360數科 (QFIN) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Qfin Holdings second-quarter 2026 earnings conference call. (Operator Instructions) Please also note today's event is being recorded.

各位女士、先生，感謝您稍候，歡迎參加 Qfin Holdings 2026 年第二季財報電話會議。(接線員指示) 另請注意，今日活動將被錄音。

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

此刻，我想將電話會議交給資本市場資深總監 Karen Ji 女士。Karen，請開始。

Thank you, Asia. Hello, everyone, and welcome to Qfin Holdings' second-quarter 2026 earnings conference call. Our earnings release was distributed earlier today and is available on our IR website.

謝謝你，Asia。各位好，歡迎參加 Qfin Holdings 2026 年第二季財報電話會議。我們的財報新聞稿已於今日稍早發布，並可於我們的投資人關係網站查閱。

Joining me today are Mr. Wu Haisheng, our CEO; Mr. Alex Xu, our CFO; and Mr. Zheng Yan, our CRO.

今天與我一同出席的有：我們的執行長吳海生先生、財務長 Alex Xu 先生，以及風險長鄭岩先生。

Now, I will quickly cover the Safe Harbor statement. Today's discussions may contain forward-looking statements, particularly statements about our business and the financial results that are subject to risks and uncertainties, which could cause actual results to differ materially from those contained in the forward-looking statement. Please refer to the Safe Harbor statements in our earnings release, which also contains a reconciliation of the non-GAAP financial measures to GAAP financial measures.

接下來我將快速說明「安全港」聲明。今日討論可能包含前瞻性陳述，特別是關於我們業務及財務結果的陳述；此等陳述受風險與不確定性影響，可能導致實際結果與前瞻性陳述所載內容出現重大差異。請參閱我們財報新聞稿中的安全港聲明；該新聞稿亦包含非 GAAP 財務衡量與 GAAP 財務衡量之間的調節表。

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。請開始。

Hello, everyone. Thank you for joining us today. Since the start of 2026, China's consumer finance industry has remained under pressure. According to the People's Bank of China, the outstanding balance of short-term household consumer loans fell by more than RMB660 billion from the beginning of the year through the end of Q2, reflecting continued voluntary and involuntary deleveraging among households. Meanwhile, regulatory oversight continued to tighten.

各位好。感謝大家今天加入我們。自 2026 年以來，中國消費金融行業仍承受壓力。根據中國人民銀行資料，年初至第二季末，短期住戶消費貸款餘額下降超過人民幣 6,600 億元，反映住戶持續進行自願與非自願去槓桿。同時，監管監督亦持續趨嚴。

A series of measures were introduced to close regulatory gaps and promote a healthier, more compliant environment. These measures bring the entire credit industry under a stricter framework covering pricing, marketing, funding, collections, and payments.

一系列措施相繼推出，以彌補監管缺口並促進更健康、更合規的環境。這些措施使整個信貸行業納入更嚴格的框架，涵蓋定價、行銷、資金、催收與支付等環節。

In late June, an unexpected industry event then triggered a crisis of confidence in the loan facilitation sector. This caused the liquidity to tighten sharply across the market. Against this backdrop of profound industry adjustment and structural shakeout, we remain committed to prudent operations, prioritizing compliance risk management and efficiency over scale. By continuously optimizing user mix and business structure, we further enhanced the operational efficiency and strengthen the resilience of our business model.

6 月下旬，一起出乎意料的行業事件引發了助貸行業的信心危機。這導致市場整體流動性急劇收緊。在行業深度調整與結構性出清的背景下，我們仍堅持審慎經營，將合規風險管理與效率置於規模之上。透過持續優化用戶結構與業務結構，我們進一步提升營運效率並強化商業模式的韌性。

As of the end of Q2, our AI-powered credit decision engine and asset distribution platform served 168 financial institutions. Delivering intelligent digital credit services to over 65 million credit line users on a cumulative basis, we maintain rigorous risk management standards while driving cost and efficiency improvements.

截至第二季末，我們的 AI 驅動信貸決策引擎與資產分發平台已服務 168 家金融機構。我們累計為超過 6,500 萬名授信額度用戶提供智慧數位信貸服務，在維持嚴格風險管理標準的同時，推動成本下降與效率提升。

In Q2, total loan facilitation and origination volume on our platform reached approximately RMB63.4 billion, down 2.5% sequentially. Risk metrics continued to improve, accompanied by lower funding costs and greater operating efficiency. Amid a rapidly evolving industrial landscape and the broad-based contraction in consumer credit supply, we maintain the prudent balance across risk, scale, and profitability, demonstrating strong operational resilience.

第二季，我們平台的貸款促成與發放總量約為人民幣 634 億元，較上一季下降 2.5%。風險指標持續改善，同時資金成本下降、營運效率提升。在產業格局快速演變及消費信貸供給普遍收縮之際，我們在風險、規模與獲利之間維持審慎平衡，展現強勁的營運韌性。

Risk management underpins every business decision we make and is critical to our ability to navigate industry cycles and achieve sustainable growth. Since the second half of 2025, risk optimization has remained our top priority. By expanding our base of high-quality users and optimizing our business mix, we have kept the risk level of new loans at historical lows.

風險管理支撐我們所做的每一項業務決策，並且是我們穿越行業週期、實現可持續成長的關鍵。自 2025 年下半年以來，風險優化一直是我們的首要任務。透過擴大高品質用戶基礎並優化業務組合，我們將新增貸款的風險水準維持在歷史低位。

In Q2, our risk indicators continue to improve. The C-M2 ratio declined by 17% sequentially to 0.66%, approaching the level in Q2 last year. This improvement reflected the benefits of our earlier asset mix adjustments and risk strategy optimization, as well as enhanced post-loan management capabilities.

第二季，我們的風險指標持續改善。C-M2 比率較上一季下降 17% 至 0.66%，接近去年第二季水準。此改善反映了我們先前資產結構調整與風險策略優化的成效，以及貸後管理能力的提升。

During the quarter, we further refine our pre-loan and the in-loan risk strategies with closer monitoring of multiple borrowing and the changes in customer liquidity. By analyzing multiple signals including recent customer behavior, external borrowing exposure, and changes in debt levels, we can quickly identify users with high debt burdens or declining income stability. This allows us to tighten risk strategies promptly and reduce our exposure to high-risk segments.

本季度，我們進一步完善貸前與貸中風險策略，加強對多頭借貸及客戶流動性變化的監測。透過分析多項訊號，包括近期客戶行為、外部借款曝險以及負債水準變化，我們能迅速識別負債負擔較重或收入穩定性下降的用戶。這使我們能及時收緊風險策略，降低對高風險客群的曝險。

For post-loan management, we continued to refine our collection scorecard or C-scorecard, improving our ability to segment users by risk level, willingness to repay, and the repayment capacity. We then tailored our outreach strategies and offered targeted relief or repayment plans based on each customer's risk profile and actual ability to repay. These measures have improved the customer experience and made our collection efforts more efficient.

