Jiayin Group Inc (JFIN) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Jiayin Group's first-quarter 2026 earnings conference call. (Operator Instructions)

各位女士、先生，大家好。感謝各位稍候，歡迎參加嘉銀集團2026年第一季度業績電話會議。（接線員指示）

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

現在我將把電話交給嘉銀集團投資者關係部的Sam Lee先生。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 first quarter of 2026.

謝謝接線員。各位好。感謝大家參加今天的電話會議，與我們一同討論嘉銀集團2026年第一季度的財務業績。

We released our earnings results earlier today. The press release is available on the company's website, as well as from Newswire Services. On the call with me today are Mr. Yan Dinghui, Chief Executive Officer; Mr. Fan Chun Lin, Chief Financial Officer; and Ms. Qi Dan, Chief Risk Officer.

我們已於今日稍早發布業績結果。新聞稿可於公司網站以及Newswire Services查閱。今天與我一同參會的有：首席執行官嚴定輝先生、首席財務官樊春林先生，以及首席風險官齊丹女士。

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。前瞻性陳述具有內在風險與不確定性。因此，公司實際結果可能與今天所表達的預期存在重大差異。

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.

此外，本次電話會議將討論若干非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。

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

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。

(spoken in Chinese) Hello, everyone. Thank you for joining our first-quarter 2026 earnings conference call.

（中文發言）各位好。感謝大家參加我們2026年第一季度業績電話會議。

(spoken in Chinese) During the first quarter of 2026.The consumer lending industry remained in an adjustment phase. The recovery in credit demand continued at a relatively gradual pace, and the industry as a whole remained under pressure.

（中文發言）2026年第一季度，消費信貸行業仍處於調整階段。信貸需求的復甦仍以相對緩慢的節奏推進，整體行業仍承受壓力。

Against this backdrop, we focused on refining the operations of our high-quality existing borrower base and the structural enhancements of our business model. During this quarter, we achieved transaction volumes of RMB19.3 billion, lending a year-over-year decrease of 45.8%.

在此背景下，我們專注於精細化運營高品質存量借款人群體，並推進商業模式的結構性優化。本季度，我們實現交易量人民幣193億元，放款同比下降45.8%。

Revenue was impacted by industry cyclicality and volume contraction, while temporary cost pressures persisted during the period. As a result, we recorded a net loss of approximately RMB61.7 million for the quarter.

受行業週期性與規模收縮影響，收入承壓，同時期間內暫時性的成本壓力仍然存在。因此，我們本季度錄得淨虧損約人民幣6,170萬元。

(spoken in Chinese) This quarter, we concentrated on the refined management and engagement of our high-quality existing borrower base. Through cross-analysis of user risk scores and platform behavioral insights, we segmented our existing borrowers into groups and implemented differentiated engagement strategies and operating strategies tailored on each group's credit profile and borrower intent.

（中文發言）本季度，我們聚焦於對高品質存量借款人群體的精細化管理與運營互動。通過交叉分析用戶風險評分與平台行為洞察，我們將存量借款人分群，並根據各群體的信用特徵與借款意願，實施差異化的觸達策略與運營策略。

(spoken in Chinese) Repeat borrowing contribution accounted for 76.3% of transaction volume during the quarter, representing an increase of 4.4 percentage points from the same period last year. These highly engaged users not only contributed to stable repeat borrowing demand, but also validated the initial effectiveness of our strategy to deepen engagement with existing borrowers.

（中文發言）本季度復借貢獻佔交易量的76.3%，較去年同期提升4.4個百分點。這些高活躍用戶不僅帶來穩定的復借需求，也驗證了我們深化存量借款人運營策略的初步成效。

(spoken in Chinese) The 90-plus-day delinquency ratio was 2.25% as of the end of the first quarter, increasing sequentially. For higher-risk borrower segments, we continue to tighten underwriting criteria and credit limit controls to facilitate an orderly run-off of portfolio risk exposure.

（中文發言）截至第一季度末，90天以上逾期率為2.25%，環比上升。針對高風險借款人分群，我們持續收緊授信審核標準與額度控制，以促進組合風險敞口有序出清。

For high-quality borrowers, we further analyzed borrower needs and worked closely with our operations team to refine borrower management and engagement strategies. With a focus on improving retention. Meanwhile, we are embedding AI capabilities into our operations to drive the productization of risk management and continuously refining and developing reusable standardized solutions.

