Lexinfintech Holdings Ltd (LX) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to LexinFintech Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到樂信金融科技第四季度及 2022 年全年收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to turn the conference over to your first speaker today, Ms. Jamie Wang, IR Manager. Thank you. Please go ahead.

我現在想把會議轉交給今天的第一位發言人，IR 經理 Jamie Wang 女士。謝謝。請繼續。

Thank you, Desmond. Hello, everyone. Welcome to Lexin's Fourth Quarter and Full Year 2022 Earnings Conference Call. With us on the line today are our CEO, Jay Xiao; President, Jared Wu; and CFO, James Zheng.

謝謝你，戴斯蒙德。大家好。歡迎來到樂信 2022 年第四季度和全年收益電話會議。今天和我們一起在線的是我們的首席執行官 Jay Xiao；總裁，賈里德·吳；首席財務官 James Zheng。

Before we get started, I'd like to remind you that the call and presentation contains business outlook and forward-looking statements which are based on the assumptions as of today. The actual results might differ materially, and we undertake no obligation to update any forward-looking statements.

在我們開始之前，我想提醒您，電話和演示文稿包含基於截至今天的假設的業務展望和前瞻性陳述。實際結果可能存在重大差異，我們不承擔更新任何前瞻性陳述的義務。

Jay will first provide an update on our overall performance. James will cover the financial results in more detail. And lastly, Jared will then discuss risk management.

Jay 將首先提供我們整體表現的最新情況。詹姆斯將更詳細地介紹財務結果。最後，Jared 將討論風險管理。

I will now turn the call over to our CEO, Jay. His remarks will be in English and the -- sorry, his remarks will be in Chinese, and the English translation will follow. Jay?

我現在將把電話轉給我們的首席執行官傑伊。他的發言將使用英文，抱歉，他的發言將使用中文，然後是英文翻譯。傑？

[Interpreted] Good morning, and good evening, everyone. It's my pleasure to be speaking to you again. In the fourth quarter of 2022, the COVID situation in China underwent a major turning point, bringing considerable pressure to the Chinese economy. But despite the such pressure, we were able to achieve satisfactory results by rigorously adhering to our strategy of prioritizing risk management, making data-driven decisions and continuously focusing on improving and refining our operations.

[翻譯]大家早上好，晚上好。很高興再次與您交談。 2022年四季度，中國疫情形勢出現重大轉折，給中國經濟帶來不小壓力。但儘管面臨這樣的壓力，我們還是通過嚴格堅持將風險管理放在首位、制定數據驅動決策以及持續專注於改進和完善我們的運營的戰略，取得了令人滿意的結果。

Our loan originations for the past quarter reached CNY 56.1 billion, representing an increase of 29% year-over-year, with total outstanding loan balance reaching CNY 99.6 billion as of December 31, 2022, representing an increase of 16%, 1-6, year-over-year. Total revenue reached CNY 3.1 billion, representing an increase of 38.7% year-over-year, with net income reaching CNY 301 million, representing an increase of 17.9% year-over-year. Our asset quality continues to steadily improve.

截至 2022 年 12 月 31 日，上一季度我們的貸款發放額達到 561 億元人民幣，同比增長 29%，未償還貸款餘額總額達到 996 億元人民幣，增長 16%，1-6 ， 一年又一年。總收入達到31億元，同比增長38.7%，淨利潤達到3.01億元，同比增長17.9%。資產質量持續穩步提升。

In addition, funding costs decreased to 6.8% from 7.0% in the third quarter. Our net profit margin increased substantially from 4.8% in the first quarter of 2022 to 9.9% this past quarter. From our fourth quarter numbers, we can see that Lexin has clearly produced 3 consecutive quarters of steadily improving profitability, realizing a V-shaped recovery.

此外，融資成本從第三季度的 7.0% 下降至 6.8%。我們的淨利潤率從 2022 年第一季度的 4.8% 大幅上升至上個季度的 9.9%。從我們第四季度的數據可以看出，樂信已經連續三個季度盈利能力穩步提升，實現了V型複蘇。

To be more specific, there were 3 main highlights for the past quarter. First, the continued improvement in asset quality. Second, the ability of our installment e-commerce platform service business to deliver growth against a weak backdrop and breakthroughs in our tech empowerment service sector, which achieved its first quarterly profit. And third, notable results in reducing operating costs and in increasing efficiency.

更具體地說，過去一個季度有3個主要亮點。一是資產質量持續改善。其次，我們的分期電商平台服務業務在弱勢背景下實現增長的能力和我們科技賦能服務領域的突破，實現了第一季度的盈利。三是運營成本降低、效率提升成效顯著。

On asset quality, although we were affected by the COVID outbreaks, Lexin was able to continue our stable and upward trajectory in asset quality, which was accomplished through our focus on continuous improvements to our risk management capability and our progress in refining our operations, and this can be seen from our existing and our new customers.

資產質量方面，雖然受到新冠肺炎疫情的影響，但樂信的資產質量仍能保持穩中有升的態勢，這得益於我們注重風險管理能力的持續提升和經營精細化的進步，以及這可以從我們現有的和我們的新客戶中看出。

For existing customers, we took the following 2 steps. First, we improved our ability to identify prime customers from our data and through deeper data mining of the information available with Lexin's ecosystem. We refined our ability to identify different customer segments. In particular, we continue to data mine and obtain valuable information from the PBOC's credit data. This allowed us to more deeply and comprehensively to improve our customer risk assessment-related profiles in multiple dimensions, including customer risk profile, income level information, asset information and existing customer liabilities. In the application of our models, we were able to finalize the joint modeling of over 10 data loops, building an accurate ROI evaluation framework in the progress. Improvements in our ability to identify client customers allowed us to dedicate greater resources towards serving this customer segment while also expediting the reduction of high-risk segments.

對於現有客戶，我們採取了以下兩個步驟。首先，我們提高了從數據中識別主要客戶的能力，並通過對樂信生態系統可用信息進行更深入的數據挖掘。我們改進了識別不同客戶群的能力。特別是，我們繼續從中國人民銀行的信用數據中進行數據挖掘，獲取有價值的信息。這使我們能夠更深入、更全面地從客戶風險狀況、收入水平信息、資產信息和存量客戶負債等多個維度完善客戶風險評估相關資料。在我們的模型應用中，我們能夠完成10多個數據循環的聯合建模，正在構建一個準確的ROI評估框架。我們識別客戶的能力的提高使我們能夠投入更多資源來服務這一客戶群，同時也加快了高風險客戶群的減少。

Second, we applied our (foreign language) policy, which refines our operating strategy by improving our ability to identify different customer groups and segments via more accurate segmentation capabilities, enabling us to dig deeper to meet and satisfy the needs of different customer cohorts and improve our customer satisfaction rates and customer retention. In the fourth quarter, loan contributions from our prime customers increased by 60% year-over-year, while loan contribution from our high-risk customers increased by 13%. So prime customers as a percentage of loan increased from 72% in the fourth quarter of 2021 to 82% in the fourth quarter of 2022.

