Jiayin Group Inc (JFIN) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Jiayin Group's second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time.

女士們、先生們，大家好。感謝您的支持，歡迎參加嘉銀集團2025年第二季財報電話會議。（操作員指示）提醒一下，我們正在錄製今天的通話。如果您有任何異議，您可以立即斷開連接。

I will now turn the call over to [Mr. Sam Lee] from Investor Relations of Jiayin Group. Please proceed.

現在我將電話轉給嘉銀集團投資者關係部門的 Sam Lee 先生。請繼續。

Thank you, operator. Hello, everyone. Thank you all for joining us today -- on today's conference call to discuss Jiayin Group's financial results for the second quarter of 2025. We released our earnings results earlier today. The press release is available on the company's website as well as from Newswire services.

謝謝您，接線生。大家好。感謝大家今天參加我們的電話會議，討論嘉銀集團 2025 年第二季的財務表現。我們今天早些時候公佈了盈利結果。新聞稿可在該公司網站以及新聞專線服務上查閱。

On the call with me today are Mr. Yan Dinggui, Chief Executive Officer; Mr. Fan Chunlin, Chief Financial Officer; and Ms. Xu Yifang, Chief Risk Officer.

今天與我一起參加電話會議的有執行長嚴定貴先生、財務長範春林先生和首席風險官徐怡芳女士。

Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today.

在我們繼續之前，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做出的前瞻性陳述。前瞻性陳述涉及固有風險和不確定性。因此，該公司的實際業績可能與今天表達的預期有重大差異。

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

有關這些和其他風險和不確定性的更多資訊包含在公司向美國證券交易委員會提交的公開文件中。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

Also, this call includes discussion of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of the non-GAAP financial measures to GAAP financial measures. Please note, unless otherwise stated, all figures mentioned during the conference call are in Chinese renminbi.

此外，本次電話會議也討論了某些非公認會計準則財務指標。請參閱我們的收益報告，其中包含非 GAAP 財務指標與 GAAP 財務指標的對帳。請注意，除非另有說明，電話會議中提到的所有數字均以人民幣為單位。

With that, let me turn the call over to our CEO, Mr. Yan Dinggui. Mr. Yan will deliver his remarks in Chinese, and I will follow up with corresponding English translation. Please go ahead, Mr. Yan.

說完這些，請容許我將電話轉給我們的執行長嚴定貴先生。閔先生將用中文發表講話，我將隨後提供相應的英文翻譯。嚴先生，請講。

(spoken in foreign language)

（用外語說）

Good afternoon, everyone. Thank you for joining Jiayin Group's Second Quarter 2025 Earnings Conference Call.

大家下午好。感謝您參加嘉銀集團2025年第二季財報電話會議。

(spoken in foreign language)

（用外語說）

In the first half of this year, China has vigorously advanced its special initiatives to boost consumption with total retail sales of consumer goods rising by 5% year on year. Additionally, sixix government departments jointly issued the guiding opinions on financial support for boosting and expanding consumption, aiming to further expand financial supply in the consumption sector.

今年上半年，中國大力推動促進消費專案行動，社會消費品零售總額較去年同期成長5%。此外，六、六個政府部門聯合印發了關於金融支持促進和擴大消費的指導意見，進一步擴大消費領域金融供給。

Against this backdrop, the company has seized market opportunities, leveraged its core strength, accelerated the matching of consumer credit supply and demand and supported the release of household consumption potential.

在此背景下，該公司搶下市場機遇，發揮核心優勢，加速促進消費信貸供需對接，並支持居民消費潛力釋放。

In the second quarter, the company achieved loan facilitation volume of RMB37.1 billion, representing a year-on-year increase of approximately 54.6%, setting a new record. Non-GAAP income from operations reached RMB738 million, up approximately 182% year on year, while net income reached RMB519 million, a year-on-year increase of approximately 117.8%.

第二季度，公司實現貸款促成量371億元，年增約54.6%，創歷史新高。Non-GAAP營業收入達人民幣7.38億元，較去年成長約182%；淨利達人民幣5.19億元，較去年成長約117.8%。

while ensuring compliant operations, the company has successfully achieved its established operational targets and maintained a positive development momentum.

