Jiayin Group Inc (JFIN) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Jiayin Group's fourth 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. I will now turn the call over to Mr. Sam Li. From Investor Relations of Jiayin Group. Please proceed.

各位女士、先生，大家好。感謝各位等候，歡迎參加嘉銀集團2025年第四季度業績電話會議。（接線員提示）提醒各位，本次電話會議將被錄音。如您有任何異議，請此時斷線。現在我將把電話交給李山姆先生。嘉銀集團投資者關係部。請開始。

Thank you, operator. Hello, everyone. Thank you all for joining us on today's conference call to discuss Jiayin Group's financial results for the fourth 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.

謝謝接線員。各位好。感謝大家參加今天的電話會議，討論嘉銀集團2025年第四季度的財務業績。我們已於今天稍早發布了業績結果。新聞稿可在公司網站以及Newswire Services上查閱。

On the call with me today are Mr. Yan Dinghui, Chief Executive Officer, Mr. Fan Chunlin, Chief Financial Officer, and Ms. Xuyifang, Chief Risk Officer. Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1,995.

今天與我一同出席電話會議的有：首席執行官嚴定貴先生、首席財務官樊春林先生，以及首席風險官徐一芳女士。在繼續之前，請注意今天的討論將包含前瞻性陳述，該等陳述係依據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 actual results may be materially different from the expectations expressed today. 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.

前瞻性陳述存在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預期存在重大差異。關於上述及其他風險與不確定性的更多資訊，已載於公司向美國證券交易委員會（SEC）提交的公開文件中。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。

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 that unless otherwise stated, all figures mentioned during the conference call are in Chinese renminbi. With that, let me now 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 translations. Please go ahead, Mr. Yan.

此外，本次電話會議亦將討論若干非GAAP財務指標。請參閱我們的業績新聞稿，其中包含非GAAP財務指標與GAAP財務指標之間的調節表。請注意，除非另有說明，本次電話會議中提及的所有數據均以人民幣計。接下來，我把電話交給我們的首席執行官嚴定貴先生。嚴先生將以中文發言，我將隨後提供相應的英文翻譯。嚴先生，請開始。

Hello, everyone. Thank you for joining our fourth quarter and full-year 2025 earnings conference call 2025 was a pivotal year for the industry, marked by deepening regulation and standardized development.

各位好。感謝大家參加我們2025年第四季度及全年業績電話會議。2025年是行業的關鍵一年，監管持續深化、發展更加規範化。

Despite the continuously tightening and external environment, we maintained steady progress with For the full year, our loan facilitation volume reached RMB129 billion, representing a year-on-year increase of approximately 28%.

儘管外部環境持續收緊，我們仍保持穩健推進。全年我們的撮合放款規模達到人民幣1,290億元，同比增長約28%。

We achieved revenue of RMB6.22 billion, up approximately 7.3% year-on-year. And net income of RMB1.54 billion, a year-on-year increase of approximately 45.4%, demonstrating our operational resilience amid a complex.

我們實現營收人民幣62.2億元，同比增長約7.3%。淨利潤人民幣15.4億元，同比增長約45.4%，展現了我們在複雜環境下的經營韌性。

Environment. In the fourth quarter, following the implementation of the new regulation, we observed a continuous decline in comprehensive financing costs.

環境。在第四季度，隨著新規落地，我們觀察到綜合融資成本持續下降。

Alongside higher entry barriers and stricter compliance requirements. In response to this new regulatory landscape, we have proactively collaborated with our funding partners to facilitate necessary adjustments. As of now, we maintain partnerships with 79 financial institutions, with an additional 53 currently in negotiations.

同時，行業准入門檻提高、合規要求更為嚴格。面對新的監管格局，我們主動與資金合作夥伴協同推動必要調整。截至目前，我們與79家金融機構保持合作，另有53家正在洽談中。

We have consistently adhered to the operating philosophy of compliance as the foundation, quality and efficiency as priority. We proactively adjusted our borrowing acquisition pace this quarter, adding approximately 407,000 new borrowers, reflecting a year-on-year decline. To further enhance the precision of channel management and the efficiency of marketing spend, we implemented cross-functional collaboration to revamp our channel evaluation framework and to continue to optimize onboarding standards, ongoing monitoring, and off-boarding processes.