其次，我們應用我們的（外語）政策，通過更準確的細分能力提高我們識別不同客戶群體和細分市場的能力，從而細化我們的運營策略，使我們能夠更深入地滿足和滿足不同客戶群的需求並改進我們的客戶滿意度和客戶保留率。第四季度，我們主要客戶的貸款貢獻同比增長 60%，而來自高風險客戶的貸款貢獻增長 13%。因此，主要客戶佔貸款的百分比從 2021 年第四季度的 72% 增加到 2022 年第四季度的 82%。

For our new customers, we continue to expand our data set and the use of our models. We have built a complete end-to-end RTA processing model, which has significantly improved our postcustomer acquisition conversion rate by over 50%. We have improved the efficiency and accuracy of our customer identification capabilities by 20% through prelending and in-lending channel model iterations. We have also constructed a new operational matrix to continuously increase and improve the retention rate and the activity rates for both new and existing customers.

對於我們的新客戶，我們繼續擴展我們的數據集和我們模型的使用。我們構建了完整的端到端RTA處理模型，顯著提升了獲客後轉化率50%以上。通過預借貸渠道模型迭代，我們將客戶識別能力的效率和準確性提高了20%。我們還構建了一個新的運營矩陣，以不斷增加和改善新老客戶的保留率和活動率。

In the fourth quarter, the percentage of new client customers with approved credit lines increased by 18.2%, with average ticket sizes for new customers increasing by 16.7% quarter-over-quarter. Online advertising costs to convert credit lines into active borrowers from the time of granting of the credit line to the time of the use of credit decreased by 25.9% quarter-over-quarter for prime customers.

第四季度，新客戶獲得授信額度的比例增加了18.2%，新客戶的平均單筆金額環比增加了16.7%。從授予信貸額度到使用信貸時，將信貸額度轉化為活躍借款人的在線廣告成本對於主要客戶而言環比下降了 25.9%。

The second highlight was the ability of our installment e-commerce platform service business to deliver growth against a weak backdrop and outbreaks in our tech empowerment service sector, which achieved its first quarterly profit. Our installment e-commerce platform service business under a weak backdrop of poor overall consumption throughout the year last year was able to achieve CNY 1.4 billion in GMV for the fourth quarter, an increase of 40.2% year-over-year. Younger, more fashion-focused nonelectronic devices consumption scenarios such as cosmetics, apparel and footwear favored by younger demographics became our main driver, demonstrating notable increases in growth and further enhancing our competitive advantages in consumption scenarios and consumer demographics in the process. For the year 2022, our e-commerce platform (foreign language) total number of merchants grew by 100.3% year-over-year, with average ticket prices increasing by 39% year-over-year.

第二個亮點是我們的分期電商平台服務業務在科技賦能服務板塊弱勢爆發的情況下實現增長，實現了首個季度盈利。我們的分期電商平台服務業務在全年整體消費低迷的背景下，去年第四季度實現 GMV 14 億元，同比增長 40.2%。更年輕、更時尚的非電子設備消費場景，如年輕人群青睞的化妝品、服裝和鞋類，成為我們的主要驅動力，增長顯著，並在此過程中進一步增強我們在消費場景和消費者人群中的競爭優勢。 2022年電商平台（外文）商戶總數同比增長100.3%，平均票價同比增長39%。

In addition, our tech empowerment service business designed for small- and medium-sized banks have also made significant progress. Our service enables the digital transformation of our financial institutional partners by providing 5 core services: product development, customer acquisition channel for building, joint risk management, customer life cycle management and intelligent customer services, enabling our partners to achieve breakthroughs in their businesses. Our partners have been steadily growth wherever the corporation has come online. And all new launches in the fourth quarter has progressed to scale, enabling our tech empowerment service business to achieve profitability for the quarter.

此外，面向中小銀行的科技賦能服務業務也取得重大進展。我們的服務賦能金融機構合作夥伴的數字化轉型，提供5大核心服務：產品開發、獲客渠道建設、聯合風險管理、客戶生命週期管理和智能客戶服務，助力合作夥伴實現業務突破。在公司上線的任何地方，我們的合作夥伴都在穩步增長。並且第四季度的所有新發布都取得了規模化，使我們的技術賦能服務業務實現了本季度的盈利。

These 2 businesses are both critical components of our ecosystem, forming a mutually reinforcing cycle and linking with our main credit facilitation business. Each business has also achieved its own respective breakthroughs in the fourth quarter and can be expected to be publishing new growth driver in the future. Lexin's ecosystem, which is integrated with different businesses in various consumption scenarios, as well as technological capabilities, will in time become our core competitive advantage, differentiating ourselves from our competition and establishing our sustainable long-term core competitive advantages.

這兩項業務都是我們生態系統的重要組成部分，形成了一個相互促進的循環，並與我們的主要信貸便利化業務聯繫在一起。各業務在第四季度也取得了各自的突破，未來有望釋放新的增長點。樂信融合不同消費場景的不同業務的生態系統和技術能力，將及時成為我們的核心競爭優勢，在競爭中脫穎而出，建立可持續的長期核心競爭優勢。

The third highlight is related to the notable results in reducing operating costs and in increasing efficiency. Operational expenses for the fourth quarter were RMB 660 million, down 2.1% sequentially. In particular, G&A expenses decreased by 7% quarter-over-quarter to about RMB 97 million. Total expenses as a percentage of the outstanding loan balance has continued to (inaudible) second quarter of 2022. In addition, in the fourth quarter, we restructured some functions and downsized the headcount to further stimulate the overall vitality of the company and to improve organizational efficiency.