在確保合規經營的同時，公司順利完成了既定的經營目標，並維持了良好的發展動能。

(spoken in foreign language)

（用外語說）

During the reporting period, the company maintained in-depth cooperation with 70 financial institutions with another 58 under active negotiation. We have also been included in the wide list of loan facilitation partners by multiple institutions, which not only recognizes our compliance capabilities, technological strength and brand influence but also helps enhance the sustainability and diversity of funding supply, providing long-term support for stable operations.

報告期間內，公司與70家金融機構保持深度合作，另有58家機構正在積極洽談中。我們也被多家機構納入貸款促成合作夥伴名單，這不僅是對我們合規能力、技術實力和品牌影響力的認可，也有助於提升我們資金供給的可持續性和多樣性，為穩健運營提供長期支持。

Meanwhile, the company is also jointly exploring new business development path under the new regulatory framework with funding partners. Examples include launching joint operation projects to assist financial institutions in connecting with targeted traffic channels, achieving resource integration and complementary advantages through refined scenario engagement and risk control modeling.

同時，公司也正在與資金合作夥伴共同探索新的監管框架下新​​的業務發展路徑。例如開展聯營項目，幫助金融機構對接精準流量管道，透過精細化的場景對接和風控建模，實現資源整合和優勢互補。

To date, we have collaborated with over 10 banks and consumer finance companies with a number and scale of projects continuing to grow, effectively empowering institutional partners and significantly strengthening ecosystem synergies.

目前，我們與超過10家銀行、消費金融公司合作，專案數量和規模持續成長，有效賦能機構合作夥伴，顯著增強生態協同效應。

(spoken in foreign language)

（用外語說）

In the second quarter, we have further enhanced our asset generation and risk pricing capability. Leveraging precise borrower segmentation strategies and more competitive credit limits, the average borrowing amount per repeat borrower increased by 4.8% quarter on quarter and the share of loan facilitation volume rose from 71.9% in the previous quarter to 75.6% in the current quarter, effectively boosting borrower stickiness.

二季度，我們進一步增強了資產產生能力和風險定價能力。透過精準的借款人細分策略和更具競爭力的授信額度，本季復貸客戶平均借款額度較上季成長4.8%，貸後促成額佔比由上季的71.9%提升至75.6%，有效提升了借款人黏性。

We have also achieved multipoint borrower outreach through continuously expanding acquisition channels and a diversified partnership ecosystem. The number of borrowers in the current quarter reached 908,000, representing a year-on-year increase of approximately 33.5%, achieving balanced growth between new and repeat borrowers, which together form the growth resilience of the company.

我們也透過不斷拓展獲取管道和多樣化的合作夥伴生態系統實現了多點借款人拓展。本季借款人數量達90.8萬，年成長約33.5%，實現了新借款人和重複借款人的均衡成長，共同構成了公司的成長韌性。

(spoken in foreign language)

（用外語說）

In terms of risk management, we have continued to increase investment in technology and adhere to a data-driven risk control framework. Key efforts have been focused on building a multimodal anti-fraud system. By extracting voice prints from tens of millions of calls, we have established our own voice print database, which has been applied in multiple business processes such as identifying black and gray market activities and preventing fraud.

在風險管理方面，我們不斷加大科技投入，堅持數據驅動的風控框架。重點致力於建立多模式反詐騙系統。我們透過數千萬通通話提取聲紋，建立了自己的聲紋資料庫，應用於黑灰市識別、防範詐騙等多個業務環節。

Through multidimensional data cross verification and real-time dynamic intelligent recognition, we blocked approximately 320,000 malicious fraud applications in the first half of 2025 and cumulatively identified and intercepted over 460,000 high-risk habitual fraud applications. To address market fluctuations, we customized risk models to assess high-volatility, high-risk users, enhancing risk prediction capabilities.

透過多維度資料交叉驗證和即時動態智慧識別，2025年上半年攔截惡意詐欺應用約32萬個，累計識別並攔截高風險慣性詐欺應用超過46萬個。針對市場波動，我們客製化風險模型，評估高波動、高風險用戶，增強風險預測能力。

As of the end of second quarter, the 90-day plus delinquency ratio remained stable at 1.12%.

