360數科 (QFIN) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Qfin Holdings third-quarter 2025 earnings conference call. (Operator Instructions) Please also note today's event is being recorded. At this time, I'd like to turn the conference over to Ms. Karen Ji, Senior Director of Capital Markets. Please go ahead, Karen.

女士們、先生們，感謝您的耐心等待，歡迎參加Qfin Holdings 2025年第三季財報電話會議。 （操作說明）請注意，本次會議正在錄音。現在，我將會議交給資本市場高級總監Karen Ji女士。 Karen，請開始吧。

Thank you, Ken. Hello, everyone, and welcome to Qfin Holdings third quarter 2025 earnings conference Call. Our earnings release was distributed earlier today and is available on our IR website. Joining me today are Mr. Wu Haisheng, our CEO; Mr. Alex Xu, our CFO; and Mr. Zheng Yan, our CRO.

謝謝Ken。大家好，歡迎參加Qfin Holdings 2025年第三季財報電話會議。我們的財報已於今天稍早發布，並可在投資者關係網站上查閱。今天與我一同出席會議的有：執行長吳海生先生、財務長徐先生以及首席營收長鄭岩先生。

Before we start, I would like to refer you to our safe harbor statement in the earnings press release, which applies to this call as we will make certain forward-looking statements. Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non-GAAP financial measures to GAAP financial measures.

在正式開始之前，我想請各位參閱我們在盈利新聞稿中發布的“安全港聲明”，該聲明適用於本次電話會議，因為我們將在會議中做出一些前瞻性陳述。此外，本次電話會議也將討論一些非公認會計準則（非GAAP）財務指標。請參閱我們的獲利新聞稿，其中包含非GAAP財務指標與GAAP財務指標的調節表。

Now I will turn the call over to Mr. Wu Haisheng. Please go ahead.

現在我將把電話交給吳海生先生，請您發言。

(spoken by AI) Hello, everyone. Thank you for joining us today. In the first nine months of this year, China's economy and the consumer finance sector have both faced persistent headwinds. The outstanding balance of short-term consumer loans has declined for three consecutive quarters on both a year-over-year and quarter-over-quarter basis. Going into Q3, the industry is undergoing a series of regulatory-driven adjustments to improve consumer financial inclusion.

（AI配音）大家好，感謝各位今天收看我們的節目。今年前九個月，中國經濟和消費金融業都面臨持續的不利因素。短期消費貸款餘額已連續三個季度同比和環比下降。進入第三季度，該行業正在經歷一系列受監管驅動的調整，以提高消費金融的普惠性。

We believe these changes will strengthen the sector's long-term prospects and sustainability, paving the way for healthier and more structured competitive landscape. As such, we view these adjustments not only a challenge but also an opportunity for Qfin.

我們相信，這些變革將增強該產業的長期前景和永續發展能力，為建立更健康、更有序的競爭格局鋪路。因此，我們認為這些調整對Qfin既是挑戰，也是機會。

As a leading credit tech platform in China, we continued to prioritize risk management, advance our AI capabilities and deepen collaboration with financial institutions. We believe these efforts will enable us to better serve inclusive finance needs and strengthen our leadership in the industry.

作為中國領先的信用科技平台，我們持續將風險管理放在首位，不斷提升人工智慧能力，並深化與金融機構的合作。我們相信，這些努力將使我們能夠更好地滿足普惠金融的需求，並鞏固我們在業界的領先地位。

Now I'll walk you through the progress we made in Q3. By the end of the quarter, our AI-powered credit decision engine and asset distribution platform served 167 financial institutions, delivering efficient intelligent digital credit services to over 62 million credit line users on a cumulative basis.

現在我將帶您了解我們在第三季的進展。截至本季末，我們的人工智慧驅動的信貸決策引擎和資產分配平台已為 167 家金融機構提供服務，累計為超過 6,200 萬名信貸額度用戶提供高效能智慧的數位信貸服務。

To navigate the evolving regulatory environment, we dynamically fine-tuned our risk strategies to maintain a healthy balance between risk and growth. As a result, total loan facilitation and origination volume on our platform reached RMB83.3 billion in the quarter, broadly in line with Q2. Despite the macro headwinds, we delivered steady financial results.

為因應不斷變化的監管環境，我們動態調整風險策略，以維持風險與成長之間的健康平衡。因此，本季平台貸款促成及發放總額達人民幣833億元，與第二季基本持平。儘管面臨宏觀經濟不利因素，我們仍取得了穩健的財務表現。

Non-GAAP net income reached RMB1.51 billion, while non-GAAP EPADS on a fully diluted basis, came in at RMB11.36, reflecting our solid profitability and operating resilience. On the risk front, funding liquidity in the high-price segment continued to tighten in Q3, leading to an uptick in overall delinquency risk across the industry.

非GAAP淨利達人民幣15.1億元，非GAAP完全攤薄後的每股收益為人民幣113.6億元，反映了我們穩健的獲利能力和營運韌性。風險方面，第三季高價債券市場的融資流動性持續收緊，導致整個產業的整體違約風險上升。

To stay closely aligned with evolving market conditions, we further tightened our credit standards and optimized our customer mix by increasing the proportion of high-quality borrowers. In addition, we proactively refined our risk models and completed 611 iterations, implementing differentiated risk management and distribution strategies.

為了跟上不斷變化的市場環境，我們進一步收緊了信貸標準，並透過提高優質借款人的比例優化了客戶結構。此外，我們積極改進風險模型，完成了611次迭代，實施了差異化的風險管理和分銷策略。

On the collection front, we improved efficiency through smarter resource allocation and deeper technology integration. For example, we allocated more resources to high-performing collection partners to ensure sufficient capacity and better productivity.

在催收方面，我們透過更智慧的資源配置和更深入的技術整合提高了效率。例如，我們向績效優異的催收合作夥伴分配了更多資源，以確保充足的催收能力和更高的生產力。

For customers willing to repay but facing temporary financial difficulties, we offered measured concessions and flexible repayment options. In addition, we were able to assess repayment intent and capacity in real time through large language model algorithms, enabling more precise segmentation and more agile resource deployment. These efforts helped us maintain steady progress even as the broader industry faced rising collection pressure.

