X Financial (XYF) 2024 Q4 法說會逐字稿

Hello, and welcome to the X Financial fourth quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

您好，歡迎參加 X Financial 2024 年第四季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Victoria Yu. Please go ahead.

現在我想將會議交給 Victoria Yu。請繼續。

Thank you, operator. Hello, everyone, and thank you for joining today's call. The company's financial results were released earlier today and are available on our Investor Relations website at ir.xiaoyinggroup.com.

謝謝您，接線生。大家好，感謝大家參加今天的電話會議。該公司的財務業績已於今天稍早公佈，可在我們的投資者關係網站 ir.xiaoyinggroup.com 上查閱。

On the call today from X Financial are Mr. Kan Li, President; and Mr. Frank Fuya Zheng, Chief Financial Officer. Additionally, we are delighted to welcome Mr. Noah Kauffman to our company. He brings 20 years of experience in group strategy, corporate and financial transactions as well as financial and operational improvements in the global financial markets.

今天參加電話會議的 X Financial 總裁有 Kan Li 先生；以及財務長鄭福亞先生。此外，我們非常高興地歡迎 Noah Kauffman 先生加入我們公司。他在集團策略、企業和金融交易以及全球金融市場的財務和營運改進方面擁有 20 年的經驗。

Before joining X Financial, he served as Head of strategic, financial planning and analysis at the Intercontinental Exchange where he played a key role in capital allocation and global business strategies. Mr. Kaufman will be responsible for leading our engagement with the US capital markets, including Investor Relations and strategic financing initiatives.

在加入 X Financial 之前，他曾擔任洲際交易所的策略、財務規劃和分析主管，在資本配置和全球業務策略方面發揮了關鍵作用。考夫曼先生將負責領導我們與美國資本市場的合作，包括投資者關係和策略融資計劃。

Mr. Li will provide a brief overview of our operations and business highlights, followed by Mr. Zheng, who reviews our financial results. Afterwards, Mr. Li, Mr. Zheng and Mr. Kaufman will be available to answer your questions during the Q&A session.

李先生將簡要介紹我們的營運情況和業務亮點，隨後鄭先生將回顧我們的財務表現。隨後，李先生、鄭先生和考夫曼先生將在問答環節回答大家的提問。

I remind you that this call may contain forward-looking statements under the provisions of Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and involve known and unknown risks, uncertainties and other factors.

我提醒您，根據 1995 年《私人證券訴訟改革法案》的規定，本次電話會議可能包含前瞻性陳述。此類聲明是基於管理層目前的預期，涉及已知和未知的風險、不確定性和其他因素。

These factors are difficult to predict and many are beyond the company's control, which may cause actual results, performance or achievements to differ materially from those described in these statements. Further information on these and other risks can be found in our SEC filings.

這些因素難以預測，且許多因素超出了公司的控制範圍，可能導致實際結果、績效或成就與這些聲明中所描述的結果、績效或成就有重大差異。有關這些風險和其他風險的更多資訊可以在我們的美國證券交易委員會 (SEC) 文件中找到。

The company undertakes no obligation to update any forward-looking statements as a result of new information, future events or otherwise, except as required by law. It's now my to introduce Mr. Kan Li.

除非法律要求，否則本公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性陳述的義務。現在由我來介紹李侃先生。

Thank you, Victoria, and hello, everyone. We are very pleased to conclude the year with outstanding operational and financial results in the fourth quarter. Total loan volumes exceeded our guidance with RMB32 billion facilitated in Q4 alone, a 24% year-over-year increase for the quarter.

謝謝你，維多利亞，大家好。我們非常高興地以第四季度出色的營運和財務業績結束了這一年度。總貸款金額超出我們的預期，光是第四季就發放了 320 億元人民幣，年增 24%。

For the full year, total loan volumes reached RMB104.9 billion, reflecting a stable performance compared to 2023. This growth was fueled by disciplined underwriting, strengthened asset quality, positive macroeconomic tailwinds that supported borrower demand and lower funding costs.

全年貸款總額達1,049億元人民幣，較2023年表現穩健。這一增長得益於嚴格的承保、增強的資產品質、支持借款人需求的積極宏觀經濟順風以及較低的融資成本。

In the second half of 2024, China's government implemented monitoring and physical stimulus measures aimed at stabilizing core economic sectors, notably real estate and enhancing market liquidity. These policies lower the funding costs and foster healthy borrower demand in the personal finance market.

