Jianpu Technology Inc (JT) 2023 Q3 法說會逐字稿

Good day, and welcome to the Jianpu Technology Inc. third-quarter 2023 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I'd now like to turn the conference over to Liting, Head of IR. Please go ahead.

大家好，歡迎參加簡普科技 2023 年第三季財報電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想把會議交給 IR 主管 Liting。請繼續。

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

謝謝你，接線生。大家好，感謝您今天加入我們。我們今天稍早發布了 2023 年第三季財報，可在我們的投資者關係網站 ir.jianpu.ai 以及美通社服務上取得。

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

今天，簡普科技聯合創始人、董事長兼執行長葉大偉先生參加了電話會議。以及財務長Oscar Chen先生。葉先生將談論我們的營運和公司亮點，隨後陳先生將討論財務狀況。他們都將在接下來的問答環節回答您的問題。

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 many of which are beyond the company's control. These risks may cause the company's actual results or performance to differ materially. Further information regarding these and other risks, uncertainties, or factors is included in the company's filings with the US SEC.

這些前瞻性陳述是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，其中許多因素超出了公司的控制範圍。這些風險可能導致公司的實際結果或業績出現重大差異。有關這些和其他風險、不確定性或因素的更多資​​訊包含在該公司向美國證券交易委員會提交的文件中。

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 on the applicable law. Finally, please note that unless otherwise stated, all figures mentioned during the conference call are in RMB.

除適用法律要求外，本公司不承擔因新資訊、未來事件或其他原因更新任何前瞻性聲明的義務。最後請注意，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。

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共同創辦人、董事長兼執行長葉大衛先生。大衛，請繼續。

Thank you, Liting. Hello, everyone, and thank you all for joining us today. As a company dedicated to embracing new technology, we are constantly exploring ways to improve our productivity and efficiency. Today, I'm glad to use a trained AI assistant to walk through my CEO script. The next part of my presentation will be delivered using an AI-generated voice that has been approved by our team and myself.

謝謝你，莉婷。大家好，感謝大家今天加入我們。作為一家致力於擁抱新技術的公司，我們不斷探索提高生產力和效率的方法。今天，我很高興使用訓練有素的人工智慧助理來演練我的 CEO 腳本。我的演講的下一部分將使用人工智慧生成的語音進行演示，該語音已得到我們團隊和我本人的批准。

Thank you, everyone, for being with us today. The macroeconomy shows signs of improvement in the third quarter as GDP grew 4.9% year-over-year, surpassing market expectations. Total social financing, a broad measure of credit and liquidity in the economy, continue to increase sequentially, standing at RMB372.5 trillion at the end of the third quarter.

謝謝大家今天和我們在一起。第三季宏觀經濟出現改善跡象，GDP年增4.9%，超出市場預期。社會融資總額（衡量經濟信貸和流動性的廣泛指標）持續成長，第三季末達到 372.5 兆元。

We also observed that the steady uptick in retail sales growth reflects a certain degree of resilience in the economy. Meanwhile, the overall recovery of consumer confidence was relatively slow and it will take some time for the stimulus, such as the current accommodative monetary policy, to have a noticeable effect of the grassroots level. We have made progress in carefully navigating this challenging environment since earlier this year and continue to diligently execute our diversification strategy.

我們也觀察到，零售額成長的穩定回升反映出經濟具有一定的韌性。同時，消費者信心整體恢復相對緩慢，目前的寬鬆貨幣政策等刺激措施要在基層產生明顯效果還需要一段時間。自今年早些時候以來，我們在應對這一充滿挑戰的環境方面取得了進展，並繼續努力執行我們的多元化策略。

Our total revenue has witnessed a commendable increase of 12.0% year-over-year to RMB830.5 million during the past three quarters. Thanks to our capital-light platform model and our relentless efforts of efficiency improvements, ROI reached 133.7% for the first three quarters of 2023, and our loss from operations narrowed by 65.0% to RMB42.9 million.