對於有還款意願但面臨暫時性財務困難的客戶，我們提供適度的優惠和靈活的還款方案。此外，我們利用大型語言模型演算法即時評估客戶的還款意願和能力，從而實現更精準的客戶細分和更靈活的資源部署。這些措施幫助我們在整個產業面臨日益增長的催收壓力之際，依然保持了穩定發展。

Our FPD 7, a leading risk indicator for new loans declined in September versus August. Since October, given the new regulations and heightened industry self-discipline initiatives, we expect risk indicators to remain volatile in the near term with current levels above historical averages.

我們的FPD 7指標（衡量新貸款風險的領先指標）在9月份較8月份有所下降。自10月份以來，鑑於新的監管規定和行業加強自律的舉措，我們預計風險指標在短期內仍將保持波動，目前水準高於歷史平均水準。

That said, having navigated multiple industry adjustment cycles in the past with prompt and effective responses, we remain confident that we can once again bring risk levels back within a reasonable range in a timely manner.

儘管如此，鑑於我們過去曾多次透過迅速有效的應對措施成功度過行業調整週期，我們仍然有信心能夠再次及時地將風險水平恢復到合理範圍內。

On the funding front, we have been white-listed by all of our active financial institution partners, ensuring a smooth and stable cooperation going forward. Despite a relatively tight funding environment driven by liquidity conditions and policy factors, we maintained the industry-leading pricing power and secured ample funding supply at stable costs. Our average funding cost for Q3 held steady from last quarter, remaining at historical lows.

在資金方面，我們已獲得所有活躍金融機構合作夥伴的白名單認可，確保未來合作的順暢穩定。儘管受流動性狀況和政策因素影響，資金環境相對緊張，但我們仍保持了行業領先的定價能力，並以穩定的成本獲得了充足的資金供應。第三季平均融資成本與上季持平，仍處於歷史低點。

In the ABS market, we issued RMB4.5 billion during the quarter, up 29% year-over-year with issuance costs down by another 10 basis points. For the first nine months of 2025, total ABS issuance grew 41% year-over-year to RMB18.9 billion, further optimizing our funding structure. Looking ahead, we expect our funding costs to remain largely stable in the coming quarters.

本季度，我們在資產支持證券（ABS）市場發行了45億元人民幣，年增29%，發行成本進一步下降10個基點。 2025年前九個月，ABS發行總量年增41%至189億元人民幣，進一步優化了我們的融資結構。展望未來，我們預計未來幾季的融資成本將保持基本穩定。

For user acquisition, we continue to diversify our channels, enhance targeted operation and improve efficiency compared with last quarter. The number of new credit line users grew by 9% to $1.95 million while average cost per credit line user declined by 8%.

在用戶獲取方面，我們持續拓展管道，加強精準行銷，並提升效率，與上季相比，新增信用額度用戶數成長9%，達到195萬美元，而每位信用額度用戶的平均成本下降了8%。

The number of new borrowers also grew 10% sequentially to $1.35 million. We have seamlessly integrated convenient and efficient credit services into diversified channels and scenarios, including short-form videos, e-commerce, mobility, food delivery, and financial services.

新增借款人數量較上季成長10%，達到135萬美元。我們已將便利且高效的信貸服務無縫整合到包括短影片、電子商務、旅遊、外送和金融服務在內的多元化管道和場景。

In Q3, we further expanded our embedded finance network, adding seven new strategic partners and expanding our presence across Internet and financial institution platforms. As a result, the number of new credit line users from the embedded finance channels increased by 13% sequentially, while loan volume up by 11%.

第三季度，我們進一步拓展了嵌入式金融網絡，新增七家策略合作夥伴，並擴大了在互聯網和金融機構平台上的業務覆蓋範圍。因此，嵌入式金融通路新增信貸用戶數量較上季成長13%，貸款額較上季成長11%。

For placement strategy, we remain focused on onboarding high-quality users and optimizing our overall user mix. As such, our long-term strategic priority will focus more on our high-quality customers. Supported by AI-driven data models, we expect to gain deeper insights into user needs and behaviors and further refine products and services.

在用戶定位策略方面，我們將繼續專注於吸引高品質用戶並優化整體用戶組成。因此，我們的長期策略重點將更加側重於優質客戶。借助人工智慧驅動的資料模型，我們期望能夠更深入地了解使用者需求和行為，並進一步改進產品和服務。

This approach will allow us to deliver a superior user experience and improve both our unit economics and user lifetime value. We believe this focus is critical to strengthening our long-term competitive edge and cementing our leadership position in the industry.

這種方法將使我們能夠提供更優質的使用者體驗，並提高單位經濟效益和使用者終身價值。我們相信，這種專注對於增強我們的長期競爭優勢和鞏固我們在產業中的領導地位至關重要。

In our Technology Solutions business, we continue to advance our AI plus banking strategy, empowering financial institutions in their digital and intelligent transformation. During the quarter, loan volume supported by this business achieved exponential growth, up by roughly 218% on a sequential basis.

在技​​術解決方案業務方面，我們持續推動人工智慧+銀行策略，協助金融機構實現數位化和智慧轉型。本季度，該業務支持的貸款金額實現了指數級增長，環比增長約218%。

Our collaboration with banks continue to deepen, expanding from their proprietary channels to a broader range of Internet scenarios where we provide end-to-end technology support in customer acquisition and risk management.

我們與銀行的合作不斷深化，從其專有管道擴展到更廣泛的網路場景，我們在客戶獲取和風險管理方面提供端到端的技術支援。

Powered by our FocusPRO credit tech platform, our proprietary solution for SME lending which is built on a three-tiered credit assessment system was adopted by several new banking partners and received positive feedback for its industry-leading performance.

憑藉我們 FocusPRO 信用技術平台的支持，我們專有的中小企業貸款解決方案（基於三級信用評估系統）已被多家新的銀行合作夥伴採用，並因其行業領先的性能而獲得積極反饋。

As part of our AI plus banking initiative, our two proprietary AI agents, the AI Credit Officer and AI Loan Officer, entered pilot testing with our first bank client. The engagement rate among the activated user base has reached around 50%, providing initial validation for the AI agent practical effectiveness in core credit scenarios.

作為我們「人工智慧+銀行」計畫的一部分，我們自主研發的兩款人工智慧助理——人工智慧信貸員和人工智慧貸款員——已與首家銀行客戶展開試點測試。已啟動用戶的參與率已達到約50%，初步驗證了人工智慧助理在核心信貸場景中的實際有效性。

Looking ahead, we will focus on strengthening our capabilities in multimodal recognition, voice data collection, lead management and feedback loops while expanding pilot programs and further improving user engagement. At the same time, we are seeing growing interest from financial institutions, laying a strong foundation for broader commercial rollout and scaled adoption in the next phase.