2024年下半年，中國政府實施了監測和物理刺激措施，旨在穩定核心經濟部門，特別是房地產，並增強市場流動性。這些政策降低了融資成本，促進了個人金融市場健康的借款需求。

As a result, we saw meaningful revenue and profitability growth with Q4 net income more than doubling year over year, strong asset quality performance. Asset quality continues to strengthen significantly throughout the year as the end of Q4, the delinquency rate for known overdue by 31 to 60 days improved to 1.17% from 1.57% a year ago. The 91 to 108 days overdue delinquency rate declined to 2.48% from 3.12% last year.

因此，我們看到了顯著的營收和獲利成長，第四季淨收入年增一倍以上，資產品質表現強勁。資產品質全年持續顯著增強，截至第四季末，已知逾期 31 至 60 天的拖欠率從一年前的 1.57% 改善至 1.17%。91至108天的逾期拖欠率從去年的3.12%下降至2.48%。

This improvement reflects effective risk management practices and the disciplined underwriting standards. 2025 outlook and growth strategy. Looking ahead into 2025, the Chinese government iterated the importance of the private sector as a key driver of economic innovation and sustainable growth.

這項改善反映了有效的風險管理實務和嚴格的承保標準。 2025年展望與成長策略。展望2025年，中國政府強調私部門作為經濟創新和永續成長關鍵驅動力的重要性。

Recent regulatory guidance from the National Financial Regulatory Administration, NFRA further reinforces this stand with policies aimed at expanding access to consumer credit lowering borrowing costs and supporting consumption-driven economic base.

美國國家金融監理局 (NFRA) 最近發布的監管指南進一步強化了這一立場，其政策旨在擴大消費信貸管道，降低借貸成本，並支持消費驅動的經濟基礎。

While these developments create a more accommodative environment for financial institutions, our primary focus remains on leveraging technology to enhance financial services efficiency through AI-powered risk analytics, automated underwriting models and embedded fintech solutions.

雖然這些發展為金融機構創造了更寬鬆的環境，但我們的主要重點仍然是利用科技透過人工智慧風險分析、自動核保模型和嵌入式金融科技解決方案來提高金融服務效率。

We continue to empower our financial institutional partners in optimizing loan origination, credit risk management and borrower engagement, ensuring they can navigate this evolving regulatory landscape with precision and agility.

我們將繼續幫助我們的金融機構合作夥伴優化貸款發放、信用風險管理和借款人參與，確保他們能夠精準、靈活地應對不斷變化的監管環境。

Accordingly, we expect total loan volumes to increase by approximately 30% for the full year of 2025, supported by both organic demand and a more stable regulatory environment despite the usual seasonal impact of the Chinese New Year, we anticipate sequential growth in total loan volumes in Q1 2025 as digital financial solutions become increasingly integral to expanding responsible credit access while maintaining disciplined risk management.

因此，我們預計，儘管農曆新年通常受到季節性影響，但在有機需求和更穩定的監管環境的雙重推動下，2025 年全年貸款總額將增加約 30%。我們預計，隨著數位金融解決方案在擴大負責任的信貸管道同時保持嚴格的風險管理方面變得越來越重要，2025 年第一季的貸款總額將環比增長。

Strategic AI investments. At X Financial, we continue to expand our strategic investments in AI, leveraging cutting-edge models such as DeepSeek Alibaba's and across our operations. AI now powers advanced customer service robots, intelligent agent assistance targeted marketing campaigns, including AI generated show videos for platforms like TikTok, streamline early-stage collection efforts, significantly enhanced efficiency and customer engagement.

策略性人工智慧投資。在 X Financial，我們繼續擴大對人工智慧的策略性投資，利用阿里巴巴的 DeepSeek 等尖端模型並將其應用於我們的營運中。人工智慧現在為先進的客戶服務機器人、智慧代理協助有針對性的行銷活動提供支持，包括為 TikTok 等平台生成的 AI 展示視頻，簡化了早期收集工作，顯著提高了效率和客戶參與度。

In software development, we have implemented AI-driven auto coding tools such as Cursor accelerating development and system optimization. Additionally, our multi-model AI risk management system delivers over 95% accuracy through sophisticated contextual analysis and advanced image recognition technologies to identify early indicators of credit risk.

在軟體開發方面，我們實現了Cursor等AI驅動的自動編碼工具，加速開發和系統最佳化。此外，我們的多模型人工智慧風險管理系統透過複雜的情境分析和先進的影像辨識技術，可識別信用風險的早期指標，準確率高達 95% 以上。

Looking ahead, we remain committed to further integral AI into our strategic decision-making process, particularly in risk modeling and credit policy to continue enhancing operational effectiveness and customer experience. With that, I will now pass the call to our CFO, Frank Zheng for detailed financial results.