針對高品質借款人，我們進一步分析其需求，並與運營團隊緊密協作，優化借款人管理與互動運營策略。重點提升留存。同時，我們正將AI能力嵌入運營流程，推動風險管理產品化，並持續打磨與開發可複用的標準化解決方案。

(spoken in Chinese) On the business development front, we continue to execute the overall strategy established in the previous quarter and advance our structural upgrade through three key initiatives.

（中文發言）在業務拓展方面，我們延續上一季度確立的整體策略，並通過三項關鍵舉措推進結構性升級。

The first initiative is the enhancement of our joint operations and tech empowerment model. During the quarter, we actively expanded our technology empowerment services for financial institutions. Under this model, the company acts as a technology and operations service provider, deeply integrating into the entire lending process of partner banks.

第一項舉措是強化我們的聯合運營與科技賦能模式。本季度，我們積極拓展面向金融機構的科技賦能服務。在該模式下，公司作為科技與運營服務提供方，深度融入合作銀行的全流程放貸環節。

We provide comprehensive solutions covering borrower engagement and operations, technology services, and risk modeling capabilities. Leveraging our advanced data technologies and extensive operational experience, we empower our partners throughout the credit lifecycle.

我們提供涵蓋借款人觸達與運營、科技服務以及風險建模能力的綜合解決方案。依託先進的數據技術與豐富的運營經驗，我們在信貸全生命週期為合作夥伴賦能。

In the first quarter, the transaction volume generated through our technology empowerment business reached RMB1.52 billion, representing a sequential increase of approximately 67.6%. This business represents a natural extension of the technology service capabilities we have accumulated over many years, enabling us to deepen our collaboration with financial institutions.

第一季度，我們科技賦能業務帶來的交易量達到人民幣15.2億元，環比增長約67.6%。該業務是我們多年積累的科技服務能力的自然延伸，使我們能夠深化與金融機構的合作。

It also represents an important innovation initiative in the current operating environment. We remain optimistic about the long-term value of this model and expect its scale to continue expanding in the future.

同時，這也是在當前經營環境下的一項重要創新舉措。我們對該模式的長期價值保持樂觀，並預期其規模在未來將持續擴大。

(spoken in Chinese) The second initiative is the development of a diversified product portfolio, including auto-back loans and digital intelligence microloans, which enables us to serve specific scenarios and borrower segments.

（中文發言）第二項舉措是打造多元化產品組合，包括汽車抵押貸款與數智小微貸，以便服務特定場景與借款人客群。

For our auto-backed loan business, the Version 3.0 system launched earlier this year has achieved end-to-end fully-digitalized operations. We remain focused on borrower engagement and operation, risk empowerment and matching, while specialized partners handle post-loan servicing and vehicle disposal.

在汽車抵押貸款業務方面，我們於今年年初上線的3.0版本系統已實現端到端的全流程數位化運營。我們仍聚焦於借款人觸達與運營、風險賦能與撮合匹配，而由專業合作夥伴負責貸後服務與車輛處置。

This collaborative model allows us to concentrate resources on our core strengths while creating complementary advantages with upstream and downstream partners. Since the beginning of this year, the auto-backed loan business has maintained strong growth momentum, with overall user conversion rates ranking among the highest in the market under the full online operating model.

該協作模式使我們能夠將資源集中於核心優勢，同時與上下游合作夥伴形成互補優勢。自今年年初以來，汽車抵押貸款業務保持強勁增長動能，在全線上運營模式下，整體用戶轉化率位居市場前列。

The continued expansion of our diversified product portfolio helps us reach differentiated borrower groups while providing funding partners with broader asset options.

我們多元化產品組合的持續擴張，有助於我們觸及差異化的借款人族群，同時為資金合作夥伴提供更廣泛的資產選擇。

(spoken in Chinese) The third initiative is our international business. In Indonesia, loan volume increased by 20% quarter-over-quarter and more than doubled year-over-year in the first quarter. By deepening cooperation with local funding partners, we continue to expand our presence in the market.