過去三個季度，我們的總營收年增 12.0%，達到 8.305 億元人民幣。得益於輕資本的平台模式和對效率提升的不懈努力，2023年前三季投資報酬率達到133.7%，經營虧損收窄65.0%至4,290萬元。

In the third quarter, our total revenue experienced a decrease of 4.9% year-over-year and 10.5% quarter-over-quarter, mainly due to certain headwinds and challenges on our business. For example, banks continued to tighten their marketing budgets, particularly on credit cards, given the softening consumer spending and rising delinquency. However, as we successfully executed our strategy to prioritize efficiency over scale, we managed to achieve a significant efficiency gain with a higher ROI of 141.2% in this quarter.

第三季度，我們的總營收年減4.9%，季減10.5%，主要是由於我們業務面臨的某些不利因素和挑戰。例如，鑑於消費者支出疲軟和拖欠率上升，銀行繼續收緊行銷預算，特別是信用卡預算。然而，隨著我們成功執行優先考慮效率而非規模的策略，我們成功實現了顯著的效率提升，本季的投資報酬率高達 141.2%。

I will now take you through our key performance highlights for the third quarter. First, we continued to benefit from our platform model with rich product offering and network effect. We leveraged our deep industry insights, market-leading technologies, and diversified business model to maintain steady revenue growth since the start of the year.

現在，我將向您介紹我們第三季的主要業績亮點。首先，我們繼續受益於我們豐富的產品供應和網路效應的平台模式。年初以來，我們憑藉著深厚的行業洞察、市場領先的技術和多元化的業務模式，保持了收入的穩定成長。

Revenues from loan recommendation, credit card recommendations, big data and system-based risk management, and marketing and other services accounted for 30%, 38%, 8%, and 24%, respectively, of our total revenues during the first three quarters. We also expanded the reach of our AI solutions beyond the financial sector, addressing opportunities in adjacent categories. Through these services, we have equipped our financial partners, as well as non-financial partners, including the partners offering telecommunications, e-commerce, and lifestyle products and services to explore new operating models in the context of digital transformation.

前三季度，貸款推薦、信用卡推薦、大數據和系統風險管理、行銷及其他服務收入分別佔總收入的30%、38%、8%和24%。我們也將人工智慧解決方案的覆蓋範圍擴展到金融領域之外，抓住了相鄰類別的機會。透過這些服務，我們幫助我們的金融合作夥伴以及非金融合作夥伴，包括提供電信、電子商務、生活產品和服務的合作夥伴，探索數位轉型背景下的新營運模式。

Revenues from marketing services and other services saw year-over-year growth of 72.1% during the first three quarters of 2023. Starting from the second quarter, banks have refined their credit card related strategy, further tightening credit policy, enhancing risk management, and placing greater emphasis on the quality of services provided to existing credit card holders. As a result, banks further cut down their marketing budgets on new card issuance, providing challenges for our credit card recommendation services. We have proactively streamlined our acquisition channels to stay agile in response to the market and to align with the policy adjustments of banks.

2023年前三季行銷服務及其他服務收入年增72.1%。第二季開始，銀行細化信用卡相關策略，進一步收緊信貸政策，強化風險管理，更重視向現有信用卡持有者提供的服務品質。因此，銀行進一步削減了新卡發行的行銷預算，為我們的信用卡推薦服務帶來了挑戰。我們積極梳理收購管道，並靈活應對市場和銀行政策調整。

Additionally, the industry where our big data and risk management services are situated has been affected by recent regulations. Due to these impacts, our total revenue in the third quarter experienced a year-over-year decrease of 4.9% to [RMB255.6 million]

此外，我們的大數據和風險管理服務所在的行業也受到了近期法規的影響。由於這些影響，我們第三季的總營收年減4.9%至[人民幣2.556億元]

Second, we further enhanced our efficiency and improved our cost optimization. Despite the fluctuation in revenue, our ROI experienced a remarkable 5.9 percentage points increase year-over-year, reaching 141.2% in the third quarter. We continue to integrate various AI tools into an internal one-stop portal used across all our departments. These tools have consistently streamline our work processes and boosted our operational efficiency.