展望未來，我們將繼續致力於將人工智慧進一步融入我們的策略決策過程，特別是在風險建模和信貸政策方面，以持續提高營運效率和客戶體驗。說完這些，我現在將電話轉交給我們的財務長 Frank Zheng，詢問詳細的財務結果。

Thank you, Kan. Good morning, everyone. We are pleased to report strong financial results for the fourth quarter. The total net revenue increased 43% year over year to RMB1.7 billion. The net income grew 104% year over year to RMB386 million.

謝謝你，Kan。大家早安。我們很高興地報告第四季度強勁的財務業績。總淨營收年增43%至人民幣17億元。淨利年增104%至3.86億元。

Throughout the year, our top and bottom lines expanded quarter over quarter brings full year total net revenue to a record RMB5.9 billion, full year net income to RMB1.5 billion.

全年我們的營收和利潤季增，全年總淨營收達到創紀錄的59億元人民幣，全年淨利達15億元。

Strong balance sheet and capital returns. Our balance sheet remains strong with total shareholder equity at year end increased by 19% year over year. Leveraging this solid financial foundation, we returned approximately USD76 million to shareholders in 2024, including USD6.5 million in cash dividends, USD9.2 million in our tender offer and USD50.3 million invested in share repurchase.

強勁的資產負債表和資本回報。我們的資產負債表依然強勁，年底股東權益總額較去年同期成長 19%。憑藉堅實的財務基礎，我們在 2024 年向股東返還了約 7,600 萬美元，其中包括 650 萬美元的現金股息、920 萬美元的要約收購以及 5,030 萬美元的股票回購投資。

Dividend announcement. Additionally, our Board of Directors has approved declaration attainment of a semiannual dividend of USD0.25 per ADS, reinforce our commitment to delivering shareholder value.

股息公告。此外，我們的董事會已批准宣布派發每股美國存託憑證 0.25 美元的半年股息，以加強我們對實現股東價值的承諾。

Share repurchase program. In Q4, we repurchased 38.4 million Class A ordinary share. 6.4 million ADS, USD49 million for full year 2024, total repurchase reached 52.2 million shares with 50.5 million in ADS, amounting to USD59.4 million. As of today, our 30 million and USD20 million repurchase plans are fully utilized.

股票回購計畫。第四季度，我們回購了 3,840 萬股 A​​ 類普通股。 2024年全年回購640萬股ADS，回購金額4,900萬美元，累計回購5,220萬股，其中ADS回購5,050萬股，回購金額5,940萬美元。截至今天，我們的3000萬美元和2000萬美元回購計畫已全部使用。

We have USD15.9 million remaining and our USD50 million repurchase program effective through June 30, 2026. 2025 outlook. Looking ahead, we remain optimistic about our growth credit -- for the first quarter of 2025, we expect the total loan amount facilitated and originally to be between RMB33.5 billion and RMB34.5 billion.

我們剩餘的資金為 1,590 萬美元，而我們的 5,000 萬美元回購計畫有效期至 2026 年 6 月 30 日。 2025 年展望。展望未來，我們對我們的成長信貸仍然持樂觀態度——對於 2025 年第一季度，我們預計貸款總額將在人民幣 335 億元至人民幣 345 億元之間。

This position us to achieve a full year total loan amount facility and original between RMB134.4 billion and RMB138.4 billion.

這使我們能夠實現全年總貸款額度和原始貸款額度在人民幣1,344億元至人民幣1,384億元之間。

Closing remarks. As we progress to 2025, we remain confident in our strategic direction supported by robust underwriting standards, disciplined risk management. Operational efficiency improvements with a strong financial foundation, disciplined capital allocation and a creation commitment to enhancing shareholder value we are well positioned sustainable and profitable growth.

結束語。隨著我們邁向 2025 年，我們仍然對我們的策略方向充滿信心，並得到強大的承保標準和嚴格的風險管理的支持。透過強大的財務基礎、嚴格的資本配置和致力於提高股東價值的創造承諾，我們能夠提高營運效率，實現可持續的獲利成長。

Thank you for our shareholders, partners and especially our dedicated employees at X Financial. We are appreciating your trust and support as we execute on our strategy and driving long-term value creation. We look forward to delivering continued growth and the success in the quarters ahead.

