Yiren Digital Ltd (YRD) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Yiren Digital second-quarter 2025 earnings conference call.

女士們、先生們，大家好，歡迎參加宜人數碼2025年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

Please note that this event is being recorded.

請注意，此事件正在被記錄。

I will now turn the conference server to Keyao, IR Officer of YRD. Please go ahead, ma'am.

現在我將會議主持人轉給長三角地區投資人關係官柯堯。請繼續，女士。

Thank you, operator.

謝謝您，接線生。

Good morning and good evening, everyone.

大家早安，晚上好。

Today's call features the presentation by our Founder, Chairman and CEO of CreditEase, our CEO, Mr. Ning Tang; and our CFO, Mr. William Hui. There will be a Q&A session after the prepared remarks. Before beginning, we'd like to remind you that discussions during this call contain forward-looking statements made under the Safe Harbor provision of US Private Securities Litigation Reform Act of 1995. Such statements are subject to risks, uncertainties, and factors that can cause actual results to differ materially from those contained in any such statements. So the information regarding future risks, uncertainties or factors is included in our filings with the US Securities and Exchange Commission. We do not undertake any obligation to update any forward-looking statements as required under the relevant law. During the call, we will be referring to certain non-GAAP financial measure and supplemental measures to review and assess our operating performance. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the US GAAP. For information about these non-GAAP financial measures and reconciliations to GAAP measures, please refer to our annual press release.

今天的電話會議由宜信創辦人、董事長兼執行長、執行長唐寧先生和財務長許威廉先生進行演講。準備好的發言後將有一個問答環節。在開始之前，我們想提醒您，本次電話會議中的討論包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。此類聲明受風險、不確定性和因素的影響，可能導致實際結果與此類聲明中的結果有重大差異。因此，有關未來風險、不確定性或因素的資訊包含在我們向美國證券交易委員會提交的文件中。我們不承擔根據相關法律要求更新任何前瞻性陳述的義務。在電話會議期間，我們將參考某些非公認會計準則財務指標和補充指標來審查和評估我們的營運績效。這些非公認會計準則財務指標並非旨在單獨考慮或取代根據美國公認會計準則編制和呈現的財務資訊。有關這些非 GAAP 財務指標以及與 GAAP 指標的對帳訊息，請參閱我們的年度新聞稿。

I will now pass it to Ning for opening remarks.

現在請寧總書記致開幕詞。

Thank you, all for joining our earnings conference call today. We are pleased to report another strong quarter driven by the continued success of our AI-powered strategy. Our advanced AI capabilities have delivered quantifiable results, more personalized customer engagement, enhanced risk management with predictable analytics and fraud detection and improving service efficiency with compliant, tailored solutions.

感謝大家參加我們今天的收益電話會議。我們很高興地報告，在我們人工智慧策略持續成功的推動下，我們又迎來了一個強勁的季度。我們先進的人工智慧功能已提供可量化的結果、更個人化的客戶參與、透過可預測的分析和詐欺檢測增強的風險管理以及透過合規的客製化解決方案來提高服務效率。

This robust AI foundation enables us to innovate faster, exceed customer expectations and optimize operational performance. Our growth is further fueled by three strategic priorities, AI innovation, geographic expansion, and operational excellence.

這強大的人工智慧基礎使我們能夠更快地創新、超越客戶期望並優化營運績效。我們的成長受到三大策略重點的進一步推動，即人工智慧創新、地理擴張和卓越營運。

These initiatives are accelerating momentum across our core business while unlocking new opportunities through our proprietary AI platform. By executing on this strategy, we are well positioned to sustain long-term success.

這些舉措正在加速我們核心業務的發展勢頭，同時透過我們專有的人工智慧平台釋放新的機會。透過執行這項策略，我們有能力維持長期的成功。

Here are some of our successes. Our AI sales agent executes over 1,700 personalized the marketing tasks daily which results in a higher customer response rate. The AI capital manager completes the capital deployment optimization process in 10 minutes versus one week by six employees in the past.

以下是我們的一些成功案例。我們的 AI 銷售代理每天執行超過 1,700 個個人化行銷任務，從而提高客戶回應率。AI資金經理只需10分鐘即可完成資金配置優化流程，而過去則需要6名員工一週的時間。

The AI risk manager detects and blocks over 30,000 high-risk identity documents daily, resulting in the prevention of over RMB180 million of loss from fraud annually. Most of our AI agents are monitored 24 by 7 by our supervisor AI model for quality checks and the system integrity.

