360數科 (QFIN) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Qfin Holdings fourth quarter and full year 2025 earnings conference call. (Operator Instructions) Please also note that today's event is being recorded.

各位女士、先生，感謝您撥冗等候，歡迎參加奇富科技（Qfin Holdings）2025年第四季度及全年業績電話會議。（接線員指示）同時請注意，今天的會議將被錄音。

At this time, I'd like to turn the conference over to Ms. Karen Ji, Senior Director of Capital Markets. Please go ahead.

現在，我想把會議交給資本市場高級總監Karen Ji女士。請開始。

Thanks, Darcy. Good morning, and good evening, every one. Welcome to Qfin Holdings fourth quarter 2025 earnings conference call. Joining me today are Mr. Wu Haisheng, our CEO; Mr. Alex Xu, our CFO; and Mr. Zheng Yan, our CRO.

謝謝，Darcy。各位早上好、晚上好。歡迎參加奇富科技2025年第四季度業績電話會議。今天與我一同出席的有：我們的首席執行官吳海生先生、首席財務官Alex Xu先生，以及首席風險官鄭岩先生。

Before we start, I will quickly cover the safe harbor statement. Today's discussions may contain forward-looking statements, particularly statements about our business and financial outlook that are subject to risks and uncertainties, which could cause actual results to differ materially from those contained in the forward-looking statements. Please refer to the safe harbor statements in our earnings release.

在開始之前，我將簡要說明安全港聲明。今天的討論可能包含前瞻性陳述，尤其是關於我們業務及財務展望的陳述，這些陳述存在風險與不確定性，可能導致實際結果與前瞻性陳述所述存在重大差異。請參閱我們業績新聞稿中的安全港聲明。

On this call, we will also discuss certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of the non-GAAP financial measures to GAAP financial measures.

在本次電話會議中，我們也將討論若干非GAAP財務指標。請參閱我們的業績新聞稿，其中包含非GAAP財務指標與GAAP財務指標之間的調節表。

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

現在我把電話交給吳海生先生。請開始。

Hello, everyone. Thank you for joining us today.

各位好。感謝大家今天參加我們的會議。

In 2025, China's consumer finance industry underwent a systemic restructuring under regulatory guidance, the introduction of several key policies, including new loan facilitation rules, window guidance for consumer finance companies and guidelines on comprehensive financing cost management for micro lenders. In the near term, these measures tightened market liquidity, which in turn suppressed credit demand and put unprecedented pressure on both loan growth and risk management across the industry.

2025年，在監管引導下，中國消費金融行業經歷了系統性重塑，出台了多項關鍵政策，包括新的貸款撮合規則、對消費金融公司的窗口指導，以及對小貸公司綜合融資成本管理的指引。短期內，這些措施收緊了市場流動性，進而抑制了信貸需求，並對全行業的貸款增長與風險管理帶來前所未有的壓力。

Over the longer term, however, we expect the ongoing consolidation will facilitate a healthier and more efficient market environment, creating broader opportunities for leading credit tech platforms. We have proactively pivoted our strategy to embrace regulatory changes, by putting compliance and risk management at the core of our strategy. We concluded 2025 with resilient financial and operational results.

但從更長期來看，我們預計持續的行業整合將促成更健康、更高效的市場環境，為領先的信貸科技平台創造更廣闊的機會。我們已主動調整策略以擁抱監管變化，將合規與風險管理置於策略核心。我們以具韌性的財務與營運表現結束了2025年。

As of the end of 2025, our AI-powered credit decision engine and asset distribution platform served 167 financial institutions, delivering intelligent digital credit services to over 63 million credit line users on a cumulative basis. The rollout of new loan facilitation rules in Q4 led to a further contraction in market liquidity. In response to the dynamic market conditions, we further tightened our risk standards while continuing to optimize our business structure. As a result, total loan facilitation and origination volume on our platform decreased by 21.8% year-over-year to RMB70.3 billion in the quarter.

截至2025年底，我們的AI驅動信貸決策引擎與資產分發平台已服務167家金融機構，累計為超過6,300萬名授信額度用戶提供智慧數位信貸服務。第四季度新貸款撮合規則的落地使市場流動性進一步收縮。面對動態的市場環境，我們在持續優化業務結構的同時，進一步收緊風險標準。因此，本季度平台貸款撮合及發放總量同比下降21.8%至人民幣703億元。

Non-GAAP net income in Q4 decreased by 45.7% year-over-year to RMB1.07 billion, and non-GAAP EPADS on a fully diluted basis decreased by 39.8% year-over-year to [RMB8.23]. We delivered on our previously issued Q4 guidance despite the challenging market environment.

第四季度非GAAP淨利潤同比下降45.7%至人民幣10.7億元，按完全攤薄口徑計算的非GAAP每ADS收益（EPADS）同比下降39.8%至[人民幣8.23]。儘管市場環境充滿挑戰，我們仍實現了此前發布的第四季度指引。

Turning to the full year. Our performance remains resilient and stable overall. Total loan facilitation and origination volume reached approximately RMB327.1 billion, representing a year-over-year increase of 1.6%.

接下來看全年。整體而言，我們的表現仍保持韌性與穩定。全年貸款撮合及發放總量約為人民幣3,271億元，同比增長1.6%。

Non-GAAP net income declined by 1% year-over-year to RMB6.35 billion while non-GAAP EPADS on a fully diluted basis increased 10.4% year-over-year to RMB46.8.

全年非GAAP淨利潤同比下降1%至人民幣63.5億元，而按完全攤薄口徑計算的非GAAP EPADS同比增長10.4%至人民幣46.8元。

In the second half of 2025, the consumer credit industry saw a sector-wide risk elevation amid significant business adjustments. Our risk metrics also experienced notable volatilities. Although leading risk indicators for new vintages improved meaningfully in Q4, legacy portfolios continued to face headwinds.

2025年下半年，在業務大幅調整之際，消費信貸行業整體風險上升。我們的風險指標也出現了明顯波動。儘管第四季度新批次（vintage）的前瞻性風險指標顯著改善，但存量資產組合仍面臨逆風。

Our C2M2 ratio, which measures the outstanding delinquency rate after 30 days of collection, increased to 0.97%, the highest recorded since COVID in 2020. Against this challenging backdrop, we prioritize risk management and promptly adjusted risk strategies across the entire credit life cycle to ensure sustainable, high-quality growth.

我們的C2M2比率（衡量催收30天後的未結清逾期率）上升至0.97%，為自2020年新冠疫情以來的最高水平。在此充滿挑戰的背景下，我們將風險管理置於優先位置，並迅速在整個信貸生命週期內調整風險策略，以確保可持續的高品質增長。

First, we continued to strengthen the acquisition and the engagement of high-quality users by optimizing our credit approval framework and pricing strategies. We drove higher utilization and retention among high-quality borrowers. The proportion of loan volume from this group rose by 6-percentage-points sequentially in Q4. At the same time, we enhanced our ability to detect and guard against the multi-borrowing risks.