截至第二季末，90天以上拖欠率穩定在1.12%。

(spoken in foreign language)

（用外語說）

To continuously strengthen the value of AI technology and empowering our business, the company has focused on building foundational capabilities and scenario-based applications, expanding the breadth and depth of business intelligence.

為不斷強化人工智慧技術價值，賦能業務發展，公司專注於基礎能力建構與場景化應用，拓展商業智慧的廣度與深度。

In the second quarter, we launched a data intelligence assistant with three key agents, effectively reducing the threshold for business R&D and improving data R&D efficiency. In the agent intelligence domain, we have gradually replaced some commercial large language models with post-train self-optimized models, resulting in significant cost reductions and efficiency improvements.

我們在第二季推出了擁有三大核心智能體的資料智慧助手，有效降低業務研發門檻，提升資料研發效率。在代理智慧領域，我們逐步將一些商業化的大型語言模型替換為訓練後自優化模型，從而顯著降低成本並提高效率。

For example, in agent assistance scenarios, the cost of AI-generated conversation summaries decreased by approximately 80% year on year. In terms of infrastructure development, our models optimized through reinforcement learning ranked fifth on the internationally authoritated BIRD evaluation leaderboard, securing the top position among models with the same amount of parameters with a generation accuracy rate reaching 71%.

例如，在座席協助場景中，AI產生的對話摘要的成本比去年同期下降了約80％。在基礎建設方面，透過強化學習優化的模型在國際權威的BIRD評測排行榜上排名第五，在同參數量模型中排名第一，生成準確率達到71%。

This lays a solid foundation for the subsequent implementation in loan facilitation scenarios and the construction of our core competitiveness in data engineering. Meanwhile, the company has built a one-stop self-service R&D platform that supports various business departments in developing and deploying exclusive AI agents as needed.

這為我們後續在貸後場景的落地以及資料工程核心競爭力的建構奠定了堅實的基礎。同時，公司建置了一站式自助研發平台，支援各業務部門依需求開發部署專屬AI代理。

Within just one month, over 200 such agents have been deployed, strengthening internal empowerment and systematically advancing the in-depth implementation of AI across the business ecosystem.

短短一個月內，已部署超過200名這樣的座席，強化內部賦能，系統性地推進AI在業務生態的深入落地。

(spoken in foreign language)

（用外語說）

Unknown Overseas markets remain a critical component of the company's long-term strategic layout. In the second quarter, our Indonesian partners saw robust business growth with loan disbursements increasing by over 200% year on year and registered users growing by approximately 170%. While maintaining compliance, we continue to enhance user accumulation and operational efficiency.

未知海外市場仍是公司長期策略佈局的重要組成部分。第二季度，我們的印尼合作夥伴業務成長強勁，貸款發放量較去年同期成長超過200%，註冊用戶成長約170%。在維持合規的同時，我們不斷加強用戶累積和營運效率。

In Mexico, loan disbursement and registered users both increased by nearly 40% quarter on quarter with a focus on product innovation and optimizing risk control systems. Guided by an open and win-win philosophy, we will continue to collaborate with local partners to unlock the potential of overseas markets.

在墨西哥，貸款發放量和註冊用戶數均較上季成長近40%，重點在於產品創新和優化風控系統。我們將持續秉持開放共贏的理念，與當地合作夥伴攜手，共同挖掘海外市場的潛力。

(spoken in foreign language)

（用外語說）

Recently, we released our 2024 ESG report, which highlights substantial progress in sustainable development. At the corporate governance level, we adhere to leveraging technological innovation to advance inclusive finance. In terms of social responsibility, we have carried out multiple public welfare initiatives focusing on educational support, mental health care for environmental protection.

最近，我們發布了2024年ESG報告，強調永續發展取得了實質進展。在公司治理層面，我們堅持運用科技創新推動普惠金融。在社會責任方面，我們開展了多項公益舉措，重點是教育支持、心理健康關懷、環境保護等。

We have reduced energy intensity and carbon emission intensity through optimized energy and emission management. We have deeply integrated ESG practices into our business operations, fostering a positive cycle among economic returns, social value and low-carbon operations.

