Jianpu Technology Inc (JT) 2023 Q1 法說會逐字稿

Thank you, and welcome to the Jianpu Technology Inc. first-quarter 2023 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to hand the conference over to Liting Lu. Please go ahead.

謝謝，歡迎參加簡普科技 2023 年第一季度財報電話會議。 （操作員說明）請注意，正在記錄此事件。現在我想把會議交給盧立亭。請繼續。

Thank you, operator. Hello, everyone, and thank you for joining us today. Our first-quarter 2023 earnings release was distributed earlier today and is available on our IR website at ir.jianpu.ai as well as on PR Newswire Services.

謝謝你，接線員。大家好，感謝您今天加入我們。我們的 2023 年第一季度財報已於今天早些時候發布，可在我們的 IR 網站 ir.jianpu.ai 以及美通社服務上獲取。

On the call today from Jianpu Technology, we have here Mr. David Ye, Co-founder, Chairman, and Chief Executive Officer; and Mr. Oscar Chen, Chief Financial Officer. Mr. Yu will talk about our operations and company highlights, followed by Mr. Chen, who will discuss the financials and guidance. They will all be available to answer your questions during the Q&A section that follows.

今天，我們請到了簡普科技的電話會議，聯合創始人、董事長兼首席執行官葉大衛先生；以及首席財務官Oscar Chen先生。於先生將談論我們的運營和公司亮點，然後陳先生將討論財務和指導。他們都將在接下來的問答部分回答您的問題。

Before we begin, I'd like to remind you that this conference call contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934 and the US Private Securities Litigation Reform Act of 1995.

在開始之前，我想提醒您，本次電話會議包含 1934 年《證券交易法》第 21E 條和 1995 年《美國私人證券訴訟改革法》中定義的前瞻性陳述。

These forward-looking statements are based on management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties, and other factors, all of which are difficult to predict and may -- and many of which are beyond the company's control. These risks may cause the company's actual results or performance to differ to differ materially.

這些前瞻性陳述基於管理層當前的預期以及當前的市場和經營狀況，並涉及涉及已知或未知風險、不確定性和其他因素的事件，所有這些因素都難以預測並且可能發生——其中許多是超出公司的控制範圍。這些風險可能導致公司的實際結果或業績出現重大差異。

Further information regarding these and other risks, uncertainties, or factors is included in the company's filings with the US SEC. The company does not undertake any obligation to update any forward-looking statements as a result of new information, future events, or otherwise, except as required under applicable law. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB.

有關這些和其他風險、不確定性或因素的更多信息包含在該公司向美國證券交易委員會提交的文件中。除適用法律要求外，公司不承擔因新信息、未來事件或其他原因而更新任何前瞻性陳述的義務。最後請注意，除非另有說明，本次電話會議中提及的所有數字均以人民幣為單位。

It is now my pleasure to introduce our Co-founder, Chairman, and Chief Executive Officer, Mr. David Ye. David, please go ahead.

現在我很高興向大家介紹我們的聯合創始人、董事長兼首席執行官葉大衛先生。大衛，請繼續。

Thank you, Liting. Hello, everyone, and thank you for joining us today. Despite the ongoing challenges caused by the lagging effect of COVID, our capital asset, capital-light platform model, diversification, digital tech, and AI strategies allowed us to benefit from the economic rebound in the first quarter.

謝謝你，莉婷。大家好，感謝您今天加入我們。儘管新冠疫情的滯後效應帶來了持續的挑戰，但我們的資本資產、輕資本平台模式、多元化、數字技術和人工智能策略使我們受益於第一季度的經濟反彈。

We are pleased to announce a robust 39.4% year-over-year revenue growth in the first quarter of 2023. At the same time, the net loss was trimmed by considerably 60.8% year over year, leading to a loss margin of 7.2%, the third consecutive quarter with a single-digit net loss margin.

我們很高興地宣布 2023 年第一季度收入同比強勁增長 39.4%。與此同時，淨虧損同比大幅減少 60.8%，虧損率為 7.2%，連續第三個季度淨虧損率為個位數。

Looking ahead to the rest of 2023, we remain committed to facilitating the digital transformation of our financial service providers and other ecosystem partners. Moreover, we are excited about the emerging trend in artificial intelligence driven by large language models and its massive application potential.

