X Financial (XYF) 2025 Q1 法說會逐字稿

Hello, and welcome to the X Financial first quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Victoria Yu. Please go ahead.

您好，歡迎參加 X Financial 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。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. On the call today from X Financial are Mr. Kan Li, President; Mr. Frank Fuya Zheng, Chief Financial Officer; and Mr. Noah Kauffman, Chief Financial Strategy Officer. Mr. Li will start with a brief overview of our business profile and financial performance. Then Mr. Kauffman will go over some key Q1 metrics and highlights. After that, Mr. Zheng will share updates on financials, regulatory insights, and our 2025 outlook. Afterwards, Mr. Li, Mr. Zheng, and Mr. Kauffman will be available to answer your questions during the Q&A session.

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。今天參加電話會議的 X Financial 總裁有 Kan Li 先生；鄭福亞先生，財務長；以及財務長 Noah Kauffman 先生。李先生首先將簡要介紹我們的業務概況和財務表現。然後考夫曼先生將介紹一些關鍵的第一季指標和亮點。之後，鄭先生將分享財務最新動態、監管見解以及我們 2025 年的展望。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 Safe Harbor provision of Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and involve known or unknown risks, uncertainties, and other factors. 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. 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.

我提醒您，根據 1995 年私人證券訴訟改革法案的安全港條款，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，涉及已知或未知的風險、不確定性和其他因素。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。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。

It is now my pleasure to introduce Mr. Kan Li.

現在我很高興介紹李侃先生。

Thank you, Victoria, and hello, everyone. We are pleased with how 2025 has begun. In the first quarter, we facilitated RMB35.15 billion in loans, an 8.8% sequential increase and 63.4% growth year over year. It was one of our strongest quarters for originations, reflecting solid borrower demand and continued progress in risk management. Our team remained focused on expanding opportunities through both new partnerships and existing relationships, enhancing our technology platform and underwriting models to support profitability and scalability, balancing growth and risk as we broaden access to qualified borrowers.

謝謝你，維多利亞，大家好。我們對 2025 年的開始感到滿意。一季度，本行貸款投351.5億元，較上季成長8.8%，較去年同期成長63.4%。這是我們貸款發放表現最強勁的季度，反映出借款人需求強勁以及風險管理持續取得進展。我們的團隊始終致力於透過新的合作夥伴關係和現有的關係來擴大機會，增強我們的技術平台和承保模式以支援獲利能力和可擴展性，在擴大合格借款人管道的同時平衡成長和風險。

We are also working to improve the borrower experience by delivering faster decisions, simplifying application processes, and enhancing transparency. In parallel, we continue to strengthen platform reliability and support tools to help customers informed borrowing decisions and manage repayment with confidence. Despite the typical seasonal impact from Chinese New Year, we achieved sequential growth in both loan volume and revenue. Total revenue reached RMB1.94 billion, up 13.4% from Q4 and over 60% year over year. These results reflected steady progress in growing the platform responsibly.

我們也致力於透過加快決策速度、簡化申請流程和提高透明度來改善借款人的體驗。同時，我們持續加強平台可靠性和支援工具，幫助客戶做出明智的借貸決策並自信地管理還款。儘管受到農曆新年等典型季節性因素的影響，我們的貸款額和收入仍實現了連續成長。總營收達人民幣19.4億元，季增13.4%，年增超過60%。這些結果反映了平台在負責任地發展方面取得了穩定進展。

Operational and credit quality update. We also made continued progress on asset quality. As of March 31, our 31 to 60-day delinquency rate was 1.25% compared to 1.61% a year ago, reflecting a 22% improvement year over year. The 91 to 180-day delinquency rate was 2.7%, down from 4.7% in Q1 2024, a 37% reduction year over year. These improvements reflect disciplined borrower screening and underwriting practices.

營運和信用品質更新。資產品質也不斷進步。截至 3 月 31 日，我們的 31 至 60 天拖欠率為 1.25%，而去年同期為 1.61%，年比改善了 22%。91 至 180 天的拖欠率為 2.7%，低於 2024 年第一季的 4.7%，年減 37%。這些改進反映了嚴格的借款人篩選和核保實務。

We have also continued to enhance borrower engagement and repayment behavior through timely communication and tailored repayment assistance programs. These initiatives have contributed meaningfully to our risk management outcomes and supported further portfolio stability.