我們透過優化能源和排放管理，降低了能源強度和碳排放強度。我們將ESG實踐深度融入業務運營，促進經濟回報、社會價值與低碳營運的良性循環。

(spoken in foreign language)

（用外語說）

Regarding shareholder returns, in July of this year, the company distributed its annual cash dividend. The Board of Directors approved a cash dividend of USD0.8 per ADS with a total dividend amount of approximately USD41.1 million, representing an increase of over 50% compared to last year.

股東回報方面，今年7月，公司派發了年度現金股利。董事會批准派發每股美國存託憑證0.8美元的現金股息，股息總額約4,110萬美元，較去年同期增加50%以上。

In terms of share repurchases, in June, the Board approved extending the current repurchase program's validity period to June 12, 2026. In August, we increased the existing share repurchase plan by an additional USD50 million. We will flexibly adjust cash dividend and share repurchase policies to share development achievements with shareholders and achieve mutual value creation.

在股票回購方面，6月份董事會批准將目前回購計畫的有效期延長至2026年6月12日。8月份，我們將現有的股票回購計畫額外增加了5,000萬美元。靈活調整現金分紅及股份回購政策，與股東共享發展成果，實現共同價值創造。

(spoken in foreign language)

（用外語說）

Looking ahead to the second half of the year, as new loan facilitation regulations are gradually implemented, the policy environment in the Internet finance sector is becoming clearer. We will adhere to the principle of compliance as the foundation and prudent operations, dynamically adjusting our operational pace.

展望下半年，隨著貸便利新規的逐步落地，網路金融領域的政策環境日趨明朗。我們將堅持合規為本、審慎經營的原則，動態調整經營節奏。

The company expects its third quarter 2025 loan facilitation volume guidance to be RMB32 billion to RMB34 billion, with non-GAAP income from operation guidance set at RMB0.49 billion to RMB0.56 billion. Moving forward, we will take compliance as our cornerstone and innovation as our wing, accelerate the building of differentiated competitive barriers and ensuring sustainable and steady growth for the company.

該公司預計2025年第三季貸款促成量指引為人民幣320億元至人民幣340億元，非公認會計準則營業收入指引設定為人民幣4.9億元至人民幣5.6億元。未來，我們將以合規為基石，以創新為翼，加速建構差異化競爭壁壘，確保公司持續穩健成長。

(spoken in foreign language)

（用外語說）

With that, I will now turn the call over to our CFO, Mr. Fan Chunlin. Please go ahead.

現在，我將電話轉給我們的財務長範春林先生。請繼續。

Thank you, Mr. Yan. And hello, everyone, for joining our call today. I will now review our financial highlights for the quarter. Please note that all numbers will be in RMBand all percentage changes refer to year-over-year comparisons, unless otherwise noted.

謝謝嚴先生。大家好，歡迎參加我們今天的電話會議。我現在將回顧本季的財務亮點。請注意，除非另有說明，所有數字均以人民幣為單位，所有百分比變化均指同比變化。

As Mr. Yan noted earlier, we maintained robust growth momentum throughout the second quarter, setting a new record high in business scale. Loan facilitation volume was RMB37.1 billion, representing an increase of 54.6% from the same period of 2024. Our net revenue was RMB1,886.2 million, representing an increase of 27.8% from the same period of 2024. Moving on to costs.

正如閻總剛才提到的，我們第二季保持了強勁的成長勢頭，業務規模創下了歷史新高。貸款促成量為人民幣371億元，較2024年同期成長54.6%。我們的淨收入為人民幣18.862億元，較2024年同期成長27.8%。繼續討論成本。

Facilitation and servicing expense was RMB285.1 million representing a decrease of 53.1% from the same period of 2024. This was primarily due to decreased expenses related to financial guarantee services.

手續費及服務費為人民幣2.851億元，較2024年同期下降53.1%。這主要是由於與財務擔保服務相關的費用減少。

Allowance for credible assets, loans receivable and others were RMB32.5 million compared with RMB3.3 million reversal in the second quarter of 2024, primarily due to the additional cap of overseas guarantees, which the company provided for loan facilitation business conducted by the company's investee in the second quarter of 2025.