在貸後管理方面，我們持續完善催收評分卡（C-scorecard），提升按風險水準、還款意願與還款能力對用戶分層的能力。隨後，我們依據每位客戶的風險特徵與實際還款能力，制定差異化觸達策略，並提供有針對性的紓困或還款方案。這些措施改善了客戶體驗，並使我們的催收工作更有效率。

As a result, our 30-day collection rate improved each month throughout Q2 and averaged 88.1%, up 2.3 percentage points sequentially. We also embedded risk discipline earlier in the customer acquisition process. Given the uncertain regulatory environment, we moderated the pace of acquisition spending and continue to optimize our customer and loan mix. In Q2, customer acquisition expenses decreased by approximately 13% sequentially, while high-quality users accounted for a larger share of loans issued to new users.

因此，我們的 30 天催收率在第二季每月均有所提升，季度平均為 88.1%，較上一季上升 2.3 個百分點。我們也在獲客流程更早階段嵌入風險紀律。鑑於監管環境不確定，我們放緩獲客投入節奏，並持續優化客群與貸款結構。第二季，獲客費用較上一季下降約 13%，同時高品質用戶在新用戶放款中的占比提高。

We also maintain strict discipline on payback periods. By improving the user experience, we increased retention and repeat borrowing, which in turn raise user lifetime value. In addition, we continue to scale back long-tail API channels with weaker customer quality and less stable returns. As a result, API channel's share of new credit line users declined by 11 percentage points sequentially, while the API contribution to new loan originations fell by 3 percentage points.

我們亦對回收期維持嚴格紀律。透過改善用戶體驗，我們提升留存與重複借款，進而提高用戶終身價值。此外，我們持續縮減客戶品質較弱、回報較不穩定的長尾 API 渠道規模。因此，API 渠道在新增授信額度用戶中的占比較上一季下降 11 個百分點，而 API 對新增放款發放的貢獻占比下降 3 個百分點。

Following these adjustments, ROA for API channels improved by around 1.87 percentage points. As our user and the channel mix improved, the average pricing of new loans decreased further to 18.2% in Q2. A higher quality user mix allows us to align our assets more effectively with funding demand while further strengthening our asset quality.

在上述調整後，API 渠道的 ROA 提升約 1.87 個百分點。隨著用戶與渠道結構改善，第二季新增貸款的平均定價進一步下降至 18.2%。更高品質的用戶結構使我們能更有效地使資產與資金需求匹配，同時進一步強化資產品質。

On the funding front, we further optimized our funding mix by increasing the contribution of ABS to external funding and proactively scaling back marginal assets with higher funding costs. As a result, our overall funding costs declined by approximately 10 basis points sequentially in Q2. Supported by our long track record of stable asset performance, our ABS issuance increased 90% sequentially to RMB5.5 billion in the quarter, while issuance costs decreased by around 20 basis points.

在資金端方面，我們透過提高 ABS 在外部融資中的貢獻，並主動縮減資金成本較高的邊際資產，進一步優化資金結構。因此，第二季整體資金成本較上一季下降約 10 個基點。在我們長期穩定的資產表現紀錄支持下，本季度 ABS 發行量較上一季增加 90% 至人民幣 55 億元，同時發行成本下降約 20 個基點。

Following an unexpected industry event in late June, financial institutions have become increasingly risk averse. Funding supply has fallen sharply, placing the industry under significant liquidity pressure. As a leading platform, we benefit from more diversified funding sources, stronger risk performance, and asset pricing that aligns with regulatory guidance. As a result, our funding supply has held up better than most of our peers. We expect funding conditions to remain tight in the second half of the year with funding costs to potentially increase.

在6月底發生一項出乎意料的產業事件後，金融機構變得愈發風險趨避。資金供給大幅下滑，使行業面臨顯著的流動性壓力。作為領先的平台，我們受益於更為多元的資金來源、更強的風險表現，以及符合監管指引的資產定價。因此，我們的資金供給表現優於多數同業。我們預期下半年資金環境仍將偏緊，資金成本亦可能上升。

We will continue to build on our asset strength and work to maintain stable funding supply. At the same time, we will better match funding with assets to improve capital efficiency and overall portfolio yields.

我們將持續鞏固資產端優勢，並致力於維持穩定的資金供給。同時，我們將更好地使資金與資產相匹配，以提升資本效率與整體投資組合收益率。

Tighter funding conditions will also materially affect industry risk levels. To prepare for potential volatility ahead, we will continue refining our risk management and asset distribution strategies while proactively optimizing the allocation of our collection resources. These steps will help us maintain an adequate margin of safety in a volatile market environment.

資金環境收緊亦將對行業風險水準產生實質影響。為應對未來可能的波動，我們將持續完善風險管理與資產分佈策略，並主動優化催收資源配置。這些舉措將有助於我們在波動的市場環境中維持充足的安全邊際。

On the regulatory front, new requirements covering comprehensive financing cost of personal loan disclosures and the online marketing of financial products are taking effect in Q3. Together, these measures establish higher standards for transparency and the consumer protection across the industry. They also raise the bar for our operational execution.

在監管方面，涵蓋個人貸款披露綜合融資成本以及金融產品線上行銷的新要求將於第三季生效。這些措施共同為全行業的透明度與消費者保護建立了更高標準。同時也提高了我們營運執行的要求。

Meanwhile, an ongoing nationwide lottery campaign targeting the collection industry has led to a severe shortage of collection capacity across the board and put significant near-term pressure on collection costs and efficiency. Over the longer-term, however, these measures will help foster a healthier and more sustainable industry ecosystem. We expect industry resources to increasingly concentrate among leading players with reasonable pricing, strong risk management, and disciplined operations.

與此同時，針對催收行業的全國性「抽獎式」整治行動仍在持續，導致全行業催收產能嚴重短缺，並在短期內對催收成本與效率造成顯著壓力。然而從長期來看，這些措施將有助於培育更健康、更可持續的行業生態。我們預期行業資源將日益向具備合理定價、強風險管理與嚴謹營運的頭部機構集中。

As we strengthen the foundation of our credit business and refine our unit economics, we continue to advance our one core two-wing strategy, extending our proven technology and the credit capabilities to impact solutions for financial institutions and our overseas business.

在夯實信貸業務基礎並優化單位經濟模型的同時，我們持續推進「一核兩翼」策略，將已驗證的技術與信貸能力延伸至面向金融機構的解決方案以及海外業務。

In Q2, loan volume enabled by our tech solutions business reached RMB10.5 billion, up approximately 515% year over year, while outstanding loan balance reached around RMB16.1 billion at the quarter end, up 313%. Through Focus Pro and other solutions, we embed our capabilities spanning customer acquisition, product, risk management, operations, and post-loan management into the workflows of financial institutions, enabling banks to serve customer segments typically priced between 3% and 12%.

第二季，由我們科技解決方案業務促成的放款量達人民幣105億元，同比增長約515%；季末在貸餘額約為人民幣161億元，同比增長313%。透過Focus Pro及其他解決方案，我們將涵蓋獲客、產品、風險管理、營運及貸後管理的能力嵌入金融機構的工作流程，使銀行能服務通常定價介於3%至12%的客群。

Our AI+ credit strategy also made meaningful progress. Recently, we secured two AI agent development projects with banks covering marketing growth and credit risk management. Our AI loan officer will be deployed across the bank's retail, SME, and corporate banking businesses, supporting relationship managers from lead identification and customer engagement to conversion. Our AI credit officer will support SME lending in areas such as transaction analysis, audio and video due diligence, and credit review and approval, which will help banks improve credit assessment and approval efficiency.