展望 2023 年剩餘時間，我們將繼續致力於促進我們的金融服務提供商和其他生態系統合作夥伴的數字化轉型。此外，我們對大型語言模型驅動的人工智能的新興趨勢及其巨大的應用潛力感到興奮。

We are actively exploring the feasibility of implementing such new technologies across all facets of our businesses. We drive the development of a tech-based, inclusive finance model and empower our business partners more digitally, automatically, and intelligently. We are focused on executing our vision of becoming everyone's financial partner and driving the digital transformation of the financial industry and beyond.

我們正在積極探索在我們業務的各個方面實施此類新技術的可行性。我們推動科技化普惠金融模式發展，以更加數字化、自動化、智能化的方式賦能商業夥伴。我們致力於實現成為每個人的金融合作夥伴並推動金融行業及其他行業的數字化轉型的願景。

Let me now go through three key performance highlights from the first quarter. First, we bolstered our technological and operational capabilities to better serve our partners and stay on the cutting edge of digital transformation.

現在讓我回顧一下第一季度的三個關鍵業績亮點。一是提陞技術和運營能力，更好服務合作夥伴，走在數字化轉型前沿。

Our revenue from credit card and loan recommendation services during the quarter increased by 30.1% and 32.2% year over year, respectively. The robust growth reflects our proven ability to support financial institutions with their digital marketing, user acquisition, customer retention, and risk management.

本季度我們來自信用卡和貸款推薦服務的收入分別同比增長 30.1% 和 32.2%。強勁的增長反映了我們在數字營銷、用戶獲取、客戶保留和風險管理方面支持金融機構的能力。

As a leading independent platform for discovery and recommendation from financial products and services, our years of experience have allowed us to gain deeper insight into industry trends. We continuously optimize our digital marketing and the risk control models to empower financial service provider. We reached our operational experience, and compliance practices are recognized by our ecosystem partner, therefore improving our omnichannel capabilities.

作為領先的金融產品和服務發現和推薦的獨立平台，我們多年的經驗使我們能夠更深入地洞察行業趨勢。我們不斷優化數字營銷和風控模型，為金融服務商賦能。我們積累了運營經驗，合規實踐得到了生態系統合作夥伴的認可，從而提高了我們的全渠道能力。

Going forward, we will continue to forge stronger relationships with banks and other financial institutions, assisting them with digital transformation, refining marketing strategy, and deepening our client engagement and the risk management capabilities. Our commitment to being banks' trusted strategic partners will enable us to provide high quality and efficient services to adapt to the challenging market demand.

展望未來，我們將繼續與銀行和其他金融機構建立更牢固的關係，協助他們進行數字化轉型，完善營銷策略，深化客戶參與和風險管理能力。我們致力於成為銀行值得信賴的戰略合作夥伴，這將使我們能夠提供優質高效的服務，以適應充滿挑戰的市場需求。

Second, our new business initiatives made significant progress. Our continued efforts to drive new business initiatives yield impressive results in terms of category expansion and delivering a revenue growth of marketing and other services by 80.8% year over year in the first quarter. Revenue contribution from marketing and other services for adjacent category also increased from 16.3% of revenue in 2022 to 27.0% in the first quarter of 2023.

二是新業務取得重大進展。我們持續努力推動新業務舉措，在品類擴張方面取得了令人矚目的成果，第一季度營銷及其他服務收入同比增長80.8%。相鄰類別的營銷和其他服務的收入貢獻也從 2022 年收入的 16.3% 增加到 2023 年第一季度的 27.0%。

Our user acquisition and retention capabilities have also gained widespread recognition from leading players in adjacent categories and industries. In the first quarter, we further strengthened our partnership in insurance, telecom, e-commerce, and the lifestyle sectors.

我們的用戶獲取和留存能力也得到了鄰近品類和行業領先企業的廣泛認可。一季度，我們進一步加強了在保險、電信、電商、生活等領域的合作。

In particular, we facilitated the acquisition of more than 1 million new users for leading telecom service providers, showcasing our sophisticated digital marketing capability and proven social media and partnership programs, a successful deployment in covering a wider spectrum of users with various needs other than financial sectors.