展望未來，我們將著重提升多模態辨識、語音資料擷取、線索管理和回饋機制方面的能力，同時擴大試點計畫並進一步提升用戶參與度。同時，我們看到金融機構的興趣日益濃厚，這為下一階段更廣泛的商業推廣和規模化應用奠定了堅實的基礎。

On October 1, the new rules officially came into effect. As a leading player in the industry, we have always held ourselves to the highest compliance standards with no exception this time. Working closely with our financial institution partners, we quickly optimized our business structure and product experience. While these measures may temporarily impact our loan volume and profitability, we believe that prioritizing value for users will eventually strengthen their trust and help us maintain more sustainable and resilient growth over the long term.

10月1日，新規正式生效。身為業界領導企業，我們始終堅持最高的合規標準，這次也不例外。我們與金融機構合作夥伴緊密協作，迅速優化了業務結構和產品體驗。雖然這些措施可能會暫時影響我們的貸款規模和獲利能力，但我們相信，優先考慮用戶價值最終將增強用戶信任，並幫助我們實現更永續、更具韌性的長期成長。

Meanwhile, certain new industry-wide regulatory measures may have some impact on the industry dynamics. That said, we believe our diversified business model and ample funding capacity will help position us to navigate these changes with limited disruption. Given the current phase of industry-wide adjustment, we will prioritize risk management over near-term growth, focusing on improving user quality and collection efficiency.

同時，某些新的行業監管措施可能會對行業動態產生一定影響。儘管如此，我們相信，我們多元化的業務模式和充足的資金實力將有助於我們應對這些變化，並將影響降至最低。鑑於目前產業正處於調整階段，我們將優先考慮風險管理而非短期成長，重點在於提升使用者體驗和收款效率。

Since mid-October, we have already seen encouraging early signs of stabilization in asset quality. Over the years, we have a proven track record of emerging stronger from past challenges, including multiple industry-wide adjustments, and we are confident that this time will be no different.

自10月中旬以來，我們已經看到資產品質出現令人鼓舞的穩定早期跡象。多年來，我們擁有從過往挑戰中強勢復甦的良好記錄，包括多次行業調整，我們相信這次也不例外。

Looking ahead, we will continue to advance our One Body, Two Wings strategy, further strengthen our AI capabilities and empower financial institutions in their digital transformation, driving efficient, healthy and sustainable development of our core business.

展望未來，我們將持續推動「一身兩翼」策略，進一步加強人工智慧能力，賦能金融機構實現數位轉型，推動核心業務高效率、健康、永續發展。

On the international front, we are actively exploring opportunities across multiple overseas markets. After extensive research, we are even more convinced that our fintech capabilities are among the best in the world. We view the international expansion as a challenging yet strategically sound path. Quality always comes from deliberate execution, and we are confident we will deliver.

在國際方面，我們正積極探索多個海外市場的機會。經過深入調查，我們更加確信，我們的金融科技能力位居世界級。我們認為國際擴張是一項充滿挑戰但極具戰略意義的舉措。品質源自於精心執行，我們有信心實現這一目標。

In closing, short-term industry headwinds will not alter our long-term trajectory or our fundamental commitment to giving back to our shareholders. Going forward, we will continue to pursue efficient capital allocation and deliver value to our shareholders through compelling shareholder returns.

最後，短期產業逆風不會改變我們的長期發展軌跡，也不會動搖我們回饋股東的根本承諾。展望未來，我們將繼續追求高效率的資本配置，並透過優異的股東回報為股東創造價值。

With that, I will now turn the call over to Alex.

接下來，我將把通話交給亞歷克斯。

Okay. Thank you, Haisheng. Good morning, and good evening, everyone. Welcome to our third quarter earnings call. Unexpected China events in the last few months put significant pressure to our operations, and such headwinds may persist through the next couple of quarters as the consumer finance industry faces new round of regulatory scrutiny and the participants try to settle in the vastly different environment.

好的。謝謝海生。大家早安，晚上好。歡迎參加我們第三季財報電話會議。過去幾個月中國發生的一些意料之外的事件給我們的營運帶來了巨大壓力，而且隨著消費金融業面臨新一輪監管審查，以及參與者努力適應截然不同的新環境，這種不利因素可能會持續到未來幾個季度。

Total net revenue for Q3 was CNY5.21 billion versus CNY5.22 billion in Q2 and CNY4.37 billion a year ago. Revenue from credit-driven service capital heavy was CNY3.87 billion in Q3 compared to CNY3.57 billion in Q2 and CNY2.9 billion a year ago. The sequential and year-on-year increase was mainly driven by higher capital heavy loan balance. Overall funding costs remained stable QoQ despite some liquidity shortage later in the quarter.

第三季總淨收入為52.1億元人民幣，高於第二季的52.2億元人民幣和去年同期的43.7億元。其中，以信貸驅動的重資本貸款業務收入為38.7億元人民幣，高於第二季的35.7億元人民幣和去年同期的29億元。環比和年成長主要得益於重資本貸款餘額的增加。儘管第三季後期出現了一些流動性短缺，但整體融資成本較上季保持穩定。

In the first three quarters, we issued a record-breaking CNY18.9 billion ABS, an increase of over 40% year-on-year. Revenue from platform service capital light was CNY1.34 billion in Q3 compared to CNY1.65 billion in Q2 and CNY1.47 billion a year ago. The year-on-year and sequential decline was mainly driven by lower capital light facilitation and ICE volume.

前三季度，我們發行了創紀錄的189億元人民幣資產支持證券（ABS），年增超過40%。第三季平台服務輕資本業務收入為13.4億元人民幣，低於第二季的16.5億元人民幣及去年同期的14.7億元。年比和季減主要受輕資本業務促成交易量和洲際交易所（ICE）交易量下降的影響。

Platform service account for roughly 48% of our quarter-ending loan balance. We will continue to make timely adjustments to the business mix through the rest of the year to reflect the changing market dynamics and regulatory guidelines.

平台服務約占我們季度末貸款餘額的48%。我們將繼續在今年剩餘時間內及時調整業務組合，以反映不斷變化的市場動態和監管準則。

During the quarter, average IRR of the loans we originated and/or facilitated was 20.9% compared to 21.4% in Q2. Looking forward, we may see further pricing decline as the new regulatory environment requirement being fully implemented across the industry, although the pace of the decline should be modest.

