司執行長李鐵民先生（Tim Li）以及財務長徐亞歷克斯先生（Alexis Xu）將先進行管理層準備稿發言，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.

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通用會計準則（US GAAP）編製與呈列之財務資訊的替代。

For information about these non-GAAP measures and reconciliation to 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 US Private Securities Litigation Reform Act of 1995.

關於這些非GAAP指標及其與GAAP指標的調節資訊，請參閱我們的業績新聞稿。在繼續之前，請注意今天的討論將包含前瞻性陳述，並依據1995年《美國私人證券訴訟改革法案》的安全港條款作出。

Forward-looking statements involve inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties are included in the company's filings with the US Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

前瞻性陳述具有固有風險與不確定性。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。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。除適用法律要求外，公司不承擔更新任何前瞻性陳述的義務。

Finally, we posted a presentation on our IR website providing details of our results.

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。

Before I turn it over to our CEO, we are dialing in from multiple locations, so if there is any delay in connection, please bear with us.

在我把電話交給執行長之前，我們從多個地點接入會議，因此若連線上有任何延遲，敬請見諒。

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

現在我將把電話交給我們的執行長Tim。Tim，請開始。

Thanks, Yam, and thanks, everyone, for joining us.

謝謝你，Yam，也謝謝各位加入我們。

Let me start with the big picture. For years, we have pursued on clear strategy, internationalization.

我先從整體面談起。多年來，我們一直堅持一個清晰的策略：國際化。

The world is volatile. Such strategy matters more than ever. It let us take what we have learned and put it to work in markets that are ready for fintech, and it helps us diversify away from any single market. That strategy served us well this quarter, and it is exactly where we are headed.

世界充滿波動。在這樣的環境下，這項策略比以往任何時候都更重要。它讓我們能把既有經驗帶到對金融科技已準備就緒的市場並加以落地，同時也幫助我們降低對單一市場的依賴、實現多元化。這一策略在本季度為我們帶來良好成效，也正是我們未來前進的方向。

Overall, the second quarter was a solid one. In China, a stable risk backdrop, together with the preemptive actions we took in early quarters give us a constructive environment to operate in.

整體而言，第二季表現穩健。在中國，穩定的風險環境，加上我們在前幾個季度採取的前瞻性措施，為我們營運提供了較為有利的外部條件。

Overseas, momentum in Indonesia and Australia more than offset de-leverage temporary pullback in the Philippines. That is our diversification strategy working as defined.

在海外市場，印尼與澳洲的成長動能，足以抵消菲律賓因去槓桿而出現的短期回落。這正是我們多元化策略按預期發揮作用的體現。

Let me turn to the results. Given the results in China in the fourth quarter of last year, the sequential trend is more tiling measure. Group volume rose 5% sequentially to RMB45 billion and the revenue moved in stack, up 6% to RMB3.4 billion.

接下來我談談業績表現。鑑於去年第四季中國市場的表現，環比趨勢更能反映實際情況。集團交易量環比成長5%至人民幣450億元，營收亦同步上升，成長6%至人民幣34億元。

Net profit was RMB427 million, up 1%. But the figure we are most encouraged by is overseas, RMB54 million in operating profit, up 17% sequentially. Overseas now account for roughly 27% of group revenue, and that share will keep rising for the rest of the year.

淨利潤為人民幣4.27億元，年增1%。但我們最受鼓舞的是海外業務：營業利潤人民幣5,400萬元，環比成長17%。海外業務目前約占集團營收的27%，且該占比在今年剩餘時間將持續提升。

Now, let me dive into the two segments, starting with our Chinese Mainland. At a high level, we booked RMB41 billion in loan volume, up 6.5% quarter-over-quarter, a healthy continuation of the recovery that began at the beginning of 2026. That said, the industry was riddled by an isolated credit incident, which adversely impacts the risk and funding dynamics. I will walk you through in a bit.

接下來我將深入介紹兩大業務板塊，先從中國大陸業務開始。從整體來看，我們錄得人民幣410億元的放款量，環比成長6.5%，延續了自2026年初開始的復甦趨勢，且表現健康。不過，行業近期受到一起孤立的信用事件影響，對風險與資金端動態造成不利衝擊。我稍後會進一步說明。

Right now, we are watching three priorities closely: asset quality, fundings, and regulation.

目前，我們正密切關注三項重點：資產品質、資金端，以及監管。

First, asset quality. Coming into 2026, we expected a gradual recovery following the regulatory result in the fourth quarter of last year to quarter three that laid out as we expected through the first half, risks continue to ease through the second quarter. C2M2 came down again from 0.68% to 0.56%. So we grew the book selectively, focusing on the high-quality repeat borrowers as we know will. The strategy generated 6% sequential growth in unique borrowers while keeping credit quality firm. Vintage credit cost was steady at roughly 2.7%.

首先是資產品質。進入2026年後，我們預期在去年第四季監管結果落地後，風險將逐步修復；截至第三季的走勢基本符合預期，上半年亦如我們所料，風險在第二季持續緩解。C2M2再次下降，從0.68%降至0.56%。因此我們採取更為審慎的增長方式，選擇性擴張資產規模，聚焦於高品質的復借客群，這也是我們一貫的做法。該策略在保持信用品質穩健的同時，使獨立借款人數環比成長6%。分期（vintage）信用成本維持在約2.7%的穩定水準。

The environment has since turned in July. An isolated credit event led institutional funding partner to reduce funding for loan facilitation. Many smaller platform either exited or sharply cut loan origination. Separately, a regulation campaign around the collection industry has tightened the collection capacity across the industry.