（中文發言）第三項舉措是我們的國際業務。在印尼，第一季貸款量較上一季成長20%，並較去年同期增加逾一倍。透過深化與當地資金合作夥伴的合作，我們持續擴大在市場中的布局。

In Mexico, while currently small in scale, growth has been even faster. Our local partner loan volume increased by 35% sequentially during the first quarter and also delivered strong year-over-year growth.

在墨西哥，雖然目前規模仍小，但成長速度更快。我們當地合作夥伴的貸款量在第一季較上一季成長35%，同時也實現強勁的年增長。

During the reporting period, revenue scale from overseas markets continue to increase. We will continue to execute our globalization strategy, leveraging strategic investments as an entry point to export our advanced technology capabilities and operational expertise, and steadily build the segment into a growth engine for the company's future development.

在報告期間，海外市場的營收規模持續提升。我們將持續推進全球化策略，以策略性投資作為切入點，輸出我們先進的技術能力與營運專業，並穩步將該板塊打造為公司未來發展的成長引擎。

(spoken in Chinese) In Artificial Intelligence, we continue to execute against a clear strategic roadmap by integrating AI technologies into our fintech ecosystem and accelerating the evolution of our technology service capabilities.

（中文發言）在人工智慧方面，我們持續依循清晰的策略路線圖推進，將AI技術整合至我們的金融科技生態系，並加速技術服務能力的演進。

In Intelligent Engineering, the feature iteration cycle for our risk management models has been reduced from several days to less than one hour, enabling strategies to respond rapidly to changes in market conditions. This capability has also become a core technology offering provided to our institutional partners.

在智慧工程方面，我們風險管理模型的功能迭代週期已由數天縮短至不到一小時，使策略能快速回應市場環境變化。此能力也已成為我們提供給機構合作夥伴的核心技術供給。

For R&D acceleration, AI agents now generate approximately 30% of all AI-assisted code, improving development efficiency by around 20% and further strengthening the engineering foundation for large-scale AI deployment.

在研發加速方面，AI代理目前生成約30%的所有AI輔助程式碼，使開發效率提升約20%，並進一步強化大規模AI部署的工程基礎。

In Service Assistance, our proprietary models have been fully deployed across customer service operations, intense recognition accuracy improved from 78% to 93%, significantly enhancing service efficiency while reducing model inference costs by 90%.

在服務輔助方面，我們自研模型已全面部署於客服營運中，意圖識別準確率由78%提升至93%，在顯著提升服務效率的同時，將模型推理成本降低90%。

In addition, in Workplace Intelligence, we have completed enterprise-grade security enhancements for OpenCloud and deployed our proprietary AI agent, GiantCloud. Across a wide range of daily work scenarios.

此外，在職場智慧方面，我們已完成OpenCloud的企業級安全強化，並部署自研AI代理GiantCloud。涵蓋廣泛的日常工作情境。

These initiatives are gradually reshaping the way our organization operates, enabling AI to serve as a collaborative partner for every employee and continuously unlocking productivity gains. AI is steadily evolving from a supporting tool into an intrinsic driver of operational efficiency across the company.

這些舉措正逐步重塑我們的組織運作方式，使AI成為每位員工的協作夥伴，並持續釋放生產力提升。AI正穩步從支援工具演進為驅動公司整體營運效率的內生動力。

(spoken in Chinese) We have always regarded security and responsibility as the lifeline of our business leveraging the advantages of multimodal AI technologies, we continue to strengthen the protection of user interest.

（中文發言）我們始終將安全與責任視為業務的生命線；藉助多模態AI技術的優勢，我們持續加強對用戶權益的保護。

During the first quarter, we identified and blocked approximately 290,000 fraudulent followers and intercepted 113,000 malicious applications associated with organized fraud activities. We continue to advance our risk management strategy from a reactive defense model towards proactive prevention and preemptive interception.

第一季期間，我們識別並封鎖約29萬個詐騙粉絲，並攔截11.3萬個與有組織詐騙活動相關的惡意應用程式。我們持續推進風險管理策略，從被動防禦模式轉向主動預防與事前攔截。

In particular, we have achieved substantial progress in multimodal large language model applications, including voice print recognition, image recognition technologies.