信用資產、應收貸款及其他撥備為人民幣 3,250 萬元，而 2024 年第二季度則撥回人民幣 330 萬元，主要由於公司在 2025 年第二季度為被投資單位開展的貸款撮合業務追加了境外擔保額度所致。

Sales and marketing expense was RMB710.5 million, representing an increase of 46% from the same period of 2024, primarily due to an increase in borrower acquisition expenses and commission expenses. G&A expense was RMB110.5 million, representing an increase of 70% from the same period of 2024, primarily driven by an increase in payroll expenses and share-based compensation.

銷售及行銷費用為人民幣7.105億元，較2024年同期成長46%，主要由於借款人獲取費用及佣金費用增加。一般及行政費用為人民幣 1.105 億元，較 2024 年同期成長 70%，主要由於薪資支出和股權激勵費用增加。

R&D expense was RMB108.4 million, representing an increase of 16.8% from the same period of 2024, primarily due to higher share-based compensation as well as increased professional service fees. Non-GAAP income from operations was RMB737.6 million compared with RMB261.6 million in the same period of 2024. Consequently, our net income for the second quarter was RMB519.1 million, representing an increase of 117.8% from RMB238.3 million in the same period of 2024.

研發費用為人民幣 1.084 億元，較 2024 年同期成長 16.8%，主要由於股權激勵費用增加以及專業服務費增加。非公認會計準則營業收入為人民幣 7.376 億元，而 2024 年同期為 2.616 億元。因此，我們第二季的淨收入為人民幣5.191億元，較2024年同期的人民幣2.383億元成長117.8%。

Our basic and diluted net income per share was RMB2.46 compared with RMB1.12 in the second quarter of 2024. Basic and diluted net income per ADS was RMB9.84 compared with RMB4.48 in the second quarter of 2024. We ended this quarter with RMB316.2 million in cash and cash equivalents compared with RMB190.3 million at the end of the previous quarter. With that, we can open the call for questions. Ms.

我們的每股基本和稀釋淨利潤為人民幣 2.46 元，而 2024 年第二季為人民幣 1.12 元。每股美國存託憑證基本及攤薄淨利潤為人民幣 9.84 元，而 2024 年第二季為人民幣 4.48 元。本季末，我們的現金和現金等價物為人民幣 3.162 億元，而上一季末為人民幣 1.903 億元。這樣，我們就可以開始提問了。多發性硬化症。

Xu, our Chief Risk Officer, and I will answer questions. Operator, please proceed.

我和我們的首席風險官徐先生將回答問題。接線員，請繼續。

(inaudible)

（聽不清楚）

I have two questions. The first one is company's loan facilitation business has sustained high growth. How does management view the impact of the new regulations on business going forward? And my second question is what are management's plans around shareholders' returns?

我有兩個問題。一是公司貸款撮合業務持續高成長。管理階層如何看待新法規對未來業務的影響？我的第二個問題是管理階層對股東回報有何規劃？

(spoken in foreign language)

（用外語說）

Thank you for your question. So we sustained high growth this quarter, and this proves our consistent investing and focus in the digitalization and credit technology of our company. And in the future, we'll continue to focus on enhancing operational capabilities through data and AI empowerment to enable financial institutions with our expertise to pursue long-term and quality growth.

感謝您的提問。因此，我們本季保持了高成長，這證明了我們對公司數位化和信貸技術的持續投資和關注。未來，我們將持續致力於透過數據和AI賦能，提升營運能力，幫助擁有我們專業知識的金融機構實現長期、有品質的成長。

(spoken in foreign language)

（用外語說）

Speaking of the new regulation, the specific implementation will probably become more clear in the fourth quarter. At the present, not only for us, but for the entire industry, licensed financial institutions seem to be adopting a more cautious approach to funding supply. And of course, the decisions of which platforms to cooperate with, they're also being made with a greater consideration.

對於新規，具體實施情況大概到第四季才會更明朗。目前，不僅對我們，對整個產業來說，持牌金融機構似乎都對資金供應採取了更加謹慎的態度。當然，與哪些平台合作的決定也是經過深思熟慮的。

(spoken in foreign language)

（用外語說）

In terms of the wide list of institutional partners, earlier, Mr. Yan referenced it but we're proactively ensuring that these requirements don't impact our existing loan facilitation business. On the business model side, we're actively preparing multiple contingency and product plans so that in the next couple of months, we can quickly respond to product model requirements of our institutional partners related to the new regulation.