我們的「AI+信貸」策略亦取得實質進展。近期，我們與銀行簽下兩個AI代理（AI agent）開發專案，涵蓋行銷增長與信貸風險管理。我們的AI貸款專員將部署於該行零售、小微企業（SME）及公司金融業務，支援客戶經理從線索識別、客戶互動到轉化。我們的AI授信專員將在交易分析、音視頻盡職調查以及授信審查與審批等方面支援SME貸款，幫助銀行提升授信評估與審批效率。

These wins demonstrate growing recognition of our AI agent capabilities in real-world environments at financial institutions. With both projects entering implementation, we are now positioned to provide deeper support for the digital and intelligent transformation of financial institutions. This progress comes as the regulatory framework for AI in financial services enters a new phase.

這些成果顯示金融機構在真實業務環境中對我們AI代理能力的認可度正在提升。隨著兩個專案進入落地實施階段，我們已具備為金融機構數位化與智慧化轉型提供更深度支援的條件。此進展亦發生在金融服務領域AI監管框架進入新階段之際。

Since July, regulators have issued a series of major policy documents, including guidance on the secured development and the use of AI in banking and insurance sectors. These policies mark that AI+ finance is shifting from encouraging innovation to prioritizing security and compliance. We believe this shift will create greater market opportunities for our AI solutions, which are secure, compliant, and deeply integrated into real-world financial workflows.

自7月以來，監管機構發布了一系列重要政策文件，包括關於銀行保險業AI安全發展與應用的指引。這些政策標誌著「AI+金融」正從鼓勵創新轉向優先強調安全與合規。我們相信，這一轉變將為我們安全、合規且深度融入真實金融工作流程的AI解決方案帶來更大的市場機會。

Overseas markets represent a long-term growth opportunity for us. By combining the technology and know-how we have developed in China's credit market with strong local operations, we are trying to build an efficient and replicable model for overseas expansion.

海外市場對我們而言是長期的成長機會。我們正嘗試將在中國信貸市場沉澱的技術與方法論，結合強有力的本地營運，打造高效率且可複製的海外擴張模式。

During the quarter, we continued to refine our risk models and deepen our understanding of the European and Latin American markets. Based on small-scale sample data, our models have already shown competitive performance in select markets. With continued iteration and refinement, we believe our strength in risk management and technology will set us apart in overseas markets.

本季度，我們持續優化風險模型，並加深對歐洲與拉丁美洲市場的理解。基於小規模樣本數據，我們的模型已在部分市場展現具競爭力的表現。隨著持續迭代與完善，我們相信自身在風險管理與技術方面的優勢將使我們在海外市場脫穎而出。

In Southeast Asia, we are steadily advancing licensing efforts, exploring partnership opportunities, and building local teams. We expect more progress in the second half of the year. At this stage, we are taking a disciplined approach to overseas expansion, carefully balancing risk and capital deployment to ensure efficient capital allocation.

在東南亞，我們正穩步推進牌照申請工作，探索合作機會，並建立本地團隊。我們預期下半年將取得更多進展。在現階段，我們對海外擴張採取審慎自律的方式，仔細平衡風險與資本投放，以確保資本配置效率。

At the organizational level, we continued our transformation into an AI-native company. We are gradually turning the knowledge and capabilities accumulated across our teams, documents, and systems into organizational assets that AI can understand and use. We have also begun building our proprietary agent platform.

在組織層面，我們持續推進向AI原生（AI-native）公司的轉型。我們正逐步將各團隊、文件與系統中累積的知識與能力，轉化為AI可理解並可使用的組織資產。我們亦已開始建設自有的代理（agent）平台。

The value of AI-native transformation extends beyond efficiency gains. It is about turning individual and team experience into shared, reusable organizational capabilities, and creating a new form of organizational leverage. Over time, this will accelerate learning and iteration across the organization while steadily raising both execution efficiency and the ceiling of what we can achieve.

AI原生轉型的價值不僅在於效率提升。更在於將個人與團隊經驗轉化為可共享、可重複使用的組織能力，並創造一種新的組織槓桿。隨著時間推移，這將加速全組織的學習與迭代，同時穩步提升執行效率以及我們可達成成果的上限。

Looking to the second half, industry adjustments are still underway, and market volatility is accelerating the exit of weaker platforms. In the process, we have already seen many competitors leaving the market. As a result, customer acquisition costs have fallen sharply, and the non-compliant practices are decreasing. Once the dust settles, we expect a more stable and predictable regulatory environment, where we will remain disciplined and vigilant in our approach to both regulation and risk.

展望下半年，行業調整仍在進行中，市場波動正在加速弱勢平台出清。在此過程中，我們已看到許多競爭對手退出市場。因此，獲客成本大幅下降，不合規做法亦在減少。待塵埃落定後，我們預期監管環境將更為穩定且可預期；我們也將在監管與風險方面保持自律與警覺。

Under the new regulatory framework, we will continue to strengthen our capabilities, refine our business model, and improve operating efficiency. Precedence from overseas markets suggests that as the market transitions from disorder to order, even industry leaders often experience short-term pain. This is an inevitable part of the process. However, those that successfully navigate the transition will emerge better positioned for sustainable growth and long-term success.

在新的監管框架下，我們將持續強化能力、打磨商業模式並提升營運效率。海外市場的先例顯示，當市場從無序走向有序時，即便是行業領先者也常會經歷短期陣痛。這是過程中不可避免的一部分。然而，成功穿越轉型期的企業將以更有利的姿態迎接可持續成長與長期成功。

Going forward, we will remain firmly committed to our One Core, Two Wings strategy, anchored by our domestic credit business and supported by tech solutions commercialization and overseas expansion. As we advance this strategy, we will continue to pursue sustainable, high-quality growth. We are confident that we will thrive over the long term.

未來，我們將堅定推進「一核兩翼」策略，以國內信貸業務為核心，並以科技解決方案商業化與海外擴張為支撐。在推進該策略的同時，我們將持續追求可持續的高品質成長。我們有信心在長期中持續茁壯發展。

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

謝謝。接下來我將把電話會議交給 Alex。

Thank you, Haisheng. Good morning and good evening, everyone. Welcome to our second-quarter earnings call. It was a very eventful quarter, where unexpected crisis at some peers in late June triggered an industry-wide liquidity squeeze, compounded by increasingly stringent regulatory scrutiny, which caused significant changes in industry behavior and reshaped the landscape. For the time being, our managerial priority is to maintain financial discipline and focus on cost reduction and risk mitigation.

謝謝你，海生。各位早安、晚安。歡迎參加我們的第二季財報電話會議。這是一個非常多事的季度，6 月下旬部分同業出現的突發危機引發了全行業的流動性緊縮，再加上日益嚴格的監管審視，導致行業行為出現重大變化並重塑了競爭格局。就目前而言，我們管理層的首要任務是維持財務紀律，並聚焦於降本與風險緩釋。

Total net revenue for Q2 was RMB3.57 billion, versus RMB3.91 billion in Q1 and RMB5.22 billion a year ago. Revenue from credit-driven service, capital-heavy, was RMB2.6 billion in Q2, compared to RMB2.96 billion in Q1 and RMB3.57 billion a year ago. The year-on-year and sequential decline was mainly due to decrease in risk-bearing loans, as well as a decline in average pricing of loans.