特別是，我們幫助領先的電信服務提供商獲得了超過100萬的新用戶，展示了我們先進的數字營銷能力和經過驗證的社交媒體和合作夥伴計劃，成功覆蓋了更廣泛的除金融以外的各種需求的用戶。部門。

Third, our enhanced operational efficiency and optimized cost structure drove further margin improvement. With the lingering impacts of COVID, our ROI remained fairly strong and stable with an overall year-over-year ROI of 126.3% in Q1.

三是運營效率提升、成本結構優化，帶動利潤率進一步提升。儘管受到新冠肺炎疫情的持續影響，我們的投資回報率仍然相當強勁和穩定，第一季度的整體投資回報率同比為 126.3%。

We saw year-over-year improvement of 2.4% for recommendation services and 4.3% points for the new business initiatives during the quarter. This stability demonstrates the resilience and the profitability of our solid business model even in the face of challenging circumstances.

本季度，推薦服務同比增長 2.4%，新業務計劃同比增長 4.3%。即使面對充滿挑戰的環境，這種穩定性也證明了我們堅實的商業模式的彈性和盈利能力。

Total operating expenses, including sales and marketing, R&D, and G&A decreased by 11.4% year over year in the first quarter. This was driven in part by our targeted streamlining of operation in the strategic human resources allocation, resulting in further margin improvement and a decline in net loss.

第一季度的總運營費用（包括銷售和營銷、研發以及一般行政費用）同比下降 11.4%。這部分是由於我們在戰略人力資源配置中有針對性地精簡運營，從而進一步提高了利潤率並減少了淨虧損。

In Q1, our operating loss and the net loss, decreased by 56.8% and 60.8% year over year, respectively. Operating loss margin and the net loss margin improved by 18.2 and 18.3 percentage points year over year during this quarter, respectively.

一季度，我們的營業虧損和淨虧損同比分別下降56.8%和60.8%。本季度運營虧損率和淨虧損率同比分別改善 18.2 和 18.3 個百分點。

In particular, Q1 net loss margin of 7.2% is the third consecutive quarter of single-digit net loss margin, reflecting positively our continued efforts of efficiency improvement and the cost optimization as well as our capability to turn profit in the near future.

特別是，第一季度淨虧損率為7.2%，是連續第三個季度淨虧損率為個位數，積極反映了我們在效率提升和成本優化方面的持續努力以及我們在不久的將來扭虧為盈的能力。

After sharing our business highlights in the first quarter, I would like to take a few minutes to take a bit -- to talk a bit about our artificial intelligence initiatives. Being a financial product recommendation platform built upon big data AI as one of our underlying technologies, we are excited about -- we are excited and [inspired] by large trend led by large language model and its transformative impact on AI development

在分享了我們第一季度的業務亮點之後，我想花幾分鐘時間談談我們的人工智能計劃。作為一個以大數據人工智能為基礎技術之一的金融產品推薦平台，我們對大語言模型引領的大趨勢及其對人工智能發展的變革性影響感到興奮和[鼓舞]。

Currently, we are actively implementing and integrating AI tools such as ChatGPT into our operations. As of March 31, around the 60% of our staff have utilized AI tools and technologies to improve work efficiency and customer service, and this number continues to grow on a daily basis.

目前，我們正在積極實施 ChatGPT 等人工智能工具並將其集成到我們的運營中。截至3月31日，我們約有60%的員工利用人工智能工具和技術來提高工作效率和客戶服務，並且這個數字每天都在持續增長。

In addition to this, we are also actively exploring ways to deploy AI across our businesses. For instance, our software-as-a-service stage, the customized risk modeling and the management practice, we have developed a customized risk control model by fine tuning our external natural language processing model with our proprietary algorithm and data. This enables us to more efficiently deliver risk assessment analysis aligned with our client-specific needs.

除此之外，我們還積極探索在整個業務中部署人工智能的方法。例如，我們的軟件即服務階段，定制的風險建模和管理實踐，我們通過使用我們專有的算法和數據微調我們的外部自然語言處理模型，開發了定制的風險控制模型。這使我們能夠更有效地提供符合客戶特定需求的風險評估分析。

In summary, AI solution presents an opportunity to enhance our products and service delivery efficiency and effectiveness across various functions such as product development, creative design, marketing, operation, risk management, and other functions.