不過，環境在7月之後出現轉向。一起孤立的信用事件導致機構資金合作夥伴降低對助貸業務的資金投放。許多較小的平台要麼退出市場，要麼大幅削減放款撮合規模。此外，針對催收行業的監管整治行動，也使全行業的催收能力趨於收緊。

Together, this creates a risk headwind for us in the coming quarters. While it is in the early stage, we are staying cautious on the risk of our portfolio.

上述因素疊加，將在未來幾個季度為我們帶來風險面的逆風。雖然目前仍處於早期階段，但我們將對投資組合風險保持審慎。

On funding, let me be direct. The same tightening states behind our funding outlook. Our own funding held up well in the second quarter, but beginning in July, we are seeing the industry as a whole tighten. As an institution turn more cautious, for us, that could meaningfully lower our origination volume and some upward pressure on funding costs.

關於資金端，我直說。同樣的收緊態勢也影響我們對資金端的展望。我們自身在第二季的資金供給仍表現穩健，但自7月起，我們看到整個行業的資金面開始收緊。隨著機構變得更為謹慎，對我們而言，這可能會顯著降低我們的放款撮合量，並對資金成本帶來一定上行壓力。

Here is how we are managing it. Our balance sheet and liquidity give us room, and our asset quality and the compliance record might turn more when funding partners get selected. We've already begun allocating liquidity towards our China funding base and will prioritize funding stability over near-term growth until the environment normalizes.

我們的應對方式如下。我們的資產負債表與流動性為我們提供了緩衝空間；同時，我們的資產品質與合規紀錄，可能在資金合作夥伴進行篩選時更具優勢。我們已開始將流動性更多配置至中國的資金來源基礎，並將在環境恢復正常之前，把資金穩定性置於短期增長之上。

On regulation, the new fee disclosure requirements took effect on August 1, and we are compliant. So online marketing rules take effect at the end of September, and we are already working with our partners to be ready.

在監管方面，新的費用揭露要求已於8月1日生效，我們已符合相關規定。線上行銷規則將於9月底生效，我們也已在與合作夥伴協作，確保做好準備。

Now, let's move on to the Overseas segment. Our Overseas segment is performing well. Volume rose 19% year over year, and the revenue reached RMB930 million, up 18%. More important, these numbers are backed by real demand. Our unique borrowers more than doubled from a year ago to 5.3 million.

現在，讓我們進入海外業務板塊。我們的海外業務板塊表現良好。交易量同比增長19%，營收達到人民幣9.30億元，同比增長18%。更重要的是，這些數字有真實需求作為支撐。我們的獨立借款人數較去年同期增加一倍以上，達到530萬。

Over the past two years, we have reached several important milestones. We have built a diversified portfolio of markets, where temporary weakness in any one country can be offset by strength in the others.

在過去兩年中，我們達成了幾個重要里程碑。我們建立了多元化的市場組合，使得任何單一國家的短期疲弱都能被其他市場的強勁表現所抵消。

Last year, we absorbed an interest rate cap in Indonesia on the strength of the Philippines. This quarter, we deliberated back origination as a new rate cap took effect in the Philippines. And that gap was fueled by structural growth in Indonesia and the progress we keep making in our newest market, Australia.

去年，我們憑藉菲律賓市場的韌性，消化了印尼的利率上限影響。本季度，隨著菲律賓新的利率上限生效，我們審慎地回調了放款發起規模。而這一缺口由印尼的結構性增長以及我們在最新市場澳洲持續取得的進展所填補。

As the country's market is balanced and as we add more profitable markets, our growth trajectory would be increasingly predictable and certain.

隨著各國市場更趨均衡，且我們新增更多高盈利市場，我們的增長軌跡將愈發可預測且更具確定性。

Our playbook remains the same, product expansion and customer upgrade. We use a broad portfolio of easy-to-use financing products to attract customers to try out and progressively cross sell other credit solutions to build better unit economics over time.

我們的打法保持不變：產品擴張與客戶升級。我們以多元、易用的融資產品組合吸引客戶試用，並逐步交叉銷售其他信貸解決方案，從而隨時間推移建立更佳的單位經濟效益。

In Indonesia, off-line buy now, pay later continued to lead the growth. Our partnership inverse offline consumption scenarios continue to proliferate. Offline buy now, pay later is now around 25% of the volume comparing to single-digit contribution a year ago.

在印尼，線下「先買後付」持續引領增長。我們在多元線下消費場景中的合作夥伴關係持續擴展。線下「先買後付」目前約佔交易量的25%，而一年前仍僅為個位數占比。

In the Philippines, the rate cap took effect this quarter. We slowed down deliberately to protect quality. The same approach we have taken through past transition and growth has typically returned once the new pricing settles in.

在菲律賓，利率上限於本季度生效。我們為了保護資產質量而有意放緩節奏。過往在轉型與增長期我們採取同樣做法，通常在新定價機制穩定後，增長便會恢復。

In Australia, we further expanded our offerings to large ticket size, lower interest rate to attract consumers with strong credit profiles for higher credit limit. While this is still preliminary, we plan to continue to pursue customer upgrade as a core strategy.

在澳洲，我們進一步將產品擴展至更大額度、較低利率的方案，以吸引信用狀況良好的消費者，並提供更高的授信額度。儘管目前仍處於初期階段，我們計劃繼續將客戶升級作為核心策略推進。

We also made further investments in building the open banking infrastructure giving us direct sight to bank statement data and a far sharper rate on each borrower.