我們始終堅持「合規為本、質效優先」的經營理念。本季度我們主動調整獲客節奏，新增借款人約40.7萬人，同比有所下降。為進一步提升渠道管理精準度與行銷投放效率，我們推動跨部門協作，重塑渠道評估框架，並持續優化准入標準、在貸監測及退出流程。

Additionally, by establishing a more flexible credit limit management system, implementing targeted reactivation strategies for existing borrowers. We effectively unlocked the repeat borrowing potential among quality borrowers. Repeat borrowing contribution accounted for 79.4% of loan facilitation volume, an increase of 6.7 percentage points compared.

此外，通過建立更靈活的授信額度管理體系，並對存量借款人實施有針對性的喚醒策略。我們有效釋放了優質借款人的復借潛力。復借貢獻佔撮合放款規模的79.4%，較去年同期提升6.7個百分點。

To the same period last year. Chen Ru So Jing, Qiao Yu, Qiao Kung... Since the fourth quarter, risk indicators have remained under pressure.

較去年同期。Chen Ru So Jing, Qiao Yu, Qiao Kung...自第四季度以來，風險指標仍然承壓。

We have been advancing a safe, deep restructuring of our risk control strategies, which include multiple rounds of tightening entry criteria, optimizing credit limits, and iterating on product offerings. This has allowed us to proactively manage risk exposure and refine borrower segment structures, mitigating the impact of certain external fluctuations on asset quality.

我們正在推進風控策略的安全、深度重構，包括多輪收緊准入標準、優化授信額度，以及迭代產品方案。這使我們能夠主動管理風險敞口、優化借款人分層結構，從而減輕部分外部波動對資產質量的影響。

As of the end of the fourth quarter, the 90-plus day delinquency ratio was 2.03%, entering 2026, thanks to precise identification and isolation of tail risks, along with structural optimization of existing asset portfolios. Forward-looking risk indicators are showing positive trends. We will continue to build a risk control system.

截至第四季度末，90天以上逾期率為2.03%。進入2026年，得益於對尾部風險的精準識別與隔離，以及存量資產組合的結構性優化。前瞻性風險指標呈現積極趨勢。我們將持續建設風控體系。

That balances long-term stability with short-term dynamics, serving as the balance for steady operations. Fulian Initial Lei Rung, the Senseng, Yu Sang. Faisen Hanian Wu, Retang Yu, Tseng, Yu, Tseng, Xu. On the artificial intelligence front.

在長期穩定與短期動態之間取得平衡，作為穩健經營的「壓艙石」。Fulian Initial Lei Rung, the Senseng, Yu Sang.Faisen Hanian Wu, Retang Yu, Tseng, Yu, Tseng, Xu.在人工智慧方面。

We make solid progress in 2025 in multimodal, anti-fraud, AI-powered agents, and data intelligence. In 2026, our four plus two strategy will undergo a key upgrade. We have reorganized our four core pillars into two main tracks, production and non-production. The production track focuses on core business value creation, covering three directions, borrower acquisition, risk management, and marketing.

2025年，我們在多模態、反欺詐、AI智能體與數據智能等方面取得了扎實進展。2026年，我們的「四加二」策略將迎來關鍵升級。我們已將四大核心支柱重組為兩條主線：生產線與非生產線。生產線聚焦核心業務價值創造，涵蓋三個方向：借款人獲取、風險管理與行銷。

We are exploring AI-driven identification and acquisition of high-quality borrower groups, deepening the application of multimodal technologies, such as voice print, knowledge graph, and anti-fraud, and enabling AI-powered content generation and review and marketing. The non-production track aims to improve efficiency and quality in daily operations, covering engineering intelligence, agent assistance, and office intelligence.

我們正在探索以AI驅動的優質借款人群體識別與獲取，深化聲紋、知識圖譜與反欺詐等多模態技術的應用，並賦能AI內容生成、審核與行銷。非生產線旨在提升日常運營效率與品質，涵蓋工程智能、智能體輔助與辦公智能。

Key initiatives include advancing AI programming from coding completion to autonomous coding, adopting a human-machine collaborative agent model to enhance service quality and efficiency, and further upgrading our internal intelligent workplace systems. Meanwhile, our intelligent agent platform and machine learning platform, as the two foundational infrastructures, will continue to provide underlying tooling support for upper-layer applications.