第一，我們透過優化授信審批框架與定價策略，持續強化高品質用戶的獲取與經營。我們推動高品質借款人的更高使用率與留存率。第四季度該群體貢獻的貸款量占比環比提升6個百分點。同時，我們提升了識別並防範多頭借貸風險的能力。

For example, when our models detect that a user is submitting loan applications across multiple platforms within a short period, the system interprets this as a sign of potential financial stress and automatically triggers an alert. We will take proactive measures such as lowering credit limit or restricting loan disbursements to mitigate potential risks before they materialize.

例如，當我們的模型檢測到某位用戶在短時間內於多個平台提交貸款申請時，系統會將其解讀為潛在財務壓力的信號並自動觸發預警。我們將採取主動措施，例如降低授信額度或限制放款，以在風險尚未顯現前加以緩釋。

These enhancements improved our area under curve or AUC by 10% to 15%, reflecting a stronger ability to differentiate risk tiers. With this due approach, we maintain stable originations to high-quality borrowers while strategically contracting higher-risk segments, resulting in a meaningfully improved asset mix. As a result, our FPD 30, a leading risk indicator for new loans declined by approximately 18% sequentially in Q4.

這些提升使我們的曲線下面積（AUC）提高了10%至15%，反映出更強的風險分層辨識能力。在此審慎方法下，我們在保持對高品質借款人穩定放款的同時，策略性收縮高風險客群，從而顯著改善資產結構。因此，作為新貸款前瞻性風險指標的FPD 30在第四季度環比下降約18%。

Second, on the collection front, we optimize the resource allocation towards high-performing partners to boost productivity by refining borrower profiling analysis, we improved our ability to assess borrowers' willingness and capacity to repay, allowing for more tailored collection strategies. As a result, our 30-day collection rate improved marginally month-over-month in both November and December, indicating steady recovery in collection efficiency.

第二，在催收方面，我們將資源配置向高績效合作方傾斜以提升生產力；並透過精細化借款人畫像分析，提升了對借款人還款意願與還款能力的評估能力，從而制定更具針對性的催收策略。因此，我們的30天催收率在11月與12月均實現環比小幅改善，顯示催收效率穩步回升。

In late December, the PBOC introduced a onetime credit remediation policy, which allows eligible individuals to fix damaged credit records by the March 31, 2026. We have seamlessly incorporated this policy into our collection strategy metrics to further support asset recovery. This has partially incentivized repayment intent among borrowers, and we expect it to have some positive impact on our collection efforts in Q1.

12月下旬，中國人民銀行推出一次性信用修復政策，允許符合條件的個人在2026年3月31日前修復受損的信用記錄。我們已將該政策無縫納入催收策略指標體系，以進一步支持資產回收。該政策在一定程度上激勵了借款人的還款意願，我們預計其將對第一季度的催收工作帶來一定正面影響。

Despite a challenging industry environment, our risk strategies continue to deliver tangible results. FPD 30 for December vintages was close to our historical lows over the past two years as new loans constitute an increasing share of our portfolio, our C-M2 ratio remained broadly stable after peaking in October. As of January 2026 supported by continued asset mix optimization and the runoff of legacy assets, C2M2 ratio declined by 8.2% month over month from December. Based on our recent observation, we expect C2M2 ratio in February to broadly return to the levels seen in July and August 2025.

儘管行業環境充滿挑戰，我們的風險策略仍持續產生可量化的成效。12月批次的FPD 30接近過去兩年來的歷史低位；隨著新貸款在我們資產組合中的占比提升，我們的C-M2比率在10月見頂後整體保持大致穩定。截至2026年1月，在持續優化資產結構及存量資產自然出清的支持下，C2M2比率較12月環比下降8.2%。基於我們近期觀察，我們預計2月的C2M2比率將大致回到2025年7月與8月的水平。

Looking ahead, given the uncertainty around the regulatory environment and industry liquidity in the coming months, we will continue to dynamically adjust our risk strategies to bolster business resilience amid market volatility. On the funding front, underpinned by our diversified financial partnerships and strong market standing, we achieved a modest reduction in ABS issuance costs despite liquidity contraction in Q4.

展望未來，鑑於未來數月監管環境與行業流動性仍存在不確定性，我們將持續動態調整風險策略，以在市場波動中增強業務韌性。在資金端，依託我們多元化的金融合作夥伴關係與穩固的市場地位，儘管第四季度流動性收縮，我們仍實現了ABS發行成本的小幅下降。

As ABS comprised a larger proportion of our risk-bearing funding mix, our overall funding cost fell by another 20 basis points from Q3 to a historical low. For full year 2025, total ABS issuance grew 40.8% year-over-year to RMB21.4 billion, while the average issuance cost declined by 72 basis points from last year, supported by our robust asset quality and long-standing partnerships with financial institutions.

隨著ABS在我們承擔風險的資金組合中占比提高，我們的整體資金成本較第三季度再下降20個基點，降至歷史低位。2025年全年，ABS發行總額同比增長40.8%至人民幣214億元；在我們穩健的資產品質以及與金融機構長期合作關係的支持下，平均發行成本較去年下降72個基點。

Looking to 2026, the funding environment remains challenging, which may cause short term volatility in our funding costs. However, our track record of consistent asset performance has enabled us to build a strong, trusted partnerships with financial institutions, ensuring a well-positioned funding access relative to industry peers. Looking ahead, we will continue to diversify our funding channels, and optimize our funding structure to ensure stable liquidity and competitive funding costs amid market volatility.

展望2026年，融資環境仍具挑戰，可能導致我們的融資成本在短期內出現波動。然而，我們一貫穩健的資產表現紀錄，使我們得以與金融機構建立強大且互信的合作夥伴關係，確保相較同業具備更有利的資金取得能力。展望未來，我們將持續多元化融資管道，並優化融資結構，以在市場波動中確保穩定流動性與具競爭力的融資成本。

In user acquisition, we maintained a prudent approach with a continued focus on high-quality users. At the same time, we proactively expanded into lower pricing borrower segments to further optimize our customer mix. While these segments entail slightly higher up-front acquisition costs than those of our mainstream segments, their demand tends to be more stable over time, and their risk profiles are more predictable.

在用戶獲取方面，我們維持審慎策略，並持續聚焦高品質用戶。同時，我們也主動拓展至較低定價的借款人客群，以進一步優化客戶結構。儘管這些客群的前期獲客成本略高於主流客群，但其需求通常隨時間更為穩定，且其風險輪廓更可預測。

We also optimized our embedded finance channel mix by phasing out underperforming channels and concentrating on high-value channel partners. As a result, FPD 30 for new loans from embedded finance channels improved sequentially in both November and December.

