Yiren Digital Ltd (YRD) 2025 Q3 法說會逐字稿

Good day and welcome to the Yiren Digital third quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over Keyao He. Please go ahead.

大家好，歡迎參加宜人數字2025年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給何可堯主持。請繼續。

Thank you. Good morning and good evening, everyone. Today's call features a presentation by our founder, Chairman and CEO of credit is our CEO, Mr. Ning Tang; and our CFO, Mr. William Hui. There will be a QNA session after the prepared remark.

謝謝。各位早安/晚安。今天的電話會議將由我們的創辦人、董事長兼執行長唐寧先生和財務長許偉文先生進行演講。在準備好的發言之後，將進行問答環節。

Before beginning, we would like to remind you that discussions during this call contain forward-looking statements made under the state public provision of US Private Securities Litigation Reform Act of 1995. Such statements have accepted risks, uncertainties, and factors that can cause accurate results to differ materially from those contained in any such statements.

在開始之前，我們想提醒各位，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州公共條款作出的前瞻性陳述。此類聲明已考慮了風險、不確定性和因素，這些因素可能導致實際結果與此類聲明中包含的結果有重大差異。

Further information regarding such risks, uncertainty, or factors is inclusive in our filings for the US Securities and Exchange Commission. We do not undertake any obligation to update any forward-looking statements as required under the relevant law.

有關此類風險、不確定性或因素的更多信息，請參閱我們向美國證券交易委員會提交的文件。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。

During the call, we will be referring to certain non-GAAP financial measures, and supplemental measures to review and assess of operating formats. 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.

在電話會議中，我們將提及一些非GAAP財務指標和補充指標，以審查和評估營運模式。這些非公認會計準則財務指標不應被孤立地看待，也不應被視為替代根據美國公認會計準則編制和列報的財務資訊。

For information about those non-GAAP financial measures and reconciliation to GAAP measures, please refer to our earnings question. We will now press to Ning for opening remark.

有關這些非GAAP財務指標以及與GAAP指標的調節信息，請參閱我們的盈利問題。現在我們請寧先生致開幕詞。

Thank you all for joining us today. This past quarter presented a more challenging operating environment than we've seen in recent period, driven primarily by heightened regulatory uncertainty, and a more cautious credit backdrop. While these factors weighed on parts of our business, we moved quickly to adjust our risk posture and protect asset quality.

感謝各位今天蒞臨。上個季度，我們所面臨的經營環境比近期任何時候都更具挑戰性，這主要是由於監管不確定性加劇以及信貸環境更加謹慎。雖然這些因素對我們的部分業務造成了壓力，但我們迅速調整了風險狀況，保護了資產品質。

I'm pleased to share that these actions have been effective. And at the same time, our internet insurance segment continued to deliver solid growth, reinforcing the resilience and the diversification of our platform. As we look ahead, we remain focused on discipline execution and the position in the company for the next generation fintech with AI and blockchain.

我很高興地告訴大家，這些措施已經達到了成效。同時，我們的網路保險業務持續保持穩健成長，增強了我們平台的韌性和多元化。展望未來，我們將繼續專注於紀律執行，並鞏固公司在下一代人工智慧和區塊鏈金融科技領域的地位。

As part of our ongoing transformation, we continue to advance our agentic AI capabilities to enhance process efficiency and the strengthen unit economics. These innovations are helping us offset the margin pressure associated with rising credit risk.

作為我們持續轉型的一部分，我們將繼續推動我們的智慧人工智慧能力，以提高流程效率並增強單位經濟效益。這些創新有助於我們抵銷信貸風險上升所帶來的利潤率壓力。

Our agentic platform, Magicube, is already demonstrating meaningful impact, improving sales conversion, elevating risk controls, and driving greater overall productivity. With that, let me walk you through the key business highlights for the quarter.