三是降本增效成效顯著。第四季度運營費用為人民幣 6.6 億元，環比下降 2.1%。特別是，一般及行政費用環比下降 7% 至約 0.97 億元人民幣。總支出佔未償還貸款餘額的百分比一直持續到 2022 年第二季度（聽不清）。此外，在第四季度，我們重組了一些職能部門並裁員，以進一步激發公司的整體活力並改善組織結構效率。

Behind the aforementioned operational achievement is the continued enhancement of our data and technological capability. R&D expenses for the fourth quarter was approximately RMB 136 million, which represents a leading position in the industry. Lexin's unique smart business engine has integrated digital and intelligent capabilities into every key aspect of our daily operation and enterprise. Specifically, in terms of system capabilities, we further applied the indicator variation and intelligent attribution system to the core notes of our transaction and risk management systems. We built a unified event management platform, covering all internal and external events related to product and technology, (inaudible) improving our data efficiency and accuracy.

上述經營成果的背後，是我們數據和技術能力的不斷提升。第四季度研發費用約為人民幣1.36億元，處於行業領先地位。樂信獨有的智能商業引擎，將數字化、智能化的能力融入到我們日常運營和企業的每一個關鍵環節。具體而言，在系統能力方面，我們進一步將指標變異和智能歸因係統應用於交易和風險管理系統的核心票據。我們建立了一個統一的事件管理平台，涵蓋了與產品和技術相關的所有內部和外部事件，（聽不清）提高了我們的數據效率和準確性。

In terms of model applications, we continue to improve our life cycle model and has developed and iterated more than 30 targeted marketing models, among which our model matrix of customer intent and customer reaction is able to cover scales of 10 million users per month and has achieved meaningful results. For specific customer groups, after using our models, order rates have increased by 30%, with ARPU and profit increasing by over 50%.

在模型應用方面，我們持續完善生命週期模型，開發迭代了30餘款精準營銷模型，其中客戶意圖和客戶反應模型矩陣已可覆蓋月千萬級用戶規模，取得了有意義的成果。對於特定的客戶群體，使用我們的模型後，訂單率提高了30%，ARPU和利潤提高了50%以上。

Finally, I would like to update you on Lexin's corporate social responsibility initiatives. In the first half of 2022, we launched a specific program called (foreign language) to help relieve small and micro enterprise with their cash liquidity problems. In the fourth quarter, we continue to provide assistancy, enabling the total amount of small and micro loans to reach CNY 5 billion for the quarter. In February of this year, a follow-up program called (foreign language) was launched, which aims to promote a recovery in consumption through our 9 initiatives and 3 directives, molding individual consumption, facilitating merchant growth and enabling the recovery of small and micro site business. In addition, to better protect customers, we are currently instituting a 24/7 customer protection hotline, which will also further enhance our customer satisfaction rate.

最後，我想向大家介紹一下樂信的企業社會責任舉措。 2022年上半年，我們推出了一項名為（外語）的專項計劃，幫助緩解小微企業的資金流動性問題。四季度，我們繼續幫扶，使當季小微貸款總量達到50億元。今年2月，又啟動了一個叫（外語）的後續計劃，旨在通過我們的9項舉措和3個指令，推動消費回暖，塑造個人消費，促進商戶發展，使能小微回暖。網站業務。此外，為了更好地保護客戶，我們目前正在建立24/7客戶保護熱線，這也將進一步提高我們的客戶滿意度。

Going forward, we see an accelerated pace of recovery for domestic consumption and improved macroeconomic environment. So we remain cautiously optimistic about the prospects for business growth this year. In 2023, we will make sustainable profitability, which is Lexin's main objective. Four concrete steps, which we'll take towards this goal, are: first, is to continue to strengthen our risk management systems and build our core capabilities, further improving our asset quality in the process; second is to focus on refining our customer operations by improving our ability to identify and manage our prime customers from our existing ones. Adjusting policies for our new customers based on the economic conditions. Capturing the opportunities presented by the consumption recovery through investing in customer acquisition at the opportune time. Continuing to both improve our customer quality and quantity and improving asset quality in the process.

展望未來，我們看到國內消費復甦步伐加快，宏觀經濟環境改善。因此，我們對今年的業務增長前景保持謹慎樂觀。 2023年要實現可持續盈利，這是樂信的主要目標。為實現這一目標，我們將採取四個具體步驟：一是繼續加強風險管理體系建設，打造核心能力，在此過程中進一步提升資產質量。二是通過提高我們從現有客戶中識別和管理主要客戶的能力，專注於完善我們的客戶運營。根據經濟狀況調整新客戶的政策。通過適時投資獲客，抓住消費復甦帶來的機遇。繼續提高我們的客戶質量和數量，並在此過程中提高資產質量。

Third is to strengthen Lexin's unique business ecosystem, including online consumer finance, offline (foreign language) team, installment e-commerce platform service, tech empowerment service and more, allowing our multiple and diverse businesses to become mutually supportive and mutually reinforcing, generating a virtuous cycle; fourth is to continue to reduce cost and improve efficiency, increasing our ability to generate sustainable profits in the process.

三是做強樂信獨有的商業生態，包括線上消費金融、線下（外語）團隊、分期電商平台服務、科技賦能服務等，讓多元多元的業務相互支撐、相輔相成，形成良性循環；四是持續降本增效，在這個過程中不斷提升持續盈利的能力。

In the fourth quarter of 2023, our total loan balance exceeded RMB 100 billion, marking another milestone in the company's growth and development. With the exception of the beginning of the first quarter, which was negatively impacted by the tail end of the COVID outbreak, all risk management-related metrics have started to recover since February, and we expect both our loan originations and profitability for the first quarter of 2023 to improve from levels achieved in the fourth quarter of 2022. In addition, we expect to continue double-digit growth in both our loan originations and net profit for the year 2023.

2023年第四季度，我們的總貸款餘額突破1000億元人民幣，標誌著公司成長發展的又一個里程碑。除了第一季度初受到 COVID 爆發末期的負面影響外，所有與風險管理相關的指標自 2 月以來都已開始恢復，我們預計第一季度的貸款發放和盈利能力到 2023 年將比 2022 年第四季度實現的水平有所改善。此外，我們預計 2023 年的貸款發放和淨利潤將繼續保持兩位數的增長。

Let me now hand over the call to our CFO for the financial update. Thank you.

現在讓我將電話轉交給我們的首席財務官以獲取財務更新。謝謝。

I will now provide more details on our financial results. Please note that all numbers are in RMB terms, unless otherwise stated. In the fourth quarter, we continued our third consecutive quarter of recovery, both in our overall business and in our financial numbers. This was in spite of the impact of COVID and weaker economic conditions. Our continued recovery was the result of the management's continuous efforts in overhauling our risk management, focusing on better quality user segments, upgrading our technology and operational capabilities as well as our new cost restructuring initiatives.