本季度，我們發放和/或促成的貸款的平均內部收益率（IRR）為20.9%，而第二季度為21.4%。展望未來，隨著新的監管環境要求在整個行業中全面實施，我們可能會看到價格進一步下降，但下降速度應該不會太快。

Sales and marketing expenses remained stable Q-on-Q, but unit cost declined by about 8% sequentially. We added approximately 1.95 million new credit line users in Q3 versus 1.79 million in Q2. We will likely to adjust the pace of the new user acquisition in the coming months given the volatile macro condition and further optimize our user acquisition channels and improve user engagement and retention.

銷售和行銷費用較上季保持穩定，但單位成本較上季下降約8%。第三季新增信用額度用戶約195萬，高於第二季的179萬。鑑於宏觀經濟情勢波動，我們可能會在未來幾個月調整新用戶獲取速度，並進一步優化用戶獲取管道，提升用戶參與度和留存率。

90-day delinquency rate was 2.09% in Q3 compared to 1.97% in Q2. Day one delinquency rate was 5.5% in Q3 versus 5.1% in Q2. 30-day collection rate was 85.7% in Q3 versus 87.3% in Q2. C-M2, which represents the outstanding delinquency rate after 30 days collection increased Q-on-Q to 0.79% from 0.64%. As overall portfolio risk continued to increase in the last few months, we took additional measures to tighten the risk standard in September and October.

第三季90天逾期率為2.09%，高於第二季的1.97%。第三季首日逾期率為5.5%，高於第二季的5.1%。第三季30天收款率為85.7%，高於第二季的87.3%。 C-M2（代表30天收款後的未償逾期率）較上季上升至0.79%，高於第二季的0.64%。由於過去幾個月整體投資組合風險持續上升，我們在9月和10月採取了進一步措施收緊風險標準。

While still a bit too early to reverse the trend, we start to see marginal improvement in new loans quality. It may take a few more months to see overall portfolio risk improves as the mix of the loans become more favorable.

雖然現在斷言扭轉這一趨勢還為時過早，但我們開始看到新增貸款品質略有改善。隨著貸款組合變得更加有利，整體投資組合風險可能還需要幾個月的時間才能改善。

In such a challenging backdrop, we took even more conservative approach to book provisions against potential credit loss. Total new provisions for risk-bearing loans in Q3 were approximately CNY2.58 billion versus CNY2.5 billion in Q2 despite lower risk-bearing loan volume QoQ. Provision booking ratio hit another historical high.

在如此充滿挑戰的背景下，我們採取了更保守的提列方式，以應對潛在的信用損失。儘管第三季風險貸款規模季減，但風險貸款新增自撥總額約為25.8億元人民幣，第二季為25億元。撥備計提率再創新高。

Write-backs of previous provisions were approximately CNY785 million in Q3 versus CNY1.18 billion in Q2. Provision coverage ratio, which is defined as total outstanding provisions divided by total outstanding delinquent risk-bearing loan balance between 90 and 180 days, remain near historical high at 613% in Q3.

第三季撥備回撥約為人民幣7.85億元，第二季為人民幣11.8億元。撥備覆蓋率（定義為未償付撥備總額除以逾期90至180天的風險承擔貸款餘額總額）在第三季仍接近歷史高位，達到613%。

Non-GAAP net profit was CNY1.51 billion in Q3 compared to CNY1.85 billion. Non-GAAP net income per fully diluted ADS was RMB11.36 in Q3 compared to RMB13.63 in Q2 and RMB12.35 a year ago. At the end of Q3, total outstanding ADS share count was approximately CNY130.2 million compared to CNY132.4 million at the end of Q2 and CNY144.2 million a year ago.

第三季非GAAP淨利為人民幣15.1億元，低於上一季的人民幣18.5億元。第三季非GAAP每股完全稀釋後美國存託股份（ADS）淨收益為人民幣11.36元，低於第二季的人民幣13.63元和去年同期的12.35元人民幣。截至第三季末，已發行ADS股份總數約為人民幣1.302億股，低於第二季末的人民幣1.324億股和上年同期的人民幣1.442億股。

Effective tax rate for Q3 was 20.9% compared to our typical ETR of approximately 15%. The higher-than-normal ETR was mainly due to withholding tax provision related to the cash distribution from onshore to offshore.

第三季實際稅率為20.9%，高於我們通常約15%的實際稅率。實際稅率高於正常水準的主要原因是與境內外現金分配相關的預提所得稅準備金。

With higher contribution from capital heavy model, our leverage ratio, which is defined as a risk-bearing loan balance divided by shareholders' equity was 3.0 times in Q3, still near the low end of historical range. We expect to see leverage ratio fluctuated around this level in the near term.

由於資本密集型模式貢獻較大，我們的槓桿率（定義為風險承擔貸款餘額除以股東權益）在第三季為3.0倍，仍接近歷史低點。我們預計短期內槓桿率將在此水準附近波動。

We generate approximately CNY2.5 billion cash from operations in Q3 compared to CNY2.62 billion in Q2. Total cash and cash equivalents and short-term investment was CNY14.35 billion in Q3 compared to CNY13.34 billion in Q2. Our strong cash flow and financial position should give us sufficient resources to navigate through the challenging environment and allow us to satisfy the commitments and obligations to the market.

第三季度，我們透過經營活動產生的現金流量約為人民幣25億元，高於第二季的26.2億元人民幣。第三季度，我們的現金及現金等價物及短期投資總額為人民幣143.5億元，高於第二季度的人民幣133.4億元。我們強勁的現金流和財務狀況應能為我們提供充足的資源，以應對充滿挑戰的市場環境，並履行我們對市場的承諾和義務。

We started to execute the $450 million share repurchase program in January 1. As of November 18, 2025, we had in aggregate purchased approximately 7.3 million ADS in the open market for the total amount of approximately $281 million, inclusive of commissions at the average price of USD 38.7 per ADS. We intend to resume the repurchase program after the window opened after this earnings call.

我們於1月1日啟動了4.5億美元的股票回購計畫。截至2025年11月18日，我們已在公開市場累計購入約730萬份美國存託股份（ADS），總金額約2.81億美元（含佣金），平均價格為每股38.7美元。我們計劃在本次財報電話會議結束後，待回購窗口期開啟後，恢復此回購計畫。

Finally, regarding our business outlook. Given the persistent economic uncertainty and fast-changing market dynamic, we will continue to take a cautious approach in business planning for the next couple of quarters, focusing on risk control of our operation.