我們亦透過淘汰表現不佳的渠道、聚焦高價值渠道合作夥伴，優化嵌入式金融的渠道組合。因此，來自嵌入式金融渠道的新貸款之FPD 30在11月與12月均較上月改善。

In 2026, our priority remains increasing the proportion of high-quality users in our acquisition mix. At the same time, we will further refine underwriting and pricing strategies to improve acquisition efficiency and maintain a relatively stable customer acquisition cost.

2026年，我們的優先事項仍是提升獲客組合中高品質用戶的占比。同時，我們將進一步精進核貸與定價策略，以提升獲客效率並維持相對穩定的獲客成本。

Our Technology Solutions business exhibited strong growth momentum in 2025 with total loan volume up by approximately 448% year-over-year. Our business scale has reached a new milestone with outstanding loan balance approaching RMB11.7 billion by year-end, built on our deep technological capabilities and fintech expertise, Focus Pro, our proprietary lending solution tailored for financial institutions helps banks serve customer segments priced typically between 3% and 12% by applying digital and intelligent tools across the entire credit life cycle from customer acquisition and marketing to product design, risk identification, and process optimization.

我們的科技解決方案業務於2025年展現強勁成長動能，總放款量年增約448%。憑藉深厚的技術能力與金融科技專業，我們的業務規模達到新里程碑，年末在貸餘額接近人民幣117億元；Focus Pro為我們面向金融機構打造的自有放貸解決方案，透過在整個信貸生命週期（從獲客與行銷、產品設計、風險識別到流程優化）導入數位化與智慧化工具，協助銀行服務通常定價介於3%至12%的客群。

Focus Pro enables banks to expand beyond traditional customer segments and efficiently serve the financing needs of underserved small businesses and individuals. This initiative not only broadens our business scope but also underscores our commitment to supporting the real economy and advancing financial inclusion.

Focus Pro使銀行得以突破傳統客群邊界，高效滿足過往服務不足的小微企業與個人之融資需求。此舉不僅拓展我們的業務範疇，也彰顯我們支持實體經濟、推進普惠金融的承諾。

Under our AI+ credit strategy, our two-core AI agents, the AI Loan Officer and AI Credit Officer, have delivered encouraging early results across multiple use cases. As these products continue to evolve, we plan to gradually extend them beyond retail credit into a broader set of business scenarios.

在我們的AI+信貸策略下，兩大核心AI代理——AI貸款專員與AI授信專員——已在多個應用場景中取得令人鼓舞的初步成果。隨著這些產品持續演進，我們計畫逐步將其從零售信貸延伸至更廣泛的業務場景。

Looking ahead to 2026, we will remain committed to our One Core, Two Wings Strategy, strengthening our operating capabilities and enhancing resilience on the evolving regulatory framework. For our credit business, serving high-quality users will remain a long-term strategic priority.

展望2026年，我們將持續堅持「一核兩翼」策略，強化營運能力，並在不斷演進的監管框架下提升韌性。對於信貸業務而言，服務高品質用戶仍將是長期策略重點。

By leveraging dynamic pricing and a superior user experience, we will continue to grow the proportion of high-quality users within our customer mix, maximizing customer lifetime value and ensuring stable asset quality. We are witnessing a regulatory-driven restructuring that will likely accelerate industry consolidation over the next two years.

透過動態定價與更優質的用戶體驗，我們將持續提升客戶結構中高品質用戶的占比，最大化客戶終身價值並確保資產品質穩定。我們正見證一場由監管驅動的重塑，未來兩年可能加速行業整合。

As a leading credit tech platform, we embrace this evolution as an opportunity to upgrade our core competencies and build the foundation for sustainable long-term growth. By navigating this cycle, we expect to emerge as a stronger and more resilient industry leader with deeper structural moats.

作為領先的信貸科技平台，我們將此一演進視為升級核心能力、奠定可持續長期成長基礎的機會。隨著我們穿越此一週期，我們預期將以更強、更具韌性的行業領導者姿態脫穎而出，並建立更深厚的結構性護城河。

Our technology solutions business is entering into a new phase of growth. After two years of refinement, its value proposition has been validated through extensive institutional partnerships. Leveraging our AI technologies and full life cycle credit expertise developed over the years, we are integrating these capabilities deeply into bank's inclusive lending value chain. Through flexible collaboration models across a diverse range of business scenarios, we help financial institutions strengthen their in-house risk management and operations capabilities while advancing our shared mission of financial inclusion.

我們的科技解決方案業務正進入新的成長階段。經過兩年的打磨，其價值主張已透過廣泛的機構合作獲得驗證。憑藉多年累積的AI技術與全生命週期信貸專業能力，我們正將這些能力深度整合至銀行普惠貸款的價值鏈中。透過涵蓋多元業務場景的彈性合作模式，我們協助金融機構強化其內部風險管理與營運能力，同時推進我們共同的普惠金融使命。

2025 marked the successful launch of our international business. This year, we will actively pursue opportunities across several overseas markets to accelerate global expansion, including Europe, Latin America, Southeast Asia, and so on. Our vision is to become a globally respected fintech company that leverages technology to promote financial inclusion and elevate the quality of financial services worldwide. We look forward to sharing more progress in the coming quarters.

2025年標誌著我們國際業務的成功啟動。今年，我們將積極把握多個海外市場的機會，加速全球拓展，包括歐洲、拉丁美洲、東南亞等。我們的願景是成為一家在全球備受尊敬的金融科技公司，運用科技推動普惠金融，並提升全球金融服務品質。我們期待在未來幾個季度分享更多進展。

Finally, on capital allocation. In 2025, we returned approximately USD200 million in dividends and USD680 million via share repurchases, representing 98% of our 2024 GAAP net income. Since the start of 2024. we have cumulatively repurchased 40 million ADSs, equivalent to 25.4% of our outstanding shares at the start of 2024.

最後，談到資本配置。2025年，我們以股息形式回饋約2億美元，並透過股份回購回饋6.8億美元，合計相當於我們2024年GAAP淨利的98%。自2024年初以來，我們累計回購4,000萬股ADS，約相當於2024年初已發行股份的25.4%。

Looking ahead to 2026, we will remain committed to delivering decent shareholder returns through a progressive dividend policy. Capital allocation efficiency is one of our top priorities. Going forward, we will continue to strike a balance between growth initiatives and shareholder returns to deliver sustainable long-term value for our shareholders.

展望2026年，我們將持續透過漸進式股息政策，致力於為股東帶來良好的回報。資本配置效率是我們的首要優先事項之一。未來，我們將持續在成長投入與股東回報之間取得平衡，為股東創造可持續的長期價值。

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

接下來，我把電話會議交給Alex。

Thank you, Haisheng. Good morning, and good evening, everyone. Welcome to our fourth quarter earnings call. We closed the year in a drastically changing operating environment, challenging macro conditions combined with intense regulatory scrutiny, put significant pressure to the consumer finance industry, causing noticeable liquidity squeeze and rising risks in Q4.