我現在將提供有關我們財務結果的更多詳細信息。請注意，除非另有說明，否則所有數字均以人民幣計算。在第四季度，我們在整體業務和財務數據方面繼續連續第三個季度復甦。儘管受到 COVID 和經濟狀況疲軟的影響。我們的持續復甦是管理層不斷努力改革我們的風險管理、專注於更優質的用戶群、升級我們的技術和運營能力以及我們新的成本重組計劃的結果。

First, please let me explain at a high level what happened in the quarter as compared to the same quarter of 2021. Total loan originations for the quarter reached CNY 56.1 million, an increase of 29% year-over-year in spite of the COVID outbreak and meeting the high end of our guidance. Revenue grew by 38.7% year-over-year to reach CNY 3.1 billion for the quarter, which was mainly driven by the GMV growth. The weighted average APR stood at approximately 24% for the fourth quarter, close to 2 percentage points lower than a year ago. Loans with APR under 24% now make up more than 83% of all loans.

首先，請允許我簡要解釋一下本季度與 2021 年同季度相比發生的情況。本季度發放的貸款總額達到 5610 萬元人民幣，儘管受到 COVID 的影響，但同比增長 29%爆發並滿足我們指導的高端。本季度收入同比增長 38.7%，達到 31 億元人民幣，這主要受 GMV 增長的推動。第四季度的加權平均 APR 約為 24%，比一年前下降了近 2 個百分點。 APR 低於 24% 的貸款現在佔所有貸款的 83% 以上。

Partially offsetting the negative impact from the lower APRs on our loans was a decrease in our cost of funding from 7.7% a year ago to 6.8% in the fourth quarter. Loan tenders increased to 13.9 months versus 10.3 months a year ago. Importantly, we have been relentless in our focus on overhauling our risk management. This includes a focus on better credit user segments and rebuilding the team, the systems and the infrastructure. Jared will elaborate more on this shortly.

我們的融資成本從一年前的 7.7% 下降到第四季度的 6.8%，部分抵消了較低 APR 對我們貸款的負面影響。貸款招標從一年前的 10.3 個月增加到 13.9 個月。重要的是，我們一直不懈地專注於全面改革我們的風險管理。這包括關注更好的信貸用戶細分以及重建團隊、系統和基礎設施。 Jared 稍後將對此進行詳細說明。

The improved results from our efforts can be partially seen in our 90-day plus delinquency rate, which was at 2.53% in the fourth quarter as compared to 2.66% in the third quarter. The 30-day plus delinquency rate was at 4.62%, basically remaining stable as compared to third quarter in spite of the rapidly deteriorating COVID situation in December.

我們努力取得的改善成果部分體現在我們的 90 天以上拖欠率上，第四季度為 2.53%，而第三季度為 2.66%。 30 天以上拖欠率為 4.62%，儘管 12 月 COVID 形勢迅速惡化，但與第三季度相比基本保持穩定。

At the same time, we have launched a new initiative to restructure our cost by benchmarking against the industry. We have seen some early improvements to operating expenses. Specifically, processing and servicing costs, sales and marketing, research and development and G&A expense combined, as a percentage of average loan balance, are at about 1.2% as compared to 1.3% in the third quarter.

與此同時，我們推出了一項新舉措，通過對標行業來重組成本。我們已經看到運營費用的一些早期改善。具體而言，加工和服務成本、銷售和營銷、研發和 G&A 費用合計占平均貸款餘額的百分比約為 1.2%，而第三季度為 1.3%。

G&A expense as a percentage of average loan balance stood at 0.1% versus 0.12% in Q3. Of course, we realize this is only a very small start, but we will be sure to fully explore all the opportunities to improve our operational efficiency in the future. As a result of the aforementioned, we are able to report net income of CNY 301 million, an increase of 18% year-over-year. This is not an easy achievement in light of the severe impact of the COVID outbreak and weak macroeconomic conditions.

G&A 費用占平均貸款餘額的百分比為 0.1%，而第三季度為 0.12%。當然，我們意識到這只是一個很小的開始，但我們一定會在未來充分探索所有提高運營效率的機會。由於上述原因，我們能夠報告淨收入 3.01 億元人民幣，同比增長 18%。鑑於 COVID 爆發的嚴重影響和疲軟的宏觀經濟狀況，這並非易事。

Apart from the above year-over-year analysis, I would also like to elaborate a little bit more on the progress achieved through some quarterly comparisons. Total GMV was CNY 56.1 billion, almost flat from Q3 as we have generally taken a more prudent approach towards scale in terms of the uncertainty around COVID for all of 2022. However, total Q4 revenue grew 13.4% quarter-over-quarter due to an improved take rate of 2.59% versus 2.55% in Q3. The uptake rate is a result of an overall improvement in asset quality and lower funding costs, which has continued to improve since the beginning of the year.

除了上述同比分析外，我還想通過一些季度比較來詳細說明所取得的進展。 GMV 總額為 561 億元人民幣，與第三季度幾乎持平，因為我們通常對 2022 年全年 COVID 的不確定性採取更謹慎的規模方法。然而，由於與第三季度的 2.55% 相比，採用率提高了 2.59%。吸收率是資產質量整體改善和融資成本降低的結果，自年初以來持續改善。

Operating expenses declined by 2.1% quarter-over-quarter as a result of our cost restructuring initiatives, and this, in turn, led to a sequential growth in net income of 9.3%. In summary, we have made great progress during the fourth quarter of the past year from both a year-over-year and a quarter-over-quarter perspective.

由於我們的成本重組舉措，營業費用環比下降 2.1%，這反過來又導致淨收入環比增長 9.3%。總之，我們在去年第四季度從同比和環比的角度都取得了很大進展。

If you take a look at the full year 2022 numbers, total GMV was CNY 204.6 billion, a decrease of only 4.3% year-over-year, with a total loan balance reaching CNY 99.6 billion, an increase of 15.9% year-over-year. Total revenue was CNY 9.9 billion, a decline of 13.3% year-over-year. Obviously, like most other companies, we have been negatively impacted by the weak macro environment. However, since hitting the lowest point in earnings in first quarter of 2022, we have since seen a continuous recovery in profitability, and the fourth quarter represents the third consecutive quarter of this recovery. This demonstrates the resilience and the sustainability of our business. We fully realize that with turnaround, we still have a long way to go, but the fourth quarter of 2022 should mark the end of 3 years of macro-related uncertainty with ending something on a bit of positive note.