我們也進一步投入建設開放銀行基礎設施，使我們能直接獲取銀行對帳單數據，並對每位借款人進行更精準的定價。

Finally, ESG. In our business, trust is everything. In June, we published our east annual ESG report. On fraud prevention, we made 60 upgrades to our antifraud system, flagged more than 9,000 suspicious activities each day and blocked over 17,000 fraud attempts. We also launched our own consumer protection system, Golden State Mail.

最後談ESG。在我們的業務中，信任至關重要。6月，我們發布了最新年度ESG報告。在反欺詐方面，我們對反欺詐系統進行了60項升級，每天標記超過9,000起可疑活動，並阻止逾17,000次欺詐嘗試。我們也推出了自有的消費者保護系統「Golden State Mail」。

It systematically integrates early risk warnings, compliant analysts, company unit and data dashboards to drive consumer protection governance from post incidents handling towards proactive volume, and those results 74.5% of cases on first contact, with customer satisfaction at 98.5%.

該系統將早期風險預警、合規分析、公司單元與數據儀表板進行系統化整合，推動消費者保護治理從事後事件處理轉向主動預防，並使74.5%的案件在首次聯繫時即獲解決，客戶滿意度達98.5%。

With that, let me hand it to Alexis for a closer look at numbers.

接下來，我把時間交給Alexis，請她帶大家更深入看一下數據。

Thank you, Tim, and hello, everyone. Let me walk you through our key results for the second quarter. And please refer to our earnings press release for further details.

謝謝你，Tim，大家好。我來帶大家回顧我們第二季度的關鍵業績結果。更多細節請參閱我們的業績新聞稿。

Now, let me discuss each of the segments. First, China. Micro in China remains in our gradual recovery model. China's real GDP growth slowed down from 5% in first quarter to 4.3% in the second quarter on the back of subdued household consumer competence. First, in Q2, revenue was RMB2.4 billion, up 8% sequentially, a direct result of recovering loan volume during the quarter. Take rates stabilized at about 3.2%, in line with the first quarter.

現在我來逐一說明各業務板塊。首先是中國。中國的Micro業務仍處於我們的逐步復甦模式中。由於居民消費能力偏弱，中國實際GDP增速從第一季度的5%放緩至第二季度的4.3%。首先，在第二季度，營收為人民幣24億元，環比增長8%，主要源於本季度貸款交易量回升。Take rate穩定在約3.2%，與第一季度一致。

On risk, asset quality, our new loans held steady at 2.7%. Early risk indicators show signs of improvement on outstanding loans. The day 1 delinquency ticked up slightly from 5.2% to 5.3%, while 30-day collection rate strengthened from 87% to 89%. Overall, C2M2 improved to 0.56% and from 0.68%, below the Q3 2025 level.

在風險與資產質量方面，我們新發放貸款的不良率保持在2.7%。早期風險指標顯示存量貸款有所改善。第1天逾期率從5.2%小幅上升至5.3%，而30天回收率從87%提升至89%。整體而言，C2M2從0.68%改善至0.56%，低於2025年第三季度水平。

While discipline to our portfolio of improving credit quality, we are legitimate on the risk uptake following various industry events in July.

在嚴格把控並持續改善組合信用質量的同時，鑑於7月行業內多起事件，我們在風險承擔上保持審慎。

Separately, funding cost shows a further 30 basis points accretion to 3.7%. Institutional funding supply began to tighten towards the end of the quarter, and we expect further upward pressure on funding costs in the coming quarters.

另外，資金成本進一步上升30個基點至3.7%。機構資金供給在季度末開始收緊，我們預計未來幾個季度資金成本仍將面臨進一步上行壓力。

On customer acquisition, we raised our risk appetite for repeated borrowers. Combined with acquisition costs holding at an attractive level, that brought our overall customer acquisition costs down quarter over quarter. As a result, China's operating profit grew 4.3% sequentially to RMB625 million.

在獲客方面，我們提高了對復借客戶的風險偏好。再加上獲客成本維持在具吸引力的水平，使我們整體獲客成本環比下降。因此，中國業務的經營利潤環比增長4.3%至人民幣6.25億元。

Turning to the Overseas. Overseas revenue rose 18% year over year to RMB930 million, partially dragged by our deliberate pullback in loan origination in the Philippines. One priority for our Overseas segment is to balance profitability with growth. By its nature, this business recognized customer acquisition costs and credit loss upfront, while revenue is earned over time.

接著看海外業務。海外營收同比增長18%至人民幣9.30億元，部分受到我們在菲律賓有意回調放款發起規模的拖累。海外業務的一項重點是平衡盈利能力與增長。從業務特性來看，獲客成本與信用損失會在前期確認，而收入則隨時間逐步實現。

Philippines' profit is inherently backloaded and the rapid growth on its own would leave the early years deeply unprofitable. We manage it deliberately against that dynamics, ensuring we deliver profit even as we scale.

菲律賓業務的利潤天然具有後置特徵，若僅追求快速增長，早期年度將會出現較深度的虧損。我們針對這一動態進行有節奏的管理，確保在擴張的同時仍能實現盈利。

The second quarter was a case in point, RMB54 million in operating profit, up 17% quarter over quarter and more than double year over year. Earlier this year, we guided to USD13 million of full year EBITDA. Doubling from last year, we remain confident in delivery.

第二季度就是一個典型例子：經營利潤為人民幣5,400萬元，環比增長17%，同比增長超過一倍。今年早些時候，我們指引全年EBITDA為1,300萬美元。在較去年翻倍的基礎上，我們仍對達成目標充滿信心。

During the quarter, we added 2.2 million new borrowers in the quarter, up 29% sequentially. Offline buy now, pay later operator in Indonesia drove most of the new borrower momentum, a sign that our offline expansion is translating directly into new customers rather than just brand awareness.