謝謝你，海生。各位早安、晚安。歡迎參加我們的第四季財報電話會議。我們在營運環境劇烈變動之下結束了本年度；嚴峻的宏觀環境疊加更嚴格的監管審視，對消費金融行業造成顯著壓力，導致第四季出現明顯的流動性收緊與風險上升。

Our operational focus has shifted towards efficiency improvement and cost reduction as well as a continuous effort to manage risk exposure. Total net revenue for Q4 was RMB4.09 billion versus RMB5.21 billion in Q3 and RMB4.48 billion a year ago.

我們的營運重點已轉向提升效率與降低成本，同時持續努力管理風險曝險。第四季總淨營收為人民幣40.9億元，對比第三季人民幣52.1億元，以及去年同期人民幣44.8億元。

Revenue from credit driven service, capital heavy was RMB3.43 billion in Q4 compared to RMB3.87 billion in Q3 and RMB2.89 billion a year ago. The year-on-year increase was mainly due to the increase in on-balance sheet loans more than offsetting the decline in off-balance sheet loans. The sequential decline was also due to significant lower off-balance sheet loans. Overall funding costs declined 20 bps Q-on-Q as we rely on less external fundings in Q4.

第四季來自信貸驅動服務（重資本）的營收為人民幣34.3億元，對比第三季人民幣38.7億元，以及去年同期人民幣28.9億元。年增主要因表內貸款增加，足以抵消表外貸款下降。環比下降亦主要由於表外貸款顯著減少。由於第四季我們對外部資金依賴降低，整體融資成本較上季下降20個基點。

Revenue from platform service capital light was RMB660 million in Q4 compared to RMB1.34 billion in Q3 and RMB1.59 billion a year ago. The year-on-year and sequential decline was mainly due to significantly lower ICE contribution in response to the regulatory changes and lower ICE take rate due to the rising risks.

第四季來自平台服務（輕資本）的營收為人民幣6.6億元，對比第三季人民幣13.4億元，以及去年同期人民幣15.9億元。年減與環比下降主要由於因應監管變化而使ICE貢獻顯著降低，以及在風險上升下ICE抽成率下降。

During the quarter, average IRR of the loans we originated and/or facilitated declined about 150 bps versus prior quarter. Looking forward, we may continue to see gradual decline in average pricing as we focus more on high-quality and low-priced users in the coming quarters.

本季度，我們發起及／或促成的貸款平均IRR較上一季度下降約150個基點。展望未來，隨著我們在未來幾個季度更聚焦高品質、低定價用戶，平均定價可能仍將逐步下行。

Sales and marketing expenses declined 17% Q-on-Q. We took a more cautious view in customer acquisition given the higher overall risks. We added approximately 1.45 million new credit line users in Q4 versus 1.95 in Q3. We will likely maintain controlled pace to acquire new users in the near term in response to the changing regulatory directions and still uncertain macro condition.

銷售與行銷費用環比下降17%。鑑於整體風險上升，我們在獲客方面採取更為審慎的態度。第四季我們新增約145萬名新增授信額度用戶，對比第三季195萬。因應監管方向變化及宏觀環境仍不明朗，短期內我們可能維持受控的新增用戶獲取節奏。

90-day delinquency rate was 2.71% in Q4 compared to 2.09% in Q3. Day one delinquency rate was 6.1% in Q4 versus 5.5% in Q3. 30-day collection rate was 84.1% in Q4 versus 85.7% in Q3. Another key metric, C-M2, which represent the outstanding delinquency rate after 30-day collection was 0.97% in Q4 versus 0.79% in Q3.

第四季90天逾期率為2.71%，對比第三季2.09%。第四季首日逾期率為6.1%，對比第三季5.5%；30天催收率為84.1%，對比第三季85.7%。另一項關鍵指標C-M2（代表30天催收後的存量逾期率）在第四季為0.97%，對比第三季0.79%。

With our latest risk tightening measures in place, we started to see marginal improvement in overall risk performance in recent months. Given current macro conditions and the regulatory changes, we continue to take a prudent approach to book provisions against potential credit losses. Total new provisions for risk-bearing loans in Q4 were approximately RMB1.92 billion versus RMB2.58 billion in Q3. The decline in new provision was mainly due to lower risk bearing loan volume and improved new loan risks Q-on-Q.

在我們最新的風險收緊措施到位後，近幾個月我們開始看到整體風險表現出現些許改善。鑑於當前宏觀環境與監管變化，我們仍以審慎態度就潛在信用損失計提撥備。第四季風險承擔貸款新增撥備總額約為人民幣19.2億元，較第三季人民幣25.8億元下降。新增撥備下降主要由於風險承擔貸款規模較低，以及新增貸款風險較上季改善。

Write-backs of the previous provision were approximately RMB274 million in Q4 versus RMB785 million in Q3. Provision coverage ratio, which is defined as a total outstanding provision divided by total outstanding delinquent risk-bearing loan balance between 90 and 180 days were 481% in Q4, while declined sequentially and still well above historical average.

第四季轉回先前撥備約為人民幣2.74億元，第三季則為人民幣7.85億元。撥備覆蓋率（定義為期末撥備總額除以90至180天逾期的風險承擔貸款餘額）第四季為481%，環比下降，但仍顯著高於歷史平均水準。

Non-GAAP net profit was RMB1.07 billion in Q4 compared to RMB1.51 billion in Q3 and RMB1.97 billion a year ago. The significant year-on-year and sequential decline in profitability was mainly due to lower loan volume, higher quite cost and deleveraging in operations.

第四季非GAAP淨利為人民幣10.7億元，較第三季人民幣15.1億元及去年同期人民幣19.7億元下降。盈利同比及環比大幅下滑主要由於貸款規模下降、資金成本較高，以及營運去槓桿。

Non-GAAP net income per fully diluted ADS was RMB8.2 in Q4, which brought non-GAAP EPADS for the full year of 2025 to RMB46.8, a year-on-year increase of 10.4% as substantial share count reduction continued to create EPADS accretion.

第四季非GAAP全面攤薄後每股ADS淨利為人民幣8.2元，使得2025年全年非GAAP EPADS達人民幣46.8元，同比增長10.4%，主要因持續大幅減少股數帶來EPADS增厚。

Efficient tax rate for Q4 -- effective tax rate for Q4 was 11.3% compared to our typical ETR of approximately 15%. The lower than normal ETR in Q4 was mainly due to the typical year-end adjustments. Leverage ratio, which is defined as a risk-bearing loan balance divided by shareholders' equity was 2.7 times in Q4 versus 3 times in Q3 due to lower risk-bearing loan balance. We expect to see the leverage ratio fluctuated around this level in the near future.

第四季有效稅率為11.3%，低於我們通常約15%的有效稅率（ETR）。第四季ETR低於正常水準主要由於年末例行調整。槓桿比率（定義為風險承擔貸款餘額除以股東權益）第四季為2.7倍，第三季為3倍，主要因風險承擔貸款餘額下降。我們預期短期內槓桿比率將在此水準附近波動。

We generated approximately RMB3.15 billion cash from operations in Q4 compared to RMB2.5 billion in Q3. Total cash and cash equivalents and short-term investment was RMB10.72 billion in Q4 compared to RMB14.35 billion in Q3.