關於廣泛的機構合作夥伴名單，之前嚴先生提到過，但我們正在積極確保這些要求不會影響我們現有的貸款便利業務。在商業模式方面，我們正在積極準備多項應急方案和產品計劃，以便在接下來的幾個月裡，能夠快速響應機構合作夥伴對新法規相關的產品模型要求。

(spoken in foreign language)

（用外語說）

So the company's operational and management focus will continue to be on strengthening our capabilities in credit technology, data, risk management and operations. Really, regardless of how the product and cooperation models evolve under the new regulations, these capabilities are our core competitive advantages in the loan facilitation and credit tech industry.

因此，公司的經營和管理重點將繼續放在加強信貸技術、數據、風險管理和營運方面的能力。確實，無論新法規下產品和合作模式如何發展，這些能力都是我們在貸款便利和信貸科技產業的核心競爭優勢。

And that's what really makes us appealing to our partners. As the new regulations become clear and fully implemented, we expect this to drive a long-term healthy industry development growth and ensuring that fair healthy competition. So for long-standing established players like us in the industry, this is a positive signal.

這正是我們對合作夥伴具有吸引力的原因。隨著新法規的明確和全面實施，我們預計這將推動產業長期健康發展成長並確保公平良性競爭。因此，對於我們這樣的產業老牌企業來說，這是一個正面的訊號。

(spoken in foreign language)

（用外語說）

For the second question, Mr. Fan will answer your question.

關於第二個問題，請范先生來回答。

(spoken in foreign language)

（用外語說）

For dividends, Mr. Yan touched upon it earlier, the company will maintain an annual dividend policy with the total amount being approximately 30% of the previous year's net income after tax. In July of this year, the company distributed a cash dividend of USD0.8 per ADS, representing a 60% increase compared to last year's USD0.5 per ADS.

對於股息，嚴先生剛才也提到，公司將維持每年派息的政策，總額約為上一年度稅後淨利的30%。今年7月，公司派發現金股利為每股美國存託憑證0.8美元，較去年每股美國存託憑證0.5美元成長60%。

(spoken in foreign language)

（用外語說）

For share repurchase, at the recent Board meeting in August, an additional USD50 million was approved for the share repurchase plan, bringing the total authorized repurchase amount to USD80 million. As of August 2025, the total repurchase amount is approximately USD30.4 million.

對於股票回購，在8月份最近的董事會會議上，額外批准了5000萬美元的股票回購計劃，使授權回購總金額達到8000萬美元。截至2025年8月，回購總額約3,040萬美元。

(spoken in foreign language)

（用外語說）

To summarize, as always, we will continue to share the results of the company's development with our shareholders and seek to provide excellent returns to our investors.

總而言之，我們將一如既往地與股東分享公司發展的成果，努力為投資者提供優異的回報。

Yuxuan Chen, HCSC.

陳宇軒，HCSC。

(spoken in foreign language)

（用外語說）

Okay. Let me do the translation. I'm Chen Yuxuan from Huatai Securities. I have two questions. The first one, we noticed the company's profitability has improved over the past two quarters.

好的。讓我來做翻譯。我是華泰證券的陳宇軒。我有兩個問題。首先，我們注意到該公司的獲利能力在過去兩個季度有所提高。

In light of new regulations, what is your outlook for profit margin going forward? And the second one is we have observed continued improvement in risk performance this quarter. What are the key drivers behind this?

鑑於新規定，您對未來的利潤率有何展望？第二，我們觀察到本季風險表現持續改善。這背後的關鍵驅動因素是什麼？

And how has the risk performance trended so far in the third quarter? Also, some funding partners have become more cautious in lending, resulting in tighter market liquidity. Could this create volatility in asset quality? And what measures has management taken in response?

第三季迄今的風險表現趨勢如何？此外，一些融資合作夥伴在放款方面變得更加謹慎，導致市場流動性收緊。這是否會導致資產品質波動？管理階層採取了哪些因應措施？

(spoken in foreign language)

（用外語說）

Thank you, Yuxuan, for your question. I will answer the first question, and Ms. Xu will answer the second question. In Q2 2025, the company's non-GAAP income from operations reached RMB738 million, really exceeding our guidance range of RMB660 million to RMB730 million previously given. And the net income reached RMB519 million, a year-on-year increase of 117.8%.