感謝我們的股東、合作夥伴，特別是 X Financial 敬業的員工。在我們執行策略和推動長期價值創造的過程中，我們感謝您的信任和支持。我們期待在未來幾個季度繼續實現成長並取得成功。

Okay, operator, we can transfer to the Q&A session now.

好的，接線員，我們現在可以轉到問答環節。

(Operator Instructions) [Ramzi Manner], Blackbird Capital.

(操作員指示)[Ramzi Manner]，Blackbird Capital。

Congratulations, guys, on a great quarter and happy to be a shareholder. My question is during the fourth quarter, the company repurchased approximately 6.4 million million ADSs on December 16. However, the share count on the financial report as of December 31, does not fully reflect the reduction. So I'm not sure if this is an accounting discrepancy. And if you could clarify that, that would just be better for me.

恭喜大家，本季取得了優異的成績，很高興能成為股東。我的問題是，在第四季度，該公司於 12 月 16 日回購了約 640 萬股 A​​DS。然而，截至12月31日的財務報告中的股份數量並未完全反映出這一減少。所以我不確定這是否是會計差異。如果你能澄清這一點，那對我來說就更好了。

I'd be happy to answer your question. And since we bought our share back in the last quarter of 2024, but the share count calculation is the same weight average. So say you own that share in '24 among 300 days out of this 365 days. So that share count of still will be account for 300 days. So that share count of capital ratio is we average.

我很樂意回答你的問題。因為我們在 2024 年最後一個季度回購了股票，所以股票數量的計算是相同的加權平均值。因此，假設您在 365 天中的 300 天中擁有該股票。因此該份額計數仍將記錄 300 天。因此，資本比率的股份數就是我們的平均值。

That is why you seem to not see the big reduction in the year end because it's is way on average. So in '25, you will see that those shares totally disappeared from the share count. I hope I answer your question

這就是為什麼你似乎看不到年底大幅減少的原因，因為它的平均值已經很高了。因此在 25 年，你會看到這些股票從股票數量中完全消失。我希望我回答你的問題

Mason Bourne, AWH Capital.

梅森伯恩（Mason Bourne），AWH Capital。

I guess just to start, it sounds like you have someone new who joined the company is on the call. Could you just talk about that a little bit, please, in his role.

我想首先，聽起來好像有一位新加入公司的人正在通話。您能否以他的角色稍微談談這一點？

Well, why don't we ask Noah to tell you himself.

那麼，我們為什麼不讓諾亞親自告訴你。

Yes. Noah, could you answer that question by yourself?

是的。諾亞，你能自己回答這個問題嗎？

Yes, sure. Yes. And thanks, Mason, for the question. Yes, I'm excited to be here and join X Financial. I'd also like to thank Victoria for the introduction and express appreciation that Kan and Frank for their entire leadership.

是的，當然。是的。謝謝梅森提出這個問題。是的，我很高興來到這裡並加入 X Financial。我還要感謝維多利亞的介紹，並對 Kan 和 Frank 的領導表示讚賞。

From my early conversations deeply impressed with the strategic vision of the team and the foundation they built. X Financial sustained profitability and growth speak for themselves and I look for we're deploying a role and strengthening that.

從我早期的談話中，我深深被該團隊的策略眼光和他們建立的基礎所震撼。X Financial 持續的獲利能力和成長不言而喻，我期待我們正在部署並加強這個角色。

My focus is going to be on deepening our engagement with US capital markets. I'm sure Mason will be speaking to you in the near future and enhancing investor relations, driving strategic financial initiatives, and I'll be working closely with the leadership team to optimize the financial strategy and capital allocation and ensuring the continued delivering of long-term value for shareholders.

我的重點是深化我們與美國資本市場的合作。我相信梅森將在不久的將來與您交談，加強投資者關係，推動策略財務舉措，我將與領導團隊密切合作，優化財務策略和資本配置，確保繼續為股東帶來長期價值。

Great. Well, welcome to the company. I had a couple more. Just to start, it sounds like pretty strong loan volume growth is expected for 2025. Could you just talk about drivers behind that and how you expect that to impact profitability this year?

偉大的。那麼，歡迎來到公司。我還有另外幾個。首先，聽起來 2025 年的貸款量預計會有相當強勁的成長。您能否談談背後的驅動因素以及您預計這將如何影響今年的獲利能力？

Sure. I'll take that question. The reason that we forecast a 30% increase in terms of the loan volume really is coming from the two strengths that we are creating in the past year. The first one is the way that we are able to reach better and more consumers, customers by ourselves.