人工智慧風險管理器每天可偵測並阻止超過30,000份高風險身分證件，每年可防止超過1.8億元的詐欺損失。我們的大多數 AI 代理都受到我們的主管 AI 模型全天候監控，以檢查品質和系統完整性。

Before we get into details of our operating results, I would like to address the recent loan facilitation regulation announcement. While the full impact on industry take rates and the business operations is yet to be seen until the regulations take effect on October 1, we have noticed that credit risk and capital costs have increased slightly.

在我們詳細介紹我們的經營業績之前，我想先談談最近的貸款便利化監管公告。雖然直到 10 月 1 日法規生效之前，對行業接受率和業務運營的全面影響還有待觀察，但我們已經注意到信用風險和資本成本略有增加。

We believe the more regulated environment and the market conditions will trigger industry consolidation as smaller platforms exit the market and heighten the entry barrier. This will benefit established platforms like us.

我們相信，隨著小型平台退出市場並提高進入門檻，更規範的環境和市場條件將引發產業整合。這將有利於我們這樣的成熟平台。

We are exploring different risk sharing models with our partners to mitigate potentially higher risk.

我們正在與合作夥伴探索不同的風險分擔模式，以降低潛在的更高風險。

Now let me go through our business highlights for this quarter. First, on our financial services business, which accounts for over 90% of our revenue in the second quarter of 2025, loan volume facilitated reached RMB20.3 billion in Q2, representing a 34% increase quarter over quarter, and a 57% growth year over year.

現在讓我來介紹一下本季的業務亮點。首先，金融服務業務占我們2025年第二季營收的90%以上，第二季促成貸款金額達到 203億元，季增34%，年增57%。

The robust growth is mainly driven by increasing repeat borrowing, which rose to 77% in the second quarter of this year, up 3 percentage points from the prior quarter and 21 percentage points from the same period last year.

強勁的成長主要得益於重複借貸的增加，今年第二季重複借貸率上升至 77%，比上一季上升 3 個百分點，比去年同期上升 21 個百分點。

As we reiterated previously, driving up repeat borrowing rate and improving the long-term trust and the stickiness among our higher quality borrowers are our key focus as we have notably upgraded our customer base by attracting those with stronger repayment capabilities and the better credit performance.

正如我們之前重申的那樣，提高重複借款率和提高高品質借款人的長期信任和黏性是我們的重點，因為我們透過吸引那些具有更強還款能力和更好信用表現的客戶，顯著升級了我們的客戶群。

AI innovation and application have played a pivotal role in driving our key objectives of boosting repeat borrowing rates, and elevating service quality. In Q2 2025, we launched AI marketing system 2.0, extensively personalizing marketing content using generative AI.

人工智慧創新和應用在推動我們實現提高重複借貸率和提升服務品質的關鍵目標方面發揮了關鍵作用。2025年第二季度，我們推出了AI行銷系統2.0，利用生成式AI廣泛個人化行銷內容。

By the end of June, this system was conducting personalized marketing for over 600,000 users daily using AI generated outreach strategies, 30 times the output of the 1.0 version in the prior quarter. This expansion facilitated more meaningful and efficient interactions with the average number of customer engagement runs rising from 7.1 in Q1 to 8.3 in Q2, further enhancing sales conversion rates.

截至6月底，該系統每天利用AI產生的推廣策略為超過60萬用戶進行個人化行銷，是上一季1.0版產出的30倍。此擴展促進了更有意義、更有效率的互動，平均客戶互動次數從第一季的 7.1 次上升到第二季的 8.3 次，進一步提高了銷售轉換率。

Additionally, intention recognition accuracy surpassed 80%, enabling more precise and effective engagement. On the quality assurance front, our AI powered inspection system and the one critical algorithm upgrades now covering the entire telemarketing segment.

此外，意圖辨識準確率超過80%，以達到更精準、更有效的參與。在品質保證方面，我們的人工智慧檢查系統和一個關鍵演算法升級現已涵蓋整個電話行銷領域。

It performs real-time quality checks on over 2 million sales records daily with accuracy jumping from 75% to 92%. This advancement has increased the labor productivity by 50%, while ensuring consistently high service standards.