重點舉措包括推動AI編程從「代碼補全」走向「自主編碼」，採用人機協同的智能體模式提升服務品質與效率，並進一步升級內部智能化辦公系統。同時，我們的智能體平台與機器學習平台作為兩大底層基礎設施，將持續為上層應用提供底層工具支撐。

This strategic upgrade marks a shift in our AI strategy from capability building to value creation, embedding AI more deeply into our business value chain and providing stronger, more sustainable drivers for development.

此次策略升級標誌著我們的AI策略從「能力建設」轉向「價值創造」，使AI更深度嵌入業務價值鏈，為發展提供更強、更可持續的驅動力。

In terms of new.

在新的方面。

Business expansion, we have continued to focus on three dimensions: financial product innovation, partnership model innovation, and overseas market. On the product side, we actively expanded into auto-back loans and digital intelligent microloans, enriching our credit product portfolio. In partnership models, we connected with leading traffic ecosystems through joint operations, establishing deep strategic partnerships with multiple institutions.

在業務拓展方面，我們持續聚焦三個維度：金融產品創新、合作模式創新與海外市場。在產品端，我們積極拓展車抵貸與數字智能小微貸，豐富信貸產品組合。在合作模式方面，我們通過聯合運營對接頭部流量生態，與多家機構建立深度戰略合作關係。

Throughout the year, we launched 21 projects, with business scale growing month by month. As an early mover in global markets, its strategic value has become increasingly prominent. In 2025, facilitation volume in Indonesia increased by approximately 187% year-on-year, while registered users grew by approximately 119% year-on-year, demonstrating gradual scale effects.

全年我們落地21個項目，業務規模逐月增長。作為全球市場的先行者，其戰略價值日益凸顯。2025年，印尼市場撮合規模同比增長約187%，註冊用戶同比增長約119%，規模效應逐步顯現。

Mexico business accelerated significantly in the fourth quarter. For the full year, the total loan facilitation volume grew approximately 105% year-on-year. While registered users up approximately 110% year-on-year, marking a key milestone in validating our business model.

墨西哥業務在第四季顯著加速。全年總放款撮合量約年增105%。註冊用戶數約年增110%，這標誌著驗證我們商業模式的一個關鍵里程碑。

We plan to use several countries where we have investment and operational experience as anchors to explore opportunities in other markets. Through cross-geography and cross-cycle deployment, we will steadily expand our global footprint.

我們計劃以若干我們具備投資與營運經驗的國家作為錨點，探索其他市場的機會。透過跨地域、跨週期的部署，我們將穩步擴大全球版圖。

Barbershops.

理髮店。

The essence of financial inclusion lies not only in the depth of service reach, but also in conveying social value. Over the past year, our philanthropic initiatives reached multiple areas, including youth mental health and support for special needs groups.

普惠金融的本質不僅在於服務觸達的深度，也在於傳遞社會價值。過去一年，我們的公益項目覆蓋多個領域，包括青少年心理健康以及對特殊需求群體的支持。

We directly trained over 30,000 teachers, students, and parents, covering more than 1,300 schools, and conducted mental health assessments for over 60,000 students and teachers. Protecting the healthy growth of children through concrete actions.

我們直接培訓了超過30,000名教師、學生與家長，覆蓋1,300多所學校，並為超過60,000名學生與教師進行心理健康評估。以具體行動守護兒童健康成長。

In terms of volunteering services, since the establishment of the Jiayin Volunteer Service Team, we have grown to 120 members, completed 28 activities, and accumulated nearly 3,800 hours of service.

在志願服務方面，自嘉銀志願服務隊成立以來，我們已發展至120名成員，完成28場活動，累計服務時數近3,800小時。

Our philanthropic practices and social responsibility efforts have received multiple recognition from government departments. Authoritative media outlets and social organization, this is not only an affirmation.

我們的公益實踐與社會責任工作獲得政府部門多項認可。權威媒體與社會組織亦予以肯定，這不僅是一種認可。

Of our commitment to long-termism, but also a core competitive advantage in building trust in our brand.

也是對我們長期主義承諾的肯定，同時亦是建立品牌信任的核心競爭優勢。

Regarding shareholder return.