謝謝 Yuxuan 的提問。我來回答第一個問題，徐女士來回答第二個問題。2025年第二季度，公司非公認會計準則營業利潤達到7.38億元人民幣，確實超出了我們先前給出的6.6億至7.3億元人民幣的指導範圍。實現淨利5.19億元，年增117.8%。

The net income margin stood at 27.5%, significantly up from 16.1% in the same period last year. The strong profit margin performance over the past two quarters can be attributed to the following key factors.

淨利率為27.5%，較去年同期的16.1%大幅上升。過去兩季強勁的利潤率表現可歸因於以下關鍵因素。

(spoken in foreign language)

（用外語說）

First, there's a significant increase in the company's loan facilitation volume. In Q2 of 2025, the loan facilitation volume reached RMB37.1 billion, a year-on-year increase of almost 55%, marking a new record since the company listing. So the economies of scale has really helped improve the profit margin.

一是公司貸款促成量大幅成長。2025年第二季度，貸款促成量達371億元，年增近55%，創公司上市以來新高。因此規模經濟確實有助於提高利潤率。

(spoken in foreign language)

（用外語說）

The second factor is the continued optimization of the company's revenue mix. This is the key point we have consistently emphasized to our investors. The high-quality growth in the loan facilitation service revenue and the significant reduction in the proportion of guaranteed service revenue really have effectively optimized our profit margin.

第二個因素是公司收入結構的持續優化。這是我們一直向投資人強調的重點。貸後服務收入的高品質成長和擔保服務收入佔比的大幅降低，確實有效優化了我們的利潤率。

With the rapid year-on-year growth in facilitation transaction volume in Q2, the company's facilitation service revenue reached RMB1.609 billion, about a 70% increase compared to the previous year. In terms of revenue contribution, facilitation service revenue share of the total revenue increased from 64% in Q2 last year to 85% in Q2 this year.

二季度，隨著便利化交易量較去年同期快速成長，公司便利化服務收入達到16.09億元，較上年同期成長約70%。從營收貢獻來看，便利化服務營收佔總營收比例由去年第二季的64%提升至今年第二季的85%。

Correspondingly, the proportion of lower margin guarantee-related service revenue decreased from about 29% in Q2 2024 to less than 7% in Q2 2025. The continued optimization of the revenue mix has significantly improved the company's profit margin.

相應地，利潤率較低的擔保相關服務收入佔比從2024年第二季的約29%下降至2025年第二季的不到7%。收入結構的持續優化，顯著提升了公司的利潤率。

(spoken in foreign language)

（用外語說）

Third, the company's continued strategic investment in AI technology and R&D have led to significant improvement in operational efficiency. Our ongoing investment, combined with the implementation of AI applications across various operational processes has really laid a solid foundation for sustained improvements in operational efficiency for Q2 and over the long term.

第三，公司對AI技術和研發的持續策略投入，帶來營運效率的顯著提升。我們持續的投資，加上在各個營運流程中實施人工智慧應用，為第二季及長期持續提高營運效率奠定了堅實的基礎。

(spoken in foreign language)

（用外語說）

The implementation of the new regulations, as Ms. Xu mentioned earlier, in the short term will require institutions to adjust their strategies, pricing strategies and cooperation models. However, in the long term, these regulations will benefit the entire industry by fostering healthier, more compliant and more sustainable development.

新規的實施，正如徐女士剛才所提到的，短期內需要機構調整策略、定價策略、合作模式等。但從長遠來看，這些規定將有利於整個產業，促進更健康、更合規、更永續的發展。

As the new regulation become implemented, Jiayin will further strengthen our long-term advantages given the new regulations become -- given the details of the new facilitation regulations are yet to be clarified, we're taking a prudent approach in providing the Q3 loan facilitation volume guidance of RMB32 billion to RMB34 billion.