特別是，我們在多模態大型語言模型應用方面取得顯著進展，包括聲紋辨識、影像辨識等技術。

By integrating voice print analysis, graph algorithms, clustering technologies, and other advanced techniques, we are transforming our anti-fraud framework from traditional structured, rule-based detection into a comprehensive prevention and control system built upon multimodal perception, graph analytics, and scalable engineering implementation.

透過整合聲紋分析、圖算法、聚類技術及其他先進技術，我們正將反詐框架從傳統的結構化、基於規則的偵測，升級為建立在多模態感知、圖分析與可擴展工程落地之上的全方位防控體系。

To date, our multimodal anti-fraud system has identified approximately 5 million suspicious audio and video samples associated with fraudulent and illicit activities, with an accuracy rate exceeding 90%.

截至目前，我們的多模態反詐系統已識別約500萬個與詐騙及非法活動相關的可疑音訊與視訊樣本，準確率超過90%。

(spoken in Chinese) Turning to shareholder returns, we have extended our current share repurchase program through June 12, 2027, with approximately USD49.6 million remaining available under the program. We will continue to evaluate market conditions and our operational performance and comprehensively evaluate and implement various shareholder return initiatives.

（中文發言）關於股東回報，我們已將現行股份回購計畫延長至2027年6月12日，該計畫下仍有約4,960萬美元可用額度。我們將持續評估市場狀況與營運表現，並全面評估與落實各項股東回報舉措。

(spoken in Chinese) Given the continuing uncertainty in the macroeconomic environment, we remain prudent in our outlook. We currently expect transaction volume for the second quarter of 2026 to be between RMB9.5 billion and RMB10.5 billion.

（中文發言）鑑於宏觀經濟環境仍存在不確定性，我們對前景保持審慎。我們目前預期2026年第二季交易量介於人民幣95億元至105億元之間。

Looking ahead, we will continue to prioritize disciplined operations and sustainable development. Through deeper operational experience and enhanced organization resilience, we aim to build a durable competitive moat.

展望未來，我們將持續優先推進紀律化經營與可持續發展。透過更深厚的營運經驗與更強的組織韌性，我們致力於打造持久的競爭護城河。

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

（中文發言）接下來，我將把電話會議交給我們的財務長范春林先生。請開始。

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

謝謝嚴先生，大家好。感謝各位今天參加我們的電話會議。我現在將回顧本季的財務重點。請注意，所有數字均以人民幣計，除非另有說明，所有百分比變動均為同比比較。

As Mr. Yan noted earlier, we remain disciplined in our execution during the first quarter and deliver the transaction volume in line with our previous guidance. Transaction volume was RMB19.3 billion, representing a decrease of 45.8% from the same period of 2025. Our net revenue was RMB756.7 million, representing a decrease of 57.4% from the same period of 2025.

如嚴先生先前所述，我們在第一季執行上保持紀律，交易量符合先前指引。交易量為人民幣193億元，較2025年同期下降45.8%。淨營收為人民幣7.567億元，較2025年同期下降57.4%。

Moving on to costs, facilitation and servicing expense was RMB351.6 million. Representing a decrease of 1.3% from the same period of 2025. Allowance for uncappable receivables, contract assets, prepaid expenses and other current assets and others was RMB1.1 million, compared with RMB17.5 million for the same period of 2025, primarily due to the decrease in allowance for overseas contingent guarantees.

接著看成本，促成及服務費用為人民幣3.516億元。較2025年同期下降1.3%。不可收回應收款項、合約資產、預付費用及其他流動資產等的備抵為人民幣110萬元，較2025年同期的人民幣1,750萬元下降，主要由於海外或有擔保備抵減少所致。

Sales and marketing expense was RMB340.1 million, representing a decrease of 49.6% from the same period of 2025, primarily due to decreased borrower acquisition expenses.

銷售及行銷費用為人民幣3.401億元，較2025年同期下降49.6%，主要由於借款人獲取費用下降。

General and administrative expense was RMB44.1 million, representing a decrease of 16.5% from the same period of 2025, primarily due to decreased professional service fees.

一般及行政費用為人民幣4,410萬元，較2025年同期下降16.5%，主要由於專業服務費下降。

R&D expense was RMB109.8 million, representing an increase of 24.6% from the same period of 2025, primarily driven by an increase in technology infrastructure expenses and employee costs.