關於股東回報。

In 2025, we continue to deliver our commitment to sharing benefit of our development with our shareholders. During the year, we completed cash dividend distributions totaling US $41.1 million, representing an increase of over 50% year-on-year.

在2025年，我們持續兌現與股東分享公司發展成果的承諾。年內，我們完成現金股利派發合計4,110萬美元，較去年同期增長超過50%。

In August, we increased the total quota of the current share repurchase program to no less than U.S. $80 million. To date, we have repurchased nearly 4.6 million ADS with total value of approximately $30.4 million. We will maintain our existing dividend policy and make disciplined use of the remaining repurchase capacity to deliver sustainable returns to shareholders.

8月，我們將本期股份回購計畫的總額度提高至不低於8,000萬美元。截至目前，我們已回購近460萬股ADS，總金額約3,040萬美元。我們將維持既有股利政策，並有紀律地運用剩餘回購額度，為股東帶來可持續回報。

Yuji Ali Liu, Yujiang.

Yuji Ali Liu，Yujiang。

Given the ongoing uncertainty in the macro environment, we maintain a prudent stance and expect loan facilitation volume for the first quarter of 2026 to be between RMB18.5 billion and RMB19.5 billion.

鑑於宏觀環境仍存在不確定性，我們保持審慎立場，預計2026年第一季放款撮合量將介於人民幣185億元至195億元之間。

We will continue to use compliance as our foundation and innovation as our engine to continuously solidify the technological foundation and build resilience against cyclical fluctuations. With that, I will now turn the call over to our CFO, Mr. Fan Chunlin. Please go ahead.

我們將持續以合規為根基、以創新為引擎，不斷夯實技術底座，並建立抵禦週期波動的韌性。接下來我把電話交給我們的財務長范春林先生。請開始。

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 RMB and all percentage changes refer to year-over-year comparisons unless otherwise noted.

謝謝嚴先生，也歡迎各位參加今天的電話會議。我現在回顧本季的財務重點。請注意，除非另有說明，所有數字均以人民幣計，所有百分比變動均為同比比較。

As Mr. Yan noted, amid the liquidity tightening and heightened risk volatility following the new regulatory implementation, we have proactively pivoted to prioritize asset quality of expansion to safeguard our long-term stability.

正如嚴先生所提到的，在新監管落地後流動性收緊、風險波動加劇的背景下，我們主動調整策略，將重點從規模擴張轉向資產品質，以保障長期穩健。

Loan facilitation volume in Q4 was 24.2 billion, representing a decrease of 12.6% from the same period of 2024. Our net revenue was 1,090.2 million, representing a decrease of 22.4% from the same period of 2024.

第四季放款撮合量為242億元，較2024年同期下降12.6%。淨營收為1,090.2百萬元，較2024年同期下降22.4%。

Moving on to costs, facilitation. And the servicing expense was RMB328.2 million, representing a decrease of 3.3% from the same period of 2024. Reversal of credit losses of uncreditable assets, loans receivable, and others was RMB20.1 million, compared with RMBall1.2 millionowance for credit losses of uncreditable assets, loans receivable, and others in the same period of 2024.

接下來看成本：撮合及服務費用為人民幣328.2百萬元，較2024年同期下降3.3%。

Primarily due to write-back of allowance for overseas contingent guarantees arising from low expected loss rates. Sales and marketing expense was $498.7 million, representing a decrease of 3.6% from the same period of 2024, primarily driven by the improvement in operational efficiency.

主要由於海外或有擔保因預期損失率較低而轉回相關準備。銷售及行銷費用為498.7百萬元，較2024年同期下降3.6%，主要受營運效率提升帶動。

General and administrative expense was $66.8 million. Representing an increase of 24.4% from the same period of 2024, primarily due to an increase in employee costs. R&D expense was RMB121.9 million, representing an increase of 21.4% from the same period of 2024, primarily due to an increase in professional service fees and employee costs.