最後，關於我們的業務展望。鑑於持續存在的經濟不確定性和快速變化的市場動態，未來幾季我們將繼續採取謹慎的業務規劃方式，並專注於營運風險控制。

For the fourth quarter of 2025, the company expects to generate non-GAAP net income between CNY1 billion and CNY1.2 billion. This outlook reflects the company's current and preliminary view which is subject to material changes.

公司預計2025年第四季非GAAP淨利潤將在10億元人民幣至12億元之間。此預測反映了公司目前的初步看法，可能會發生重大變化。

With that, I would like to conclude our prepared remarks. Operator, we can now take some questions.

至此，我的發言稿就結束了。接線員，現在可以回答問題了。

(Operator Instructions) For those who can speak Chinese, please start your question in Chinese, followed by an English translation. (Operator Instructions) Thank you. Your first question today comes from Cal Huang from Morgan Stanley.

（操作員說明）如果您會說中文，請先用中文提問，然後再附上英文翻譯。 （操作員說明）謝謝。今天第一個問題來自摩根士丹利的黃先生。

(spoken in foreign language)

（用外語說）

We can't hear you clearly.

我們聽不清楚你說話。

(spoken in foreign language) So basically two questions from me. One is after the new loan facilitation come into effect in October, how should the management think about the change to the business model or profit model of the loans? And what's the expectation for the take rate in 2026? And maybe over the long run, how should we think about the loan economics when they normalize?

（外語）我主要有兩個問題。一是新的貸款便利政策於10月生效後，管理階層該如何看待貸款業務模式或獲利模式的改變？二是2026年的貸款發放率預期是多少？三是長遠來看，貸款經濟效益在正常化後該如何看待？

And number two is how do management think about the competitive landscape after the loan facilitation rule taking effect?

第二，在貸款便利化規則生效後，管理階層如何看待競爭格局？

Okay. Thank you, Zheong. And in terms of regulation and take rate, with the new rules in place, both on loan facilitation space and the broader consumer finance industry will need some time to adjust. In near term, the rules will have some impact on market size, risk levels and profitability. This is for sure.

好的，謝謝鄭先生。至於監管和手續費方面，新規出台後，無論是貸款服務領域還是更廣泛的消費金融業，都需要一些時間來適應。短期內，這些規則肯定會對市場規模、風險水準和獲利能力產生一定影響。這點毋庸置疑。

But in the long run, we believe the competitive environment will become more sustainable and healthier which is good to our industry.

但從長遠來看，我們相信競爭環境將變得更加永續和健康，這對我們產業來說是件好事。

As for the near-term impact, let me talk about what we are seeing right now. First, as the entire industry is lifting the risk bar, funding capacity for our ICE and referral businesses will come down. This means some users will no longer be there and this will have some impact on our loan volume.

至於短期影響，我想談談我們目前看到的情況。首先，隨著整個產業提高風險門檻，我們內部交易和轉介業務的資金能力將會下降。這意味著部分用戶將不再使用我們的服務，這將對我們的貸款量產生一定影響。

For the rest of business, as we adjust pricing, the take rates will decline. But on the positive side, we expect to see better conversion, higher loan amounts and less early repayment. This will help you reduce some of the pressure on the net take rate.

對於其他業務，隨著我們調整價格，貸款發放率將會下降。但正面的一面是，我們預期轉換率會提高，貸款額度會增加，提早還款的情況會減少。這將有助於減輕淨貸款發放率的壓力。

Second, the liquidity pressure in the market is pushing overall risk higher for the broader consumer finance space. Our C2M2 was up to 0.79% in Q3 from 0.64% in Q2, and the net provisions were up about 36% compared to Q2. We expect this trend to continue at least in the next one or two quarters.

其次，市場流動性壓力推高了整個消費金融領域的整體風險。我們的C2M2指標從第二季的0.64%升至第三季的0.79%，淨撥備較第二季成長約36%。我們預計這一趨勢至少在未來一到兩個季度內仍將持續。

Based on our Q4 guidance, we are roughly talking about take rate of 3% to 4% because of pricing and the risk impact. Over the next two quarters, we expect the industry to remain volatile, and we are trying to get a better understanding on our take rate for in the new loan.

根據我們第四季的業績指引，考慮到定價和風險影響，我們預期貸款通過率約為3%至4%。未來兩個季度，我們預計行業波動性將持續，我們正在努力更好地了解新貸款的貸款通過率。

For 2026 and beyond, the take rates will depend on how things evolve from the Q4 baseline. Specifically, our focus will be a few things. First, we will continue to optimize our risk strategies and improve collection efficiency to enhance our risk performance.

2026年及以後，回收率將取決於第四季基準線之後的發展。具體而言，我們將重點放在以下幾個方面。首先，我們將持續優化風險策略，提高催收效率，以提升風險管理績效。

Second, we will further optimize costs in user acquisition and operations to improve overall efficiency. Third, we will also explore some new service offerings to further improve user conversion and retention. We hope these efforts could help improve our take rate over time.

其次，我們將進一步優化用戶獲取和營運成本，以提高整體效率。第三，我們也將探索一些新的服務產品，以進一步提高用戶轉換率和留存率。我們希望這些努力能幫助我們逐步提高轉換率。

And for your second question, for the competitive landscape, since the new rules came out in April, we have seen a major shakeup in the high pricing segment. New loan volumes in that market decreased a lot. Some smaller platform may not survive in the future. The rest of the platform are also shrinking their loan book. So entering Q4, we are actually seeing less competition for traffic.

關於你的第二個問題，也就是競爭格局，自從四月新規推出以來，高價位貸款市場發生了重大變化。該市場的新增貸款量大幅下降。一些規模較小的平台未來可能無法生存。其餘平台也正在縮減貸款規模。因此，進入第四季度，我們實際上看到流量競爭有所緩解。

Looking ahead, some of the platform currently operating in high pricing segment may also try to move into the 18% to 24% range, but it is very difficult for them to be profitable in advance given the disadvantage in funding risk management and operational efficiency, So in longer term, we think some of these players will eventually leave the market.

展望未來，目前在高定價領域運營的一些平台也可能嘗試進入 18% 至 24% 的費率區間，但考慮到資金風險管理和營運效率方面的劣勢，它們很難提前實現盈利。因此，從長遠來看，我們認為其中一些平台最終會退出市場。

We think that the market consolidation will benefit us in a few ways. With fewer smaller platforms competing for traffic, our marketing efforts will be more effective. We can acquire higher-value users more accurately with lower acquisition costs. In the new market environment, the user's multi-borrowing situation improves. We should be able to expect lower credit risk and better conversion rates.