我們也透過及時溝通和量身定制的還款援助計劃繼續提高借款人的參與度和還款行為。這些舉措對我們的風險管理成果做出了重大貢獻，並支持了投資組合的進一步穩定。

Now I will turn the call to Noah to go over some key Q1 metrics and highlights.

現在我將把電話轉給 Noah，讓他介紹一些關鍵的第一季指標和亮點。

Yes. Thank you, Kan. Hello, everyone. It's a pleasure to speak with you today. Let me share several highlights from our Q1 operational and financial performance.

是的。謝謝你，Kan。大家好。今天很高興與您交談。讓我分享一下我們第一季營運和財務表現的幾個亮點。

On the operational metrics, we facilitated approximately RMB35.15 billion in loan originations, marking a 63.4% year-over-year increase. Our total loan outstanding balance, excluding loans over 60 days delinquent, reached RMB58.4 billion, growing by more than 33% from Q1 2024. We facilitated over 3.14 million loans with an average loan amount of approximately RMB11,181. On the financial highlights, total revenue grew to RMB1.94 billion, up 13.4% sequentially and 60.4% year over year, primarily driven by higher borrower volumes and originations. Our income from operations expanded substantially, reaching RMB573 million, up 52% year over year. This demonstrates our improved operational leverage and disciplined expense management.

經營指標方面，本行促成貸款發放約人民幣351.5億元，較去年同期成長63.4%。我們的貸款未償還總額（不包括逾期 60 天以上的貸款）達到 584 億元，較 2024 年第一季成長超過 33%。我們促成了超過 314 萬筆貸款，平均貸款金額約為 11,181 元人民幣。財務亮點方面，總收入增長至人民幣 19.4 億元，環比增長 13.4%，年增 60.4%，主要得益於借款人數量和發放額的增加。營業收入大幅成長，達到人民幣5.73億元，年增52%。這顯示我們的營運槓桿有所提高，費用管理也更加規範。

Our average funding cost improved year over year, supported by a more optimized funding structure and sustained commitment from our core institutional partners. This reflects the strength of our platform and deepening trust within our funding network. With these metrics, we continue to see notable gains in operational efficiency and market positioning.

在更優化的融資結構和核心機構合作夥伴的持續承諾的支持下，我們的平均融資成本逐年改善。這反映了我們平台的實力以及我們融資網絡內不斷加深的信任。透過這些指標，我們繼續看到營運效率和市場定位的顯著提升。

I'll now hand the call over to Frank to walk through the financials, discuss capital allocation priorities, provide regulatory insights, and outline our growth outlook for 2025.

現在，我將把電話交給弗蘭克，讓他介紹一下財務狀況，討論資本配置重點，提供監管見解，並概述我們對 2025 年的成長前景。

Thank you, Noah. It's great to speak with everyone today. I will provide additional insights into our profitability metrics, liquidity, and the strategic plans for the capital allocation. Non-GAAP adjusted net income for Q1 reached RMB457 million, increased 44.9% year over year, reflecting sustained earnings strength. Basic earnings per ADS improved significantly to USD1.50 and approximately 45.6% year-over-year increase, underscoring enhanced profitability per share.

謝謝你，諾亞。今天能和大家交談真是太好了。我將對我們的獲利指標、流動性和資本配置策略計劃提供更多見解。第一季非美國通用會計準則調整後淨利達人民幣4.57億元，較去年同期成長44.9%，反映出持續的獲利強勁。每股美國存託憑證基本收益大幅提升至1.50美元，較去年同期成長約45.6%，彰顯每股獲利能力的提升。

Return on equity increased to 25.5%, rising 1.4 percentage points year over year and 3.2 points sequentially, reflecting our sustained financial discipline and growing operational efficiency. Our liquidity remains strong, position us well to support ongoing operations, investments, and capital returns.

股本回報率增至 25.5%，較去年同期上升 1.4 個百分點，較上季上升 3.2 個百分點，反映出我們持續的財務紀律和不斷提高的營運效率。我們的流動性依然強勁，使我們能夠很好地支持持續的營運、投資和資本回報。

Share repurchase plan. We have recently authorized a new share repurchase plan that allow us to buy back up to USD100 million worth of our Class A shares and ADS. This authorization will be effect for 18-month period running from January 1, 2025, through November 30, 2026. This new authorization comes in addition to our existing repurchase plan approved last December, which still has approximately $15.9 million remaining regulatory environment update.