我們的代理商平台 Magicube 已經展現出顯著的影響，提高了銷售轉換率，增強了風險控制，並提高了整體生產力。接下來，我將帶您了解本季的主要業務亮點。

First, turning to our financial services segment. We facilitated RMB20.2 billion in loan origination during this quarter, up 51% year over year. Our repeat borrowing rate remains at a record high of 77% in line with last quarter and the 16% points higher than a year ago.

首先，我們來看金融服務板塊。本季我們促成貸款發放202億元人民幣，較去年同期成長51%。我們的重複借款率仍處於 77% 的歷史高位，與上一季持平，比一年前高出 16 個百分點。

While the number of our total borrowers decreased by 11% to 1.3 million compared to the same period last year due to the tightening of credit policies. Our total cumulative borrower base increased by 21% year on year to 14 million. We also continue to see healthy structural improvements across our borrower base.

由於信貸政策收緊，與去年同期相比，我們的借款人總數減少了 11%，至 130 萬人。我們的累計借款人總數年增 21%，達到 1,400 萬人。我們也持續看到借款人群體結構性方面的健康改善。

Average size for new loan from our lending platform rose from RMB7,000 to RMB10,100, driven by our ongoing shift towards higher credit quality customer segments and the better credit predictability from repeat borrowers. We expect this favorable mix trend to continue as we continue to trade up for better quality borrowers.

由於我們不斷向信用品質更高的客戶群轉型，以及回頭客信用預測能力的提高，我們貸款平台的新貸款平均規模從 7,000 元增加到 1,0100 元人民幣。我們預計這種有利的組合趨勢將持續下去，因為我們將繼續選擇更高品質的借款人。

Our agentic AI has delivered remarkable productivity boost in our operations. For marketing, our AI-driven marketing agents continue to deliver some results. It enhanced the customer profiling accuracy and expanded the pool of identified 5 in 10 users by 38% quarter over quarter.

我們的智能體人工智慧顯著提高了營運效率。在行銷方面，我們的人工智慧驅動型行銷代理商繼續取得了一些成果。它提高了客戶畫像的準確性，並將已識別的 5/10 使用者群體擴大了 38%（按季度環比）。

In addition, our proprietary AI agent now generates tailored responses across a wide range of customer inquiries, effectively reactivating dormant users and driving a 15% increase in their APP engagement. For customer service, our LLM powered service robot continue to strengthen its performance with response accuracy rising from roughly 80% to over 92%.

此外，我們自主研發的 AI 代理現在可以針對各種客戶諮詢產生客製化回复，有效地重新激活休眠用戶，並使他們的 APP 參與度提高了 15%。在客戶服務方面，我們採用 LLM 技術的服務機器人效能持續提升，反應準確率從大約 80% 提高到 92% 以上。

Meanwhile, the rate of inquiries requiring escalation to human agents declined by nearly 15% quarter over quarter. For quality control and risk management, we continue to optimize our multi-modal models. Fraud detection coverage increased from a weekly manual sampling of 450 cases to 5,800 by agentic AI while accuracy improved to 91%.

同時，需要升級到手動處理的查詢率環比下降了近 15%。為了品質控制和風險管理，我們不斷優化我們的多模式模型。透過人工智慧，詐欺偵測覆蓋率從每週人工抽樣 450 例增加到 5800 例，準確率提高到 91%。

Now, let's turn to capital allocation. As of September 30, 2025, our total outstanding loan balance is RMB34.2 billion, representing 10% quarter to quarter growth. Our funding costs rose by 55 basis points during the quarter, in line with the sector trend. We are now included in the wide list of nearly 30 compliant funding partners and the new regulatory framework, positioning us as one of the leading players in the market.

現在，我們來談談資本配置。截至2025年9月30日，我們的未償貸款餘額總額為人民幣342億元，較上季增加10%。本季我們的融資成本上升了 55 個基點，與產業趨勢一致。我們現在已躋身近 30 家合規融資合作夥伴之列，並符合新的監管框架，這使我們成為市場上的領導者之一。

On asset quality and credit risk, we continue to see industry-wide pressure this quarter. Although we proactively tighten our credit policies, our risk indicators edged up in Q3. As of September 30, our 1-to-30-day delinquency rate stood at 2.7%. Well, the 31 to 60 days, and the 61-to-90-day delinquency rates were 1.7% and 1.4% respectively.