第四季我們經營活動產生現金流約人民幣31.5億元，第三季約為人民幣25億元。第四季現金及現金等價物與短期投資合計為人民幣107.2億元，第三季為人民幣143.5億元。

During the Q4, we, in aggregate, repurchased approximately 8.7 million ADSs in open market for a total amount of approximately 168.8 million, inclusive of commissions at the average price of $19.4 per ADS. As such, we had completed substantially all of the $450 million 2025 share repurchase plan, combined with the $227 million share repurchase we completed in connection with our CB issuance in March 2025. For full year 2025, we have in aggregate repurchased approximately 21.1 million ADSs for a total amount of approximately USD677 million, inclusive of the commission at the average price of USD32.1 per ADS, representing a 14.8% of our total share outstanding at the beginning of '25.

第四季期間，我們合計在公開市場回購約870萬股ADS，總金額約1.688億美元（含手續費），平均回購價格為每股ADS 19.4美元。因此，結合我們於2025年3月發行可轉債（CB）時完成的2.27億美元回購，我們已基本完成4.5億美元的2025年股份回購計畫。2025年全年，我們合計回購約2,110萬股ADS，總金額約6.77億美元（含手續費），平均回購價格為每股ADS 32.1美元，約占2025年初已發行股份總數的14.8%。

In Q4, we took market opportunities to start to buy back our outstanding CBs as of March 17, 2026, we had repurchased approximately USD460 million in aggregate principal amount of the CB for USD399 million in cash. On open market and in off-market product negotiated transactions, approximately USD230 million in aggregate principal amount of the CB remains outstanding.

第四季，我們把握市場機會開始回購未償還的可轉債（CB）。截至2026年3月17日，我們已以3.99億美元現金回購合計本金約4.60億美元的可轉債。透過公開市場及場外協商交易，目前仍有合計本金約2.30億美元的可轉債未償還。

The repurchase of the CB allowed us to reduce our long-term debt obligation and associated interest payments at favorable terms, potentially strengthening our financial position and the flexibility and meanwhile, realizing cash gains.

回購可轉債使我們得以在有利條件下降低長期債務義務及相關利息支出，可能強化我們的財務狀況與彈性，同時實現現金收益。

In accordance with our current dividend policy, our Board has approved a dividend of USD0.39 per Class A ordinary share or USD0.78 per ADS for the second half of the 2025 to holders of record of Class A ordinary share and ADSs as of close of business on April 22, 2026, Hong Kong Time and New York Time, respectively.

依據我們現行股利政策，董事會已批准就2025年下半年派發股利：每股A類普通股0.39美元或每股ADS 0.78美元；股權登記日為2026年4月22日（分別以香港時間及紐約時間之營業日結束時為準）的A類普通股及ADS持有人。

We will continue to optimize our capital allocation strategy to reflect the changing macro dynamic to support business initiative and to return to the shareholders. As we maintain a progressive DPS dividend policy, we will also opportunistically look into an entry point to resume share repurchase when macro and regulatory environment become more stable and settled.

我們將持續優化資本配置策略，以反映宏觀動態變化，支持業務舉措並回饋股東。在維持逐步提高每股股利（DPS）的股利政策同時，當宏觀與監管環境更趨穩定明朗時，我們也將伺機尋找合適時點恢復股份回購。

Finally, regarding our business outlook, where we start to see some tentative signs of improvement in some operating metrics, macro uncertainty and regulatory pressure persist in the foreseeable future. We will continue to take a cautious approach in business planning for 2026 and focus on efficiency and cost cutting.

最後，關於業務展望，儘管我們在部分營運指標上開始看到一些初步改善跡象，但在可預見的未來，宏觀不確定性與監管壓力仍將持續。我們將在2026年的業務規劃上繼續採取審慎態度，並聚焦效率提升與成本削減。

For the first quarter of 2026, the company expects to generate non-GAAP net income between RMB900 million and RMB950 million, representing a year-on-year decline between 51% and 53%. This outlook reflects the company's current and preliminary view, which is subject to material changes.

對於2026年第一季，公司預期非GAAP淨利介於人民幣9.0億元至9.5億元，代表同比下降約51%至53%。此展望反映公司目前的初步看法，可能會出現重大變動。

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

以上是我預先準備的發言，謝謝。接線員，我們現在可以開始提問。

(Operator Instructions) Richard Xu, Morgan Stanley.

(接線員指示) 摩根士丹利 Richard Xu。

(spoken in foreign language)

(以外語發言)

Basically, two questions for me. One is considering the regulatory efforts to reduce the funding loan yield? What are the some of these medium-term long-term outlook for the pricing of loans? And also, what are the average or sustainable net take rate levels going forward?

我這邊基本上有兩個問題。第一個是，考量監管部門致力於降低資金端貸款收益率，對於貸款定價在中期與長期的走勢，你們有何展望？另外，未來平均或可持續的淨take rate水準大概會是多少？

Second question is on the shareholder return, whether -- how do you balance dividend and a buyback and particularly whether the dividend is (technical difficulty). Thank you.

第二個問題是關於股東回報：你們如何在股利與回購之間取得平衡？尤其是股利是否(技術問題)。謝謝。

Okay. Richard, let me take your first one and Alex can take the second one. And for the first one, over the past year, a series of new regulations and window guidance were rolled out to driven down overall borrowing costs. As the industry evolves, small platforms with high pricing are quickly exiting the market. In the long run, these policies will reduce the burden of borrowers and create a healthier market. This will lead to industry consolidation and support the growth of the consumption sector.

好的。Richard，我先回答你的第一個問題，Alex可以回答第二個問題。關於第一點，過去一年，一系列新規與窗口指導陸續推出，以推動整體借款成本下降。隨著行業演進，定價偏高的小型平台正快速退出市場。長期來看，這些政策將降低借款人負擔，並打造更健康的市場。這將促進行業整合，並支持消費領域的成長。

Following the regulatory guidance, we are proactively focusing on high-quality users. In the fourth quarter, our average pricing dropped by 140 basis points. In 2026, we will continue to build our strength in serving these high-quality users. By using flexible pricing and a better user experience, we can gradually increase the portion of high-quality users and customer mix, thus ensuring stable asset quality and better LTV.

依循監管指引，我們正主動聚焦高品質用戶。第四季，我們的平均定價下降了140個基點。在2026年，我們將持續強化服務這些高品質用戶的能力。透過更具彈性的定價與更佳的用戶體驗，我們可逐步提升高品質用戶占比與客群結構，從而確保資產品質穩定並提升LTV。

As we improve our asset structure, we expect some room for further downward adjustment in our average pricing for 2026. In the medium to long term, our pricing will depend on changes in the market and the regulatory environment.