第二季總淨營收為人民幣 35.7 億元，相較第一季人民幣 39.1 億元，以及去年同期人民幣 52.2 億元。第二季以信貸驅動的服務（資本密集型）營收為人民幣 26 億元，較第一季人民幣 29.6 億元及去年同期人民幣 35.7 億元下降。同比與環比下滑主要由於承擔風險的貸款規模下降，以及貸款平均定價下行。

Overall funding cost declined roughly 10 basis points Q-on-Q, as contribution from ABS increased in funding mix and off-balance sheet loans further declined in Q2. Revenue from platform service, capital-light, was RMB969.8 million in Q2, compared to RMB951.9 million in Q1, and RMB1.65 billion a year ago. The year-on-year decline was mainly due to significantly lower ICE contribution due to drastic changes in market conditions.

整體資金成本環比下降約 10 個基點，原因是資產證券化（ABS）在資金結構中的占比提升，且第二季表外貸款進一步下降。第二季平台服務（輕資本）營收為人民幣 9.698 億元，較第一季人民幣 9.519 億元略增，但低於去年同期人民幣 16.5 億元。同比下降主要由於市場環境劇烈變化，導致 ICE 貢獻顯著降低。

During the quarter, average IRR of the loans we originated and/or facilitated was 18.2%, compared to 18.7% in the prior quarter. As we continued to focus on attracting and retaining high-quality users, looking forward, we may see modest fluctuation in average pricing under current regulatory framework. Sales and marketing expenses declined 13% Q-on-Q and 40% year-on-year.

本季度我們發起及／或促成的貸款平均 IRR 為 18.2%，較上一季度的 18.7% 下降。隨著我們持續聚焦吸引並留存高品質用戶，展望未來，在現行監管框架下，平均定價可能會出現溫和波動。銷售與行銷費用環比下降 13%，同比下降 40%。

We added approximately 830,000 new credit line users in Q2 versus 1.19 million in Q1. We took more cautious view in customer acquisition and will continue to maintain controlled pace to acquire new users in the near term in response to the volatile market environment and restrictive regulatory changes.

第二季我們新增約 83 萬名授信額度用戶，而第一季為 119 萬名。在獲客方面我們採取更審慎的態度，並將在短期內持續以可控節奏獲取新用戶，以因應波動的市場環境與更為嚴格的監管變化。

90-day delinquency rate was 2.83% in Q2 compared to 3.5% in Q1, which reflect improved risk performance early in 2026. As a reminder, 90-day delinquency rate is a lagging indicator and has little predictive power of future risk metrics. Day-one delinquency rate was 5.6% in Q2 versus 5.7% in Q1. 30-day collection rate was 88.1% in Q2 versus 85.8% in Q1.

第二季 90 天逾期率為 2.83%，第一季為 3.5%，反映 2026 年初風險表現有所改善。提醒一下，90 天逾期率屬於滯後指標，對未來風險指標的預測能力有限。第二季首日逾期率為 5.6%，第一季為 5.7%。第二季 30 天回收率為 88.1%，第一季為 85.8%。

C-M2, which represents the outstanding delinquency rate after 30-day collection, was 0.66% in Q2 versus 0.8% in Q1. The noticeable risk improvement in Q2 was mainly related to our risk-tightening measures and loan mix shift toward new loans.

C-M2（代表 30 天回收後的存量逾期率）第二季為 0.66%，第一季為 0.8%。第二季風險改善較為明顯，主要與我們的風險收緊措施以及貸款結構向新貸款傾斜有關。

While overall risk performance in July remained largely unchanged from June, the positive trend took a sudden reversal in August. The aftermath of the liquidity crisis at some peers and the nationwide regulatory action against the credit collection operations recently caused significant headwinds in the risk management across the entire financial service industry.

雖然 7 月整體風險表現與 6 月基本持平，但 8 月這一正向趨勢突然逆轉。部分同業流動性危機的後續影響，以及近期全國範圍內針對催收作業的監管行動，對整個金融服務行業的風險管理造成了顯著阻力。

In response to the drastically changing industry dynamic, most participants start to lift their risk bar in August, which in turn caused a further tightening of liquidity supply in the market. We observed sharp upward swing of C-M2 in recent weeks, which may significantly impact our operation for the rest of the year. While we already took proactive measures since late June and even more decisive actions in August, it will probably still take at least two to three quarters to bring the C-M2 ratio back to a reasonable level.

因應行業動態的劇烈變化，多數參與者在 8 月開始提高風險門檻，進而導致市場流動性供給進一步收緊。我們在近幾週觀察到 C-M2 明顯上行，這可能會對我們今年剩餘時間的經營造成重大影響。儘管我們自 6 月下旬起已採取前瞻性措施，並在 8 月採取更果斷的行動，但要將 C-M2 比率恢復至合理水準，可能仍至少需要兩到三個季度。

Given current macro environment and regulatory changes, we continued to take prudent approach to book provisions against potential credit losses. Total new provision for risk-bearing loans in Q2 were approximately RMB1.72 billion, versus RMB1.68 billion in Q1. New provision booking ratio, which is defined as total new provision divided by total quarterly risk-bearing loan volume, reached a historical high at 5.36% in Q2.

鑑於當前宏觀環境與監管變化，我們持續以審慎方式就潛在信用損失計提撥備。第二季承擔風險貸款新增撥備總額約為人民幣 17.2 億元，第一季為人民幣 16.8 億元。新增撥備計提比率（定義為新增撥備總額除以當季承擔風險貸款總放款量）在第二季達到歷史新高 5.36%。

Write-backs of previous provisions were approximately RMB649 million in Q2 versus RMB308 million in Q1. Provision coverage ratio, which is defined as total outstanding provisions divided by total outstanding delinquent risk-bearing loan balance between 90 and 180 days, were 472% in Q2 compared to 391% in Q1.

第二季以前期撥備轉回約人民幣 6.49 億元，第一季為人民幣 3.08 億元。撥備覆蓋率（定義為期末撥備餘額除以 90 至 180 天逾期的承擔風險貸款餘額）第二季為 472%，第一季為 391%。

Non-GAAP net profit was RMB455 million in Q2 compared to RMB946 million in Q1, and RMB1.85 billion a year ago. The significant year-on-year decline in profitability was mainly due to lower loan volume and pricing and the de-leveraging in operation.

第二季非 GAAP 淨利為人民幣 4.55 億元，第一季為人民幣 9.46 億元，去年同期為人民幣 18.5 億元。盈利能力同比大幅下降主要由於貸款規模與定價下降，以及經營去槓桿。

In Q2, we incurred a one-off tax-related expense of approximately RMB500 million, which was caused by a change in tax treatment of certain entity based on the updated interpretation of related tax regulation by the tax authorities. As a result, effective tax rate for Q2 was 60.3%, significantly higher than normal. Based on the tax authority's guidance, we now expect the effective tax rate for the operations to be around 20% going forward.