它每天對超過 200 萬筆銷售記錄進行即時品質檢查，準確率從 75% 躍升至 92%。這項進步使勞動生產力提高了 50%，同時確保了始終如一的高服務標準。

Now let's turn to the funding aspect. In Q2 2025, our funding costs declined by 80 basis points year over year though with a slight quarter over quarter increase. While new regulations in the loan facilitation business have introduced the sectorwide fluctuations in funding supply, we anticipate manageable capital costs for the remainder of the year supported by our strong liquidity management.

現在讓我們來談談資金方面。2025 年第二季度，我們的融資成本年減了 80 個基點，但較上季略有增加。儘管貸款便利業務的新規定導致整個行業的資金供應出現波動，但我們預計，在強大的流動性管理支持下，今年剩餘時間的資本成本將處於可控範圍內。

Regarding our asset quality, our overall risk performance remained stable quarter over quarter though we did see some early delinquency increase in June, but the delinquency improved in July as we tightened our credit measures.

關於我們的資產質量，儘管 6 月份早期拖欠率有所增加，但我們的整體風險表現與上一季相比保持穩定，但隨著我們收緊信貸措施，7 月份拖欠率有所改善。

As of June 30, our 1 to 30 day delinquency rate was 1.7%, up 10 basis points from the previous quarter. Meanwhile, our 31 to 60 days and the 61 to 90 days delinquency rates actually improved, coming in at 1.1% and 1.0% respectively.

截至 6 月 30 日，我們的 1 至 30 天拖欠率為 1.7%，比上一季上升了 10 個基點。同時，我們的 31 至 60 天和 61 至 90 天拖欠率實際上有所改善，分別達到 1.1% 和 1.0%。

That's 10 basis points and 20 basis points lower than where we were at the end of first quarter. We have made substantial progress in strengthening our risk management framework. Recognizing industrywide trends in the first half of this year, we overhauled our risk rating system, implementing a more granular eight-level classification model with more strict assessment criteria.

這比第一季末的水平低了 10 個基點和 20 個基點。我們在加強風險管理框架方面取得了實質進展。針對今年上半年產業發展趨勢，我們對風險評級體系進行了全面改革，實施了更精細的八級分類模型和更嚴格的評估標準。

Under this enhanced system, we selectively switched the system to decline lowest tier borrowing application. This upgrade has effectively contained the delinquency increase in May and June and reversed the trend in July.

在這個增強的系統下，我們有選擇地切換系統以拒絕最低級別的借款申請。此次升級有效遏止了5月和6月的拖欠率上升趨勢，並扭轉了7月的趨勢。

We will continue to monitor the market conditions to maintain our loan portfolio performance. Speaking of our asset quality management, AI has also played a pivotal role, particularly in loan collection. In the second second quarter of 2025, our AI collection robots handled 81% of day 1 delinquency cases and started to cover the 31 to 60 cases in the domestic market.

我們將繼續監測市場狀況，以維持我們的貸款組合表現。說到我們的資產品質管理，人工智慧也發揮了關鍵作用，特別是在貸款催收方面。2025年第二季度，我們的AI催收機器人處理了81%的第一天拖欠案件，並開始涵蓋國內市場31至60個案件。

This automation realized average labor cost savings of RMB2.7 million per month, a 42% increase from first quarter's monthly average of RMB1.9 million savings. Besides cost savings, our customer experience improved substantially with borrower compliant rate decreasing by a further 80% quarter over quarter.

該自動化系統每月平均節省人力成本270萬元人民幣，較第一季每月平均節省的190萬元人民幣增加42%。除了節省成本之外，我們的客戶體驗也得到了大幅改善，借款人合規率較上季下降了 80%。

Now let's look at our overseas business, which continues to demonstrate strong momentum. In the second quarter of 2025, our loan volume in the Philippines reached nearly RMB200 million, representing a 54% growth compared to the first quarter of 2025.

現在讓我們來看看我們的海外業務，它繼續表現出強勁勢頭。2025年第二季度，我們在菲律賓的貸款金額達到近2億元人民幣，較2025年第一季成長54%。

Our Indonesia pilot operation has begun and is expected to accelerate growth in Q4 this year and in 2026, following continued refinements to its data models. AI remains central to our strategy. Beyond our current applications, we are exploring the development of a fully autonomous AI agent platform.