隨著我們改善資產結構，我們預期2026年的平均定價仍有進一步下調空間。中長期而言，我們的定價將取決於市場與監管環境的變化。

In terms of the take rate, our Q4 take rates were 3.5%. Excluding onetime items, the operational take rate was slightly below 3%. We believe there is still substantial room to optimize this through better risk management and the efficiency improvement. Since Q4, our proactive measures have already shown clear results.

就take rate而言，我們第四季take rate為3.5%。剔除一次性項目後，營運take rate略低於3%。我們認為仍有相當大的優化空間，可透過更好的風險管理與效率提升來實現。自第四季以來，我們的主動措施已展現明確成效。

Looking ahead, if the regulatory environment stays stable, we aim to maintain a take rate of about 3%.

展望未來，若監管環境保持穩定，我們目標將take rate維持在約3%。

Okay. Richard, I will take the shareholder return part. As you know, we have always been putting the shareholder return as one of the top items when we're making the critical decision-making in the company.

好的。Richard，我來回答股東回報的部分。如你所知，在公司做出關鍵決策時，我們一直將股東回報列為最重要的事項之一。

In 2025, the cumulative dividend payout and the share buyback were close to $200 million and $680 million, respectively. That basically gives us a total payout ratio about 98% as a percentage of our 2024 GAAP net income. And since the beginning of 2024, we have brought back approximately 40 million ADSs in total, accounting for about 25% -- 25.4% of the total share count at the beginning of 2024. This payout ratio as well as the combined yield is probably still the highest among the Chinese ADRs.

在2025年，累計股利發放與股份回購金額分別接近2億美元與6.8億美元。這基本上使我們的總派息率約為98%，係以我們2024年GAAP淨利的百分比計算。自2024年初以來，我們累計回購約4,000萬股ADS，約占2024年初總股數的25%——25.4%。這樣的派息率以及合計殖利率，可能仍是中國ADR中最高的。

In the future, as I mentioned in the prepared remarks, we intend to maintain the progressive DPS policy in the foreseeable future. So that can give the shareholders an expectable kind of dividend yield with that policy support.

未來，如同我在事先準備的發言中提到的，我們打算在可預見的未來維持逐步提高每股股利（DPS）的政策。因此，在該政策支持下，可為股東提供一種可預期的股利殖利率。

Regarding the buyback, I think at this point, I would say we take a little bit more cautious view approach for this, just given what's happening in the macro environment and also as well as the regulatory dynamic there, but we are open-minded. And as you know, we still have an outstanding buyback program not being fully utilized yet. And if the opportunity arise, meaning when the macro conditions become more stable and the regulatory environment becomes more settled, we will restart the buyback program.

關於回購，我認為在目前這個時間點，我們會採取較為審慎的看法與做法，主要是考量宏觀環境的變化以及監管動態，但我們仍保持開放態度。而且如各位所知，我們仍有一項尚未完全動用的回購計畫。若出現機會，也就是當宏觀條件更穩定、監管環境更明朗時，我們將重啟回購計畫。

Some people are concerned that with the buyback of the CDs, we sort of used up all the CD kind of proceeds at this point. But in reality, if you look at our balance sheet, we still have plenty of cash on the balance sheet to support any of the potential shareholder return programs there.

有些人擔心，隨著回購CD，我們在此時點似乎已把CD相關的募集資金用完了。但實際上，如果你看我們的資產負債表，我們帳上仍有充足現金，可支持任何潛在的股東回饋計畫。

So for the longer term view, I think we will continue to balance between investing in the long-term business growth and shareholder returns and to maintain a decent ROE and create long-term value to the shareholders. Thank you.

因此，從較長期的角度來看，我認為我們將持續在長期業務成長投資與股東回饋之間取得平衡，同時維持良好的ROE，並為股東創造長期價值。謝謝。

Emma Xu, Bank of America Securities.

Emma Xu，美國銀行證券。

sok So the first question is about the risk. What has been the trend of risk indicators so far this year? And how do you foresee the future trend of risk changes?

好的，第一個問題是關於風險。今年以來風險指標的趨勢如何？以及你們如何預期未來風險變化的趨勢？

The second question is about business structure. Given the latest market environment, how should we waive the choice between asset-heavy and asset-light business models? What is your outlook on the proportion of the heavy versus asset-light structure for this year?

第二個問題是關於業務結構。在最新的市場環境下，我們應如何在資產較重與資產較輕的商業模式之間做取捨？你們對今年重資產與輕資產結構占比的展望是什麼？

I will probably refer to the first risk question to our CRO, Mr. Zheng.

第一個風險問題我可能會請我們的首席風險官（CRO）鄭先生來回答。

(spoken in foreign language)

（外語發言）

(interpreted) Okay. I will do the brief translation. So in the fourth quarter, the industry faced huge pressure due to tightened liquidity. We took proactive steps in both underwriting and collections. And by far, we have seen clear results.

（口譯）好的。我做一個簡要翻譯。在第四季，由於流動性收緊，行業面臨巨大壓力。我們在承保與催收兩方面都採取了主動措施。截至目前，我們已看到明顯成效。

For underwriting, we quickly tightened our pricing and credit limit standards. We also improved our ability to identify multi-platform borrowing risks. This has helped us exclude high-risk groups early and focus more on high-quality customers, which has largely improved our customer structure.

在承保方面，我們迅速收緊了定價與授信額度標準。我們也提升了識別多平台借貸風險的能力。這幫助我們及早排除高風險族群，並更聚焦於高品質客戶，從而在很大程度上改善了客戶結構。

For collection, we adjusted our strategy on a timely basis. First, we started manpower intervention in collection earlier for high-risk users. Second, we offered fee discounts or waivers for customers with temporary financial difficulties. Third, we increased incentives to boost the performance of our teams.

在催收方面，我們及時調整了策略。第一，對高風險用戶更早介入人力催收。第二，對暫時出現財務困難的客戶提供費用折扣或減免。第三，提高激勵以提升團隊績效。

(spoken in foreign language)

（外語發言）

(interpreted) Thanks for these efforts. Our FPD 30 for new loans in Q4 dropped by 18% Q-on-Q. The FPD 30 for December cohort was close to its best level in the past two years. This positive trend continues in 2026. Our January data shows that the FPD seven improved by another 10% from December, also reaching a two-year best.

（口譯）在這些努力之下，第四季新貸款的FPD 30較上季下降18%。

As new loans make up a larger share of our portfolio, our overall risk is improving, and we also see our C-M2 ratio peaked in October and stayed stable in November and December.

隨著新貸款在我們投資組合中的占比提高，我們整體風險正在改善；同時我們也看到C-M2比率在10月觸頂，並在11月與12月保持穩定。

In January, the C-M2 ratio dropped by 8.2% month-on-month. Based on current change, we will expect February C-M2 ratio to return to the levels of July and August '25.