一般及行政費用為66.8百萬元。較2024年同期增加24.4%，主要由於員工成本上升。研發費用為人民幣121.9百萬元，較2024年同期增加21.4%，主要由於專業服務費及員工成本增加。

Non-GAAP income from operation was RMB120.4 million. Compared with RMB402.4 million in the same period of 2024. Consequently, our net income for the fourth quarter was RMB100.6 million, compared with RMB275.5 million in the same period of 2024. Our basic and diluted net income per share were both RMB0.49 compared with RMB1.30 in the fourth quarter of 2024.

非GAAP經營利潤為人民幣120.4百萬元。相比2024年同期的人民幣402.4百萬元。因此，第四季淨利為人民幣100.6百萬元，而2024年同期為人民幣275.5百萬元。基本及攤薄每股淨利均為人民幣0.49，而2024年第四季為人民幣1.30。

Basic and diluted net income per ADS were both $1.96, compared with $5.20 in the fourth quarter of 2024. Each ADS represents four Class A ordinary shares of the company. We ended this quarter with $61.8 million in cash and cash equivalents, compared with $124.2 million as of September 30, 2025. With that. We can open the call for questions. Ms. Xu, our Chief Risk Officer, and I will answer questions. Operator, please proceed.

基本及攤薄每股ADS淨利均為1.96美元，而2024年第四季為5.20美元。每股ADS代表公司四股A類普通股。本季末我們的現金及現金等價物為6,180萬美元，而截至2025年9月30日為1.242億美元。以上。我們現在開放提問。許女士（首席風險官）和我將回答問題。接線員，請開始。

(Operator Instructions)

（接線員指示）

Yuxuan Chen with Huatai Securities. Your line is open.

華泰證券陳宇軒。您的線路已開通。

Hello. Hello, management. Thanks for taking my question. I got two questions here. The first one is about the risk. Could the management share how your risk metrics have been trending in the fourth quarter of 2025 and year-to-date in 2026? Given the recent volatility in the industry, how have you adjusted your customer acquisition strategy?

您好。您好，管理層。感謝接受我的提問。我有兩個問題。第一個關於風險。管理層能否分享一下你們的風險指標在2025年第四季以及2026年迄今的走勢？鑑於近期行業波動，你們如何調整獲客策略？

The second one is about the regulation. With the regulatory environment in China continuing to tighten, what are your expectations for growth this year? In particular, how do you see the key metrics like loan facilitation volume and profitability trending? Thanks. That's all.

第二個關於監管。在中國監管環境持續收緊的情況下，你們對今年的成長有何預期？特別是，像放款撮合量與獲利能力等關鍵指標，你們認為將如何變化？謝謝。以上。

Hi, Yuxian. I will answer your first question, and Mr. Fan will answer your second question. So as risk for this year is highly related to the regulation. So I won't go into too much detail on the interpretation of the new policy and new regulation, because I believe most of the investors in the sector are already quite familiar with the dynamics.

嗨，宇軒。我來回答你的第一個問題，范先生會回答你的第二個問題。今年的風險與監管高度相關。因此我不會對新政策與新監管做過多解讀，因為我相信本行業的大多數投資人對相關動態已相當熟悉。

So from Jiaying's perspective, compared with the previous cycle, the increase in risk last year was more pronounced and. And more prolonged.

因此，從嘉銀的角度來看，與上一個週期相比，去年風險的上升更為明顯，且持續時間更長。

And particularly in the first four to six weeks leading up to the peak, at the new borrower level, we observed the market reached its peak around late September to early October. So the exact timing is a little bit different across different channels or different quality, but risk levels remain elevated through November before starting to decline in December.

尤其是在接近峰值前的前四到六週，在新借款人層面，我們觀察到市場大約在9月下旬到10月上旬達到峰值。因此，不同渠道或不同品質的具體時間點略有差異，但風險水準一直到11月仍維持在高位，並在12月開始回落。

So during this period, we proactively adjusted our channel mix. We tightened our standards in the new borrower models and strategies and controlled the absolute volume of new borrower acquisition.

因此，在此期間，我們主動調整了渠道組合。我們收緊了新借款人模型與策略的標準，並控制新借款人獲取的絕對規模。

So from the repeat borrower side, for the incremental assets from the repeat borrowers, risk peaked in November and then gradually declined starting in December. So in response, we adopted a more selective and disciplined approach to risk management, focusing on higher quality and more resilient borrowers for approval.