本季度我們新增220萬名借款人，環比增長29%。印尼的線下「先買後付」業務貢獻了大部分新增借款人動能，這表明我們的線下擴張正直接轉化為新客戶，而不僅僅是品牌曝光。

The Philippines continued to absorb the impact of the industry's new interest rate cap. We pre-actively scaled back originations this -- over the past two quarters, but the momentum should still restart.

菲律賓仍在消化行業新的利率上限帶來的影響。我們在過去兩個季度已主動縮減放款發起規模，但增長動能仍有望重新啟動。

In Australia, unique borrowers grew 22% sequentially, driven by effective online marketing, a wider product range and a cleaner app experience.

在澳洲，獨立借款人數環比增長22%，主要由有效的線上行銷、更廣的產品範圍以及更清爽的App使用體驗所帶動。

Going into the next quarter, we continue to be mindful of the macros, such as oil price, may impose our currency as well as credit quality in market we operate. On a group basis, net revenue reached RMB3.4 billion up 6% sequentially on the back of higher loan volume. Operating profit came in at RMB529 million, which included a one-off intangible asset impairment of RMB64 million. Excluding that impact, operating profit was up 8% sequentially. Net income was RMB427 million, up 1% sequentially.

展望下一季，我們仍將密切關注宏觀因素，例如油價，這些因素可能會對我們在所營運市場的匯率以及信用品質造成影響。以集團口徑計，受貸款量提升帶動，淨營收達人民幣34億元，較上季成長6%。營業利潤為人民幣5.29億元，其中包含一次性無形資產減值人民幣6,400萬元。剔除該影響後，營業利潤較上季成長8%。淨利為人民幣4.27億元，較上季成長1%。

We had RMB6.4 billion in cash and short-term investments and the leverage is set at 2.1 times, near historical lows. The balance sheet strength gives us the flexibility to navigate a tighter funding environment in China. Our shareholder returns, our capital allocation is clear. We prioritize business growth first and use buybacks as our flexible level thanks to market conditions, trading volume and the share price. In the second quarter, we repurchased USD27.4 million of shares, bringing first half 2026 repurchase to USD66.8 million.

我們持有人民幣64億元的現金及短期投資，槓桿倍數為2.1倍，接近歷史低位。強健的資產負債表使我們能夠靈活應對中國更緊縮的資金環境。在股東回報方面，我們的資本配置策略清晰明確。我們優先支持業務成長，並在市場狀況、成交量及股價等因素下，將回購作為具彈性的工具。第二季我們回購了2,740萬美元的股份，使2026年上半年累計回購達6,680萬美元。

Now, to our outlook. We are reiterating our full year revenue guidance of RMB11.5 billion to RMB12.9 billion based on information currently available. We set a range conservatively at the start of the year given the industry volatility.

接下來談我們的展望。基於目前可得資訊，我們重申全年營收指引為人民幣115億元至129億元。鑑於產業波動性，我們在年初設定該區間時採取了較為保守的態度。

Our first-half performance tracked ahead of our internal plan. That gives us a cushion. The other performance we delivered in the first half year helps absorb the softer second half we now expect as funding and credit conditions tighten. Given that near-term pressure, we would expect to land in the lower part of the range unless the operating environment substantially changes.

我們上半年表現優於內部計畫。這為我們提供了緩衝空間。上半年所取得的其他成果，有助於吸收我們目前預期在資金與信用條件收緊下，下半年可能出現的走弱。在短期壓力之下，除非營運環境出現顯著變化，否則我們預期結果將落在指引區間的較低端。

To sum up, China is moving through a transition that we believe will favor players with strong compliance and operational know-how. Overseas is becoming a second growing source of profit. We go into the third quarter clear-eyed about the funding and the regulatory pressure ahead and committed to the same execution that has carried us this far.

總結而言，中國正處於轉型期，我們相信這將有利於具備強合規能力與營運專業的參與者。海外業務正成為第二個成長中的獲利來源。我們以清醒的態度迎接第三季，充分認知前方的資金與監管壓力，並承諾延續一路以來支撐我們走到今天的同樣執行力。

Across capital allocation and operations, we are focused on one goal, lasting, compounding returns for our shareholders.

在資本配置與營運兩方面，我們聚焦於一個目標：為股東創造可持續、複利式的回報。

Thank you. We will now hand the call to the operator for questions.

謝謝。接下來我們把電話交給接線員進行提問環節。

Cindy Wang, China Renaissance.

Cindy Wang，中金公司（China Renaissance）。

(spoken in Chinese) Thanks for taking my call. I have two questions here. First, following the GG pattern incident, what business adjustment did the company make to ensure risk control. What is the current funding supply situation? And will the recent exit of small size platform would lead to a resurgence of industry risk? And what are the recent changes in the company's early risk indicators?

（中文發言）感謝接聽我的提問。我這裡有兩個問題。第一，GG模式事件之後，公司做了哪些業務調整以確保風險控制？目前資金供給情況如何？近期小型平台退出是否會導致行業風險再度上升？公司近期的早期風險指標有哪些變化？

Second, what is the current interest rate adjustment situation in Philippines? And will they affect the growth rate of overseas new loan volume this year?

第二，菲律賓目前的利率調整情況如何？是否會影響今年海外新增放款量的成長速度？

Thank you.

謝謝。

Thank you, Cindy. I will take your questions. I think you have two questions, and your first question is a very big and multipart question. So I will break it into different pieces. Okay?