本季度，我們在資產品質和信用風險方面繼續看到整個行業面臨壓力。儘管我們積極收緊信貸政策，但我們的風險指標在第三季還是略有上升。截至 9 月 30 日，我們的 1 至 30 天逾期率為 2.7%。31 至 60 天的逾期率和 61 至 90 天的逾期率分別為 1.7% 和 1.4%。

The good news is that we see the risk indicators for the loan portfolio from new borrowers begin to trend down in November which is a proof of effectiveness of our upgraded credit strategy. However, from a conservative point of view, we expect the industry-wide impact on the overall asset quality to continue in the fourth quarter and then the recovery is likely to begin early next year as the market stabilizes.

好消息是，我們看到來自新借款人的貸款組合風險指標在 11 月開始呈下降趨勢，這證明了我們升級後的信貸策略的有效性。然而，從保守的角度來看，我們預計整個產業對整體資產品質的影響將在第四季持續，然後隨著市場穩定，復甦可能會在明年初開始。

Our AI-driven collection capabilities played an important role in mitigating early-stage sympathies. This automation drove productivity growth, reducing labor costs by an average of RMB5 million per month up from RMB2.7 million in the second quarter while improving service quality.

我們的人工智慧驅動的資訊收集能力在緩解早期同情情緒方面發揮了重要作用。自動化提高了生產力，使勞動成本平均每月降低 500 萬元人民幣（高於第二季的 270 萬元），同時提高了服務品質。

Turning to our overseas business, our Indonesian operations launched on schedule in September 2025, and we expect this segment to contribute significant growth in 2026. Now, turning to our insurance brokerage business. After navigating significant regulatory headwinds and the commission pressure in 2024, we entered 2025 with a transformed operating model.

再來看我們的海外業務，我們在印尼的業務已於 2025 年 9 月按計畫啟動，我們預計該業務板塊將在 2026 年顯著成長。現在，讓我們來談談我們的保險經紀業務。在克服了 2024 年巨大的監管阻力和委員會壓力之後，我們以全新的營運模式進入了 2025 年。

Our insurance business has shifted from a high touch high cost of brokerage approach to a digital low customer acquisition cost, high margin model by tapping into new insurance demand within our existing customer acquisition channels in the platform.

我們的保險業務已從高接觸、高成本的經紀方式轉變為數位化、低客戶獲取成本、高利潤模式，透過挖掘我們平台上現有客戶獲取管道中的新保險需求來實現這一轉變。

This has allowed us to focus on a healthier, more profitable customer base that is contributing meaningfully to segment margins. In the third quarter of 2025, gross return premium reached RMB1.15 billion, an increase of 35% quarter over quarter.

這使我們能夠專注於更健康、更有利可圖的客戶群體，該群體對細分市場的利潤率做出了有意義的貢獻。2025年第三季度，總報酬溢價達人民幣11.5億元，季增35%。

Revenue from the segment was RMB84.2 million, 45% from the far quarter. Our internet insurance business continued its rapid expansion, delivering RMB196 million in annualized premium, representing 204% quarter over quarter growth. Total customer number rose 93%, quarter over quarter to 229,353, driven by more precise marketing and a still low penetration within the target segment.

該業務類股營收為人民幣8,420萬元，較上一季成長45%。我們的網路保險業務持續快速擴張，實現年度保費收入人民幣1.96億元，季增204%。受更精準的行銷和目標細分市場滲透率仍然較低的推動，客戶總數較上季成長 93%，達到 229,353。

We expect the internet insurance business to sustain strong momentum over the coming quarters. Finally, while we continue to strengthen and scale our core business, we were -- we are also investing strategically into the future.