在1月，C-M2比率月減8.2%。基於目前的變化，我們預期2月的C-M2比率將回到2025年7月與8月的水準。

(spoken in foreign language)

（外語發言）

(interpreted) Of course, the macro environment is still undergoing changes with ongoing industry adjustments. We will closely monitor early risk signals and remain flexible to adjust our strategies as the environment changes. Thank you.

（口譯）當然，宏觀環境仍在變化，行業調整也仍在持續。我們將密切監測早期風險訊號，並隨著環境變化保持彈性、調整策略。謝謝。

And Emma, I will take the second part regarding the business mix. As you know, the capital-light and capital-heavy have their own sort of pros and cons. We normally will adjust the mix between the two, depending on the macro condition and outside environment. Normally, in the upcycle, we intend to do more capital-heavy because it's generally speaking, generating higher return and higher take rate, where in the down cycle, we prefer offloading more risks. So we prefer the capital-light side of the model.

Emma，第二部分關於業務組合我來回答。如你所知，輕資本與重資本模式各有其優缺點。我們通常會依據宏觀狀況與外部環境，在兩者之間調整組合。一般而言，在上行週期，我們傾向做更多重資本，因為通常能帶來更高回報與更高的take rate；而在下行週期，我們更偏好轉移更多風險。因此我們更偏向輕資本模式。

Consider that given the current regulatory and the macro environment, we probably want to have more flexibility and more diverse risk. And so this year, meaning 2026, we probably will directionally moving towards capital-light a little bit. In '25, for example, the -- on the loan volume side, total capital-light was about 44% as a total volume in '25. This year, most likely, we will see this number moving up. But that said, we're not going to set a fix target in terms of mix between the light and heavy.

考量目前的監管與宏觀環境，我們可能希望具備更高彈性並分散風險。因此今年，也就是2026年，我們在方向上可能會稍微往輕資本移動。以2025年為例，在放款量方面，輕資本占總量約44%。今年很可能會看到這個比例上升。但即便如此，我們不會就輕重資本的組合設定固定目標。

It's more like a dynamically changing target from time to time given the end market condition there. Thank you.

更像是會隨終端市場狀況不時動態調整的目標。謝謝。

Alex Ye, UBS.

Alex Ye，瑞銀。

(spoken in foreign language) I have two questions here. First one is about the ICE business. So we have seen the Q4 referral service fee. Obviously, it was down by 85% Q-on-Q. So could you help us understand the reason behind?

（外語發言）我有兩個問題。第一個是關於ICE業務。我們看到第四季的轉介服務費。很明顯，較上季下降了85%。能否請你們協助我們理解背後原因？

And with the new loan facilitation regulation, so how should we expect this ICE business, the take rate to evolve going forward and the business outlook?

另外，在新的貸款撮合監管規定下，我們應如何預期未來ICE業務的take rate演變，以及業務展望？

Second question is about the funding cost. So with the new micro loan regulation, setting the 4x LPR cap on loan pricing. So how does that impact our ABS issuance plan for this year and the implication for our overall blended funding cost for the year?

第二個問題是關於資金成本。新的小額貸款監管規定將貸款定價上限設定為4倍LPR。這對我們今年的ABS發行計畫有何影響？以及對今年整體加權平均資金成本的意涵為何？

Okay. Alex, I will take the first part, and then Haisheng will take over the funding cost side of things. So yes, the first quarter, our revenue contribution from ICE declined pretty meaningfully. Basically, there are 2 factors to drive that. First of all, the volume.

好的。Alex，第一部分我來回答，然後海生會接著回答資金成本相關問題。是的，第四季我們來自ICE的營收貢獻下降相當明顯。基本上有兩個因素驅動。第一是量。

Because the -- under the new regulatory setting the funding partners in the ICE segment become much more cautious in terms of providing funding. And also this the ICE targeted segment overall as in the industry declined significantly. And this caused our ICE volume declined by 41% Q-on-Q and ICE only account for roughly 20% of our total loan volume in Q4. Secondly, the second driver is actually the take rate decline. As you know, most of the ICE users are what we consider the marginal customers in terms of the risk level tend to be higher than other users.

因為在新的監管框架下，ICE板塊的資金合作夥伴在提供資金方面變得更加審慎。同時，ICE所針對的客群在整個行業層面也出現顯著下滑。這導致我們ICE放款量較上季下降41%，且ICE在第四季僅約占我們總放款量的20%。第二個驅動因素其實是take rate下降。如你所知，多數ICE用戶在風險層面屬於我們所認定的邊際客戶，其風險水準往往高於其他用戶。

We -- to maintain a sustainable business relationship with those ICE partners, we basically proactively lowered our take rate a little bit to ensure the reasonable conversion rate and also to ensure the partner still can run a sustainable business. So although a short term look at it, we sacrificed some of the take rate there. But longer term, I think it's a good way to maintain a sustainable relationship and sustainable business in terms of ICE in the challenging period.

我們——為了與這些 ICE 合作夥伴維持可持續的業務關係，我們基本上主動把我們的抽成率小幅下調，以確保合理的轉化率，同時也確保合作夥伴仍能經營可持續的業務。所以，雖然從短期來看，我們在那裡犧牲了一部分抽成率。但從長期來看，我認為這是在充滿挑戰的時期，就 ICE 而言維持可持續關係與可持續業務的一個好方法。

Looking forward, we still believe ICE is a very important part of our platform strategy. We want to serve a broader user base as possible by different -- using different models, we match -- we can match assets with the right funding in the most efficient way. Even though the pricing dynamics changed quite significantly, still, the ICE segment can still serve some of the users that in compliance with the current pricing environment. So our future focus is to explore the diversity in need of the long-tail customers will stay in compliance. And by offering more valuable value-added services, we will improve their stickiness to the platform and long-term value.

展望未來，我們仍然相信 ICE 是我們平台策略中非常重要的一部分。我們希望透過不同——使用不同模式，盡可能服務更廣泛的用戶群；我們可以用最有效率的方式，將資產與合適的資金進行匹配。即使定價動態發生了相當顯著的變化，ICE 分部仍然可以在符合當前定價環境的前提下服務部分用戶。因此，我們未來的重點是探索長尾客戶多元化的需求，並確保持續合規。同時，透過提供更有價值的增值服務，我們將提升他們對平台的黏著度以及長期價值。

This will ensure the long-term profitability of our ICE businesses. Haisheng?

這將確保我們 ICE 業務的長期獲利能力。海生？

Okay. Let me take your second question about the funding cost. Given the macro and regulatory environment uncertainty this year, the marketing liquidity remains tight. This is putting pressure on our funding costs.

好的。我來回答你第二個關於資金成本的問題。鑑於今年宏觀與監管環境存在不確定性，市場流動性仍然偏緊。這正在對我們的資金成本造成壓力。

First, regarding ABS funding costs, the implementation of 4x LPR are making investors more cautious. They may ask for higher returns on micro loan assets. As a result, both our issuance amount and the funding costs will face some uncertainty this year.