研發費用為人民幣1.098億元，較2025年同期增加24.6%，主要由技術基礎設施費用及員工成本上升所帶動。

Non-GAAP loss from operation was RMB70.1 million, compared with RMB606.6 million non-GAAP income from operation in the same period of 2025.

非GAAP經營虧損為人民幣7,010萬元，而2025年同期非GAAP經營利潤為人民幣6.066億元。

Consequently, our net loss for the first quarter was RMB61.7 million, compared with RMB539.5 million net income in the same period of 2025.

因此，我們第一季度的淨虧損為人民幣6,170萬元，而2025年同期為淨利潤人民幣5.395億元。

Our basic and diluted net loss per share were both 0.29 compared with 2.53 basic and diluted net income per share in the first quarter of 2025. Basic and diluted net loss per ADS were both 1.16 compared with 10.12 basic and diluted net income per ADS in the first quarter of 2025.

我們的基本及攤薄每股淨虧損均為0.29，而2025年第一季度的基本及攤薄每股淨利潤為2.53。我們的基本及攤薄每股ADS淨虧損均為1.16，而2025年第一季度的基本及攤薄每股ADS淨利潤為10.12。

Each ADS represents four Class A ordinary shares of the company. We ended this quarter with RMB43.4 million in cash and cash equivalents, compared with RMB61.8 million at the end of the previous quarter.

每股ADS代表本公司四股A類普通股。本季度末，我們的現金及現金等價物為人民幣4,340萬元，而上一季度末為人民幣6,180萬元。

With that, we can open the call for questions. Ms. Qi, our Chief Risk Officer, and I will answer your questions. Operator, please proceed.

接下來，我們可以開放提問環節。我們的首席風險官齊女士和我將回答各位的問題。接線員，請開始。

Thank you. (Operator Instructions)

謝謝。(接線員指示)

Jerry Li, CSC.

Jerry Li，中信證券。

(spoken in Chinese) Hello, management. I'm Jerry Li from China Securities. We have seen the companies reported a net loss of almost RMB62 million for the fourth quarter. It is fourth quarterly loss since listing. What are the primary drivers behind this performance?Any operational adjustments to improve for feasibilities moving forward? Thank you.

(中文發言) 管理層您好。我是來自中信證券的Jerry Li。我們看到公司第四季度錄得接近人民幣6,200萬元的淨虧損。這是上市以來的第四個季度虧損。造成這一業績的主要驅動因素是什麼？是否有一些營運調整以提升未來的可行性？謝謝。

(spoken in Chinese) So on the loss of RMB61.7 million. So ever since the new regulation came out last year and implemented in October, where the lower rate cap was enforced, from October to June, the overall market loan volume has reduced by RMB500 million. And due to this significant lowering of the loan volume, there has been a liquidity crunch from the borrower side.

(中文發言) 關於人民幣6,170萬元的虧損。自去年新規出台並於10月落地實施、下限利率上限被執行以來，從10月到6月，整體市場貸款規模減少了人民幣5億元。由於貸款規模大幅下降，借款人端出現了流動性緊張。

(spoken in Chinese) Ever since the new regulation and the liquidity crunch on the borrower side, since the implementation on October 1, we've tried many methods and to highly -- to be highly efficient to resolve the credit risk brought on by the after-effects of the implementation.

(中文發言) 自新規實施以及借款人端出現流動性緊張以來，從10月1日實施開始，我們嘗試了很多方法，並力求以高效率來化解實施後續影響所帶來的信用風險。

(spoken in Chinese) So ever since Chinese New Year, we've had a very difficult adjustment period combined with no cost reduction actions last year. So there's a faster decrease in loan volume than the decrease in cost reduction. So that explains most of the difference in the loss.

(中文發言) 自春節以來，我們經歷了一段非常艱難的調整期，同時去年也沒有採取降本措施。因此，貸款規模下降的速度快於成本下降的速度。這解釋了虧損差異的大部分原因。

(spoken in Chinese) We've implemented a lot of cost control and reduction. So the cash flow will be better next quarter. And from the volume and revenue perspective, we've balanced out our cash flow and revenue and expenses. So we're better equipped to continue to have better cash flow and better liquidity for the upcoming quarter.