我們在印尼的試點業務已經開始，隨著數據模型的不斷完善，預計今年第四季和 2026 年將加速成長。人工智慧仍然是我們策略的核心。除了我們目前的應用程式之外，我們還在探索開發完全自主的人工智慧代理平台。

That will integrate and automate the entire operational process, planning, marketing, customer service, risk control, compliance, and quality assurance. Once implemented, this platform is expected to significantly enhance operational efficiency and reduce costs.

這將整合和自動化整個營運流程、規劃、行銷、客戶服務、風險控制、合規和品質保證。該平台一旦實施，預計將顯著提高營運效率並降低成本。

We look forward to sharing more exciting developments in the near future. Moreover, our insurance brokerage business showed gradual recovery with total premiums reaching approximately RMB850 million in the quarter, a 6% increase quarter over quarter.

我們期待在不久的將來分享更多令人興奮的發展。此外，保險經紀業務也逐步回暖，本季總保費達到約人民幣8.5億元，較上季成長6%。

Meanwhile, our digital insurance business has leveraged our existing customer acquisition channels to sell digital insurance products. It achieved 103% quarter over quarter growth in gross premiums, reaching RMB8.3 million in Q2 this year.

同時，我們的數位保險業務利用現有的客戶獲取管道來銷售數位保險產品。今年第二季度，該公司毛保費較上季成長103%，達到人民幣830萬元。

This demonstrates the adaptability of our customer acquisition algorithm and infrastructure for monetization from a new category. Regarding our consumption and lifestyle service, as communicated in Q1, we decided to wind down this segment to concentrate on our core financial services.

這證明了我們的客戶獲取演算法和基礎設施對於從新類別中貨幣化的適應性。關於我們的消費和生活方式服務，正如第一季所傳達的，我們決定逐步放棄這個部門，專注於我們的核心金融服務。

To better reflect the strategic priority and ensure more clear financial reporting, we have refined our segment revenue categorization in this quarter's financials. William will provide further details on these adjustments during his remarks.

為了更好地反映策略重點並確保更清晰的財務報告，我們在本季的財務報告中完善了分部收入分類。威廉將在演講中提供有關這些調整的更多細節。

Additionally, we are pleased to announce another round of cash dividends. Under our current semiannual dividend policy, the company will distribute a cash dividend for the first half of 2025, amounting to $0.22 per American depositary share which is expected to be paid on or about October 15, 2025 to holders of the company's ordinary shares and ADS of record as of the close of business on September 30, 2025 based on Hong Kong Time and the New York Times, respectively.

此外，我們很高興宣布新一輪現金分紅。根據我們目前的半年度股息政策，公司將派發2025年上半年的現金股息，每股美國存託憑證0.22美元，預計將於2025年10月15日左右支付給截至2025年9月30日營業結束時分別以香港時間和紐約時報記錄在案的公司普通股和美國存託憑證持有人。

In closing, our financial services customer acquisition platform has matured into a powerful monetization engine, as demonstrated by the strong performance of our digital insurance business, which we foresee sustaining its high growth for the next few quarters.

最後，我們的金融服務客戶獲取平台已發展成為強大的貨幣化引擎，這從我們數位保險業務的強勁表現中可以看出，我們預計該業務將在未來幾季保持高成長。

By harnessing advanced AI, we gained deeper insights into customer behavior, boosting conversion rates, extending customer lifetime value, and unlocking monetization opportunities from previously untapped traffic.

透過利用先進的人工智慧，我們可以更深入地了解客戶行為，提高轉換率，延長客戶生命週期價值，並從以前未開發的流量中釋放貨幣化機會。

Despite the regulatory headwind and changing market environment, our business has shown greater resilience.

儘管面臨監管阻力和市場環境變化，我們的業務仍表現出更強的韌性。

With that, I'll pass it to William, who will go through the financial performance for this quarter.

說完這些，我將把它交給威廉，他將報告本季的財務表現。

Thank you, Ning.

謝謝你，寧。

Hello, everyone.