總而言之，人工智能解決方案提供了一個機會，可以提高我們產品和服務交付效率和有效性，涵蓋產品開發、創意設計、營銷、運營、風險管理和其他職能等各個職能部門。

Finally, let me take a few minutes to share our views on the macroenvironment and our business outlook. Regarding the macroenvironment, the government and the regulators recently emphasized the revival and expansion of market demand with a particular focus on stimulating private sector consumptions.

最後，讓我花幾分鐘時間分享一下我們對宏觀環境和業務前景的看法。宏觀環境方面，近期政府和監管層強調恢復和擴大市場需求，特別注重刺激民間消費。

As such, we anticipate the government's implementation of a more effective and relaxed fiscal policy, stable and precise monetary policy, and additional incentives to promote private and public sector investments.

因此，我們預計政府將實施更有效和寬鬆的財政政策、穩定和精準的貨幣政策，以及促進私營和公共部門投資的額外激勵措施。

However, we did observe some volatilities since late -- first quarter. Predicting GDP growth rate in Q2 may slow down a bit sequentially, and the performance in aggregate finance in the real economy in April versus market forecasts and the recovery of consumer confidence and the household sector confidence is still subject to observation.

然而，自第一季度末以來，我們確實觀察到了一些波動。預計二季度GDP增速可能會環比有所放緩，4月份實體經濟總量金融與市場預測的表現以及消費者信心和家庭部門信心的恢復情況仍需觀察。

Overall, because of lagging effect of COVID, we expect China's economic rebound will remain gradual throughout the first half of 2023, with a more stable footing in the second half. The recent inauguration of the National Financial Regulatory Administration also signals imminent enhancements in the regulatory oversight of the financial sector, which will result in further tightening of pricing and operational flow of financial products offered by financial institutions.

總體而言，由於新冠肺炎疫情的滯後效應，我們預計2023年上半年中國經濟反彈將保持漸進，下半年將更加穩定。國家金監局的成立也標誌著對金融領域的監管即將加強，這將導致金融機構提供的金融產品的定價和操作流程進一步收緊。

Despite this, we anticipate the government continue to emphasize on high-quality economic growth will provide a solid foundation for our business to grow. Overall, we believe our business is well-positioned for a strong recovery, thanks to our efficient capital-light business model, constantly innovating digital and AI-based technology, increasing diversification, revenue mix, and ongoing efficiency gains.

儘管如此，我們預計政府繼續強調經濟高質量增長將為我們的業務增長提供堅實的基礎。總體而言，我們相信，由於我們高效的輕資本業務模式、不斷創新的數字和人工智能技術、增加多元化、收入結構和持續的效率提升，我們的業務已做好強勁復甦的準備。

We are leveraging our market-leading position, advanced tech knowledge, and proven track record of execution to facilitate the digital transformation of the economy and generating long-term value for our customer and shareholders.

我們正在利用我們的市場領先地位、先進的技術知識和可靠的執行記錄來促進經濟的數字化轉型，並為我們的客戶和股東創造長期價值。

I will now hand over the call to our CFO, Oscar Chen, to run through our financials. Thank you.

我現在將把電話轉交給我們的首席財務官奧斯卡·陳 (Oscar Chen)，他負責處理我們的財務狀況。謝謝。

Thank you, David, and hello, everyone. As David mentioned earlier, we delivered strong results in the first quarter of 2023, supported by our capital-light business model and a successful diversification strategy.

謝謝你，大衛，大家好。正如大衛之前提到的，在輕資本業務模式和成功的多元化戰略的支持下，我們在 2023 年第一季度取得了強勁的業績。

Our total revenues for the quarter increased by 39.4% RMB289.4 million from RMB207.6 million in the same period of 2022. This robust growth performance was mainly driven by increased revenues from recommendation services and marketing and other services and to a lesser extent, the recovery of our big data and system-based risk management services.

我們本季度的總收入從 2022 年同期的人民幣 2.076 億元增長了 39.4% 人民幣 2.894 億元。這一強勁的增長業績主要是由推薦服務和營銷及其他服務的收入增加推動的，其次是，恢復我們的大數據和基於系統的風險管理服務。

We sustained our market-leading position in the recommendation business with total revenues from this business line increasing by 30.9% to RMB188.6 million in the first quarter from RMB144.1 million in the same period of 2022.