股票回購計畫。我們最近批准了一項新的股票回購計劃，讓我們可以回購價值高達 1 億美元的 A 類股票和 ADS。該授權有效期為 18 個月，自 2025 年 1 月 1 日起至 2026 年 11 月 30 日止。這項新授權是我們去年 12 月批准的現有回購計畫的補充，該計畫仍有約 1,590 萬美元的剩餘監管環境更新。

The regulatory environment in China remains dynamic, and we remain fully committed to compliance and align with the overall policy direction. The recent notice from the National Financial Regulatory Administration affirms the current trajectory with a clear focus on responsible credit assets and financial stability.

中國的監管環境依然充滿活力，我們將繼續全力致力於合規並與整體政策方向保持一致。國家金融管理局最近發布的通知肯定了當前的發展方向，明確地專注於負責任的信貸資產和金融穩定。

We see increased oversight as a positive step that supports long-term industry development and reflects growing recognition of our role. While evolving rules may introduce high compliance requirements, they also create space for innovation and more sustainable growth. We continue to engage proactively with regulators and remain focused on responsible execution and the evolving framework.

我們認為加強監督是一個積極的舉措，它支持了產業的長期發展，也反映了人們對我們的角色的日益認可。雖然不斷發展的規則可能會引入嚴格的合規要求，但它們也為創新和更永續的成長創造了空間。我們繼續積極與監管機構合作，並繼續專注於負責任的執行和不斷發展的框架。

2025 growth outlook. Based on current trends, X Financial expects the total loan amount facilitated and originated in the second quarter of 2025 to be in the range of RMB37.5 billion to RMB39.5 billion, reflecting continued strong demand and consistent execution following a robust first quarter.

2025年成長展望。根據目前的趨勢，X Financial 預計 2025 年第二季促成和發放的貸款總額將在 375 億元人民幣至 395 億元人民幣之間，這反映出繼第一季強勁表現後，需求持續強勁且執行力持續穩定。

With that, I will pass the call back to our President, Kan Li, for closing remarks.

最後，我將把電話轉回給我們的總裁 Kan Li，請他作最後發言。

Thank you, Frank. As we progress through 2025, we remain confident in our strategic direction grounded in strong underwriting, disciplined risk management, and ongoing operational improvements. With a solid financial foundation and a clear focus on long-term value creation, we are well positioned to sustainable and profitable growth. Thank you.

謝謝你，弗蘭克。隨著我們邁向 2025 年，我們仍然對我們的策略方向充滿信心，該方向以強大的承保、嚴格的風險管理和持續的營運改善為基礎。憑藉著堅實的財務基礎和對長期價值創造的明確關注，我們完全有能力實現可持續的獲利成長。謝謝。

Operator, back to you. We can go to the Q&A session.

接線員，回到你身邊。我們可以進入問答環節。

(Operator Instructions) [Kening Zhao], [Norton Andrews].

（操作員指示）[Kening Zhao]，[Norton Andrews]。

I'm Kening from Norton Andrews. Congratulations, and thank you for the great performance in the first quarter. Well, my first question is, there's a strong growth in your business, both in new loan origination and active users. And you mentioned there will be further growth. I wonder if that means you like the current macroeconomic environment and the loan market.

我是來自諾頓安德魯斯的肯寧。恭喜，並感謝您在第一季的出色表現。嗯，我的第一個問題是，您的業務在新增貸款和活躍用戶方面都實現了強勁成長。您提到還會有進一步的成長。我想知道這是否意味著您喜歡當前的宏觀經濟環境和貸款市場。

And well, it's not big, but the delinquency rate has also ticked up a little bit compared to the end of last year. If the loan volumes continue to grow, should we expect further increase in the delinquency rate? And I have a second question.

雖然幅度不大，但與去年年底相比，拖欠率也略有上升。如果貸款量持續成長，我們是否應該預期拖欠率會進一步上升？我還有第二個問題。

Can we get this first question first and then you can [ask] the next one?

我們可以先問第一個問題，然後您再問下一個問題嗎？

Sure, of course. Thank you.

當然可以。謝謝。

(inaudible) I think you mentioned several questions in your comments. So let's get to them one by one. The first one is how we view the current environment. I think our company has never trying to grow our portfolio for the sake of growth. So we're always trying to manage our portfolio based on the current -- based on our assessment of the future environment.