大家好。

I will be walking you through our financial performance for the second quarter this year. Please refer to our earning release and our IR website for further details, both available on our website.

我將向您介紹我們今年第二季的財務表現。請參閱我們的收益報告和 IR 網站以了解更多詳細信息，這兩個信息均可在我們的網站上找到。

We are pleased to report a continued strong performance in the second quarter with the total revenue growing by 10.4% year on year to RMB1.65 billion. The growth was mainly driven by 75% revenue growth from the financial services segments partially offset by decline in revenues from the insurance brokerage and the consumption and lifestyle segment which we decided to scale down.

我們欣喜地報告，第二季業績持續保持強勁，總營收年增10.4%，達到人民幣16.5億元。這一成長主要得益於金融服務部門 75% 的收入成長，但保險經紀和消費與生活方式部門收入的下降（我們決定縮減這些部門的收入）部分抵消了這一增長。

Our net income rebounded to RMB358 million in the second quarter, which represents 44.5% increase quarter on quarter and a 12.7% decrease year on year but it reversed our five quarter declining trend on the net income.

二季度，公司淨利反彈至3.58億元，季增44.5%，年減12.7%，扭轉了公司淨利連續五季下滑的趨勢。

In the financial services segment, total loan facilitation volume increased by 57% year over year to RMB20.3 billion in the second quarter. The increase was driven by the strong demand for our small revolving loan products and the growth of repeat borrowers, which accounts for 77% by loan volume in the second quarter this year, up from 56% a year ago.

在金融服務領域，第二季貸款促成總額年增57%至人民幣203億元。這一增長得益於我們小額循環貸款產品的強勁需求以及重複借款人的成長，今年第二季重複借款人佔貸款總額的 77%，高於去年同期的 56%。

The revenue from this segment increased by 75% year on year to RMB1.5 billion in the second quarter. This segment contributes about 90% of the total net revenue of the company. Our non-guaranteed services also saw a significant growth.

該部門第二季營收年增75%至人民幣15億元。該部門貢獻了公司總淨收入的約90%。我們的非擔保服務也實現了顯著成長。

The revenue reached RMB317 million in the second quarter, up nearly 3.6 times year over year as we complete almost one full guarantee cycle period and higher amounts of deferred revenue from past few quarters is being recognized as revenue.

第二季營收達到人民幣3.17億元，年增近3.6倍，因為我們完成了幾乎一個完整的擔保週期，並且過去幾季的遞延收入被確認為收入。

Because of that, the contribution margin for the entire financial service improved from 9.5% in the second quarters of 2024 to 30.2% in the second quarters of this year. In the insurance segment, our gross written premium declined by 20% year over year to RMB850 million in the second quarter of 2025 primarily due to a regulatory-driven commission rate compression that began in the second half of 2024 for our traditional brokerage line.

受此影響，整個金融服務的貢獻利潤率從2024年第二季的9.5%提高到今年第二季的30.2%。在保險領域，2025 年第二季度，我們的毛承保保費年減 20% 至 8.5 億元，主要原因是自 2024 年下半年起，受監管因素影響，我們的傳統經紀業務佣金率開始壓縮。

However, the gross premium was up 6% compared to the first quarter of this year. The total revenue from insurance line in Q2 was RMB58 million. In September last year, we launched the digital insurance line using our existing acquisition channels from the financial services platform with virtually no additional customer acquisition cost.

然而，與今年第一季相比，毛保費上漲了6%。第二季保險業務總收入為人民幣5,800萬元。去年 9 月，我們利用金融服務平台現有的取得管道推出了數位保險產品線，幾乎沒有額外的客戶獲取成本。

In the second quarter, the gross premium from the digital insurance line was RMB8 million and that represents 103% growth quarter to quarter. So we expect this growth momentum will continue in the next few quarters.

第二季度，數位保險業務的毛保費為800萬元人民幣，較上季成長103%。因此我們預計這種成長勢頭將在未來幾季持續下去。

And one thing to highlight is that the margin for digital insurance line is much higher than the traditional line because of a lower customer acquisition cost and it has a much bigger opportunity to scale. So we expect the digital line will relieve some of the profit pressure from the decline of the traditional line.