我們在推薦業務方面保持市場領先地位，該業務線總收入從2022年同期的人民幣1.441億元增長30.9%至第一季度的人民幣1.886億元。

Revenues from credit card and loan recommendation services decreased by 30.1% and 32.2% year over year in the first quarter, respectively. Credit card volume increased year over year by 22.2% to approximately 1.1 million. And the average fee per credit card increased slightly to RMB114.3 in the first quarter of 2023.

第一季度信用卡和貸款推薦服務收入同比分別下降30.1%和32.2%。信用卡發卡量同比增長 22.2%，達到約 110 萬張。 2023年第一季度，每張信用卡平均手續費小幅上漲至114.3元。

The increase in revenue from loan recommendation services was mainly driven by the increase of average fee per loan application by around 26.7% year over year and RMB14.7 in the first quarter of 2023 due to a more favorable product mix.

貸款推薦服務收入的增長主要是由於更有利的產品組合導致每筆貸款申請的平均費用同比增長約 26.7%，2023 年第一季度為人民幣 14.7 元。

Revenues from big data and the system-based risk management services resumed growth by 11.9% to RMB22.6 million in the first quarter of 2023. The increase was mainly attributable to the increase in average spending per customer.

大數據和基於系統的風險管理服務的收入在 2023 年第一季度恢復增長 11.9% 至人民幣 2,260 萬元。增長主要是由於每個客戶的平均支出增加。

Revenues from our marketing and other services increased by 80.8% to RMB78.1 million in the first quarter of 2023 from RMB43.2 million in the same quarter of 2022, primarily due to the increased revenue from other new business initiatives, further proving the success of our category expansion by applying technology and operational capabilities into adjacent categories.

我們的營銷和其他服務收入從 2022 年同期的人民幣 4320 萬元增長 80.8% 至 2023 年第一季度的人民幣 7810 萬元，這主要是由於其他新業務舉措的收入增加，進一步證明了成功通過將技術和運營能力應用到相鄰類別來擴大我們的類別。

Moving onto costs and expenses, cost of promotion and acquisitions increased by 41.2% to RMB211.1 million in the first quarter of 2023 from RMB149.5 million in the same period of 2022. The overall ROI for recommendation services and marketing and others have improved to 126.3%.

在成本和費用方面，推廣和收購成本從 2022 年同期的人民幣 1.495 億元增長 41.2% 至 2023 年第一季度的人民幣 2.111 億元。推薦服務和營銷等的整體投資回報率有所提高至 126.3%。

The ROI of recommendation services and marketing and other services recorded year-over-year increase by 2 percentage points and 4 percentage points in the first quarter, respectively, implying further improvements in our efficiency.

一季度，推薦服務和營銷及其他服務的投資回報率分別同比增長2個百分點和4個百分點，效率進一步提升。

Cost of operations remained fairly stable at RMB18.4 million in the first quarter of 2023 compared with RMB18.5 in the same period of 2022 as we continued to execute our cost-optimization initiatives. Our sales and marketing expenses, R&D expenses, and G&A expenses for the first quarter decreased by 6.2%, 15.1%, and 13.4% year over year, respectively.

由於我們繼續執行成本優化舉措，2023 年第一季度的運營成本保持相當穩定，為人民幣 1,840 萬元，而 2022 年同期為人民幣 18.5 萬元。第一季度我們的銷售和營銷費用、研發費用和一般管理費用分別同比下降 6.2%、15.1% 和 13.4%。

Measured as a percentage of total revenue, our total sales and marketing, R&D, and G&A expenses declined to 28.9% in the first quarter compared with 45.4% in the same period of 2022, which represents a decrease of about 16.5 percentage points.

以佔總收入的百分比衡量，我們的總銷售和營銷、研發和 G&A 費用在第一季度下降到 28.9%，而 2022 年同期為 45.4%，下降了約 16.5 個百分點。

Thanks to our continued efforts to optimize our cost structure and improve our productivity, loss from operations was RMB23.6 million in the first quarter of 2023, down significantly from RMB54.6 million in the same period of 2022.

由於我們不斷努力優化成本結構和提高生產力，2023 年第一季度經營虧損為人民幣 2,360 萬元，較 2022 年同期的人民幣 5,460 萬元大幅下降。

Operating loss margin was 8.1% in the first quarter of 2023 compared with 26.3% in the same period of 2022. Our net loss and the non-GAAP adjusted net loss was RMB20.8 million and RMB19.4 million in the first quarter of 2023 compared with RMB53 million and RMB50.8 million in the same period of 2022, respectively.