從復借借款人端來看，復借借款人帶來的增量資產風險在11月達到峰值，並自12月起逐步下降。因此，作為回應，我們採取了更具選擇性且更嚴謹的風險管理方式，將審批重點放在品質更高、抗風險能力更強的借款人。

So we also applied more stringent underwriting and credit limit management for customers who are higher risk with multiple outstanding debt, weaker asset profiles and limited financing capacity, particularly among the near-prime or marginal borrowers.

同時，對於風險較高、存在多筆未償債務、資產狀況較弱且融資能力有限的客戶——尤其是接近優質（near-prime）或邊際借款人——我們也採用了更嚴格的承保與授信額度管理。

So overall, our structured risk management approach has delivered tangible resultsn and based on our internal analysis. Amid the broad industry-wide risk cycle, our measures contributed to.

總體而言，我們結構化的風險管理方法已取得可量化的成果，並且基於我們的內部分析。在全行業普遍的風險週期中，我們的措施促成了

An improvement in risk metrics by approximately 25% to 30%.

風險指標約25%至30%的改善。

Since January, we have been closely monitoring the overall industry volume trends. Both the platforms and our financial institutional partners are really still digesting the impacts of last year's risk volatility. With that said, we're still seeing continued improvement in our new risk vintages.

自1月以來，我們一直密切監測全行業的整體放量趨勢。無論是平台端還是我們的金融機構合作夥伴，仍在消化去年風險波動帶來的影響。儘管如此，我們仍看到新風險分期（vintage）持續改善。

Since your question is on the customer acquisition front, we remain cautious in ramping up volumes. In terms of channel strategy, we're really prioritizing the leading traffic platforms and lower-cost acquisition channels so that we can optimize the personal mix for the long-term.

由於您的問題聚焦在獲客方面，我們在提升規模上仍保持謹慎。在渠道策略上，我們確實優先選擇頭部流量平台與低成本獲客渠道，以便長期優化個人業務組合。

Okay, so for the second.

好的，第二個問題。

Question, I'll hand it over to our CFO, Mr. Chunlin Fan. So, your second question is on the effects of the regulation and metrics.

我把問題交給我們的CFO樊春林先生。那麼，您的第二個問題是關於監管與指標的影響。

So for the full year of 2025, we achieved total facilitation volume of RMB129 billion with revenue and net profit reaching RMB.

2025年全年，我們實現撮合總量人民幣1,290億元，營收與淨利潤分別達到人民幣

Billion and RMB1.54 billion respectively, representing a net margin of 24.7%. So we see since the second quarter of 2025, particularly following the formal implementation of the new regulations.

億元及人民幣15.4億元，對應淨利率為24.7%。我們看到，自2025年第二季度起，特別是在新規正式落地之後。

Industry liquidity has gradually tightened, and risk levels have shown a clear upward trend. So against this backdrop, we proactively tightened our standards and restructured our risk management strategies. So after reaching a historical quarterly peak of RMB37.1 billion in facilitation volume in Q2, we continue to scale back in Q3 and Q4, with Q4 volume declining to RMB24.2 billion. Revenue and net profit for the quarter were RMB1.09 billion. RMB100 million, respectively, with net margin declining to 9.2%.

行業流動性逐步收緊，風險水準呈現明顯上行趨勢。在此背景下，我們主動收緊標準並重構風險管理策略。在第二季度撮合量達到歷史季度峰值人民幣371億元後，我們在第三、第四季度持續縮量，第四季度撮合量下降至人民幣242億元。當季營收與淨利潤分別為人民幣10.9億元、人民幣1億元，淨利率下降至9.2%。

Similar to other leading players in the industry.

與行業內其他頭部玩家類似。

We have faced short-term pressure on profitability due to declining pricing, volatility in risk metrics and diseconomies of scale resulting from rapid volume contraction.

由於定價下行、風險指標波動，以及快速縮量帶來的規模不經濟，我們的盈利能力在短期內承受了壓力。

So with that said, as we've iterated in previous earnings.

不過，正如我們在此前的業績

Call, the implementation of the new regulation is expected to raise industry entry barriers and increase market concentration. As a leading platform, we believe that Jiying technology.

電話會中反覆提到的，新規的實施預計將抬升行業准入門檻並提高市場集中度。作為領先平台，我們相信嘉銀科技

Can navigate through this period of short-term risk volatility and scale adjustment. We are well positioned to enter a new phase of high-quality, moderate growth over the medium to long-term.