我們預計網路保險業務將在未來幾季保持強勁成長動能。最後，在我們持續加強和擴大核心業務的同時，我們也在對未來進行策略性投資。

Building on our technology capabilities and our position within the broader fintech ecosystem, we are exploring new ways to better serve customers and manage assets through AI and the blockchain enabled solutions. We see AI and blockchain as core strategic pillars for the future of our business, especially as we expand our footprint globally.

憑藉我們的技術能力和在更廣泛的金融科技生態系統中的地位，我們正在探索透過人工智慧和區塊鏈技術更好地服務客戶和管理資產的新方法。我們認為人工智慧和區塊鏈是我們業務未來發展的核心策略支柱，尤其是在我們擴大全球商業版圖之際。

We are investing in the systems and the capabilities needed to build our next generation fintech infrastructure while deepening partnerships with key industry players. In October, we signed an MOU with China, a leading crypto solutions provider in Singapore. And we also announced our plan to launch a E3 -- Ethereum staging service, which is currently undergoing testing.

我們正在投資建立下一代金融科技基礎設施所需的系統和能力，同時深化與主要產業參與者的合作關係。10月份，我們與新加坡領先的加密貨幣解決方案供應商China簽署了諒解備忘錄。我們還宣布了推出 E3（以太坊測試服務）的計劃，該服務目前正在進行測試。

This initiative marks an important milestone in our journey toward delivering seamless 24/7 global financial services. Over the next few quarters, we look forward to introducing additional products, designed to enhance financing efficiency and asset monetization for our customers.

這項措施標誌著我們在實現全天候無縫全球金融服務的旅程中邁出了重要一步。在接下來的幾個季度裡，我們期待推出更多產品，旨在提高客戶的融資效率和資產變現能力。

To conclude on the quarter, while the third quarter brought its share of challenges, the progress we've made demonstrates that our diversification and the forward-looking strategy are working. We build a stronger, more resilient foundation that positions as well for sustainable growth, and the value creation in the quarters ahead.

總結本季度，雖然第三季度也帶來了一些挑戰，但我們的進展表明，我們的多元化和前瞻性策略正在發揮作用。我們建立了一個更強大、更具韌性的基礎，為永續成長以及未來幾季的價值創造奠定了基礎。

I'm confident that by staying disciplined and continuing to execute our priorities, we will emerge even stronger. With that, I'll now pass it over to William, who will provide more details on the financials for the quarter.

我相信，只要我們保持自律，繼續執行我們的優先事項，我們就會變得更強大。接下來，我將把發言權交給威廉，他將提供本季財務方面的更多細節。

Thank you, Ning. Hello, everyone. I will now walk you through our financial performance for the third quarter this year. Please refer to our earnings release, and I will be back for further details, both available on our website. For the third quarter, the total revenue grew by 5.1% year over year to RMB1.55 billion, mainly attributable to 70% growth from the financial services segment.

謝謝你，寧。大家好。接下來，我將為大家介紹我們今年第三季的財務表現。請參閱我們的盈利報告，稍後我將帶來更多詳情，這兩份文件均可在我們的網站上找到。第三季總營收年增5.1%至人民幣15.5億元，主要歸功於金融服務業務70%的成長。

It was partially offset by the decline in revenues from the consumers and lifestyle segment as we announced to decommission the business in. The fourth quarter of 2024. In the financial services segment, total loan facilitation volume increased by 51% year over year to RMB20.2 billion in the third quarter.

由於我們宣布停止消費者和生活方式業務，該業務的收入下降，部分抵消了上述影響。2024年第四季。在金融服務領域，第三季貸款促成總額年增51%，達202億元人民幣。

The increase was driven by growth in average loan ticket size. The growth of repeated borrowers, an increase in loan referral revenue. The loans from repeat borrower accounts for 77% of the total loan volume facilitated in the third quarter this year, up 16 percentage points compared to the same period last year.