如果看一下 2022 年全年的數據，GMV 總額為 2046 億元人民幣，同比僅下降 4.3%，貸款餘額總額達到 996 億元人民幣，同比增長 15.9%。年。總收入為人民幣 99 億元，同比下降 13.3%。顯然，與大多數其他公司一樣，我們也受到了疲軟的宏觀環境的負面影響。然而，自從 2022 年第一季度盈利觸及最低點以來，我們看到盈利能力持續復甦，第四季度是連續第三個季度出現這種複蘇。這證明了我們業務的彈性和可持續性。我們充分意識到，要實現好轉，我們還有很長的路要走，但 2022 年第四季度應該標誌著 3 年宏觀相關不確定性的結束，並以一些積極的方式結束。

Next, let's take a detailed look at the financials. As mentioned, our total operating revenue for the fourth quarter was CNY 3.1 billion, representing an increase of 13.4% quarter-over-quarter and 38.7% year-over-year. Revenue from credit facilitation service was approximately CNY 2.0 billion, representing a 17.9% increase quarter-over-quarter and an over 71.4% increase year-over-year. Revenue from tech-empowered service was CNY 430 million, representing a 17.4% decrease quarter-over-quarter and 34.6% year-over-year, which was mainly due to the COVID impact, where both volume and rev share percentage were lowered. Revenue from installment e-commerce platform service was CNY 674 million, representing an increase of 28.4% from the last quarter and an increase of 59.3% year-over-year, which can be attributed to a strong Singles' Day shopping festival.

接下來，讓我們詳細了解一下財務狀況。如前所述，我們第四季度的總營業收入為人民幣 31 億元，環比增長 13.4%，同比增長 38.7%。信貸便利服務收入約為人民幣20億元，環比增長17.9%，同比增長超過71.4%。來自科技賦能服務的收入為人民幣 4.3 億元，環比下降 17.4%，同比下降 34.6%，這主要是由於 COVID 的影響，銷量和收入佔比均有所下降。分期電商平台服務收入為人民幣 6.74 億元，較上一季度增長 28.4%，同比增長 59.3%，這可歸因於強勁的雙十一購物節。

Moving on to the expense side of this quarter. Sales and marketing expense decreased by 0.4% quarter-over-quarter, which was mainly due to our scale-down approach to new user acquisition in the time of macro uncertainty. Recently, however, we have noticed an improvement in user credit quality as well as improved economic activity. We will continue to closely monitor this and other macro indicators, and we'll be sure to seize on the right opportunities to invest in new user acquisition when conditions are favorable.

轉到本季度的費用方面。銷售和營銷費用環比下降 0.4%，這主要是由於我們在宏觀不確定性時期縮減新用戶獲取方式。然而，最近我們注意到用戶信用質量有所提高，經濟活動也有所改善。我們將繼續密切關注這一指標和其他宏觀指標，並確保在條件有利時抓住合適的機會投資於新用戶獲取。

Research and development expenses decreased by 3.5% quarter-over-quarter and decreased 17.1% year-over-year to CNY 136 million. General and administrative expenses decreased by 7% quarter-over-quarter and 17.9% year-over-year to CNY 97 million. While our top line revenue continued a promising upward trajectory this year, G&A expenses remained very stable and a decrease on a quarter-over-quarter basis for 3 consecutive quarters, demonstrating the continuous improvements to our operating efficiency, which we expect to continue in the future. Net profit was approximately CNY 301 million in the fourth quarter, a 9.3% increase quarter-over-quarter and a 17.9% year-over-year, in line with our expectations.

研發費用環比下降 3.5%，同比下降 17.1% 至人民幣 1.36 億元。一般及行政費用環比下降 7%，同比下降 17.9% 至 0.97 億元人民幣。雖然今年我們的收入繼續保持良好的上升趨勢，但 G&A 費用保持非常穩定，並且連續 3 個季度環比下降，表明我們的運營效率不斷提高，我們預計這種情況將在未來。第四季度淨利潤約為人民幣 3.01 億元，環比增長 9.3%，同比增長 17.9%，符合我們的預期。

Next, some updates on our share repurchase program and our convertible notes. First, on our share repurchase program, in March 22, 2022, the company's Board authorized a USD 50 million share/ADS repurchase program. And in addition, in November 2022, the company's Board authorized a second share repurchase program, and of which, the company could purchase up to an aggregate of USD 20 million of shares/ADS over the next 12 months. As of December 31, 2022, the company had repurchased a total of approximately 22 million ADS for about USD 48 million. Lexin's management remains open to making further repurchases in the future.

接下來，我們的股票回購計劃和可轉換票據的一些更新。首先，關於我們的股票回購計劃，2022 年 3 月 22 日，公司董事會批准了一項 5000 萬美元的股票/ADS 回購計劃。此外，2022 年 11 月，公司董事會批准了第二個股票回購計劃，其中，公司可以在未來 12 個月內購買總計高達 2000 萬美元的股票/ADS。截至2022年12月31日，公司以約4800萬美元回購了總計約2200萬份ADS。樂信管理層對未來進一步回購持開放態度。

Separately, on our convertible notes. We have entered into an amendment agreement with PAG regarding our existing convertible notes in the amount of USD 300 million. According to the original payment schedule, the company was potentially expected to pay the principal plus interest in 1 lump sum in September 2023. With the amendment, we're able to begin the repayment ahead of the original schedule and complete the installment payment plan over a 14-month period ending in April 2024. The notes remain convertible into fully paid Class A ordinary shares of the company or ADS at original conversion price of USD 14 per ADS at the holder's option.

另外，在我們的可轉換票據上。我們已與 PAG 就我們現有的 3 億美元可換股票據訂立修訂協議。根據原還款時間表，公司有望在2023年9月一次性還清本金和利息。此次調整後，我們可以提前開始還款，並在2023年完成分期還款計劃。截至 2024 年 4 月的 14 個月期限。這些票據仍可按持有人的選擇以每股 ADS 14 美元的原始轉換價轉換為公司全額支付的 A 類普通股或 ADS。

At the end of 2022, the company had a cash position of CNY 4.1 billion on hand and a net equity position of CNY 8.6 billion. Although Lexin has a strong balance sheet and sufficient cash reserves to meet the original terms of the convertible note agreement, we see the new arrangement as more beneficial for the company as it will allow us to smooth out the cash flow impact from the repayment as opposed to a single lump sum payment. This will give us more time and flexibility to efficiently plan and utilize capital in pursuing business growth opportunities.