當然。我來回答這個問題。我們預測貸款金額將增加 30% 的原因實際上來自於我們在過去一年中創造的兩個優勢。第一個是我們能夠自己更好地接觸更多消費者和客戶的方式。

This obviously has always been the key focus of our acquisition strategy. The second part is that during the -- also in 2021 actually continue into 2025 that we are able to partner with more partners, more platforms that based on our track record, they are more willing to cooperate with us. So basically, open a new acquisition channel for the company. That's why I combined with the two strengths that we foresee a fairly good increase in our loan volume.

這顯然一直是我們收購策略的重點。第二部分是，在 2021 年到 2025 年期間，我們能夠與更多的合作夥伴、更多的平台合作，根據我們的過往記錄，他們更願意與我們合作。所以基本上，為公司開闢了一條新的收購管道。這就是為什麼我將這兩大優勢結合起來，預計我們的貸款量將有相當不錯的成長。

Mason, did I answer your other question. If we're making some products you repeat that, I will -- I will answer for you.

梅森，我回答了你的另一個問題嗎？如果我們正在生產一些產品，請您重複這一點，我會為您解答。

Yes, just the last part of it, I was asking, you expect the loan volume growth to translate to profitability this year. If there's any more items to think about?

是的，只是最後一部分，我問的是，您預計今年貸款量的成長會轉化為獲利能力。還有什麼其他事項需要考慮嗎？

Yes, I will mention that even though that we don't give the forecast of the profitability, but as the -- for our company as a whole, that we always focus. I think our number one focus has always been the profit. So not guarantee anything, but we think that our profit will be increasing at the same pace as our volume.

是的，我要說的是，儘管我們沒有給出獲利預測，但就我們整個公司而言，我們始終關注這一點。我認為我們的首要關注點始終是利潤。因此，我們不能保證任何事情，但我們認為我們的利潤將與我們的銷售量同步成長。

Mason, if you're looking 2024, and I would basically have almost the same volume as '24 and '23, just also a little bit down a few or something like that. And -- but we are, leases almost RMB300 million on net income.

梅森，如果你展望 2024 年，那麼我基本上會得到與 24 年和 23 年幾乎相同的交易量，只是會稍微下降一些或類似的數字。但是我們的租賃淨收入接近 3 億元。

And the reason is mainly just by two factors. One is, if you remember back in 2004 and the beginning of 2004, it's our sector on the industry is at the highest level. We are managing from a risk level on a quarterly-by-quarterly basis, already to manage to lower that credit risk. That's why we have more profitable than originally much sold.

而其原因主要無非就是兩個因素。一是，如果你還記得 2004 年和 2004 年初，我們的產業部門處於最高水準。我們按季度管理風險水平，已經設法降低信用風險。這就是為什麼我們的利潤比原來賣的多的原因。

Another big factor is funding cost. Its funding cost is down on a yearly basis in '24, it's down more than 2%. And looking to 2025, and the trend is more or less the same, the funding costs we're not going to lower, but more and less remain in the low level as currently right now and risk effect profile also more or less remain the same.

另一個重要因素是融資成本。24 年其融資成本逐年下降，下降幅度超過 2%。展望2025年，趨勢大致相同，融資成本不會降低，但會大致維持在目前的低水平，風險效應狀況也大致維持不變。

But also visibility maybe short, maybe one quarter or two quarter, we cannot guarantee the full year, but that's basically as the situation right now. So as as the situation based on the current situation, we are very comfortable in which a very meaningful growth both in volume and profitability in 2025.

但能見度可能很短，可能是一個季度或兩個季度，我們不能保證全年，但這基本上就是目前的情況。因此，就目前的情況而言，我們非常有信心到 2025 年，銷量和獲利能力都將實現非常有意義的成長。

That's very helpful. Last thing for me. Really appreciate the capital return to shareholders, both through dividends and buybacks. You're still fairly low on the dividend even after the raise as a portion of net income, but I know you're returning a lot through buyback activity.

這非常有幫助。對我來說這是最後一件事。真正感謝透過股利和回購向股東提供的資本回報。即使在增加股息之後，作為淨收入的一部分，您的股息仍然相當低，但我知道您透過回購活動獲得了大量回報。

Just wondered how you think about capital allocation priorities going forward, whether you continue to expect more on the buyback? Or if you would maybe lean into the dividend more, that's all.