第二季我們確認一次性與稅務相關的費用約人民幣 5 億元，原因是稅務機關基於對相關稅收法規的最新解讀，調整了對某些主體的稅務處理方式。因此，第二季有效稅率為 60.3%，顯著高於正常水準。根據稅務機關的指引，我們目前預期未來經營的有效稅率約為 20%。

Leverage ratio, which is defined as risk-bearing loan balance divided by shareholders' equity, was 2.1 times in Q2 versus 2.4 times in Q1. Due to the lower risk loan balance, we expect to see leverage ratio fluctuated around this level in the near future. We generate approximately RMB1.09 billion cash from operation in Q2 compared to RMB2.1 billion in Q1.

槓桿比率（定義為承擔風險貸款餘額除以股東權益）第二季為 2.1 倍，第一季為 2.4 倍。由於風險貸款餘額較低，我們預期短期內槓桿比率將在此水準附近波動。第二季我們經營活動產生現金約人民幣 10.9 億元，第一季為人民幣 21 億元。

Total cash and cash equivalent and short-term investment were RMB10.63 billion in Q2 compared to RMB10.79 billion in Q1. In Q2, we aggregate repurchase approximately 463,000 of our ADSs in open market for a total amount approximately USD7 million, inclusive of commissions at the average price of $15.19 per ADS. We suspended the repurchase in late June due to the sudden outbreak of the liquidity crisis at some peers that triggered industry-wide liquidity squeeze and panic.

第二季現金及現金等價物與短期投資合計為人民幣 106.3 億元，第一季為人民幣 107.9 億元。第二季我們在公開市場累計回購約 46.3 萬股 ADS，總金額約 700 萬美元（含手續費），平均回購價格為每股 ADS 15.19 美元。由於 6 月下旬部分同業突發流動性危機引發全行業流動性緊縮與恐慌，我們於 6 月下旬暫停回購。

In accordance with our current dividend policy, our Board has approved a dividend of USD0.23 per Class A ordinary share, or USD0.46 per ADS, for the first half of 2026 to holder of record of Class A ordinary share and ADS as of the close of a business day on September 9, 2026, Hong Kong time and New York time, respectively. The dividend payout ratio is approximately 30%.

依照我們目前的股利政策，本公司董事會已核准就2026年上半年向於香港時間及紐約時間分別截至2026年9月9日營業日結束時之A類普通股及ADS登記在冊持有人派發股利：每股A類普通股0.23美元，或每份ADS 0.46美元。股利派發比率約為30%。

As we have discussed, given the volatile market environment and serious mishaps among some peers and intensifying regulatory scrutiny, we continue to face heavy headwinds in the coming quarters. We believe the top priority for the company and the management at this point in time are to mitigate risks, streamline operation, cut costs, support strategic initiatives. Meanwhile, we may need to build additional financial buffer in the intermediate term to counter any unexpected industry volatility.

如我們先前所討論，鑑於市場環境波動、部分同業發生嚴重事故以及監管審查趨嚴，我們在未來幾個季度仍將面臨沉重逆風。我們認為在當前時點，公司與管理層的首要任務是降低風險、精簡營運、削減成本並支持策略性舉措。同時，我們可能需要在中期建立額外的財務緩衝，以應對任何突發的產業波動。

In the long run, though, we still believe that optimized capital allocation is a key to drive long-term value for the company and stakeholders.

不過，從長期來看，我們仍然相信，最佳化的資本配置是推動公司及利害關係人長期價值的關鍵。

Finally, regarding our business outlook, given the macro and the regulatory headwinds, we will take extra cautious approach in business planning for the rest of 2026. For the third quarter of 2026, the company expects to generate non-GAAP net income between RMB400 million and RMB500 million, representing year-on-year decline between 67% and 73%. This outlook reflects the company's current and preliminary view, which is subject to material changes.

最後，關於我們的業務展望，鑑於宏觀及監管逆風，我們將在2026年剩餘期間的業務規劃上採取更為審慎的態度。對於2026年第三季度，公司預期非GAAP淨利介於人民幣4億元至5億元之間，較去年同期下降約67%至73%。此展望反映公司目前及初步的看法，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.

以上為我們的預先準備發言。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。

(interpreted) I actually have two questions. One is on the liquidity tightening in third quarter. Essentially, the company has taken what measures to control the credit quality and what is the expected vintage loss increases. Also, are there room in the provisions to cushion the impact?

(口譯) 我其實有兩個問題。第一個是關於第三季度流動性收緊。公司具體採取了哪些措施來控制信用品質？預期分期批次（vintage）損失會增加多少？另外，撥備方面是否還有空間可以緩衝影響？

Second is, given the tightening of the collection policies, what is the expectation of the recovery ratio? And what are the measures the company has taken to mitigate the problems? Thank you.

第二個是，鑑於催收政策收緊，對回收率的預期是什麼？公司採取了哪些措施來緩解相關問題？謝謝。

Okay, thank you. Thank you, Richard. I think both of questions, it's regarding to risk management and collection issue. So I will pass it over to Mr. Zheng Yan, our CRO.

好的，謝謝。謝謝你，Richard。我想這兩個問題都與風險管理與催收相關。所以我把問題交給我們的首席風險官鄭岩先生。

(spoken in foreign language)

(以外語發言)

Okay. I will briefly translate for Mr. Zheng. The current uptick in risk was indeed triggered by a chain reaction set off by a well-known industry incident, compounded by the nationwide crackdown on the collection industry that began in late July.

好的。我先為鄭先生做個簡要翻譯。近期風險上行確實是由一宗知名的產業事件引發連鎖反應所致，並疊加了自7月下旬開始的全國性催收行業整治行動。

Since early July, financial institutions have visibly tightened their risk appetite, leading to a widespread funding shortage across the industry. Smaller platforms with weaker qualifications have faced even more severe funding constraints. Funding conditions tightened further in August and have shown no sign of improvement to date. At the same time, the ongoing nationwide regulatory campaign targeting the collection industry has created severe shortages in collection capacity, with a notable impact on recovery efficiency. This is a challenge faced universally across the industry.

自7月初以來，金融機構的風險偏好明顯收緊，導致全行業普遍出現資金短缺。資質較弱的小型平台面臨更為嚴峻的資金約束。8月資金條件進一步收緊，迄今未見改善跡象。同時，持續進行的全國性監管行動針對催收行業，造成催收產能嚴重短缺，對回收效率帶來明顯影響。這是整個行業普遍面臨的挑戰。

(spoken in foreign language)

(以外語發言)

On the risk front, overall performance remained relatively stable in July, with C-M2 remaining largely flat compared to June. However, risk levels began to rise in August. Based on early stage risk indicators of FPD3 and FPD7 for August, we have seen an increase of approximately 20% month-over-month. We expect C-M2 for August to increase by roughly 25% sequentially.

在風險方面，7月整體表現仍相對穩定，C-M2與6月相比基本持平。但風險水準在8月開始上升。根據8月的早期風險指標FPD3與FPD7，我們看到環比約上升20%。我們預期8月的C-M2將環比上升約25%。

Based on our discussions with peers, most platforms experienced a sharp spike in risk in August and have seen actively adjusting their risk strategies. That said, the observed risk trends are still relatively short-term in nature, and we will need more time to assess the ultimate risk level, taking into account evolving market conditions and actual collection performance.