首先，關於 ABS 的融資成本，4 倍 LPR 的落地使投資人更加謹慎。他們可能會要求小額貸款資產提供更高的回報。因此，今年我們的發行規模與融資成本都將面臨一定不確定性。

Second, regarding funding of loan facilitation business, many financial institutions have received regulatory guidance to be more careful about deploying capital into this segment. This will also lead to a tighter funding supply to some extent.

第二，關於助貸業務的資金來源，許多金融機構已收到監管指導，要求在向該分部投放資金時更加審慎。這也會在一定程度上導致資金供給趨緊。

In terms of funding structure, if our ABS issuance goes smoothly, the proportion of our on-balance sheet loan will remain at a steady level, and we expect the overall funding structure to stay stable as well.

就資金結構而言，如果我們的 ABS 發行進展順利，表內貸款的占比將維持在穩定水準，我們預期整體資金結構也將保持穩定。

Our strategy is to continue expanding our financing channels and optimizing our structure. We aim to keep our funding supply stable and our cost competitive throughout the whole year. Thank you.

我們的策略是持續拓展融資渠道並優化結構。我們的目標是在全年保持資金供給穩定，並使成本具備競爭力。謝謝。

Cindy Wang, China Renaissance.

中國文藝復興，Cindy Wang。

And I have two questions here. First, management mentioned that the C-M2 level improved significantly in January and February. So can we conclude that the credit risk has stabilized? And what is management's outlook for new loan volume growth in Q2 this year and beyond?

我這裡有兩個問題。第一，管理層提到 1 月和 2 月的 C-M2 水準顯著改善。那我們是否可以得出結論，信用風險已經穩定？另外，管理層對今年第二季及之後的新貸款放量增長有何展望？

Second is -- the question is related to the overseas market expansion strategies. Please give us an update on the latest development in overseas markets, especially in the UK. Are there any plans to enter new markets this year?

第二個問題——與海外市場擴張策略相關。請更新一下海外市場的最新進展，尤其是在英國。今年是否有進入新市場的計畫？

Okay, Cindy. Yes. Indeed, the risk control measures we took in Q4 have shown clear results recently. Especially in February, the C2M2 ratio returned to the level of last July and August. However, we need some more time to see if this improvement is sustainable.

好的，Cindy。是的。確實，我們在第四季採取的風控措施近期已顯現出明確成效。尤其是在 2 月，C2M2 比率回到了去年 7、8 月的水準。不過，我們還需要更多時間來觀察這項改善是否具有可持續性。

In addition, as the industry-wide adjustments continue and the regulatory uncertainty remains, we will keep a prudent risk strategy and focus on quality of loans. At the same time, we are working to attract higher-quality users and improve our operational capabilities to serve them better. To us, health needs and the sustainability of our business is more important than just volume growth. We have seen positive signals from the recent two sessions regarding consumption and credit support. In our view, the underlying logic of consumer credit-driven consumption remain unchanged.

此外，隨著行業層面的調整仍在持續、監管不確定性仍然存在，我們將保持審慎的風險策略並聚焦貸款品質。同時，我們也在努力吸引更高品質的用戶，並提升我們的營運能力，以更好地服務他們。對我們而言，業務的健康與可持續性比單純的規模增長更重要。我們從近期兩會在促消費與信貸支持方面看到了正面訊號。在我們看來，以消費信貸驅動消費的底層邏輯並未改變。

After the industry consolidation, we will become stronger and better positioned to capture long-term growth opportunities in the market.

在行業整合之後，我們將變得更強，並更有利於把握市場的長期增長機會。

And in terms of the overseas business, yes, overseas business will be a better part of our company's strategy to drive long-term growth and a diversified business structure. By reshaping our business mix, we will become more robust and defensive. Given today's market environment, this strategy is especially meaningful. Therefore, we will firmly invest more resources and speed up our pace of overseas expansion.

至於海外業務，是的，海外業務將成為公司策略中更重要的一部分，用以推動長期增長並打造多元化的業務結構。透過重塑我們的業務組合，我們將變得更具韌性與防禦性。在當前的市場環境下，這一策略尤其具有意義。因此，我們將堅定投入更多資源並加快海外擴張步伐。

In 2025, we took the lead and entered the mature market. We used small-scale volume to train our risk model and build our market know-how. This has already achieved early results. At the same time, we conducted extensive and deep research on multiple global markets. We have selected several markets for preparation and one of them has started operations in 2026.

在 2025 年，我們率先進入成熟市場。我們以小規模的放量來訓練風險模型並建立市場認知與經驗。這已經取得了初步成果。同時，我們也對多個全球市場進行了廣泛且深入的研究。我們已選定若干市場進行準備，其中之一已於 2026 年開始營運。

In 2026, we will actively explore multiple markets, including both mature and the developing regions, such as Europe, Latin America and Southeast Asia. These two types of markets have different pros and cons. Mature markets have higher entry barriers, but we have established credit system and higher regulatory uncertainty.

在 2026 年，我們將積極探索多個市場，涵蓋成熟市場與發展中地區，例如歐洲、拉丁美洲與東南亞。這兩類市場各有優缺點。成熟市場的進入門檻更高，但其信用體系更完善，且監管不確定性更高。

Developing markets may not have perfect credit data yet, but they have a huge market scale and the lower barrier to enter. In this market, there is also a clear path to profit. Therefore, we rebalanced our resources between both types of markets. We expect our overseas teams to grow to about 200 people by the end of the year.

發展中市場可能尚未具備完善的信用數據，但市場規模龐大且進入門檻較低。在這類市場中，也存在清晰的獲利路徑。因此，我們在兩類市場之間重新平衡了資源配置。我們預計到年底海外團隊規模將增至約 200 人。

Over the past two years, based on our extensive research and studies in different overseas markets, we are extremely confident that our technology and risk model are best in class. With our deep credit know-how, AI and big data-driven technology and a strong balance sheet, we are fully committed to our overseas strategy and aim to take a frog leap to become a leading global credit tech company in the foreseeable future. Thank you.

過去兩年，基於我們在不同海外市場所做的大量研究與調研，我們對自身的技術與風險模型處於同業最佳水準充滿信心。憑藉深厚的信貸專業能力、AI 與大數據驅動的技術，以及強健的資產負債表，我們將全力投入海外策略，並力爭在可預見的未來實現跨越式發展，成為全球領先的信貸科技公司。謝謝。

Thank you. There are no further questions at this time. I'll now hand back over for any closing remarks.

謝謝。目前沒有進一步的提問。我現在把時間交回去，請問是否有任何結語。

Sure. Thank you again for everyone to join the conference. If you have any 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。如有任何其他問題，歡迎會後與我們聯繫。謝謝。祝各位有美好的一天。

That does conclude our conference for today. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以斷線。

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.

本逐字稿中標註為（口譯）的部分，由現場電話會議中的口譯員轉述。該口譯員由主辦本活動的公司提供。