2023 年第一季度的運營虧損率為 8.1%，而 2022 年同期為 26.3%。2023 年第一季度我們的淨虧損和非 GAAP 調整後淨虧損分別為人民幣 2,080 萬元和人民幣 1,940 萬元。 2022年同期分別為人民幣5,300萬元和人民幣5,080萬元。

As we continue to scale up and improve our efficiency, our net loss margin and the non-GAAP adjusted net loss margin for the first quarter improved by 18.3 and 17.7 percentage points, respectively, compared with the same period of 2022. As of March 31, 2023, we maintained a solid balance sheet with cash, cash equivalents, and short-term liquidity of RMB613.5 million.

隨著我們不斷擴大規模和提高效率，第一季度的淨虧損率和非 GAAP 調整後淨虧損率較 2022 年同期分別提高了 18.3 和 17.7 個百分點。 截至 3 月 31 日2023年，我們保持穩健的資產負債表，現金、現金等價物和短期流動資金為人民幣6.135億元。

With that, I will conclude our prepared remarks. We will now open the call to questions. Operator, please go ahead.

至此，我將結束我們準備好的發言。我們現在開始提問。接線員，請繼續。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。 （操作員說明）

[Carol Lin], private investor.

[Carol Lin]，私人投資者。

Hi, management. Thank you for taking my question. I have two questions. The first one is, I understand that the company's major business is to empower the digital transformation of banks and the other financial institutions. Also, digitalization is the major thing for the economy development. So could you please elaborate what your company has done and will do in the future to empower the digital transformation?

嗨，管理層。感謝您回答我的問題。我有兩個問題。第一個是，我了解公司的主要業務是賦能銀行等金融機構的數字化轉型。此外，數字化是經濟發展的大事。那麼能否請您詳細說明貴公司已經和未來將做什麼來賦能數字化轉型？

And you mentioned the emerging trend of the large language model. So what would be the potential impact on digital transformation? And my second question is, I noticed that your net loss is gradually narrowing. So may I know the reasons behind it? So what's more -- when do you expect the company to become breakeven? Thank you very much.

您提到了大語言模型的新興趨勢。那麼，這對數字化轉型有何潛在影響？我的第二個問題是，我注意到你們的淨虧損正在逐漸縮小。那麼我可以知道其背後的原因嗎？那麼更重要的是——您預計公司什麼時候能夠實現盈虧平衡？非常感謝。

Thank you, Carol. This is David. I will answer the first question about the digital transformation and AI, and Oscar will handle the second question about the financials.

謝謝你，卡羅爾。這是大衛。我將回答第一個問題有關數字化轉型和人工智能的問題，奧斯卡將回答第二個問題有關財務的問題。

Yes. So okay, so Jianpu, our vision is to become everyone's financial partner. We have been the digital transformation of hundreds -- financial institutions for over close to now -- close to a decade, right?

是的。那麼好吧，那麼建普，我們的願景是成為每個人的金融合作夥伴。近十年來，我們已經為數百家金融機構進行了數字化轉型，對吧？

And so, we have been helping banks through the company and other financial service providers in risk assessment, digital marketing, user acquisition, customer rotation, operation, and fraud detection and applying our search recommendation engine as well as a one-stop integrated solutions across the credit life cycle for those institutions.

因此，我們一直通過公司和其他金融服務提供商在風險評估、數字營銷、用戶獲取、客戶輪換、運營和欺詐檢測方面幫助銀行，並應用我們的搜索推薦引擎以及一站式綜合解決方案。這些機構的信貸生命週期。

So that's why the digital -- the big data digital, that's the bread and the butter of our business. As we know, the -- China, the country, I mean -- all sectors or other sectors has been in transforming into digital: the e-commerce, social media, et cetera. But the finance sector, actually, we are also ahead of the curve compared to other sectors but still is in a growing or in a developing stage, let's put it that way.

這就是為什麼數字化——大數據數字化，是我們業務的基礎。眾所周知，中國，我的意思是，所有行業或其他行業都在向數字化轉型：電子商務、社交媒體等等。但實際上，金融行業與其他行業相比，我們也處於領先地位，但仍然處於成長或發展階段，這麼說吧。

So the past, our focus has been focusing on, for example, digital marketing, user acquisition, and customer retention operation. But since 2015, we have also developed a digital tech; AI, [visual tech AI]; and also for big data-powered risk management practices. That's from credit assessment, fraud detection, as well as risk solutions from the whole credit and risk cycle.