根據我們與同業的交流，多數平台在8月都經歷了風險的明顯飆升，並已積極調整其風險策略。不過，目前觀察到的風險趨勢仍偏短期，我們仍需要更多時間，結合市場條件的演變及實際催收表現，來評估最終的風險水準。

(spoken in foreign language)

(以外語發言)

As such, risk management has become our top priority in recent months. Based on our ongoing monitoring of evolving market conditions, we have progressively escalated our response from a precautionary tightening stance in late June to early July to an accelerated tightening approach in August. We moved swiftly to deploy measures across two key areas: risk strategy and post loan management.

因此，近幾個月風險管理已成為我們的首要任務。基於我們對市場變化的持續監測，我們已將應對措施從6月下旬至7月上旬的預防性收緊，逐步升級為8月的加速收緊。我們迅速在兩個關鍵領域部署措施：風險策略與貸後管理。

(spoken in foreign language)

(以外語發言)

In terms of risk strategies, we will further strengthen the identification of high-risk customer segments, with a particular focus on those activating multi-platform borrowing, exposure to mid- and lower-tier platform distress, liquidity strain, frequent short-term delinquencies, and unstable income profiles. We will accelerate the iteration of our short-term risk models, increasing the update frequency of key models from monthly to weekly to enhance our ability of identifying inflection points in customer risk behavior.

在風險策略方面，我們將進一步強化對高風險客群的識別，特別聚焦於啟動多平台借款、暴露於中低層級平台風險事件、流動性吃緊、短期逾期頻繁以及收入狀況不穩定的客群。我們將加速短期風險模型的迭代，把關鍵模型的更新頻率由每月提升至每週，以增強我們識別客戶風險行為拐點的能力。

At the same time, we are tightening underwriting standards across new originations and optimizing our customer mix. We are reducing risk exposure across three dimensions: customer engagement, transaction approval, and asset distribution, by lowering credit limits, tightening approval risks, and raising the bar for both on balance sheet and capital-heavy loan facilitation assets.

同時，我們正在收緊新增資產的承保標準並優化客群結構。我們將從三個維度降低風險暴露：客戶經營、交易審批與資產分配，透過下調授信額度、收緊審批風險，以及提高表內資產與資本占用較高的助貸資產門檻。

Going forward, we will continue to monitor early-stage risk metrics such as FPD3 and FPD7 for new loans, as well as DPD7 for existing portfolios, while tracking risk divergence across different customer segments and channels. Should these indicators do not stabilize, we plan to further tighten segment specific screening criteria and asset distribution controls by late August to early September.

展望未來，我們將持續監測新貸款的早期風險指標（如FPD3與FPD7），以及存量資產組合的DPD7，同時追蹤不同客群與渠道之間的風險分化。若上述指標未能趨於穩定，我們計畫在8月下旬至9月上旬進一步收緊分客群的篩選標準與資產分配管控。

(spoken in foreign language)

(以外語發言)

On the postal management front, our near-term priority is to stabilize staffing and collection capacity, optimizing case allocation, and prevent further deterioration in both delinquency inflow and collection rates. For high-risk segments, such as those with significant multi-platform borrowing, repeat delinquencies, or high-risk scores from our collection scorecard, we are intervening early with dedicated personnel and offering relief plans.

在貸後管理方面，我們短期的優先事項是穩定人員配置與催收產能、優化案件分配，並防止逾期流入與催收率進一步惡化。對於高風險客群，例如多平台借款程度較高、重複逾期，或在我們的催收評分卡中得分較高風險者，我們會以專人提前介入並提供紓困方案。

Over the medium term, we aim to build a sustainable postal management capability that balances recovery performance with regulatory compliance through intelligent negotiation tools, differentiated relief solutions, and closer integration between pre-loan and post-loan processes.

在中期，我們的目標是建立可持續的貸後管理能力，透過智慧協商工具、差異化紓困方案，以及貸前與貸後流程的更緊密整合，在回收表現與監管合規之間取得平衡。

I will pass over to CFO for the questions regarding provision.

關於撥備的問題，我會交給財務長回答。

Okay. On provision, given the current market condition, the volatility, and the significant challenge to asset quality, we have maintained a very prudent provision approach. In Q2, as I mentioned, new provision as a percentage of risk sharing loan reached a historical high at approximately 5.4%.

好的。在提列備抵方面，鑑於目前的市場狀況、波動性，以及資產品質面臨的重大挑戰，我們維持了非常審慎的提列策略。在第二季，如我所提到的，新提列備抵占風險分擔貸款的比例達到歷史新高，約為5.4%。

As you may know, our normalized risk control target is to keep the vintage loss largely within the range of 3% to 3.5%. And historically, we only have two quarters to reach that level to be around 4%. So basically, even under the most extreme assumptions, we believe our current provision level are more than sufficient to cover potential losses in any dramatic industry or market event.

如各位所知，我們常態化的風控目標是將分期批次（vintage）損失大致控制在3%到3.5%的區間內。而在歷史上，我們只有兩個季度曾達到約4%的水準。因此，基本上，即使在最極端的假設下，我們也相信目前的備抵水準已綽綽有餘，足以覆蓋任何劇烈的產業或市場事件中可能出現的損失。

Operator, next one.

接線員，下一位。

Alex Ye, UBS.

Alex Ye，瑞銀。

(interpreted) So I will translate for my question. So what's the current loan volume run rate for your July and August? How much does it decline from the Q2 level? And then was this decline largely due to the shortage of funding supply, or is it more due to your proactive risk appetite control?

（口譯）那我用中文提問。請問你們7月和8月目前的放款量（loan volume）run rate大概是多少？相較第二季下滑了多少？另外，這個下滑主要是因為資金供給短缺，還是更多是因為你們主動控制風險偏好？

Should we take this as a temporary shock, given the ongoing industry difficulties? And let's say if we do see the funding supply getting normalized afterwards, should we expect this loan volume to somehow recover to your Q2 level? Thank you.

我們是否可以把這視為在產業持續困難下的一次短期衝擊？假設之後資金供給恢復常態，我們是否應預期放款量能在某種程度上回升到第二季水準？謝謝。

Okay. Alex, let me take this one. In terms of loan volume, starting in July, we saw a significant tightening of industry-wide funding supply. Our ICE business was the most affected segment. Capital-light model experienced a minor impact, while funding for on-balance sheet and capital-heavy loans remained relatively unaffected. The liquidity issue caused about 10% direct impact on our loan volume in July.

好的。Alex，這題我來回答。就放款量而言，從7月開始，我們看到全行業的資金供給明顯收緊。我們的ICE業務是受影響最嚴重的板塊。輕資本模式受到的影響較小，而表內及重資本貸款的資金供給相對未受太大影響。流動性問題在7月對我們放款量造成約10%的直接影響。

At the same time, given early signs of customer co-borrowing and liquidity stress, we also proactively tightening some risk exposure. Combined, these factors led to a 15% decline in July loan volume. In August, ICE funding tightened further, while funding for on-balance sheet loans and capital-heavy and capital-light loans remained sufficient.

同時，鑑於我們觀察到客戶共借（co-borrowing）及流動性壓力的早期跡象，我們也主動收緊了部分風險曝險。綜合以上因素，7月放款量下滑了15%。到了8月，ICE資金進一步收緊，而表內貸款以及重資本與輕資本貸款的資金仍然充足。

However, given our own risk performance and our assessment of current market environment, including liquidity pressures and constraints to collection resources, we decided to adopt a more conservative risk strategy and tighten it further from July. As risk optimization takes time, we expect to remain cautious on origination throughout Q3. So the volume decline in July was partly due to funding availability, while the pullback in August and September is more about our own risk appetite tightening.