（聽不清楚）我認為您在評論中提到了幾個問題。讓我們一一討論一下。第一個是我們如何看待當前的環境。我認為我們公司從來沒有為了成長而試圖擴大我們的投資組合。因此，我們始終試圖根據當前情況——基於我們對未來環境的評估——來管理我們的投資組合。

That being said, I think right now, based on our historic trend and our analytical -- based on our analysis that I think the overall environment is still good for the portfolio growth. That is why that we are still focused on the growth at this moment. Another thing from this is that since the second half of last year that we have been investing a lot in acquiring new customers, so as this customer mature in our portfolio, we are able to offer them better lines, better products. So they stick with us longer. That is also the best foundation for our growth.

話雖如此，我認為現在根據我們的歷史趨勢和分析——基於我們的分析，我認為整體環境仍然有利於投資組合成長。這就是為什麼我們目前仍然關注成長。另一件事是，自去年下半年以來，我們一直在大力投資獲取新客戶，因此隨著該客戶在我們的產品組合中逐漸成熟，我們能夠為他們提供更好的生產線和更好的產品。因此他們與我們合作的時間更長。這也是我們成長的最佳基礎。

In terms of the delinquency rate, I think the reason that you see an uptick from the lower level that we achieved somewhat last year is that I would say that that probably was the bottom of our delinquency rate. So even with this uptick, I think our delinquency rate with regard to our portfolio is still very healthy. So we are not particularly concerned about that. And going forward, we do expect that our delinquency rate will still have some uptick, but those uptick will be more than offset by our overall scale.

就拖欠率而言，我認為您看到我們去年所達到的較低水平有所上升的原因是，我想說那可能是我們拖欠率的最低點。因此，即使出現這種上升趨勢，我認為我們投資組合的拖欠率仍然非常健康。所以我們對此並不特別擔心。展望未來，我們確實預期我們的拖欠率仍會有所上升，但這些上升將被我們的整體規模所抵消。

That basically means that our profit will not be impacted by the delinquency.

這基本上意味著我們的利潤不會受到拖欠的影響。

Let me add a few words regarding the delinquency rate. That number is actually -- the risk profile situation from last quarter to Q1 actually is stable. And the number is a little bit skewed. And if you take another look, if you look at our Q1 income statement under the operation expense cost and expenses, the first one is origination and services. Basically, it's operational expenses. The second one is the marketing acquisition -- customer acquisition. And the third one is general and administration costs. And so that's generally cost.

讓我就犯罪率補充幾句。這個數字實際上是——從上個季度到第一季的風險狀況實際上是穩定的。而且這個數字有點偏差。如果你再看一下，如果你看一下我們第一季的損益表中的營運費用成本和費用，第一個就是起源和服務。基本上，這是營運費用。第二個是行銷獲取——客戶獲取。第三個是一般和管理費用。這就是通常的成本。

But the rest of it from like a provision this way and provision that way, if you add up together, this is all risk-related cost. If you add up this quarter, Q1, and you add on Q4, last quarter, all the provision together, you will find all the Q1 provision is about RMB60 million less than last quarter. But among this RMB60 million, actually because this RMB57 million, almost RMB57 million is related to our own insurance business, which means is because our own insurance business, the revenue you book on one period and the cost you're booking the whole thing together in one time.

但其餘部分，例如這樣提供的和那樣提供的，如果加在一起，這些都是與風險相關的成本。如果把本季（第一季）和上一季（第四季）的所有撥備加在一起，你會發現第一季的所有撥備比上一季少了約6000萬元人民幣。但在這6000萬人民幣中，實際上因為這5700萬人民幣，幾乎有5700萬人民幣是與我們自己的保險業務相關的，這意味著因為我們自己的保險業務，您在一個時期內預訂的收入和您一次性將整個預訂的成本加在一起。

Because the last quarter, Q4, they did more -- our guarantee company did more business, so they have more of that. So you take out this RMB57 million, actually, the cost apple-to-apple the cost related, we take out all the risk related to the guarantee business, actually, we have like a RMB3 million, RMB4 million less cost in Q1 compared with Q4.