(中文發言) 我們已經實施了大量的成本控制與削減措施。因此，下個季度現金流會更好。從規模與收入角度來看，我們已在現金流、收入與費用之間取得平衡。因此，我們更有能力在下一季度保持更好的現金流與更好的流動性。

(spoken in Chinese) That's my response to your question.

(中文發言) 以上是我對您問題的回覆。

[Hua Rong, Jin Yu Asset].

[華融，金宇資產]。

(spoken in Chinese) Could you provide some color on the risk plan throughout the first quarter and into April and May? Are we seeing an improvement in the risk metrics? Thank you.

(中文發言) 能否介紹一下第一季度以及進入4月、5月的風險計畫情況？我們是否看到風險指標有所改善？謝謝。

(spoken in Chinese) I would like to welcome Ms. Qi Dan, our new Chief Risk Officer, to answer this question. She's from Tencent WeStart, and she used to be a risk in in risk management over there, so I'd like to welcome her to answer this question.

(中文發言) 我想請我們新任首席風險官齊丹女士來回答這個問題。她來自騰訊WeStart，之前在那邊從事風險管理工作，所以我想請她來回答這個問題。

(spoken in Chinese) So the deterioration in asset quality caused by the rise in credit risk last year has been improving. Credit risk among the new borrowers peaked in September last year, while the risk associated with the new loans facilitated to existing borrowers peaked in November. Since then, both have trended downward and shown steady improvement.

(中文發言) 去年信用風險上升導致的資產品質惡化情況正在改善。新借款人的信用風險在去年9月達到峰值，而向存量借款人促成的新貸款相關風險在去年11月達到峰值。此後，兩者均呈下降趨勢並持續穩步改善。

(spoken in Chinese) For new borrowers, since Q4 of last year, we proactively really adjusted our borrower acquisition mix and the channel mix, and optimized our risk models while really controlling the overall volume of new acquisition -- borrower acquisition.

(中文發言) 針對新借款人，自去年第四季度起，我們主動調整了獲客結構與渠道結構，優化了風險模型，同時嚴格控制整體新增獲客——借款人獲取——的規模。

As a result, the new borrower credit performance has continued to improve. So by March and April of this year, the new borrower metrics has already declined to the lowest levels recorded during the entire last year.

因此，新借款人的信用表現持續改善。到今年3月和4月，新借款人指標已降至去年全年記錄的最低水準。

(spoken in Chinese) With respect to the newly facilitated loans for existing borrowers, the risk levels continue to decline throughout the first quarter. By April and May, the risk metrics have really fallen by approximately 25% to 30% from their peak levels, returning to levels seen in May and June of last year.

(中文發言) 就存量借款人的新促成貸款而言，風險水準在第一季度持續下降。到4月和5月，風險指標較峰值水準下降約25%至30%，回到去年5月和6月的水準。

So from a risk management perspective, we've really tightened our borrower selection criteria by focusing on borrowers with stronger financial and repayment capabilities, as well as more stable asset and credit profiles.

因此，從風險管理角度來看，我們確實收緊了借款人篩選標準，重點聚焦於財務與還款能力更強、以及資產與信用狀況更穩定的借款人。

At the same time, for the higher risk borrowers, such as those with elevated leverage, significant multi-borrowing exposure, greater liquidity stress or weaker asset profiles, for those borrowers, we have proactively shortened the loan tenures and reduced credit limits.

同時，對於風險較高的借款人，例如槓桿較高、存在較多多頭借貸敞口、流動性壓力更大或資產狀況較弱的借款人，我們主動縮短貸款期限並降低授信額度。

So by adjusting the -- making these adjustments to the borrowing emission standards, credit limits and loan terms, we have really actively optimized our asset mix. So while this has resulted in a more measured pace of business growth, it has significantly improved the overall quality of our operations.

透過對——對借款准入標準、授信額度與貸款期限進行上述調整，我們主動優化了資產結構。雖然這使得業務增長節奏更為審慎，但顯著提升了我們整體營運品質。

(spoken in Chinese) Yeah. That's my answer to your question.

(中文發言) 好的。以上是我對您問題的回答。

Thank you. Seeing no more questions, I will return the call 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 our 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我們的進展。

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

再次感謝大家。本次電話會議到此結束。您現在可以掛線。