截至2022年底，公司手頭現金為41億元人民幣，淨股權為86億元人民幣。儘管樂信擁有穩健的資產負債表和充足的現金儲備來滿足可轉換票據協議的原始條款，但我們認為新的安排對公司更有利，因為它將使我們能夠消除還款對現金流的影響，而不是一次付清。這將使我們有更多的時間和靈活性來有效地規劃和利用資本來尋求業務增長機會。

Finally, I would like to discuss our outlook for the first quarter of 2023. Based on the company's preliminary assessment of current market conditions, total loan originations for the first quarter of 2023 are expected to be around RMB 60 billion, representing an increase of 39% on a year-over-year basis. These estimates reflect the company's current expectations, which is subject to change.

最後，我想談談我們對 2023 年第一季度的展望。根據公司對當前市場狀況的初步評估，預計 2023 年第一季度的貸款發放總額約為 600 億元人民幣，同比增長 39 % 同比增長。這些估計反映了公司當前的預期，可能會發生變化。

For 2023, as Jay mentioned earlier, we remain cautiously optimistic about China's macroeconomic recovery, consumption outlook and a stabilized regulatory environment. Currently, we can see that our turnaround is well underway as we continuously improve and revamp ourselves to be able to better meet the new challenges, address new opportunities ahead. We are looking forward to establishing a more solid and sustainable foundation to help follow our future growth and profitability.

對於 2023 年，正如傑伊之前提到的，我們對中國的宏觀經濟復甦、消費前景和穩定的監管環境保持謹慎樂觀。目前，我們可以看到我們的轉變正在順利進行，因為我們不斷改進和改造自己，以便能夠更好地迎接新的挑戰，迎接未來的新機遇。我們期待建立更堅實和可持續的基礎，以幫助實現我們未來的增長和盈利能力。

With that, I would like to turn the call over to our President, Jared Wu, who will discuss our risk management. Jared, please go ahead.

有了這個，我想把電話轉給我們的總裁 Jared Wu，他將討論我們的風險管理。賈里德，請繼續。

[Interpreted] Thank you, James. Good morning, and good evening, everyone. It's my great pleasure to speak with all of you again. So I'll elaborate more on our risk management measures and related progress. The impact of the COVID outbreak in December brought some pressure on our risk management, which in turn led to some short-term deterioration in our early risk metrics, while thanks to our continuous focus on stable risk policies and prudent customer acquisition as well as the use of our previously built COVID risk monitoring system and refined management mechanism, we were able to mitigate the short-term impact. At the end of the fourth quarter, we were able to hold our 30-plus day delinquency rate flat compared to the third quarter at 4.62%, with our 90-plus day delinquency rate continuing a steady decrease to 2.53%, down 13 basis points quarter-over-quarter as a result of the trends that we're observing right now. With the recovery in China's social and economic activities after the Chinese New Year, we are seeing all our credit metrics recovering to normal levels and continue on a positive trajectory.

[翻譯]謝謝你，詹姆斯。大家早上好，晚上好。很高興再次與大家交談。因此，我將詳細說明我們的風險管理措施和相關進展。 12 月新冠疫情的影響給我們的風險管理帶來了一些壓力，進而導致我們早期的風險指標出現了一些短期惡化，同時得益於我們持續專注於穩定的風險政策和審慎的客戶獲取以及利用我們之前建立的COVID風險監控系統和精細化的管理機制，我們能夠減輕短期影響。第四季度末，我們的 30 天以上拖欠率與第三季度持平，為 4.62%，90 天以上拖欠率繼續穩步下降至 2.53%，下降了 13 個基點由於我們現在觀察到的趨勢，季度環比增長。隨著春節後中國社會和經濟活動的複蘇，我們看到我們所有的信用指標都恢復到正常水平，並繼續朝著積極的方向發展。

In the fourth quarter, increasing the overall percentage of our client customers was our top priority. With our focus on this goal throughout the past year, we have worked on continuously improving our overall risk management in the following areas. First, we focus on our prime customers by restructuring our user tiering system. This new system enables us to target the prime customer group in a more focused manner. Second, to further improve our core risk management capability, we invested heavily in the acquisition and utilization of compliant external data sources and have substantially improved our ability to data mine such data to further segment users with different risk profiles. In particular, we put heavy emphasis on the credit data from [POC] with our mining and usage of this data increasing dramatically. Third, due to the improvement on our capacity to handle data, we are able to more quickly perform higher iterations of our user identification models to target different customer segments, and we have made significant strides in user risk recognition.

在第四季度，提高我們客戶的總體比例是我們的首要任務。過去一年，我們圍繞這一目標，在以下幾個方面不斷改進整體風險管理。首先，我們通過重組我們的用戶分層系統來專注於我們的主要客戶。這個新系統使我們能夠以更集中的方式瞄準主要客戶群。二是進一步提升核心風險管理能力，大力投資合規外部數據源的獲取和利用，大幅提升數據挖掘能力，進一步細分不同風險特徵的用戶。特別是，隨著我們對這些數據的挖掘和使用急劇增加，我們非常重視來自 [POC] 的信用數據。第三，由於數據處理能力的提升，我們能夠更快地針對不同的客戶群進行用戶識別模型的更高迭代，並且我們在用戶風險識別方面取得了重大進展。

As a result of the above improvements, we are seeing notable increases in the rate of improvement in our asset quality, which is being demonstrated in our fourth quarter and in our first quarter risk performance metrics of the 2023. Since the beginning of the year, we have noticed that our day 1 delinquency rate has followed a downward trend. On the basis of our continuous investment and the current trends, we are confident that in 2023, our risk management capabilities will make additional improvements and breakthroughs.

由於上述改進，我們看到我們的資產質量改善率顯著提高，這在我們的第四季度和 2023 年第一季度的風險績效指標中得到了證明。自今年年初以來，我們注意到我們的第一天拖欠率呈下降趨勢。基於我們的持續投入和當前趨勢，我們有信心在2023年，我們的風險管理能力將有更多的提升和突破。

2022 was a challenging year but was also a year we actively raised our risk management capability to another level and rapidly implemented a more refined risk management system. Going forward, as mentioned both by Jay and James, while we're encouraged by the improving macroeconomic conditions and trends, we will remain cautiously optimistic, adhering to the policy of putting risk management first and focusing on laying a solid ground for the healthy, sustainable, long-term and balanced growth of the company. Thank you.