需要強調的一點是，由於客戶獲取成本較低，數位保險業務的利潤率遠高於傳統業務，並且具有更大的擴展機會。因此我們預期數位產品線將可緩解傳統產品線下滑帶來的部分利潤壓力。

On the expense side, sales and marketing expenses in the second quarter increased by 21% year over year to RMB345 million driven by higher loan facilitation volume in the second quarter and the investment in acquiring high quality borrowers.

在費用方面，由於第二季貸款促成量增加以及對取得高品質借款人的投資，第二季銷售和行銷費用年增21%至人民幣3.45億元。

Research and development expenses grew by 93% year over year to RMB108 million, so that reflects our increased focus on AI and engineering talent to drive innovation. Origination, servicing, and other operating costs decreased by 35% year over year to RMB161 million because of a lower commission cost from the insurance brokerage business and ongoing operational efficiency.

研發費用年增 93% 至人民幣 1.08 億元，反映出我們更加重視人工智慧和工程人才以推動創新。由於保險經紀業務佣金成本降低及營運效率持續提高，發起、服務及其他營運成本較去年同期下降35%至人民幣1.61億元。

General and administrative expenses for the quarter increased by 15% year over year to RMB79 million primarily due to increase in personnel related costs to support the growth of the overseas business and improved compliance practice.

本季的一般及行政開支年增 15% 至人民幣 7,900 萬元，主要由於為支持海外業務成長和改善合規實踐而增加的人員相關成本。

The allowance for contract assets and receivables and others for a quarter increased by 74% year over year to RMB215 million. So that's driven by higher facilitation loan volume from our overseas business and the loan funded by our own balance sheet.

第一季合約資產及應收款項及其他撥備餘額2.15億元，較去年同期成長74%。這是由我們海外業務的便利貸款額度增加以及我們自己的資產負債表提供的貸款所推動的。

Provisions for contingent liability this year increased by 38% year over year to RMB386 million because of the higher growth of our capital intensive guarantee. The net income for the second quarter was RMB358 million or RMB4.11 per shares or $0.57 per ADS share.

由於資本密集擔保成長較快，本年度或有負債撥備年增38%至人民幣3.86億元。第二季淨利為3.58億元人民幣，即每股淨利4.11元人民幣，或每股美國存託憑證0.57美元。

That represents 44% growth from the first quarter of this year, and a 12% decrease from the same period last year. The net margin improved from 16% in first quarter of this year to 22% for this quarter. The net cash flow from our operation in the second quarter was RMB411 million and our balance sheets remain robust with the total cash equivalent and restricted cash of RMB4.5 billion.

這比今年第一季成長了44%，比去年同期下降了12%。淨利潤率從今年第一季的16%提高到本季的22%。我們第二季的營業淨現金流為人民幣4.11億元，資產負債表維持穩健，現金等價物及受限現金總額為人民幣45億元。

So given our strong cash position, as Ning mentioned, we are pleased to announce that our Board has approved a quarterly dividend of $0.22 per share. So this dividend is payable on October 15, 2025 to shareholders of record as of September 30, 2025.

因此，鑑於我們強大的現金狀況，正如寧所提到的，我們很高興地宣布，董事會已批准每股 0.22 美元的季度股息。因此，股息將於 2025 年 10 月 15 日支付給截至 2025 年 9 月 30 日登記在冊的股東。

So this marks our third consecutive semiannual dividend payment, so reflecting our strong financial performance and a commitment to delivering value to our shareholders. So looking ahead, we remain cautiously optimistic about our business while we anticipate slightly higher volatility in the credit and regulatory risk environments.

這是我們連續第三次支付半年股息，反映了我們強勁的財務表現和為股東創造價值的承諾。因此，展望未來，我們對我們的業務保持謹慎樂觀，同時我們預期信貸和監管風險環境的波動性將略有上升。

Our more disciplined credit policies and enhance risk management capabilities and adaptive revenue model will position us well in this market environment. Our international business and digital insurance segments are expected to drive more revenues and margin growth in the next few quarters.

我們更嚴謹的信貸政策、增強的風險管理能力和適應性收入模式將使我們在這種市場環境中佔有有利地位。我們的國際業務和數位保險部門預計將在未來幾季推動更多的收入和利潤成長。

For the third quarter of 2025, we are projecting our revenue to be in the range of RMB1.4 billion to RMB1.6 billion, reflecting our disciplined approach to growth and risk management.