隨著新規的實施，嘉銀將進一步加強我們的長期優勢——鑑於新的便利化法規的細節尚未明確，我們採取審慎的方式提供第三季度貸款便利化量指導，即人民幣 320 億元至人民幣 340 億元。

For Q3, the non-GAAP income from operation guidance is RMB490 million to RMB560 million. For the full year, we're keeping our guidance the same, RMB137 billion to RMB142 billion for the loan facilitation volume.

第三季非美國通用會計準則營業利潤指引為4.9億元至5.6億元。對於全年，我們維持貸款發放量指引不變，為人民幣 1,370 億元至 1,420 億元。

(spoken in foreign language)

（用外語說）

That's my answer for the first question. And the second question, I'll turn it over to Ms. Xu.

這就是我對第一個問題的回答。第二個問題，我交給徐女士。

(spoken in foreign language)

（用外語說）

The second question are -- other questions are related to risk performance. So this quarter, the risk performance has continued to improve for us, mainly due to several factors. First, the ongoing investment in risk data and models, focusing on the changes in characteristics during risk cycle, automating the monitoring of leading risk indicators and trends and quickly responding with corresponding risk strategy and frameworks and solutions.

第二個問題是──其他問題與風險表現有關。因此，本季我們的風險表現持續改善，主要歸因於幾個因素。一是持續投入風險資料和模型，關注風險週期特徵變化，自動化監控主要風險指標和趨勢，並快速回應相應的風險策略、框架和解決方案。

(spoken in foreign language)

（用外語說）

The second reason is that the denominator, our loan volume has continued to increase at a fast speed. So that's another contributing factor.

第二個原因是分母，我們的貸款量持續快速成長。這是另一個促成因素。

(spoken in foreign language)

（用外語說）

The third reason is technological. We've increased our investment in forward-looking research on risk cycles. So beginning at the end of Q1 and first -- the earlier part of Q2 of this year, we've already begun the research and quantification on sensitive borrower segment.

第三個原因是技術原因。我們增加了對風險週期前瞻性研究的投資。因此，從今年第一季末和第二季初開始，我們就已經開始對敏感借款人群體進行研究和量化。

We anticipate that in the context of cautious funding supply, there will be short-term adjustments and fluctuations are inevitable, especially among the cyclical sensitive borrowers and those with tail-end pricing. So as liquidity decreases, the performance for these borrower groups is expected to decline.

我們預計，在資金供給謹慎的背景下，短期調整和波動不可避免，尤其是週期敏感型借款人和尾端定價借款人。因此，隨著流動性的下降，這些借款人群體的表現也預計會下降。

(spoken in foreign language)

（用外語說）

For the repeat borrowers, we're proactively managing the exposure and transaction criteria. For new borrowers, what we're doing is we're focusing on the concentration of sensitive borrower segments within the acquisition channels and adjusting the scale, proportion and volume and structure of these channels.

對於重複借款人，我們主動管理風險敞口和交易標準。對於新增借款人，我們的做法是專注於取得管道內敏感借款人群體的集中度，並調整這些管道的規模、比例、體積和結構。

So throughout this credit cycle, we will continue to monitor and research the customer segment characteristics and enhancing the differentiated credit and operational strategies for our top-tier, high-quality borrowers to ensure the healthy development of our overall risk profile in the broader context of the industry environment.

因此，在整個信貸週期中，我們將繼續監測和研究客戶細分特徵，並加強對頂級優質借款人的差異化信貸和營運策略，以確保我們的整體風險狀況在更廣泛的行業環境中健康發展。

(spoken in foreign language)

（用外語說）

(spoken in foreign language) That's my answer for the risk indicators and risk performance.

（外語）以上就是我對風險指標和風險表現的回答。

Thank you. Seeing no more questions, I'll return the call to Sam for closing remarks. Please go ahead.

謝謝。如果沒有其他問題，我將回電給 Sam 做最後發言。請繼續。

Thank you, operator, and thank you all for participating on today's call. We appreciate your interest and look forward to reporting to you again next quarter on our progress.

謝謝接線員，也謝謝大家參加今天的電話會議。我們感謝您的關注，並期待下個季度再次向您報告我們的進展。

Thank you all again. This concludes the call. You may now disconnect.

再次感謝大家。通話到此結束。您現在可以斷開連線。