所以過去我們的重點一直集中在數字營銷、用戶獲取、客戶維繫運營等方面。但從2015年開始，我們還開發了一種數字技術；人工智能，[視覺技術人工智能]；以及大數據驅動的風險管理實踐。這是來自信用評估、欺詐檢測以及整個信用和風險週期的風險解決方案。

We are also -- recently, we have also expanded our risk management, the integrated services, to some known financial partners, such as some of the regulators and other sectors such as e-commerce and the telecom sectors. So that's the digital part.

最近，我們還將我們的風險管理和綜合服務擴展到一些已知的金融合作夥伴，例如一些監管機構以及電子商務和電信行業等其他行業。這就是數字部分。

From the AI, we first launched our AI-powered solution we call Version 1.0, that's late 2017, 2018. And recently, as we know, the OpenAI and the ChatGPT have been launched less than a year ago. Now our tech team, our business team, and our -- basically, all functions, all staff, we have been -- started researching and leveraging AI in our business.

在人工智能方面，我們首次推出了人工智能驅動的解決方案，我們稱之為版本 1.0，那是在 2017 年末、2018 年。最近，據我們所知，OpenAI 和 ChatGPT 推出還不到一年。現在，我們的技術團隊、業務團隊以及我們的所有職能部門、所有員工都開始在我們的業務中研究和利用人工智能。

I just want to give out one or two examples. In our risk tech solution business, we have developed customized risk management and control models by fine tuning the external natural language model with our proprietary algorithm and the data to provide financial institutions a more efficient risk assessment analysis.

我只想舉一兩個例子。在風險科技解決方案業務中，我們通過自有算法和數據對外部自然語言模型進行微調，開發定制化的風險管控模型，為金融機構提供更高效的風險評估分析。

So those applications are from application fraud detection and risk model and the risk credit -- the risk policy improvement. That's just one of the examples that we are working on. So I mean, as we all know, the power of AI on our society or people's lives, specifically on the financial services sector, just started.

所以這些應用是來自於應用欺詐檢測和風險模型以及風險信用——風險策略的改進。這只是我們正在研究的示例之一。所以我的意思是，眾所周知，人工智能對我們社會或人們生活的影響，特別是在金融服務領域，才剛剛開始。

So one thing I want to mention is very interesting. The training of the data or the application or the solutions for the financial services sector actually is -- it's actually behind other factors such as social media or e-commerce or even other sectors.

所以我想提的一件事非常有趣。金融服務部門的數據或應用程序或解決方案的培訓實際上是 - 它實際上落後於社交媒體或電子商務甚至其他部門等其他因素。

However, we believe -- we strongly believe that the finance sector, financial sector, or fintech sector will be one of the top sector that will be impacted or will benefit from large language model from AI. This is similar to the last several technological trend of [phones] or PC or mobile Internet or cloud.

但是，我們相信——我們堅信金融部門、金融部門或金融科技部門將成為最受影響或受益於 AI 大型語言模型的部門之一。這和最近幾個[手機]或者PC或者移動互聯網或者云的技術趨勢是類似的。

The financial sector is actually one of the -- it's actually not number one. It's in top two sectors [that have] invested there, in technology, heavily and transformed the sector like big -- by the new technology, new trend like AI. So that's why we are optimistic. We are confident.

金融部門實際上是其中之一——它實際上不是第一。它是在技術方面進行了大量投資的前兩個行業，並通過人工智能等新技術、新趨勢對行業進行了大規模改造。這就是我們樂觀的原因。我們有信心。

I would say that Jianpu, our team, our partners -- I mean, even ourself, we are -- I would say it's all in -- we're taking heavily on AI, I'm putting it that way.

我會說簡普，我們的團隊，我們的合作夥伴——我的意思是，甚至我們自己，我們——我會說這一切——我們正在大力發展人工智能，我是這麼說的。

So in summary, we will better integrate AI driven by a large language model with our digital transformation capabilities as a part of our regional strategy. And also, we also apply that in our business operation.