我們預計 2025 年第三季的營收將在 14 億元至 16 億元人民幣之間，這反映了我們對成長和風險管理的嚴謹態度。

Thank you very much.

非常感謝。

Thank you. We are now open for Q&A.

謝謝。我們現在開放問答。

(Operator Instructions)

（操作員指示）

[Bruce Oren, Black Lab Fund.]

[布魯斯‧奧倫，黑色實驗室基金。 ]

Congratulations on another strong quarter.

恭喜您又一個季度取得強勁業績。

Crypto assets have risen substantially this quarter. Does Yiren Digital intend to continue to increase crypto investment?

本季加密資產大幅上漲。宜人數字有意繼續增加加密貨幣投資？

Yes, and yeah, William, you want to take a crack?

是的，是的，威廉，你想嘗試嗎？

No, go ahead, yeah.

不，繼續吧，是的。

Yeah. The crypto is yeah, gaining momentum and we believe a good part of it represents the future fintech. Yeah, as a fintech player, we pay close attention to innovation frontier. And so we will yeah, continue to yeah, work on this emerging asset class and once we have, yeah, more news to share, we will be happy to, yeah, announce and I do expect that yeah, we will do more in this, yeah, very important, sector.

是的。是的，加密貨幣正在獲得發展勢頭，我們相信其中很大一部分代表著未來的金融科技。是的，作為金融科技公司，我們密切關注創新前沿。因此，我們將繼續致力於這個新興資產類別，一旦我們有更多新聞可以分享，我們將很高興地宣布，我確實希望我們將在這個非常重要的領域做更多的事情。

Yeah. William, you have anything to add?

是的。威廉，你還有什麼要補充的嗎？

Yeah. I just want to add we increased our crypto position in the first quarter of this year initially for the purpose of just treasury management but as the stablecoins and the other crypto-related business in the market have mature and we are exploring different ways of using the crypto or blockchain to support our core business, but it's still too early to tell, but we are still -- we are in the exploration stage right now.

是的。我只想補充一點，我們在今年第一季增加了加密貨幣頭寸，最初只是為了資金管理，但隨著穩定幣和市場上其他與加密貨幣相關的業務已經成熟，我們正在探索使用加密貨幣或區塊鏈來支持我們核心業務的不同方式，但現在下結論還為時過早，但我們仍然——我們現在處於探索階段。

Yeah. It's a key part of our strategic discussion and also yeah, strategic implementation going forward, I believe.

是的。我相信，這是我們策略討論的關鍵部分，也是未來策略實施的關鍵部分。

Do you hedge the risks of investing in crypto?

您是否對沖了投資加密貨幣的風險？

We have a long term view.

我們有一個長遠的眼光。

Do you have anything to add?

您還有什麼要補充的嗎？

No, I'm just saying, I think the simple answer is we do not hedge because it's really -- well, we do not hedge directly on the crypto assets that we have but I think we see the -- as you see in the market that the crypto asset price has been trending up, so which is also our long-term view of the crypto price, and also the reason we are -- another reason we're holding on those crypto asset is for the strategic perfect, which we are still exploring, so we will update you as we make some progress on that front.

不，我只是說，我認為簡單的答案是我們不對沖，因為它真的 - 好吧，我們不會直接對我們擁有的加密資產進行對沖，但我認為我們看到 - 正如你在市場上看到的那樣，加密資產價格一直呈上升趨勢，這也是我們對加密貨幣價格的長期看法，也是我們的原因 - 我們持有這些加密資產的另一個原因，這是一些策略上

(Operator Instructions)

（操作員指示）

It appears we have no further questions in the question queue.

看來我們的問題隊列中沒有其他問題了。

I will now hand over to management for closing remarks.

現在我將把發言權交給管理階層，請他們發表結束語。

Thank you, Rita. Now that concludes our earnings conference call and if you have any questions, please welcome to contact our IR team.

謝謝你，麗塔。我們的收益電話會議到此結束，如果您有任何疑問，歡迎聯絡我們的 IR 團隊。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. That concludes this conference. Thank you for attending today's presentation, and you may now disconnect your lines.

謝謝。本次會議到此結束。感謝您參加今天的演講，現在您可以斷開您的線路了。

Bye-bye.

再見。