只是想知道您如何看待未來的資本配置重點，您是否繼續對回購抱持更多期待？或者您可能更傾向於股息，僅此而已。

Yes. Mason, I thought you would ask that question. I am ready for you. You see -- when we iterated the dividend like 0.70 annual yearly and 0.34 a year. At that time, our stock has been in mild around about $3, $4 range for several years.

是的。梅森，我以為你會問這個問題。我已經為你做好準備了。你看——當我們迭代股息時，例如每年 0.70 元和每年 0.34 元。當時，我們的股價幾年來一直徘徊在 3 美元、4 美元左右。

And so -- and we pay like 0.34 for less than $4 stock price. Basically, we try to tell all the investment and potential investors if you buy our stock, we pay you more than you can get some short-term US treasuries.

因此——我們為低於 4 美元的股票支付了 0.34 美元。基本上，我們試圖告訴所有投資和潛在投資者，如果你們購買我們的股票，我們支付給你的錢將比你能獲得的某些短期美國國債還要多。

And we definitely don't know when that stock price will appreciate. But in case of stock pricing, you will have a double game and double suite, something like that. So -- but since last end of September because Chinese government policy change and the stock price basically from around $5 to up to $8.

我們確實不知道股價何時會升值。但在股票定價的情況​​下，你會遇到雙重遊戲和雙重套件，諸如此類的事情。所以——但自去年 9 月底以來，由於中國政府的政策變化，股價基本上從 5 美元左右上漲到了 8 美元。

Then after there's then the major event excited by DeepSeek and the whole Chinese assets, especially technology or revalue at the time, it's just like suddenly for no particular reason, besides the DeepSeek, all the concerns remain issue, which tapped our Chinese stock and very -- the big low level all being blow away.

然後，在 DeepSeek 和整個中國資產（尤其是當時的技術或重估）激動人心的重大事件之後，就像突然之間沒有任何特別的原因，除了 DeepSeek 之外，所有的擔憂仍然存在，這打擊了我們的中國股票，而且 - 巨大的低位都被吹走了。

So I don't know. So -- but that's what happened. So now based on this situation change, we want to give the stock since last September, our stock is up almost more than 2%. We want to give them extra kick.

所以我不知道。所以——但事實就是這樣的。因此，現在基於這種情況的變化，我們想給出自去年 9 月以來的股票價格，我們的股票上漲了近 2% 以上。我們想給他們額外的動力。

So which means we want to put the more stock buyback, less -- a little less on from dividend payout. And you see in 2024, we -- in combination of both 76, and we hope we can accomplish even more percentage. 34% is about over 30% payout for in terms of earning earnings for 2024. And '25, we hope we have a big payout combination of both, but more weight on share buybacks.

這意味著我們希望回購更多的股票，減少股利支付。你看，到 2024 年，我們 — — 兩者合計達到 76%，我們希望能夠達到更高的百分比。就 2024 年的收入而言，34% 的支出約為 30% 以上。而'25，我們希望我們能夠同時實現較大的支出組合，但更多的是注重股票回購。

And I think even though our stock has been appreciated 200%, our stock still is very, very cheap. I just give you one number, and you see '24, our earnings per share in US dollar is $4.83 and our stock is based right now of $13, something like that. And the trend I challenge anyone who have around $4, $5 range earnings per share, you find that much -- not going to find much stock in the US for all sectors below like 100.

我認為，儘管我們的股票已經升值了 200%，但我們的股票仍然非常非常便宜。我只給你一個數字，你看『24，我們的每股盈餘以美元計算為 4.83 美元，而我們目前的股價為 13 美元，諸如此類。我對每股收益在 4 美元、5 美元左右的人提出質疑，你會發現，在美國，所有低於 100 美元的行業的股票都賣不出去。

So we believe our stock still very -- have a long way to go. So we will have more emphasize on share payback I hope I answered the question.

因此，我們相信我們的股票還有很長的路要走。因此我們將更加重視股票回報，我希望我回答了這個問題。

(Operator Instructions) This concludes our question-and-answer session. I would like to turn the conference back over to Victoria Yu for any closing remarks.

（操作員指示）我們的問答環節到此結束。我想將會議交還給 Victoria Yu 做最後發言。

Thank you, everyone, for joining us today. If you have additional questions, please reach out to our Investor Relations team directly. We appreciate your interest and look forward to speaking with you again. Operator, back to you.

感謝大家今天加入我們。如果您還有其他問題，請直接聯絡我們的投資者關係團隊。我們感謝您的關注並期待再次與您交談。接線員，回到你身邊。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。