2022年是充滿挑戰的一年，也是我們積極提升風險管理能力、快速落地完善風險管理體系的一年。展望未來，正如 Jay 和 James 所提到的，雖然我們對宏觀經濟狀況和趨勢的改善感到鼓舞，但我們將保持謹慎樂觀，堅持將風險管理放在首位的政策，並專注於為健康打下堅實的基礎，公司可持續、長期和平衡的增長。謝謝。

This concludes our prepared remarks. Operator, we're now ready to take questions.

我們準備好的發言到此結束。接線員，我們現在準備好接受提問了。

(Operator Instructions) First question comes from Yada Li from CICC.

（操作員說明）第一個問題來自中金公司的Yada Li。

(foreign language) This is Yada from CICC. My question is from the user demand side after the COVID, currently, are we experiencing a notable recovery? And I was wondering what's the guidance on loan growth in the coming quarters and the full year 2023 and 2024. That's all.

（外語）我是中金公司的雅達。我的問題是從 COVID 之後的用戶需求方面來看，目前我們是否正在經歷顯著的複蘇？我想知道未來幾個季度以及 2023 年和 2024 年全年的貸款增長指導是什麼。就是這樣。

[Interpreted] Okay. We're actually -- we can feel for ourselves the fast recovery of the consumption of the entire nation, actually, especially on individual consumption, say, for example, off-line restaurants, touring spots. You can see people lining up for restaurant, waiting. And me myself for the past 3 years during the COVID time, while I myself was driving there, never was much of the traffic even in Shenzhen, but right now, we are seeing traffic jams literally everywhere.

[解釋] 好的。實際上，我們可以感受到整個國家的消費正在快速恢復，實際上，特別是個人消費，例如線下餐廳、旅遊景點。你可以看到人們在餐廳排隊等候。在過去 3 年的 COVID 期間，我自己也在那裡，當我自己開車去那裡時，即使在深圳也從來沒有太多的交通，但現在，我們幾乎到處都看到交通堵塞。

As for our company Lexin itself, for the strategic side of our scale, we were not terribly affected by the overall consumption scenario. Our risk alone was actually better alongside with the recovery of the consumption. Especially after Chinese New Year, we are seeing a better risk indicators with the macroeconomic revival and recovery of the entire nation.

至於我們公司樂信本身，就我們規模的戰略方面而言，我們並沒有受到整體消費場景的太大影響。隨著消費的複蘇，我們的風險實際上更好了。尤其是春節過後，隨著全國宏觀經濟的回暖和復蘇，我們看到了更好的風險指標。

So as for our e-commerce platform, as we mentioned earlier, we actually saw a growth a little bit against the overall e-commerce trend as our nation's economy not being a little bit hit by the overall COVID restrictions and all the policies of that for the past several years, especially past year. The credit needs actually grew, and for us, we are a little bit different from other e-commerce platforms. We are still mostly mainly credit-driven. So when the -- in a way, when the macro economy is not as good as before, our credit need was actually -- it actually went higher.

因此，對於我們的電子商務平台，正如我們之前提到的，我們實際上看到了與整體電子商務趨勢相反的增長，因為我們國家的經濟並沒有受到整體 COVID 限制和所有政策的影響過去幾年，尤其是過去一年。信貸需求實際上增長了，對我們來說，我們與其他電子商務平台有點不同。我們仍然主要是信貸驅動。因此，當——在某種程度上，當宏觀經濟不如以前那麼好時，我們的信貸需求實際上——實際上更高了。

So for the full year guidance for 2023, well, overall, we are confident on the recovery of the overall consumption of the country. But we -- like we said before, we are continuously to remain prudently optimistic. We still put sustainable development, especially on the profitability first. And we are -- we will take actions when the time is right to invest in S&M, and we actually do believe it will be a good year for Lexin to develop. Especially after the last year, which was 2022, we had a turnaround, we had a strategic adjustment of the company. In terms of the full year loan guidance, we expect it -- as of right now, under current situation on our speculation, it should be around CNY 245 billion to the top line of CNY 255 billion.

因此，對於 2023 年的全年指導，總的來說，我們對國家整體消費的複蘇充滿信心。但我們 - 就像我們之前所說的那樣，我們將繼續保持審慎樂觀。我們仍然把可持續發展，尤其是盈利放在首位。我們是——我們會在適當的時候採取行動投資 S&M，我們確實相信這將是樂信發展的好年頭。特別是在去年，也就是2022年之後，我們有了轉機，我們對公司進行了戰略調整。就全年貸款指導而言，我們預計——截至目前，根據我們推測的當前情況，它應該在 2450 億元人民幣左右，最高可達 2550 億元人民幣。

And also this year, our installment e-commerce platform services as well as tech empowerment service business will be both of our other 2 growth drivers as well.

今年，我們的分期付款電子商務平台服務以及技術賦能服務業務也將成為我們另外兩個增長動力。

(Operator Instructions) Next question is from Alex Ye of UBS.

（操作員說明）下一個問題來自瑞銀的 Alex Ye。

(foreign language) So I have 2 questions. Firstly, it's on asset quality. Management has mentioned that various indicators have shown notable improvement at the beginning of the year. I'm wondering if you can share any color on what's the expectation in 2023 in terms of the magnitude of improvement versus last year. For example, in terms of the vintage charge-off rate and the annualized credit cost perspective. Second question is on the loan pricing and funding costs. I'm wondering what -- to what extent do we expect them to decline in this year and the implication for our take rate outlook.

（外語）所以我有兩個問題。首先是資產質量。管理層提到，年初各項指標均有顯著改善。我想知道您是否可以就 2023 年與去年相比的改進程度的預期分享任何顏色。例如，在年份沖銷率和年化信貸成本方面。第二個問題是關於貸款定價和融資成本。我想知道什麼——我們預計它們今年會下降到什麼程度，以及對我們的利率前景的影響。

[Interpreted] Okay. In terms of the asset quality, for the year 2023, as I mentioned earlier, we are still confident in the macro environment. We are still confident in putting our risk management as one of our priority and also the optimization of our customer segmentation as well as the mixing of the matrix and modeling. We expect to continue our risk indicators to continue to decrease in risk level, especially with our new -- the percentage of our [RR1] Q3 prime customers in our new loan continue to increase, and we target to expedite to shrink down the size of the [RR628], which are less higher-risk customers. On the new loan -- as the new loan structure gets better, the overall structure gets utilized and optimized. The overall structure of the outstanding loan gets better. Our risk management can show a very prominent sign of decrease.