因此，總而言之，我們將更好地將大型語言模型驅動的人工智能與我們的數字化轉型能力相結合，作為我們區域戰略的一部分。而且，我們也將其應用到我們的業務運營中。

We want to just further enhance our overall capability as a tech-driven digital transformation and AI-powered company that support our vision as to become everyone's financial partner. I think that's coming. That is what will happen Thank you.

作為一家技術驅動的數字化轉型和人工智能驅動的公司，我們希望進一步提升我們的整體能力，以支持我們成為每個人的金融合作夥伴的願景。我想那即將到來。這就是將會發生的事情謝謝。

I will take the second question about the improving margin. Yes, I think we are pleased to see our narrowing net loss in the past few -- in the past number of quarters. In particular, in the last three quarters, we achieved the single-digit net loss margin.

我將回答關於提高利潤率的第二個問題。是的，我認為我們很高興看到我們的淨虧損在過去幾個季度中不斷縮小。特別是在過去三個季度，我們實現了個位數的淨虧損。

I think that's the reason behind the margin improvement and the narrowing of net loss margin. The reason being is the -- firstly, the business volume growth; secondly, it's the efficiency gain. And the third, of course, is the cost control.

我認為這就是利潤率提高和淨虧損率收窄背後的原因。原因在於——一是業務量增長；其次，是效率增益。第三，當然是成本控制。

I think we can see our continuous growth in our revenue scale for -- in the first quarter, you can observe a robust year-over-year growth of 39%. And furthermore, it is worth emphasizing that our revenue growth has achieved the consecutive growth for the last five quarters. And secondly, we achieved a well-balanced -- between the growth and the efficiency for more mature business, such as recommendation services.

我認為我們可以看到我們的收入規模持續增長——在第一季度，您可以觀察到 39% 的強勁同比增長。此外，值得強調的是，我們的收入增長已經實現了過去五個季度的連續增長。其次，我們在更成熟的業務（例如推薦服務）的增長和效率之間實現了良好的平衡。

We prioritize efficiency over growth. And for the new business, we may consider to sacrifice profitability a bit to a certain extent to achieve high growth. So a well-balanced -- between the growth and efficiency help us to grow our ROI continuously, which will result in the margin improvements by various business lines.

我們優先考慮效率而非增長。而對於新業務，我們可能會考慮在一定程度上犧牲一點盈利能力來實現高增長。因此，在增長和效率之間實現良好的平衡有助於我們不斷提高投資回報率，這將導致各業務線的利潤率提高。

And the last is the cost control. We streamed our business line with targeted measures and strategically optimized our resource allocation among the different business lines, which resulted in our -- operating expenses decreased by around 11% year over year in the in the first quarter.

最後是成本控制。我們通過有針對性的措施簡化了我們的業務線，並戰略性地優化了我們在不同業務線之間的資源配置，這導致我們的 - 運營費用在第一季度同比下降了約 11%。

So I think we are now well positioned to benefit from the recovery of the microeconomy, given our -- the leading position in the industry and our continuous efforts to drive the business and the efficiency gain and to control the costs. I think that we -- following the trajectory, we expect we are -- we expect we will achieve our breakeven in the near future. Yes, thanks.

因此，我認為我們現在處於有利地位，可以從微觀經濟的複蘇中受益，因為我們在行業中處於領先地位，並且我們不斷努力推動業務發展、提高效率和控製成本。我認為，按照我們預期的軌跡，我們預計將在不久的將來實現盈虧平衡。對了謝謝。

Thank you, Carol.

謝謝你，卡羅爾。

Yes. Thank you for your answer. I have no further questions.

是的。謝謝您的回答。我沒有問題了。

Thank you. (Operator Instructions) There are no further questions at this time. This concludes our question-and-answer session. I would like to turn the conference back to Liting Lu for closing remarks.

謝謝。 （操作員說明） 目前沒有其他問題。我們的問答環節到此結束。我想把會議轉回 Liting Lu 作閉幕詞。

Okay. Thank you once again for joining us today. If you have any further questions, please contact us at ir@rong360.com. Thank you for your attention, and we hope you have a wonderful day. Bye.

好的。再次感謝您今天加入我們。如果您還有任何疑問，請通過 ir@rong360.com 聯繫我們。感謝您的關注，祝您度過愉快的一天。再見。

Thank you.

謝謝。

Thank you.

謝謝。

Have a good day.

祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。