謝謝你，Cindy。我來回答你的問題。我理解你有兩個問題，而第一個問題非常大且包含多個部分。所以我會把它拆成幾個部分來回答。可以嗎？

Let's start with what we are seeing on the funding side. After the event, the credit and the liquidity issues at the individual platform did trigger some broader volatilities in the funding across the long-position industry. So the first impact is the tightening appetite of the financial institutions. The event is concerns about the financial institutions about the funding flow safety and the compliance of the platform. Since July, a lot of institutions have launched internal self-checks and do some reviews for their partners. Some of them paused the business doing the process, took up weight and the approach. So that's led to a fairly sharp near-term pullback in funding supply across the whole market.

先從資金端的情況談起。事件發生後，個別平台的信用與流動性問題確實引發了整個長尾行業在資金端更廣泛的波動。因此第一個影響是金融機構的風險偏好收緊。該事件使金融機構擔憂資金流向的安全性以及平台的合規性。自7月以來，許多機構啟動了內部自查，並對合作夥伴進行審核。其中一些機構暫停了業務流程，重新評估權重與方法。因此，整體市場的資金供給在短期內出現了相當明顯的回撤。

I think most of the small and middle-sized platforms have either exited or pulled back sharply on lending. And we are relatively less impact, but our China volume was down around 50% in July. And looking at August, we believe institutional confidence has started to stabilize. But the funding recovery is still coming back at a slower pace.

我認為大多數中小型平台要麼已退出，要麼大幅收縮放貸。我們受到的影響相對較小，但我們在中國的放款量在7月下降了約50%。展望8月，我們認為機構信心已開始趨於穩定。但資金端的恢復仍以較慢的速度回升。

Yes. And what we have done to adjust our business for the challenge, okay, so first is on transparency. We have worked very closely with our financial institution partners, gives them the visibility into our fund flows and the repayment path, kept everything in a very clear and close loop capacity process. We believe it will help to ease their concerns. And secondly, during this period, we have prioritized the quality over the scale, further refined our customer segmentation, raised the underwriting bar, and prioritized the fundings for our high-risk quality customers.

是的。至於我們為應對挑戰所做的業務調整，首先是在透明度方面。我們與金融機構合作夥伴非常緊密，向他們提供資金流向與還款路徑的可視性，並在非常清晰且閉環的流程能力下管理所有環節。我們相信這將有助於緩解他們的疑慮。其次，在此期間我們更重視品質而非規模，進一步細化客群分層，提高承保門檻，並優先將資金配置給我們高品質的客戶。

And then turn to the funding outlook. I think over the long term, financial institutions will keep reducing their exposure to those small platforms and focus on the big platforms that they are combined, well capitalized and have a strong risk track record. That's where we see it. I can show some figures.

接著談資金端展望。我認為從長期來看，金融機構會持續降低對小型平台的曝險，並把重點放在他們認為合規、資本充足且具備良好風險紀錄的大型平台上。這就是我們所看到的趨勢。我可以提供一些數據。

In the second quarter, we had RMB6.4 billion in cash and short term investments. Our cash flows stayed solid through July and August. And the latest number is RMB7.5 billion. At our top net, we have got roughly RMB5 billion in highly liquidity assets. I mean those cash, we can recover very quickly year-on-year term.

第二季我們持有人民幣64億元的現金及短期投資。我們在7月與8月的現金流仍保持穩健。最新數字為人民幣75億元。此外，在我們的Top net（頂層淨額）層面，我們約有人民幣50億元的高流動性資產。也就是說，這些現金我們可以在很短時間內快速回收。

So the aggregation number is 12.5 billion in total. Okay? That gives a real resilience and forms the foundation for our leading position in this industry and our long-term relationships with the founding partners. We think in near term, there will still be some volatility as the institutions still need time to rebuild their risk appetite and work through their process reviews.

因此合計總額為人民幣125億元。好嗎？這提供了真正的韌性，並構成我們在行業中領先地位以及與資金合作夥伴長期關係的基礎。我們認為短期內仍會有一些波動，因為機構仍需要時間重建風險偏好並完成其流程審查。

So maybe in the next one or two quarters, I think it comes down to two things.

所以也許在接下來一到兩個季度，我認為主要取決於兩件事。

First, it depends on how fast institutions get through their self-checks and system fix. The pace varies a lot case by case. So industry-wide, the recovery hasn't quite caught up yet.

第一，取決於機構完成自查與系統修復的速度有多快。不同機構的進度差異很大，需視個案而定。因此在全行業層面，復甦進度尚未完全跟上。

Secondly, I think whether the broader credit environment stays stable as (inaudible) and assets keep exiting and assuming there is no new extreme event, so in that case, I would expect risk appetite and confidence to gradually come back with the self-check wrap-up.

其次，我認為更廣泛的信貸環境是否能保持穩定，隨著（聽不清）以及資產持續出清，並且假設沒有新的極端事件發生；在這種情況下，我預期隨著自查收尾，風險偏好與信心會逐步回升。

Okay. And last, I will talk about our early risk indicators. This runoff funding tightened also overlapped with the regulatory action in the collection industry at the end of July. So collection resource got tighter. And the recovery efficiency took a bit of hit, too. That's added some challenges on top.

好的。最後，我來談談我們的早期風險指標。這次資金出清導致的資金收緊，也與7月底催收行業的監管行動重疊。因此催收資源變得更緊。回收效率也受到了一點影響。這在原有基礎上又增加了一些挑戰。

Okay. Actually, we have seen some movement in our early risk indicators. As a result, our latest reading is up around 20% versus the second quarter. Given all of that, we are seeing profit focus reiterating scale. We are also taking a more conservative posture on shopping, how we identify higher-risk borrowers, speeding up model integration and tightening the acquisition spend. All our goal is protecting our unit economics.