能夠穿越這一短期風險波動與規模調整期。從中長期來看，我們已做好充分準備，進入高品質、適度增長的新階段。

And encouragingly, after several quarters of rising risk across the industry, we are beginning.

令人鼓舞的是，在行業風險連續多個季度上行之後，我們開始

To observe the early signs of stabilization and improvement in asset policy.

觀察到資產端政策趨於穩定並出現改善的早期跡象。

So looking ahead, we'll continue to operate with the compliance as our foundation, closely monitoring changes in risk trends and market liquidity and dynamically adjusting our strategy in line with the evolving industry fundamentals.

展望未來，我們將繼續以合規為根基運營，密切關注風險趨勢與市場流動性的變化，並根據行業基本面的演進動態調整策略。

Given that the industry is still undergoing a transition period following the new regulations, we will maintain a high degree of flexibility and review our target on a quarterly basis. As Mr. Yan mentioned, for the first quarter of 2026. We expect the facilitation volume to be in the range of RMB18.5 billion to 19.5 billion.

鑑於行業在新規後仍處於過渡期，我們將保持高度靈活性，並按季度回顧我們的目標。正如嚴先生提到的，對於2026年第一季度。我們預計撮合量將在人民幣185億元至195億元之間。

Thank you.

謝謝。

Thank you. Our next question comes from Roxy Liu with Kailu Capital. Your line is open.

謝謝。下一個問題來自凱路資本（Kailu Capital）的Roxy Liu，您的線路已開通。

Thank you, operator.

謝謝，接線員。

Given the rapid growth of the company's overseas business in 2035, could the management elaborate on Jiayin's strategy, roadmap and the future outlook in the overseas market?

鑑於公司在2035年海外業務的快速增長，管理層能否詳細說明嘉銀在海外市場的策略、路線圖以及未來展望？

Thank you.

謝謝。

Hi, Roxy. I'll answer your question on the overseas part.So in today's fintech landscape, the international business has really become a key growth pillar that we're actively cultivating.

嗨，Roxy。我來回答你關於海外部分的問題。在當前的金融科技格局中，國際業務確實已成為我們正在積極培育的關鍵增長支柱。

As Mr. Yan mentioned earlier, our operations in Indonesia and Mexico have both been growing at a strong pace with volumes roughly doubling year-over-year in 2025. So we expect this momentum to continue.

正如嚴先生先前提到的，我們在印尼與墨西哥的業務都保持強勁增長，2025年的規模大致同比翻倍。因此，我們預計這一勢頭將延續。

So from the scale perspective, we look to do the same in 2026, so another year of doubling in scale. At the same time, on the quality front, both markets are expected to reach important strategic.

從規模角度看，我們希望在2026年也能做到同樣的水平，也就是再實現一年規模翻倍。同時，在品質方面，兩個市場預計都將達成重要的戰略

Milestones and moving towards profitability.

里程碑，並朝向盈利邁進。

So from a business model perspective, we will continue to deepen our localization strategy, expanding partnerships with local financial institutions and enhancing our ability to serve and power the local financial ecosystem. At the same time, we'll continue to broaden our collaboration with international financial institutions to capture synergies from our global strategy.

從商業模式角度看，我們將持續深化本地化策略，拓展與當地金融機構的合作，並提升我們服務與賦能當地金融生態系統的能力。同時，我們也將繼續擴大與國際金融機構的合作，以捕捉全球化戰略帶來的協同效應。

For the new countries and markets, we've been actively laying the groundwork for expansion into new markets. So we look forward to sharing more progress with you later in 2026. Thank you. That's my answer on the international part.

對於新的國家與市場，我們一直在積極為進入新市場打基礎。我們期待在2026年稍晚與您分享更多進展。謝謝。以上就是我對國際業務部分的回答。

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

謝謝。如果沒有更多問題，我將把電話交回給Sam作結語。請開始。

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 progress.

謝謝，接線員，也感謝各位參與今天的電話會議。我們感謝各位的關注，並期待在下個季度再次向各位匯報進展。

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

再次感謝各位。本次電話會議到此結束。您現在可以掛線。