二是進一步提升效率，提升成本優化水準。儘管收入出現波動，但我們的投資回報率年增了 5.9 個百分點，第三季達到 141.2%。我們繼續將各種人工智慧工具整合到所有部門使用的內部一站式入口網站中。這些工具不斷簡化我們的工作流程並提高我們的營運效率。

At the same time, we continue to diversify our marketing and acquisition channels and successfully signed up a number of strategic partners in the third quarter. Through our continued efforts to balance growth and efficiency, our cost of operation and cost of promotion and acquisitions decreased by 30.5% and 7.0% year-over-year to RMB14.6 million to RMB167.6 million in the third quarter of 2023, respectively.

同時，我們持續多元化行銷和收購管道，並在第三季成功簽約了多家策略合作夥伴。透過持續努力平衡成長與效率，2023年第三季營運成本及推廣及收購成本分別較去年同期下降30.5%及7.0%至人民幣1,460萬元至人民幣1.676億元。

Effective cost control measures over research and development expenses, as well as general and administrative expenses, have led to a decline in our fixed costs by 5.4%, reaching [RMB48.8 million] As a result of our continued efficiency gains and cost optimization, our net loss was RMB6.4 million in the third quarter, achieving 74.5% improvement year-over-year.

研發費用以及管理費用的有效成本控制措施使我們的固定成本下降了5.4%，達到[人民幣4,880萬元]。由於我們持續提高效率和成本優化，第三季淨虧損為人民幣640萬元，年比改善74.5%。

Third, we remain committed to cultivate our company culture. Last month, we celebrated our company's 12th anniversary by organizing an outdoor sports today with a live show of rock music, which marked the first gathering of all our employees post-COVID.

第三，我們繼續致力於培養我們的企業文化。上個月，我們慶祝了公司成立 12 週年，今天舉辦了一場戶外運動，現場表演了搖滾音樂，這也是新冠疫情結束後我們所有員工的第一次聚會。

Looking back into the past 12 years, we have experienced remarkable achievements as well as challenging obstacles. Thanks to our commitment to the corporate culture, the unwavering collaboration and mutual support of all employees have brought us to where we are now.

回顧過去的12年，我們取得了舉世矚目的成就，也面臨嚴峻的挑戰。感謝我們對企業文化的承諾，全體員工堅定不移的協作和相互支持使我們取得了今天的成就。

Our culture also encourages being open-minded and embracing changes and innovations. Inspired by such culture, an AI Hackathon event has been successfully organized to pursue new avenues of AI development. Encouragingly, a number of projects and initiatives from the event are undergoing continuous development, and some of them have entered the internal testing phase during this quarter.

我們的文化也鼓勵思想開放、擁抱改變和創新。受這種文化的啟發，人工智慧黑客馬拉鬆活動已成功舉辦，以尋求人工智慧發展的新途徑。令人鼓舞的是，該活動的許多項目和舉措正在持續開發中，其中一些已在本季度進入內部測試階段。

Moving forward, we will remain committed to our vision of becoming everyone's financial partner and foster a culture of continuous learning and innovation. Our unwavering dedication to being user-oriented will drive us to consistently deliver services and products that deeply connect with our customers.

展望未來，我們將繼續致力於成為每個人的金融合作夥伴的願景，並培養持續學習和創新的文化。我們堅定不移地致力於以使用者為導向，這將促使我們始終如一地提供與客戶深度連結的服務和產品。

Before I turn the call to Oscar, let me briefly discuss the macroenvironment and our business outlook. The Chinese government has taken proactive steps to address the current economic conditions characterized by lingering uncertainties and the need to strengthen the momentum of the recovery. The continuous implementation of stabilization policies has yielded encouraging results driving a recent acceleration in growth. We believe that the government's recent measures to stimulate demand and stabilize the property market will act as positive catalysts, injecting new energy into the ongoing economic recovery.