好的。其實，我們已經看到早期風險指標出現一些變化。因此，我們最新讀數較第二季上升約20%。綜合以上，我們看到公司更強調利潤、重申規模。我們也在獲客上採取更保守的姿態：如何識別更高風險借款人、加快模型整合、並收緊獲客投放支出。我們的目標都是為了保護單位經濟效益。

So that's my answer for your first question.

以上是我對你第一個問題的回答。

And your second question is about Philippines. Okay? The Philippines rolled out a new interest rate cap effective from April 1. So heading into that, we took a pretty deliberate cultured approach in the first half. We actually slowed down the originations on purpose to give ourselves room to adjust the business.

你的第二個問題是關於菲律賓。好的？菲律賓自4月1日起實施新的利率上限。因此在此之前，我們在上半年採取了相當審慎、有節奏的做法。我們其實是有意放慢放款，以便給自己留出調整業務的空間。

Yes. Short-term volume in the Philippines did take a hit, as we have mentioned before. But based on our experience, navigating similar pricing adjustment in Indonesia before, we believe this kind of recovery typically takes about two or three quarters. So we expect the Philippines business will return to growth in the third quarter.

是的。如我們之前提到的，菲律賓的短期放款量確實受到影響。但根據我們過去在印尼應對類似定價調整的經驗，我們認為這類恢復通常需要大約兩到三個季度。因此我們預期菲律賓業務將在第三季恢復成長。

And after the adjustment, the new regulatory framework saying and as our mix shift further towards high-quality borrowers, we have still got room to optimize both credit costs and funding costs and the gold peaks back up from there. A little bit clear.

而在調整之後，在新的監管框架之下，且隨著我們的客群結構進一步向高品質借款人傾斜，我們仍有空間同時優化信用成本與資金成本，並使利潤率從那裡回升。更清楚一些。

In the Philippines, I think we are not just cutting prices to comply with the new rules. We are using this as a chance to push deeper structure upgrade across the business. For example, on the risk side, we have raised our underwriting bar and the pullback on the marginal segment where risk and returns were not done yet; while growing the share of higher-quality borrowers, the ones with more stable repayment behavior and better repeated borrowing performance.

在菲律賓，我認為我們不只是為了符合新規而降價。我們也把這當作一個機會，推動全業務更深層次的結構升級。例如在風控方面，我們提高了授信審核門檻，並從邊際客群回撤——那些風險與回報尚未匹配的客群；同時提升高品質借款人的占比，也就是還款行為更穩定、復借表現更好的客群。

And on the product side, we are continuing to diversify beyond online cash loan product. We have expanded into more senior-based products like our buy now, pay later product with the local smart shop campaign and car sale. That let us more beyond a single cash loan product into a broader range of consumption and payment use case.

在產品方面，我們也持續在純線上現金貸產品之外做多元化。我們已擴展到更偏場景化的產品，例如結合本地 smart shop 活動與汽車銷售的「先買後付」產品。這讓我們能從單一現金貸產品，拓展到更廣泛的消費與支付使用場景。

So we can match our better quality customers with the right credit line, tenure and the product and then build the lifetime value to repeat borrowing.

這樣我們就能為更高品質的客戶匹配合適的授信額度、期限與產品，進而建立其終身價值並促進復借。

Now, zooming out to the overseas business as a whole, the fee adjustment in the Philippines in the first half doesn't change the overall growth trajectory for our overseas markets. And there is really, thanks to our -- the multi-market point.

現在把視角拉到整體海外業務，上半年菲律賓的費率調整並不會改變我們海外市場的整體成長軌跡。而且確實要歸功於我們——多市場佈局這一點。

The Q2 pullback in Philippines was largely offset by the strong growth in our Indonesia and Australia market. So heading to the second half, we expect the momentum in Indonesia and Australia to continue. And also, we expect the Philippines to work through this adjustment period to get back to [secretion] goals.

菲律賓第二季的回撤，基本上被我們印尼與澳洲市場的強勁成長所抵消。因此展望下半年，我們預期印尼與澳洲的動能將延續。同時，我們也預期菲律賓會度過這段調整期，回到（聽不清）目標。

So for the full year, we are well confident to expect the overseas volume to grow at a double-digit rate year-over-year.

因此就全年而言，我們很有信心預期海外放款量將實現同比雙位數成長。

Alex Ye, UBS.

UBS 的 Alex Ye。

(spoken in Chinese) So I'll translate for my question. First question is about the funding cost. So what has been the latest funding cost in recent months compared to Q2? And what's your expectation for the coming one to two quarters? Second question is that given funding supply has become a major bottleneck at the moment, so is there any adjustment that the company is going to make with regard to the utilization of your self-capital?

（中文發言）我來用中文提問。第一個問題是關於資金成本。最近幾個月的最新資金成本相較第二季如何？以及你們對未來一到兩個季度的預期是什麼？第二個問題是，鑑於目前資金供給已成為主要瓶頸，公司是否會就自有資金的使用做出任何調整？

So -- and in related to, how should we think about the peso buyback in the coming one to two quarters? Thank you.

另外，相關地，未來一到兩個季度我們應該如何看待比索回購（peso buyback）？謝謝。

Okay. Thank you, Alex. Yes. Your first question is about funding. Yes, we are seeing funding costs in the third quarter relatively to the second quarter, up about -- around 30 basis points in July and we expect the gradual upward trend to continue over the next quarter or two.