我們認為市場整合將在幾個方面對我們有利。由於爭奪流量的小型平台減少，我們的行銷工作將更加有效。我們可以更精準地獲取高價值用戶，並降低獲客成本。在新市場環境下，用戶的多筆借貸情況有所改善。我們應該能夠預期更低的信用風險和更高的轉換率。

As such, users' lifetime value will improve in the longer term. So overall, we think the longer-term competitive environment will become more in our favor, and we see room to take more market shares over time. Thank you.

因此，從長遠來看，用戶的終身價值將會提升。總而言之，我們認為長期的競爭環境將對我們更有利，我們看到了隨著時間的推移獲得更多市場份額的空間。謝謝。

Lincoln Yu, JPMorgan.

林肯於，摩根大通。

(spoken in foreign language) Okay. I will translate my question. So my question is on shareholder return. So given the recent share price volatility and the regulatory uncertainties, would there be any change in the company's execution of the existing buyback plans? We still have about like 170 million remaining from the announced like in last November. And also in longer term, what is the company's consideration on shareholder return?

（外語）好的。我來翻譯一下我的問題。我的問題是關於股東的回報。鑑於近期股價波動和監管方面的不確定性，公司現有股票回購計畫的執行是否會有任何變化？我們還有大約1.7億美元的資金尚未回購，這些資金是去年11月宣布的。另外，從長遠來看，公司對股東回報的考量是什麼？

Okay. Lincoln, I will take this question then. So just like you said, as of now, we still have about 170 million left under our 450 million program designed for this year. And we took a temporary pause during the third quarter, just given the incoming regulatory update and all the risk associated with that. Now after today's earnings call, the new window will open in terms of repurchase. We will resume the execution of this program to fulfill our commitment for the rest of the year.

好的，林肯，那我來回答這個問題。正如你所說，截至目前，我們今年計劃的4.5億美元回購計畫還剩下約1.7億美元。鑑於即將到來的監管更新及其帶來的風險，我們在第三季暫時中止了該計劃。今天的財報電話會議結束後，回購窗口將重新開啟。我們將恢復執行該計劃，以履行我們今年剩餘時間的承諾。

And then regarding the dividend, we have been stated that our goal is to gradually increase dividend per ADS through the -- through each semiannual kind of a dividend payout. And right now, the Board-approved dividend payout ratio is 20% to 30%, which still gives us enough room to maintain that kind of a progressive dividend trend, even with the volatile kind of earnings movement for the next few quarters there. Eventually, we still aim to achieve that progressive dividend target for the foreseeable future.

關於股息，我們已明確表示，我們的目標是透過每半年一次的股息派發，逐步提高每股美國存託股份（ADS）的股息。目前，董事會批准的股息派發率為20%至30%，即使未來幾季獲利波動較大，這一比例仍足以讓我們維持這種漸進式的股利成長趨勢。最終，我們仍致力於在可預見的未來實現此漸進式股利目標。

In the long run, we still put the shareholder return as one of the top priorities for this company, although the mix between the buyback and dividend payout may change from time to time depending on the situation that we are facing at any given time. Okay. Thank you.

從長遠來看，股東回報仍然是本公司最重要的優先事項之一，儘管股票回購和股息支付的比例可能會根據當時的具體情況不時調整。好的，謝謝。

Alex Ye, UBS.

Alex Ye，瑞銀集團。

(spoken in foreign language) So my question is regarding the asset quality trend. So just wondering how has been the trend -- monthly trends for October and September and November? Have we seen any rate deterioration in -- versus Q3? And assuming there's no further trends in regulatory framework, so how -- when does management expect the equity to stabilize and pick? What are the upside that we should be aware of?

（外語）我的問題是關於資產品質趨勢的。我想了解10月、9月和11月的月趨勢如何？與第三季相比，我們是否看到利率惡化？假設監理框架沒有進一步的變化，管理階層預期股票何時會穩定併回升？我們該注意哪些利多因素？

(spoken in foreign language)

（用外語說）

(interpreted) So let me do the translation. Since the new rules started to take effect on October 1, high-cost fundings have tightened further. At the same time, industry risk levels have been going up in Q3. So pretty much all platforms, no matter the price level, have made risk management first and tightened their risk policies. This has made liquidity even tighter and pushed over risk levels further up.

（譯文）讓我來翻譯一下。自10月1日新規生效以來，高成本融資管道進一步收緊。同時，第三季產業風險水準也在上升。因此，幾乎所有平台，無論價格水平如何，都將風險管理放在首位，並收緊了風險政策。這使得流動性更加緊張，並進一步推高了風險水準。

But we are also seeing some positive signs in November. The early risk indicators of new loans are showing signs of stabilization and slight improvement. The FPD7 delinquency rate for new loans in September decreased by 8% compared to that of July. In terms of the risk performance of overall loan portfolio, the 7-day delinquency rate observed in November has remained broadly flat compared to October with no further upward trend.

但11月份我們也看到了一些正面跡象。新貸款的早期風險指標顯示出穩定且略有改善的跡象。 9月新貸款的FPD7逾期率較7月下降了8%。就整體貸款組合的風險表現而言，11月份的7天逾期率與10月份相比基本持平，沒有進一步上升的趨勢。

(spoken in foreign language)

（用外語說）

(interpreted) So right now, we mainly focus on two areas to lower rates. For pre and in loan processes, we are modestly increasing the share of high-quality users to optimize overall rate structure. We are also increasing operational resources for low-risk users and use large leverage model algorithms to improve pricing. With more tailored pricing, exclusive benefits and the user journey, we intend to improve user conversion and retention.

（譯文）目前，我們主要從兩個方面著手降低利率。在貸款前和貸款中流程中，我們適度提高優質用戶的比例，以優化整體利率結構。同時，我們也增加了對低風險用戶的營運資源，並採用高槓桿模型演算法來優化定價。透過更個人化的定價、專屬權益和更優化的使用者體驗，我們旨在提高用戶轉換率和留存率。

For collection, we are adding more in-house capacity and increasing support for our partner agencies. We are also improving all profile users in match cases. So each case can go to the right team. Powered by large language algorithms, we can now get a better rate on borrower facility and willingness to repay, addressing their group tailored our approach to.