[解釋] 好的。在資產質量方面，對於2023年，正如我剛才所說，我們對宏觀環境還是有信心的。我們仍然有信心將我們的風險管理作為我們的優先事項之一，並將優化我們的客戶細分以及矩陣和建模的混合。我們預計我們的風險指標將繼續降低風險水平，特別是我們的新 - 我們的 [RR1] Q3 主要客戶在我們新貸款中的百分比繼續增加，我們的目標是加快縮小規模[RR628]，這是風險較低的客戶。關於新貸款——隨著新貸款結構的改善，整體結構得到利用和優化。貸款餘額總體結構好轉。我們的風險管理可以顯示出非常明顯的下降跡象。

In terms of APR, for this quarter, we already have over 80% mix within '24. And for this quarter, our pricing is actually indefinitely close to 24%. And in the near future, we expect to see the pricing level to be around this range.

就 APR 而言，對於本季度，我們已經在 24 年內擁有超過 80% 的組合。對於本季度，我們的定價實際上無限接近 24%。在不久的將來，我們預計定價水平會在這個範圍內。

In terms of take rate, as our risk level gets better, like I mentioned earlier, the funding cost continues to decrease. As you might have heard earlier in my script, we mentioned that this quarter -- for the quarter -- for the fourth quarter of 2022, our funding cost actually lowered comparatively sequentially, even quarter-over-quarter. And we are, for this quarter, first quarter of 2023, seeing also lower funding costs. These 2 factors together, we actually expect our take rate to continue to increase. And we are seeing for the past couple of months take rates for over 3%.

就接受率而言，正如我之前提到的，隨著我們的風險水平變得更好，融資成本會繼續下降。正如您之前在我的腳本中聽到的那樣，我們提到本季度 - 2022 年第四季度，我們的融資成本實際上相對連續下降，甚至環比下降。在這個季度，即 2023 年第一季度，我們還看到了較低的融資成本。這兩個因素加在一起，我們實際上預計我們的採用率會繼續增加。我們看到過去幾個月的利率超過 3%。

Next, we have [Zoe Cho] from CLSA.

接下來，我們有來自 CLSA 的 [Zoe Cho]。

(foreign language) And I will do the translation. This is [Zoe] from CLSA. So the first question regarding the decoupling of the rail links, and we are wondering when we can targeting to achieve the full compliance in terms of older existing loan priced below 24%. And second was our business strategy between capital-light and capital-heavy model going forward.

（外語）我會做翻譯。我是 CLSA 的 [Zoe]。所以第一個關於鐵路連接脫鉤的問題，我們想知道我們什麼時候可以針對價格低於 24% 的舊現有貸款實現完全合規。其次是我們在輕資本和重資本模式之間的商業戰略。

[Interpreted] So as of right now, we have not yet received a further clear instructions. It's worth mentioning that we are not one of the 14 platforms and the ratification -- for the 14 platforms are more on the decoupling, disconnecting from the banks. And also, it's worth noting that we are both simultaneously in discussion with Baihang as well as (inaudible). Especially with (inaudible), we all expect, as of right now, based on the progress, to have the trial run by or before June 30.

[解讀]所以截至目前，我們還沒有收到進一步明確的指示。值得一提的是，我們不是 14 個平台和批准的平台之一——因為 14 個平台更多的是脫鉤，與銀行脫鉤。而且，值得注意的是，我們同時在與百航以及（聽不清）進行討論。尤其是（聽不清），我們都希望根據進展情況，截至目前，在 6 月 30 日或之前進行試驗。

But right now, as far as we know, with all the adjustments as well as other changes with the regulators, the ratification and the actual deadline is possible to be delayed, and also with the new structure, the regulated structure being adjusted, there is a possibility of a postponement of a date. And the regulator's foundation might need time to put themselves together in a more formal and regulated way to actually proceed.

但目前，據我們所知，隨著監管機構的所有調整和其他變化，批准和實際截止日期可能會延遲，而且隨著新結構、監管結構的調整，有推遲日期的可能性。監管機構的基金會可能需要時間以更正式、更規範的方式整合起來才能真正開展工作。

Okay. Regarding your second question, I will take a shot at it. Basically, you're asking about the capital-light model. Right now, the revenue share model with the financial partners, basically, it -- about -- in terms of revenue account roughly about 20% to 30%. I think this will continue to be our target for the remaining of the year. Obviously, this is a balance between the risk we are taking versus the profitability, right? So if we increase the risk-taking on the business side, obviously, this will increase profitability.

好的。關於你的第二個問題，我來回答一下。基本上，你問的是輕資本模型。目前，與金融合作夥伴的收入分成模式，基本上，它——大約——就收入而言大約佔 20% 到 30%。我認為這將繼續成為我們今年剩餘時間的目標。顯然，這是我們承擔的風險與盈利能力之間的平衡，對吧？因此，如果我們增加業務方面的風險承擔，顯然，這將提高盈利能力。

But if you want to be kind of more capital-light, obviously, you are taking less risks than this is the balance we have to take. So I think directionally, from a company perspective, we do want to gradually increase the capital-light model. And what will help us in this regard is that we have the tech empowerment business that we have with the medium- and smaller-sized banks. And with the increase of that business, obviously, we will increase the rev share with the financial partners. Eventually, this will lead to a gradual increase of the capital-light model.

但如果你想更輕資本，顯然，你承擔的風險比我們必須採取的平衡要少。所以我從方向上想，從公司的角度來說，我們確實要逐漸增加輕資本的模式。在這方面對我們有幫助的是，我們擁有與中小型銀行的技術賦能業務。顯然，隨著該業務的增加，我們將增加與金融合作夥伴的收入份額。最終，這將導致輕資本模式的逐漸增加。

Thank you very much. With that, I would like to hand the call back to the management for closing remarks. Thank you.

非常感謝。有了這個，我想把電話轉回給管理層作結束語。謝謝。

Thank you again, everyone, for joining us today. If you have further questions, please contact us via our contact information available on our IR website. Thank you.

再次感謝大家今天加入我們。如果您還有其他問題，請通過我們 IR 網站上提供的聯繫信息與我們聯繫。謝謝。

Thanks. Bye-bye.

謝謝。再見。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

[此記錄中標記為 [已翻譯] 的部分由現場通話中的口譯員說出。]