好的。謝謝你，Alex。是的。你的第一個問題是關於資金。是的，我們看到第三季相較第二季，資金成本有所上升——7月大約上升了30個基點，我們預期未來一到兩個季度這種緩步上行的趨勢會延續。

So just given the further funding environment in China right now. And we believe short-term funding volatility is largely a matter of competence.

主要是考慮到目前中國的整體資金環境。我們認為短期資金波動在很大程度上是能力問題。

So over the long run, we don't see the competitiveness of the quality asset strategy. If anything, it will only get stronger.

但從長期來看，我們不認為優質資產策略的競爭力會受到影響。如果有什麼變化，那只會變得更強。

Your second question is about the capital deployment and the buyback pace. So recently, the funding tightness from that the industry extend has matched by a lot of financial institutions, more focused on the compliance and the capital strength, and on our side, we are leading into our own strong balance sheet and ample cash reserves. We have showed the figures before. We are offering a solid safety caution and credit enhancement in our funding partnerships to work with them to build the institutional confidence and speed up the recovery.

你的第二個問題是關於資本投放與回購節奏。近期，行業層面的資金收緊，使得許多金融機構更加聚焦合規與資本實力；而我們這邊，依託自身強勁的資產負債表與充裕的現金儲備。我們之前也披露過相關數據。我們在資金合作中提供了扎實的安全緩衝與信用增級，與合作方一起建立機構信心並加快恢復。

Now, we are also looking at exploring the possibilities at the capital injections into our license business, for example, the micro lending company, as a way to diversify our funding sources and improve the stability. So that's for our China business.

同時，我們也在探索向持牌業務注資的可能性，例如小額貸款公司，以此作為多元化資金來源、提升穩定性的方式。以上是針對我們的中國業務。

And on the other side, even in the short term, there are some pressures in the China market. Our long-term overseas build-out is already paying off. We are moving into a profitable base. So gradually, we have also noticed a lot of our peers accelerating their own overseas business literally. But for us, that's value two things.

另一方面，即使短期內中國市場存在一些壓力，我們長期的海外佈局已經開始見效。我們正在邁向盈利基礎。因此，我們也逐步注意到不少同業正在加速其海外業務佈局。但對我們而言，這說明了兩點。（承上）

We were ahead of our -- the curve on this and the strategy itself was the right one. So with a mature skilled overseas business already in place, we have got a lot more patience and confidence to navigate the bonds in China. If anything, that's made us even more committed to exploring investment overseas. For example, the Fundo acquisition in Australia the first quarter last year also gave us valuable experience entering the new markets through M&A. So going forward, replicating the playbook through the capital allocation may be the smart move and can really help us to drive a healthy and faster growth overseas business.

第一，我們在這件事上走在曲線之前，而這個策略本身是正確的。因此，在已經建立起成熟且有能力的海外業務基礎之下，我們更有耐心與信心去應對中國市場的波動。如果有什麼影響，那就是讓我們更堅定去探索海外投資。例如，去年第一季在澳洲收購 Fundo，也讓我們累積了透過併購進入新市場的寶貴經驗。因此展望未來，透過資本配置複製這套打法可能是更明智的選擇，也能真正幫助我們推動海外業務更健康、更快速的成長。

And the last on the buyback pace. Yes, as we have mentioned, we will prioritize the study operations in business first, the said business in China and the fast growth business in overseas market. And from there, we will keep the flexibility to execute the buyback plan based on the share price and the market and liquidity. But it will not change our long-term direction on shareholder returns. We will remain committed to return the capital to maximize the long-term shareholders' value.

最後一點關於回購節奏。是的，如我們先前提到的，我們會優先把資源放在業務的經營與研究上，包含中國的相關業務以及海外市場的高速成長業務。在此基礎上，我們將依據股價、市場狀況與流動性，保持執行回購計畫的彈性。但這不會改變我們在股東回報上的長期方向。我們將持續致力於回饋資本，以最大化長期股東價值。

Okay, operator, please continue.

好的，接線員，請繼續。

Yoyo Fan, CICC.

Yoyo Fan，中金公司。

(spoken in Chinese) Thanks for taking my question. This is Yoyo Fan from CICC. My question is on overseas business. We can see that the overseas business is well on track based on the first half-year data. So looking ahead to the second half of this year, what will be the key drivers of our overseas profit growth? Thank you.

（中文發言）感謝讓我提問。我是中金公司的 Yoyo Fan。我的問題關於海外業務。我們看到根據上半年數據，海外業務進展良好。展望今年下半年，推動我們海外利潤成長的關鍵驅動因素會是什麼？謝謝。

Okay, thank you, Yoyo. Before I get in to the specific drivers for the second half, let me give you a bit of context. Looking back at how our overseas business has developed, I would say it has been marked by a real foresight and the proactivity strategy from the start. Back in 2018, eight years ago, what we're trying to be is we're still enjoying strong growth, the group.

好的，謝謝你，Yoyo。在我談下半年具體驅動因素之前，先補充一些背景。回顧我們海外業務的發展，我會說從一開始就展現出真正的前瞻性與主動的策略。早在 2018 年，也就是八年前，我們當時所追求的是——我們仍在享受集團的強勁成長。

We have already made the global expansion and long-term strategic priority. So over the past eight years, we have steadily built up our overseas foundation, securing license, establishing the local operations and building out our fundings ecosystem.

我們已將全球擴張確立為長期的戰略優先事項。因此在過去八年裡，我們穩步夯實海外基礎，取得牌照、建立本地營運，並打造我們的資金生態系。

We proved that the model from 0 to 1 in Indonesia and then replicate the experience in Philippines and the other countries and acquired the Fundo and entering the Australia, upgraded the whole approach into what we are now called the strategy, LEGO+.