為了更好地催收欠款，我們正在增加內部催收能力，並加強對合作機構的支持。同時，我們也正在改進所有配對案例中的使用者資料，確保每個案例都能分配給合適的團隊。借助大型語言演算法，我們現在能夠更準確地評估借款人的信用額度和還款意願，並針對不同群體量身定制催收方案。

(spoken in foreign language)

（用外語說）

(interpreted) So looking ahead, although we have seen some early signs of stabilization, it's only been about two weeks into November. So we will need some more time to tell . Our loan tenure is usually 9 to 10 months. So when we tighten risk strategies for new loans, it usually takes two to three quarters for the improvement to show up in the overall portfolio. But the market dynamic is still evolving, and the leading risk indicators for new loans haven't been down to our desired levels yet. So this adjustment cycle will likely take a bit longer than we expected.

（譯文）展望未來，儘管我們已經看到一些穩定的早期跡象，但11月才過去兩週左右。因此，我們需要更多時間才能下結論。我們的貸款期限通常為9到10個月。所以，當我們收緊新貸款的風險策略時，通常需要兩到三個季度才能在整體投資組合中體現出改善效果。但市場動態仍在變化，新貸款的領先風險指標尚未降至我們預期的水平。因此，這個調整週期可能會比我們預期的要長一些。

On the financial side, our provisions and profit buffer of our business are both very solid. This gives us plenty of room to manage through the short-term industry headwinds. We have been through many challenges before. At each time, we were able to respond quickly and effectively. So we are confident we can bring risk levels back to a reasonable range once again.

在財務方面，我們的撥備和利潤緩衝都非常足夠。這讓我們有充足的空間來應對短期產業逆風。我們之前也經歷過許多挑戰，每次都能迅速有效地應對。因此，我們有信心再次將風險等級控制在合理範圍內。

Emma Xu, BofA Securities.

Emma Xu，美國銀行證券。

(spoken in foreign language) So according to recent media reports, regulators are starting new regulations for consumer finance companies that will lower the APR of newly issued loans to 20%. So although these regulations will not apply to loan facilitation firms, has the management evaluated the potential implications if the average APR will fall to below 20%? Could this lead to a slow down in loan growth and an increase in credit cost? In such a scenario, does the company has any measures in place to hedge against the impact on profitability?

（外語）根據近期媒體通報，監理機關即將推出針對消費金融公司的新規，將新發放貸款的年利率降至20%。雖然這些規定不適用於貸款中介公司，但管理層是否評估過平均年利潤降至20%以下可能帶來的影響？這是否會導致貸款成長放緩和信貸成本上升？在這種情況下，公司是否已採取任何措施來對沖獲利能力的影響？

Okay. Okay. Emma, let me take this one. Yes, on the pricing guidance for consumer finance companies, there's no formal document status at this point. just informal communication.

好的，好的，艾瑪，這個問題交給我來回答。是的，關於消費金融公司的定價指導，目前還沒有正式的文件，只有非正式的溝通。

As we understand, consumer finance companies are required to keep their average pricing below 20%. We think the logic behind this is quite close to the new rules on loan facilitation sector as the regulators' intention is also to reduce the borrowing costs for consumers and make credit more accessible.

據我們了解，消費金融公司必須將其平均利率維持在20%以下。我們認為，這項規定的邏輯與貸款促進領域的新規非常相似，因為監管機構的意圖也是為了降低消費者的借貸成本，使信貸更容易取得。

In the near term, yes, it will have some impact on market size, risk levels and profitability. But over time, we think it will help create healthier competition and improve asset quality.

短期內，這確實會對市場規模、風險水準和獲利能力產生一定影響。但從長遠來看，我們認為這將有助於創造更健康的競爭環境，並提升資產品質。

In terms of funding, our direct exposure to consumer finance companies is small. So the direct impact on us is limited. First, the consumer finance companies source their business from diverse channels. industry-wide, about 40% of their loans is self-operated and about 60% from API channels, mostly platform under other Internet companies. Our cooperation with them just accounts for a very small part.

就資金而言，我們對消費金融公司的直接投資很小，因此對我們的直接影響有限。首先，消費金融公司的業務來源管道多元。從整個產業來看，約40%的貸款來自自營通路，約60%來自API管道，其中大部分是其他網路公司旗下的平台。我們與他們的合作僅佔一小部分。

In terms of funding, they only account for about 15% of our loan mix. Most of our funding comes from banks. So we are flexible to shift our funding structure if needed. As such, we think the direct impact on us is quite limited, but there is indirect impact. As consumer finance companies adjust their pricing, we may expect further pressure on liquidity in the short term, leading to risk volatility. In that case, we may continue to lift our part to mitigate the risk.

就資金來源而言，它們僅占我們貸款組合的約15%。我們的大部分資金來自銀行。因此，如有需要，我們可以靈活調整融資結構。因此，我們認為這對我們造成的直接影響相當有限，但有間接影響。隨著消費金融公司調整定價，我們預期短期內流動性將面臨進一步壓力，導致風險波動。在這種情況下，我們可能會繼續增加自身份額以降低風險。

Our average APR in Q3 was 20.9%. Going forward, we need to strengthen our ability to serve higher-quality users. With a broader user base and a better mix, we should be able to optimize pricing and keep our risk well balanced. In the meantime, we will maintain our operation to improve overall profitability. The point is we care about -- we care more about our users' long-term value than certain profitability.

第三季我們的平均年利率為20.9%。展望未來，我們需要提升服務高品質用戶的能力。透過擴大用戶群體和優化用戶結構，我們應該能夠優化定價並保持風險平衡。同時，我們將繼續運營，以提高整體盈利能力。關鍵在於，我們更重視用戶的長期價值，而非具體的獲利目標。

Thank you.

謝謝。

Cindy Wang, China Renaissance.

Cindy Wang，中國復興。

(spoken in foreign language) I have two questions here. First, during the opening remarks, CEO mentioned Technology Solutions loan volume up more than 200% quarter-over-quarter in Q3. What's the main drivers behind it? And what is the outlook of this business?

（外語）我有兩個問題。首先，在開場白中，CEO提到第三季技術解決方案貸款金額較上季成長超過200%。這背後的主要驅動因素是什麼？這項業務的前景如何？

Second, in Q3, capital light accounted for 42% of the new loan volume, largely the same as Q2, but down 3 percentage points quarter-over-quarter to 48% of loan balance. So how do you expect the ratio of capital-heavy and capital-light business to new loan volume and loan balance in Q4 and 2026?