不過，基於我們自身的風險表現以及對當前市場環境的評估（包括流動性壓力與催收資源受限），我們決定採取更保守的風險策略，並在7月的基礎上進一步收緊。由於風險優化需要時間，我們預期在第三季整體放款投放（origination）上仍會保持謹慎。因此，7月的量下滑部分來自資金可得性，而8月與9月的回撤則更多是我們自身風險偏好收緊所致。

As a leading platform, we have more diversified funding, stronger risk performance, and regulatory-aligned pricing, giving us far greater funding resilience than most peers. Based on past experience, risk optimization typically takes two to three quarters. So we don't expect the loan volume to return to Q2 levels any time soon.

作為領先的平台，我們的資金來源更為多元、風險表現更強，且定價符合監管要求，因此相較多數同業具備更強的資金韌性。根據過往經驗，風險優化通常需要兩到三個季度。因此，我們不預期放款量會在短期內回到第二季水準。

On the funding side, with regulatory uncertainty still there and the shakeup of smaller players still ongoing, we will stay cautious and prioritize the asset quality in the near term. We will revisit growth after the industry environment stabilizes. Thank you.

在資金端方面，由於監管不確定性仍在、且小型玩家的洗牌仍在進行，我們會保持謹慎，短期內優先確保資產品質。待產業環境穩定後，我們會再重新評估成長。謝謝。

Operator?

接線員？

Emma Xu, BofA Securities.

Emma Xu，美銀證券。

(interpreted) So given the deteriorating industry environment coupled with tightening regulatory constraints, will the company adjust the shareholder return policy?

（口譯）在產業環境惡化且監管約束收緊的情況下，公司是否會調整股東回報政策？

Okay, Emma, I will take on this one. While we're still generating decent earnings and solid operating cash flow, the ongoing industry adjustment has clearly put pressure on our profitability and the cash flow for the next few quarters.

好的，Emma，這題我來回答。雖然我們仍在產生不錯的獲利與穩健的營運現金流，但持續的產業調整顯然對我們未來幾個季度的獲利能力與現金流造成壓力。

In the near term, as regulatory uncertainty lingers and market volatility intensifies, we have established a clear set of priority in terms of capital allocation. Our first and foremost priority is to weather the storm and safeguard the safety of the company as well as the company's long-term operational stability.

短期內，隨著監管不確定性持續、且市場波動加劇，我們已就資本配置建立了一套明確的優先順序。我們首要且最重要的優先事項，是度過這段風暴期，並保障公司的安全以及公司長期營運的穩定性。

In addition, we will continue to put resources to our long-term strategic initiatives. And of course, in the long run, we still intend to maintain the reasonable shareholder return policy. And going forward, as the industry and the regulatory environment evolve, we will continuously assess and optimize our capital allocation strategy based on our sustainable normalized earnings and cash flows.

此外，我們也會持續投入資源於長期策略性計畫。當然，從長期來看，我們仍打算維持合理的股東回報政策。展望未來，隨著產業與監管環境的演變，我們將基於可持續的常態化獲利與現金流，持續評估並優化資本配置策略。

Cindy Wang, China Renaissance.

Cindy Wang，華興資本。

(interpreted) Thanks for taking my question. So I have one question. Could management tell us the main assumption behind the Q3 guidance? And what are the key factors behind the changes, and how does management view the long-term trends of these metrics? Thank you.

（口譯）謝謝讓我提問。我有一個問題。管理層能否說明第三季指引背後的主要假設？以及變動背後的關鍵因素是什麼，管理層如何看待這些指標的長期趨勢？謝謝。

Okay, Cindy, I will take this one as well. in Q3, we're obviously operating in a very highly volatile market environment. Funding supply across the industry has become extremely tight with the severe liquidity pressure on market players. The implementation of the multiple new regulatory policies are also adding operational uncertainty.

好的，Cindy，這題我也來回答。第三季我們顯然是在高度波動的市場環境中營運。在市場參與者面臨嚴重流動性壓力的情況下，全行業資金供給已變得極度緊縮。多項新的監管政策落地實施，也在增加營運不確定性。

At the same time, a wave of small platforms is facing accelerated exiting due to the funding depletion and the deteriorating asset quality, further amplifying the market volatility. In such an environment, I think we must remain highly disciplined. Risk control and efficiency comes first, and growth take a back seat, okay?

同時，由於資金耗竭與資產品質惡化，一波小型平台正面臨加速退出，進一步放大市場波動。在這樣的環境下，我認為我們必須保持高度紀律。風險控制與效率優先，成長先放在後面，好嗎？

For Q3, in terms of loan volume, we are assuming a meaningful decline from Q2 as we have tightened our risk control measures significantly in this challenging market condition, okay? However, given the liquidity pressure and the impacts on ongoing regulatory campaign on collections, and the fact that the major platforms all pulling back at the same time, we still expect the C-M2 for Q3 to rise noticeably from Q2 level.

就第三季而言，在放款量方面，我們假設相較第二季會有明顯下滑，因為在這個充滿挑戰的市場環境下，我們已大幅收緊風控措施，好嗎？不過，考量流動性壓力、持續監管行動對催收的影響，以及主要平台同時收縮的事實，我們仍預期第三季的C-M2將較第二季水準明顯上升。

On provision, as I mentioned earlier, we will continue to take a prudent approach to reflect actual risk performance and the changes in the market dynamic.

在備抵提列方面，如我先前所提到的，我們將持續採取審慎做法，以反映實際風險表現以及市場動態的變化。

And in terms of funding cost, we already seen external funding costs increased by around 25 basis points in July and August. We expect the recent risk volatility to heighten the funding partners' concern and the further tightening of the funding supply.

在資金成本方面，我們已看到7月與8月外部資金成本上升約25個基點。我們預期近期風險波動將加深資金合作夥伴的擔憂，並導致資金供給進一步收緊。

At the same time, some institution investors have become more risk-averse in their ABS subscription. As a result, we anticipate overall funding costs will trend up in the second half of the year. And we take a more conservative approach to customer acquisition, as Haisheng mentioned earlier. Rather than pursuing volume, we will focus on sharpening the acquisition efficiency, improving customer quality, and enhance user lifecycle value.

同時，一些機構投資人對ABS認購變得更為風險趨避。因此，我們預期整體資金成本在下半年將呈上行趨勢。此外，如海生先前提到的，我們在獲客方面也採取更保守的策略。我們不再追求規模，而是聚焦提升獲客效率、改善客戶品質，並提升用戶全生命週期價值。

Over the past two months, nearly every key element of our business has changed dramatically, and all in the ways that interconnect to each other and hard to untangle. This is not a company-specific issue. It is an industry-wide phenomenon, making our operational environment far more complex. That said, as industry consolidate plays out, we expect consolidation condition to normalize and most of these factors to come back to their normal trajectory over the course of the next few quarters. Thank you.

在過去兩個月裡，我們業務中幾乎每一個關鍵要素都發生了劇烈變化，而且這些變化彼此相互牽連、交織在一起，難以理清。這並非公司特有的問題。這是一個全行業的現象，使我們的營運環境變得更加複雜。儘管如此，隨著行業整合的推進，我們預期整合狀況將趨於正常，且在未來幾個季度內，這些因素中的大多數將回到其正常軌跡。謝謝。

Yoyo Fan, CICC.