因為上個季度，也就是第四季度，他們做得更多——我們的擔保公司做了更多的業務，所以他們有更多的業務。因此，您拿出這 5700 萬元人民幣，實際上，以蘋果對蘋果的成本計算，我們拿出了與擔保業務相關的所有風險，實際上，與第四季度相比，我們第一季的成本減少了 300 萬元至 400 萬元人民幣。

So overall, the conclusion is the risk situation is remain basically the same, not much better, not much worse. That's the thing. But having said that, we all expect -- because this regulatory new development will be coming in October, we will prepare and there will -- because of that, there were maybe some uptick -- cost risk situation with some uptick down the road, but not in the Q1 -- not in the Q2.

因此整體而言，結論是風險狀況基本上保持不變，沒有好多少，也沒有壞多少。就是這樣。但話雖如此，我們都預計——因為這項監管新規將在 10 月出台，我們將做好準備，而且——因此，成本風險情況可能會有所上升，但不會在第一季——也不會在第二季。

We haven't (inaudible) the situation changed much at all. That's why we continue to invest a lot in customer acquisition also. Thank you.

我們（聽不清楚）情況根本沒有太大改變。這就是我們繼續在客戶獲取方面投入大量資金的原因。謝謝。

Well, thank you for the detailed answer. Well, my second question is about the repurchase. You haven't repurchased any shares in the first quarter, but you have approved another share repurchase program. Just wondering if you repurchased any like during the April market volatility? And should we expect you continue the aggressive stock buybacks as you did last year? Thank you.

嗯，謝謝你的詳細回答。嗯，我的第二個問題是關於回購的。您在第一季沒有回購任何股票，但您批准了另一項股票回購計劃。只是想知道您是否在四月份市場波動期間重新購買了任何東西？我們是否應該期待您像去年一樣繼續積極回購股票？謝謝。

Yes. Yes. Because Q1 there's no open window, so we usually do the buyback during the open window from the old shareholders. Right now, I mean, the incoming open window, we're pretty much sure the remaining almost $60 million is not -- it will be used up in the coming open window, and we will very likely to kick in to the buyback during the non-window period also. So that's why we have this newly authorized $100 million to cover that. I hope I answered your question.

是的。是的。因為 Q1 沒有開放窗口，所以我們通常在開放窗口期間從舊股東那裡進行回購。現在，我的意思是，即將到來的開放窗口，我們幾乎確定剩下的近 6000 萬美元不會被用完 - 它將在即將到來的開放窗口中用完，而且我們很可能也會在非窗口期間投入回購。這就是我們新批准 1 億美元用於解決這一問題的原因。我希望我回答了你的問題。

Yes, certainly. Thank you very much, and thank you again for the wonderful quarter.

是的，當然。非常感謝，再次感謝你們為這個季度做出的精彩貢獻。

(Operator Instructions) Alex Ye, UBS.

（操作員指示）瑞銀 (UBS) 的 Alex Ye。

Hi. Good evening. Thanks for taking my questions. This is Alex from UBS. So I have two questions, if I may. So first one is regarding your loan growth guidance for the next quarter. It seems it's still going to be a bit of a good growth. So just wondering what's driving the growth behind? And how do you see the underlying application of credit demand in the last two months in April or May?

你好。晚安.感謝您回答我的問題。我是瑞銀的亞歷克斯。如果可以的話，我有兩個問題。第一個問題是關於下一季的貸款成長指引。看起來它仍會有一定的成長。那麼你想知道背後的成長動力是什麼嗎？您如何看待4月或5月最後兩個月信貸需求的底層應用？

Have you seen any softening trend given a lot of the noise on the macro front and so on? And second question is a little bit on your funding supply. So given there has been this new regulatory announcement since April. So I'm wondering how -- have you heard any feedback from your funding partners with regard to their attitude towards this loan pricing, which is growing above 24%. And then do you see anything we need to adjust our current practice in order to ensure that we are more compliant? Thank you.

鑑於宏觀方面等諸多噪音，您是否看到任何疲軟趨勢？第二個問題是關於您的資金供應。鑑於自四月以來已經發布了這項新的監管公告。所以我想知道——您是否聽過融資合作夥伴對此貸款定價的態度的反饋，該貸款定價增長率超過 24%。那麼您是否認為我們需要調整目前的做法以確保我們更加合規？謝謝。

Okay. I'll answer the first question about the growth. As I mentioned in the last investor that our growth has always been based on our assessment for the upcoming risk environment. So at this moment, I think that our -- the way that we grow our portfolio has always been acquiring new customer and get the customer on board and guide them into a better product, which largely means lower fees and higher lines. And our growth has largely growing from this strategy.