在打電話給奧斯卡之前，讓我先簡單討論一下宏觀環境和我們的業務前景。中國政府採取積極措施應對當前經濟情勢中不確定性因素依然存在，增強復甦動力。穩健成長政策持續落實，取得了可喜成效，帶動近期經濟成長加快。我們相信，政府近期推出的刺激需求、穩定樓市的措施將起到積極的催化劑作用，為經濟持續復甦注入新的動力。

Furthermore, we are cognizant of the immense opportunities that come with the advancement of AI and will target to develop flexible and low-coupling leading AI solutions, with comprehensive coverage in AI product architecture. We will continue to execute on our strategy for driving the digital transformation of the financial and other industries in empowering our ecosystem of partners with digital technology and artificial intelligence.

此外，我們認識到人工智慧進步帶來的巨大機遇，將致力於開發靈活、低耦合的領先人工智慧解決方案，全面涵蓋人工智慧產品架構。我們將繼續執行推動金融及其他產業數位轉型的策略，透過數位技術和人工智慧為我們的合作夥伴生態系統賦能。

I will now hand over to our CFO, Oscar Chen, to run through our financials.

我現在將交給我們的財務長 Oscar Chen 負責管理我們的財務狀況。

Thank you, David, as well, David's AI assistant, who did a great job just now. Hello, everyone. As David mentioned earlier, we have made progress in carefully navigating this challenging environment. During the third quarter, we continue to diversify our business mix, improve our operational efficiency, and optimize our cost structure.

也謝謝大衛，大衛的人工智慧助手，剛才做得很好。大家好。正如大衛之前提到的，我們在應對這個充滿挑戰的環境方面取得了進展。第三季度，我們持續多元化業務結構，提高營運效率，優化成本結構。

In the third quarter, the total recommendation service revenue decreased by 9.6% year-over-year to RMB191.2 million. Revenues from loan recommendation service maintained its strong growth momentum increasing by 25.3% year-over-year in the third quarter, mainly driven by a 48% year-over-year increase in the number of loan applications to approximately RMB7.4 million.

第三季度，推薦服務總收入較去年同期下降9.6%至人民幣1.912億元。第三季貸款推薦服務收入維持強勁成長勢頭，較去年同期成長25.3%，主要是因為貸款申請數量較去年同期成長48%至約人民幣740萬元。

Revenues from credit card recommendation services decreased by 31.8% year-over-year, mainly due to the certain band credit card issuers pay them their credit policy and the lower of their marketing budget, since the second quarter. Credit volume decreased by 27.3% year-over-year to approximately RMB0.8 million.

信用卡推薦服務收入年減31.8%，主要是由於第二季以來部分信用卡發卡機構向其支付了信用保單以及行銷預算較低。信貸額較去年同期下降27.3%至約人民幣80萬元。

Revenues from our big data and system-based risk management services decreased by 24.4% to RMB18.9 million in the third quarter of 2023 from RMB25 million in the same period, 2022. The decrease was mainly due to the deconsolidation of a subsidiary and to a lesser extent, a gradual shift of our business model of database risk management services towards the cooperation with the licensed credit reporting agencies.

大數據和基於系統的風險管理服務的收入從2022年同期的人民幣2,500萬元下降24.4%至2023年第三季度的人民幣1,890萬元。下降的主要原因是子公司不再並表以及其次，我們的資料庫風險管理服務業務模式逐漸轉向與持牌信用報告機構的合作。

Revenues from marketing and other services increased by 41.3% to RMB45.5 million in third quarter of 2023 from RMB32.2 million in the same period of 2022, primarily due to the growth of our insurance brokerage services and other new businesses. This is a strong testament to our success in applying our advanced AI technologies and a strong digital marketing capabilities beyond the financial sector into adjacent categories.