我們在印尼驗證了從 0 到 1 的模式，之後將經驗複製到菲律賓及其他國家，並收購 Fundo、進入澳洲，將整體方法升級為我們現在所稱的策略：LEGO+。

As the years of deliberate groundwork and sustained investment, that allowed our overseas business to become what it is today, a material second profit engine, delivering steady and meaningful profit for the group. And then let me get into the details in the second half.

多年來有計畫的打底與持續投入，使我們的海外業務發展到今天，成為集團重要的第二成長引擎，為集團帶來穩定且具意義的利潤貢獻。接下來我談談下半年的細節。

Looking ahead, we expect our three major overseas markets to work together in a very fairly commensurate way. Indonesia contributed the bulk of the incremental growth and the Philippines gradually recover and Australia continued its rapid expansion.

展望未來，我們預期三個主要海外市場將以相當均衡、相互匹配的方式共同發力。印尼將貢獻大部分的增量成長；菲律賓將逐步復甦；澳洲則延續快速擴張。

For Indonesia, which is the largest one, it already accounts for more than 50% of both our overseas volume and revenue. Even with the seasonal drag from the (inaudible), we still delivered a solid 13% growth versus the second half year 2025 in the first half.

就印尼而言，作為最大市場，它已占我們海外交易量與收入的 50% 以上。即使受到（聽不清）帶來的季節性拖累，我們在上半年相較於 2025 年下半年仍實現了穩健的 13% 成長。

So the second half trends to benefit from the traditional peaks season. So we would expect some further improvement in growth. We are also continuing to build out offline buy now, pay later products through our multifinance lessens. And the customer segment tends to be high quality, longer tenure, and the larger ticket size, which will help us to keep improving our overall customer mix and finally drive the healthy returns. That's for Indonesia.

因此，下半年趨勢將受益於傳統旺季。我們預期成長將進一步改善。我們也將透過多元金融（multifinance）牌照，持續拓展線下「先買後付」產品。該客群通常品質更高、期限更長、單筆金額更大，將有助於持續優化整體客戶結構，並最終帶動健康的回報。以上是印尼部分。

And on the Philippines, in the first half, we made a deliberate choice to tighten up in response to the new interest rate cap to raise our underwriting standards and the cleanup of our customer mix. So after the new price environment stabilized, we would expect the Philippines volume to start recover sequentially in the second half.

至於菲律賓，上半年我們因應新的利率上限，刻意選擇收緊策略，提高承保標準並清理客戶結構。在新的定價環境趨於穩定後，我們預期菲律賓的交易量將在下半年按季開始回升。

And as the share of the high-quality customers keep rising, that will continue to bring risk down and support the ongoing improvement in the unit economics. And for Australia, as the new start, seeing our overseas expansion, it's very high compliance, high-value developed market and the growth has been fast since we consolidated at the end of last year.

隨著高品質客戶占比持續提升，風險將進一步下降，並支持單位經濟效益（unit economics）的持續改善。至於澳洲，作為我們海外擴張的新起點，這是一個高合規、高價值的成熟市場；自我們在去年底完成併表以來，成長一直很快。

And in the second quarter, unit borrowers were up 22% quarter over quarter. It drove the volume to 70% sequentially. So we would expect Australia to keep going for up to double-digit sequential growth in the second half.

在第二季，單位借款人數按季成長 22%。帶動交易量按季成長 70%。因此我們預期澳洲在下半年仍可維持雙位數的按季成長。

Given the Australian customer tends to have the larger ticket size and better with the performance overall, we think Australian contribution overseas profit will keep increasing as the customer base grows and more of our acquisition shifts to our powering gaps. So that's for our three major overseas market.

鑑於澳洲客戶通常單筆金額更大、整體表現也更佳，我們認為隨著客戶基礎擴大，且更多獲客轉向我們的自有流量入口（powering gaps），澳洲對海外利潤的貢獻將持續提升。以上是三個主要海外市場的情況。

And yes, summary, okay, our overseas business is no longer dependent on any single market is that a build out three things working together and maybe in the near future, it will be more countries added in. Border product diversification, continued customer mix upgrade and our legal -- global platform, so together, we have built a core regional growth structure that is really resilient through the cycle.

總結來說，我們的海外業務已不再依賴任何單一市場，而是由三個市場協同推進；在不久的將來，也可能會加入更多國家。更廣的產品多元化、持續的客戶結構升級，以及我們的 LEGO+ 全球平台，三者共同構建了具備穿越週期韌性的區域核心成長架構。

That's what gives us the ability to bind the regulator ships in any single market and stay on track towards the long-term goal. We have an ambitious target by 2030. We expect the overseas revenue will reach more than 50% of the total group revenue.

這使我們有能力因應任何單一市場的監管變化，並持續朝長期目標前進。我們在 2030 年有一個具企圖心的目標。我們預期海外收入將達到集團總收入的 50% 以上。

Okay. That's all for my answer.

好的。我的回答就到這裡。

Questions now, I would like to turn the call back over to the company for closing.

接下來沒有問題了，我想把電話交回公司作結語。

Thank you. Thank you once again for joining us today. If you have any further questions, please reach out to the Investor Relations team. Thank you very much.

謝謝。再次感謝各位今天參與。如有任何進一步問題，請聯繫投資者關係團隊。非常感謝。

This conference call, thank you for your participation. You may now disconnect your lines. Thank you.

本次電話會議，感謝各位的參與。您現在可以掛斷電話線。謝謝。