其次，第三季度，輕資本貸款佔新增貸款金額的42%，與第二季度基本持平，但季減3個百分點至貸款餘額的48%。那麼，您預計第四季和2026年，重資本和輕資本業務在新增貸款額和貸款餘額中所佔的比例會是多少？

Okay. Okay. Thank you, Cindy. I can take a first one, and Alex, you can take the second one. So far, yes, so far, our tax solution business has partnered with over 20 financial institutions.

好的，好的，謝謝你，辛蒂。我可以回答第一個問題，亞歷克斯，你可以回答第二個問題。到目前為止，是的，目前為止，我們的稅務解決方案業務已經與超過20家金融機構建立了合作關係。

In Q3, we facilitated around RMB5.4 billion in loan volume through this model, up 218% quarter-on-quarter. And the outstanding balance has exceeded RMB10 billion lately. Two main factors are driving this growth. First, loan volume with our same partners is steadily ramping up. Second, we are expanding the way we collaborate with financial institutions.

第三季度，我們透過這種模式促成了約54億元的貸款，較上季成長218%。近期，未償餘額已超過100億元。推動這一成長的主要因素有兩個。首先，與現有合作夥伴的貸款規模穩定成長。其次，我們正在拓展與金融機構的合作方式。

Not only can we facilitate credit business within their ecosystem, but also across a broader set of online scenarios. This really highlights the value we bring in customer acquisition and risk management across diverse channels. We are also seeing strong demand from financial institutions for AI agents. Because of that, our solution is more than technology infrastructure. We are currently upgrading our FocusPRO product into our super credit AI agent.

我們不僅能促進其生態系統內的信貸業務發展，還能在更廣泛的線上場景中提供支援。這充分凸顯了我們在跨通路客戶獲取和風險管理方面的價值。我們也看到金融機構對人工智慧代理的需求強勁。因此，我們的解決方案不僅僅是技術基礎設施。我們目前正在將 FocusPRO 產品升級為超級信用人工智慧代理商。

Take our AI credit officer, an example. Traditional off-line credit products in banks have long complicated processes. Powered by large language model capabilities, AI Credit Officer can use the one single model to handle all kinds of documents processing tasks, do due diligence and credit approval states.

以我們的人工智慧信貸官為例。傳統銀行的線下信貸產品流程繁瑣冗長。而人工智慧信貸官憑藉強大的語言模型能力，只需一個模型即可處理各類文件處理任務，完成盡職調查和信貸審批等環節。

This will streamline the process by removing overlapping models running in parallel. As a result, users do not need to resubmit their materials. The whole process can be accelerated and the approvals can be completed within the same day.

這將透過消除並行運行的重疊模型來簡化流程。因此，用戶無需重複提交資料。整個流程可以加快，審批可以在同一天內完成。

On the risk assessment side, by leveraging our level risk decision data sets and multi-model large language model technology, the agent can identify risk in seconds, generate more precise user profiles within minutes and keep iterating based on feedback.

在風險評估方面，透過利用我們的等級風險決策資料集和多模型大型語言模型技術，代理可以在幾秒鐘內識別風險，在幾分鐘內產生更精確的使用者畫像，並根據回饋不斷迭代。

In the pilot run with our bank partners, our AI agents are already making an impact in key areas like customer acquisition and approvals. The market feedback has also been very positive. We are also seeing interest from several other financial institutions in their products. We believe the future upside of our super credit AI agent is very huge.

在與銀行合作夥伴的試點運作中，我們的人工智慧代理商已經在客戶獲取和批准等關鍵領域取得了顯著成效。市場反饋也非常正面。此外，我們也看到其他幾家金融機構對他們的產品表現出濃厚的興趣。我們相信，我們這款超級信用人工智慧代理的未來發展潛力巨大。

Thank you.

謝謝。

Cindy, to your second question regarding the mix between capital heavy and capital light. In the short term, as we are facing very volatile kind of market condition that we discussed earlier, we may need to make some flexible adjustments to the mix. On one hand, for example, in this kind of generally higher risk environment, we intend to do more capital light versus capital heavy.

辛迪，關於你第二個問題，也就是資本密集和資本稀缺型投資的比例。短期內，正如我們之前討論的，我們面臨著非常不穩定的市場環境，因此可能需要對這種比例進行一些靈活的調整。一方面，例如，在這種整體風險較高的環境下，我們打算更多地採用資本稀缺型投資，而不是資本密集投資。

But on the other hand, the price cap on the '24 also limited our capability to do the IC side of the business. So those two forces probably will work together in the fourth quarter in particular. But directionally, I would say you probably will see a little bit more on the capital light side in the fourth quarter and as we intend to reduce the risk exposure.

但另一方面，2024年的價格上限也限制了我們進行積體電路業務的能力。因此，這兩個因素可能會在第四季度共同發揮作用。但總體而言，我認為第四季資本投入可能會略有減少，因為我們計劃降低風險敞口。

And then the longer term, I think we still need to make from quarter-to-quarter or time to time, we still need to make timely adjustments based on the conditions we were facing based on the risk level the market presents and also based on the funding sources we're getting to decide what's the best solution or best mix for us in terms of mix.

從長遠來看，我認為我們仍然需要根據市場風險水平以及我們獲得的資金來源，按季度或不時地做出及時的調整，以決定對我們來說最好的解決方案或最佳組合。

So I don't think there will be -- at least for the 2026, I don't think there will be a directional movement toward the light or towards heavy and most likely, we'll be sort of bouncing around the sort of the 50-50 line throughout the next year. Thank you.

所以我認為至少在2026年，不會有明顯的輕量化或重量化趨勢，很可能在未來一年裡，輕量化和重量化的比例會大致持平。謝謝。

Thank you. That concludes our question-and-answer session for today. I'd like to hand back for closing remarks. Thank you.

謝謝。今天的問答環節到此結束。現在請各位作總結發言。謝謝。

Okay. Thank you again for everyone to join us for the call. If you have additional questions, please feel free to contact us off-line. Thank you. Have a good day.

好的。再次感謝各位參加本次電話會議。如果您還有其他問題，請隨時在線下聯絡我們。謝謝。祝您今天愉快。

Thank you. That does conclude our call for today. You may now disconnect your lines. Thank you.

謝謝。今天的通話到此結束。您可以掛斷電話了。謝謝。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標示「（已翻譯）」的部分由現場通話的翻譯員提供。該翻譯員由本次活動的贊助公司提供。