行銷及其他服務收入從2022年同期的人民幣3,220萬元增長41.3%至2023年第三季的人民幣4,550萬元，主要由於我們的保險經紀服務和其他新業務的增長。這有力地證明了我們成功地將先進的人工智慧技術和強大的數位行銷能力從金融領域應用到相鄰類別。

Let me now move on to costs and expenses. Cost of promotion and acquisition decreased by 7% year-over-year to RMB167.6 million in third quarter. The overall ROI for recommendation services and marketing and other services improved by six percentage points year-over-year to 141% in the third quarter, reflecting our continuous efforts to expand the new business initiatives, monitor customer acquisition costs, and improve operational efficiency.

現在讓我談談成本和費用。第三季推廣及收購成本較去年同期下降7%至人民幣1.676億元。第三季推薦服務和行銷及其他服務的整體投資報酬率年增了6個百分點，達到141%，反映出我們在拓展新業務、監控獲客成本和提高營運效率方面的持續努力。

We also continue to execute our cost optimization initiatives. As a result, cost of operation decreased by 30.5% to RMB14.6 million in the third quarter of 2023 from RMB21 million in the same period of 2022.

我們也持續執行成本優化措施。因此，2023年第三季的營運成本從2022年同期的人民幣2,100萬元下降30.5%至人民幣1,460萬元。

Our sales and marketing expenses, R&D, and the general and administrative expenses decreased by 3.8%, 8.4%, and 1.7% year-over-year, respectively, measured as a percentage of total revenue. Sales and marketing, R&D, and the G&A expenses in total stood at 32.1% in the third quarter of 2023.

銷售及行銷費用、研發費用以及一般及管理費用佔總收入的百分比分別較去年同期下降3.8%、8.4%及1.7%。 2023 年第三季銷售和行銷、研發以及一般管理費用總計為 32.1%。

With our continued efforts to optimize our cost structure and improve productivity of our business, loss from operations was RMB8.7 million in the third quarter of 2023, compared with RMB31.9 million in the same period of 2022.

隨著我們持續努力優化成本結構並提高業務生產力，2023年第三季營運虧損為人民幣870萬元，而2022年同期為人民幣3,190萬元。

Operating loss margin was 3.4% in the third quarter of 2023, compared with 11.9% in the same period of 2022. In the third quarter, we recorded a net loss and non-GAAP adjusted net loss of RMB6.4 million and RMB5.6 million respectively, compared with RMB25.1 million and RMB9.4 million in the same period of 2022. Our net loss margin and non-GAAP adjusted net loss margin for third quarter improved to 2.5% and the 2.2%, respectively, compared with the same period of 2022.

2023 年第三季度營運虧損率為 3.4%，而 2022 年同期為 11.9%。第三季度，我們錄得淨虧損和非 GAAP 調整後淨虧損分別為人民幣 640 萬元和人民幣 5.6 元分別為人民幣2,5100 萬元和 5.6 元分別為人民幣2,5100 萬萬元和940 萬元。與2022 年同期相比，我們第三季的淨虧損率和非GAAP 調整後淨虧損率分別提高至2.5% 和2.2% 2022 年同期。

As of September 30, 2023, we RMB687.3 million in cash and cash equivalents, time deposits, and the restricted cash and time deposits on our balance sheet.

截至2023年9月30日，我們資產負債表上的現金及現金等價物、定期存款以及受限制的現金和定期存款為人民幣6.873億元。

This concludes our prepared remarks. Operators, please go ahead.

我們準備好的演講到此結束。運營商，請繼續。

(Operator Instructions) There are no questions. This concludes our question-and-answer session. I would like to turn the conference back over to Liting for any closing remarks.

（操作員說明）沒有問題。我們的問答環節到此結束。我想將會議轉回給 Liting 進行閉幕致詞。

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.

再次感謝您今天加入我們。如果您還有任何疑問，請聯絡我們：IR@rong360.com。感謝您的關注，祝您有個愉快的一天。

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。您現在可以斷開連線。