好的。我來回答關於成長的第一個問題。正如我在上期投資者訪談中提到的那樣，我們的成長始終基於我們對即將到來的風險環境的評估。所以目前，我認為我們擴大投資組合的方式一直是獲取新客戶，讓客戶加入並引導他們使用更好的產品，這在很大程度上意味著更低的成本和更高的線路。我們的成長很大程度上得益於這項策略。

So you asked about April or May or June that our growth path will always be like that. In terms of our funding institutional partners, right now, we are in very close conversation with them about the upcoming changes. And at this moment, what I can say is that we expect there will be changes, and we are going to make some adjustment, but I don't see -- our company has always been confident that we will be fully compliant with the new regulation before the October 1 deadline. So we are not particularly concerned about that. But that being said, any new regulation will always bring some small shocks to the industry.

所以你問到四月、五月或六月我們的成長路徑會一直是這樣。就我們的資助機構合作夥伴而言，目前，我們正在與他們密切討論即將發生的變化。目前，我可以說的是，我們預計會發生變化，我們也會做出一些調整，但我看不到——我們公司始終相信，我們將在 10 月 1 日截止日期之前完全遵守新規定。所以我們對此並不特別擔心。但話說回來，任何新規總是會為業界帶來一些小衝擊。

So we do expect there will be some shocks in our industry. It's just that I think our company are in a very good position to take those shocks. So I think our growth prospects will not be changed based on whatever that we are providing for the investor.

因此，我們確實預計我們的行業將會出現一些衝擊。我只是認為我們公司處於非常有利的地位來承受這些衝擊。因此我認為我們的成長前景不會因為我們為投資者提供什麼而改變。

Hi, Alex. First of all, welcome to our earnings call and welcome. And regarding -- let me just briefly answer the same question again. And I think we really took advantage of the risk environment, good risk environment since the second half of last year. So our run rate is at the end of last year is already pretty high, and you see that we spent very aggressively in customer acquisition in the Q1. And we will keep the same pace in terms of acquisition effort in the second quarter.

你好，亞歷克斯。首先，歡迎參加我們的收益電話會議，歡迎。關於——讓我再簡單回答一下同樣的問題。我認為我們確實利用了風險環境，自去年下半年以來良好的風險環境。因此，我們去年年底的運行率已經相當高了，而且你可以看到，我們在第一季投入了大量資金來獲取客戶。我們將在第二季保持同樣的收購力道。

So based on our current forecast of the Q2 this year, we are ahead of the 30%, the gross volume growth for this year. But we are -- we will not -- have no intention to increase the forecast anytime soon because we will see in the Q3, what's the effect on the regulatory policy impact on the industry. So the (inaudible) a little bit uncertain regarding Q4 volume, that's what I try to say. And so overall, I think we are confident to achieve 30% volume growth for this year. But other than -- but maybe not more -- it's all because Q4 is kind of in the limbo right now.

因此，根據我們目前對今年第二季的預測，我們今年的總銷售成長率將超過 30%。但我們不會在短期內提高預測，因為我們將在第三季看到監管政策對產業的影響。所以（聽不清楚）對於第四季的銷售有點不確定，這就是我想說的。總體而言，我認為我們有信心今年實現 30% 的銷量成長。但除此之外——但可能僅此而已——這都是因為第四季目前處於不確定狀態。

Regarding the prepare for the new regulatory -- possible regulatory impact, we do some talking to the people and talking to the -- mostly our institution partners and some regulatory authorities. And we are prepared some technology-wise, if there's no new policy can come down and we can accommodate very quickly, efficiently from technology operation-wise. Other than that, like anybody else, we don't know much what's going to coming down. Thank you.

關於為新的監管做準備——可能的監管影響，我們與人們進行了​​一些交談——主要是與我們的機構合作夥伴和一些監管機構交談。我們在技術方面也做了一些準備，如果沒有新的政策出台，我們可以從技術操作方面非常快速、有效率地進行調整。除此之外，和其他人一樣，我們不太清楚接下來會發生什麼事。謝謝。

Understood. Thank you very much.

明白了。非常感謝。

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

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 soon. Operator, back to you. Thank 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很快再次與您交談。接線員，回到你身邊。謝謝。

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。