范悠悠，中金公司。

(interpreted) Thanks for taking my questions. This is Yoyo Fan from CICC. Two questions here.

（口譯）感謝讓我提問。我是來自中金公司的范悠悠。我有兩個問題。

Firstly, lots of small to medium platforms are now facing liquidity pressure. So how do you view the current market environment and the competitive landscape? And what's your customer acquisition and growth strategy for the second half of the year?

第一，許多中小平台目前正面臨流動性壓力。那麼您如何看待當前的市場環境與競爭格局？以及您在下半年獲客與增長方面的策略是什麼？

Secondly, we have seen quite big shifts in the domestic operating environment over the past six months. How do you consider about building up the overseas strategy? Could you walk us through the latest updates on the overseas markets? These two questions. Thank you.

第二，我們看到過去六個月國內營運環境出現了相當大的變化。您如何考慮海外策略的搭建？能否請您介紹一下海外市場的最新進展？以上兩個問題。謝謝。

Okay. Thank you, Yoyo. Let me take both as well. In terms of competition, the well-known incident has tightened industry funding and driven acquisition spending down across the board. Industry-wide spending fell nearly 50% month-over-month in July, with another 20% in August. Today, only a handful of platforms, including us, are still spending meaningfully. Most peers have pulled back sharply, and long-tail players are even leaving market.

好的。謝謝你，悠悠。我也一併回答這兩個問題。在競爭方面，眾所周知的事件收緊了行業資金供給，並推動全行業的獲客投放支出全面下降。7月全行業投放支出環比下降近50%，8月又下降了20%。目前，仍在進行有意義投放的平台只有少數幾家，包括我們。大多數同業已大幅收縮，而長尾玩家甚至正在退出市場。

Purely on acquisition cost and spending intensity, market competition has clearly moderated compared to the past. From our perspective, however, liquidity remains tight. Regulations are still evolving, and the quality of new customers also require ongoing monitoring. We are therefore focusing on the actual return from acquisition spending. At this stage, we place greater emphasis on the returns from our acquisition spending rather than simply pursuing new customer volume.

單就獲客成本與投放強度而言，市場競爭相較過去已明顯趨緩。但從我們的角度看，流動性仍然偏緊。監管仍在演進，新客品質也需要持續監測。因此，我們更聚焦於獲客投放的實際回報。在現階段，我們更重視獲客投放的回報，而非單純追求新客規模。

We aim to enhance the long-term value generated by each dollar spent on acquisition while maintaining a disciplined approach to risk.

我們的目標是在保持嚴謹風險紀律的同時，提升每一美元獲客投入所帶來的長期價值。

On execution, we are bidding differently by user risk and value, prioritizing higher LTV users while keeping acquisition cost in check. We are also improving user experience and engagement to lift retention and repeat rate.

在執行層面，我們會依據用戶風險與價值採取差異化出價，優先獲取LTV更高的用戶，同時控制獲客成本。我們也在改善用戶體驗與互動，以提升留存與復借率。

On API channel, we are reallocating resources dynamically based on profitability, cutting back on long-tail channels with weaker quality and stability to build a safety margin. Following our adjustment in the first half of the year, our ROI for API channel improved by more than 1 percentage point, further strengthening the resilience of our overall business against market volatility.

在API渠道方面，我們會根據盈利能力動態重新配置資源，縮減品質與穩定性較弱的長尾渠道，以建立安全邊際。在上半年完成調整後，我們API渠道的ROI提升了超過1個百分點，進一步強化了整體業務對市場波動的韌性。

Looking into the second half, we expect industry adjustment and the exit of weaker platforms to continue for some time. Our near-term focus is therefore to strengthen the fundamentals of our business, improve our customer and channel mix, as well as enhancing the efficiency of funding matching.

展望下半年，我們預期行業調整以及弱勢平台的退出仍將持續一段時間。因此，我們短期的重點是夯實業務基本面，改善客群與渠道結構，同時提升資金匹配效率。

Over the longer term, we believe the industry will become healthier after this round of adjustment, and market share is likely to become increasingly concentrated among leading platforms. For us, this is not only a process of refining our business structure, but also an opportunity to further strengthen our competitive position. Once the market becomes more sensible and competition returns to a normal level, we will be well-positioned to adjust our market spending timely and capture new growth opportunities.

從更長期來看，我們相信經過這一輪調整後，行業將更健康，市場份額也可能愈發集中於頭部平台。對我們而言，這不僅是優化業務結構的過程，也是進一步強化競爭地位的機會。當市場變得更理性、競爭回到正常水平時，我們將能夠及時調整市場投放，並把握新的增長機會。

And for your second question, in terms of overseas expansion, we have made steady progress in Europe and Latin America, deepening market knowledge, localizing risk models, and balancing growth and risk through diversified business models.

至於你的第二個問題，關於海外拓展，我們在歐洲與拉丁美洲持續穩步推進，深化市場認知、在地化風險模型，並透過多元化的商業模式在增長與風險之間取得平衡。

In Latin America, our self-build models are already showing encouraging early results, and we are iterating our models and user selection strategy. In Europe, we have deployed our own models and are leveraging local credit bureau and open banking data to sharpen risk detection. In Southeast Asia and other high-potential markets, we are advancing license, building teams, and exploring partnerships.

在拉丁美洲，我們的自建模式已展現令人鼓舞的早期成果，我們也在持續迭代模型與用戶篩選策略。在歐洲，我們已部署自有模型，並利用當地徵信機構與開放銀行數據來提升風險識別能力。在東南亞及其他高潛力市場，我們正在推進牌照申請、搭建團隊並探索合作夥伴關係。

In every overseas market, we treat regulations and risk with deep respect. We also know that risk model validation and unit economics refinement take time. We are still early in all these markets with more teams, more capital, more risk team test, and learning on business model, customer acquisition, and risk control, watching risk rewarded closely.

在每一個海外市場，我們都對監管與風險保持高度敬畏。我們也清楚，風險模型的驗證與單位經濟的打磨需要時間。我們在這些市場仍處於早期階段，需要更多團隊、更多資本、更多風控團隊測試，並在商業模式、獲客與風險控制方面持續學習，密切關注風險回報。

As we prove our capabilities, we will bring in external funding to reduce the burden on our own balance sheet. For us, overseas expansion is a long game, and I think we have enough patience. That's all. Thank you.

隨著我們能力逐步得到驗證，我們將引入外部資金，以減輕自有資產負債表的負擔。對我們而言，海外拓展是一場長期戰，我認為我們有足夠的耐心。以上就是我的回答。謝謝。

There are no further phone questions at this time. I will now hand it back to management for closing remarks. Please go ahead.

目前沒有其他電話提問。我現在把時間交回管理層作結語。請開始。

Okay. Thank you again for joining us. If you have additional questions, please reach us offline.

好的。再次感謝各位參與。如果您還有其他問題，歡迎會後與我們聯繫。

Thank you.

謝謝。

That does conclude our conference call for today. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝各位參與，您現在可以掛線。

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翻譯轉述。該口譯員由本次活動的主辦公司提供。