貸款額平均成長是推動貸款額成長的主要因素。重複借款人數量成長，貸款推薦收入增加。今年第三季度，來自回頭客的貸款佔貸款總額的 77%，比去年同期增加了 16 個百分點。

As the credit from the repeated borrower is more predictable, it allows us to extend the credits without substantially affecting our portfolio risk. The average size for new loan from our lending platform, [Yirendai] grew by 44% to RMB10,100. Overall, the revenue from this segment increased by 70% year over year to RMB1.4 billion in the third quarter.

由於重複借款人的信用狀況更可預測，因此我們可以在不大幅影響投資組合風險的情況下延長信貸期限。我們貸款平台【借貸平台】的新貸款平均規模成長了44%，達到人民幣10,100元。整體而言，該業務部門第三季營收年增70%，達到人民幣14億元。

The revenue growth is driven by our loan guarantee services revenue, which reached RMB458 million in the third quarter, up nearly 2.4 times year over year, driven by higher loan facilitation under the risk-taking model. As our service revenue and loan facilitation from the risk-taking model increases, our provisions for contingency liability also increased by 68.8% year over year to RMB460 million.

營收成長主要得益於貸款擔保服務收入，第三季達到人民幣4.58億元，年增近2.4倍，主要得益於風險承擔模式下貸款便利化的增加。隨著我們承擔風險模式下的服務收入和貸款便利化業務的增加，我們的或有負債準備金也年增 68.8% 至人民幣 4.6 億元。

But as the economic benefits of the guaranteed services is recognized over the next few quarters, a total of guarantee liabilities of RMB930 million will be recognized as a revenue over the next few quarters.

但隨著擔保服務的經濟效益在未來幾季逐步實現，未來幾季將確認人民幣9.3億元的擔保負債為收入。

The contribution margin for the entire financial services segment improved from 5.2% in the third quarters of 2024 to 23% in the third quarter this year because of a higher revenue tech rate, and also a higher percentage of the of the deferred revenue from the guarantee business to be recognized as the revenue, and also the higher borrower acquisition efficiency which results in a 27.1% decrease in the origination expense while the revenue grew by 70%.

由於收入技術成長率提高，擔保業務遞延收入確認為收入的比例增加，以及借款人獲取效率提高，導致貸款發放費用下降 27.1%，而收入增長 70%，整個金融服務部門的貢獻毛利率從 2024 年第三季度的 5.2% 提高到今年第三季度的 23%。

In the insurance segments, our gross return premium in the third quarter was RMB1.15 billion, up 35% from the second quarter this year. It is showing a sign of recovery for this business, compared to a third quarter 2024. The premium is still down by 15%.

在保險業務方面，我們第三季毛回報保費為人民幣11.5億元，比今年第二季成長35%。與 2024 年第三季相比，該業務已出現復甦跡象。保費仍下降了15%。

The total revenue from the insurance line in the third quarter was RMB84.2 million 44.9% quarter on quarter. But it is slightly, it is still down by 1.5% year on year. We have successfully turned around the business. The main growth contributor is the internet insurance line that we launched in the first quarter.

第三季保險業務總收入為人民幣8,420萬元，較上季成長44.9%。但降幅不大，年比仍下降了1.5%。我們已成功扭轉了公司的頹勢。主要成長動力來自我們在第一季推出的網路保險產品線。

In the third quarter, the gross premium from the internet insurance line was RMB196 million, and that represents 204% growth quarter over quarter. We expect this growth momentum will continue in the next few quarters, and have significant revenue contribution to the overall insurance line.

第三季度，網路保險業務毛保費達人民幣1.96億元，季增204%。我們預計這種成長動能將在未來幾季持續，並對整體保險業務的收入做出重大貢獻。

One thing to highlight is that the margin and the take rate for internet insurance business is much higher than the traditional brokerage line because the client for this segment comes from our existing customer traffic from insurance and other business segments. These customer segments are a better with quality that traditional insurance carriers are not able to reach.

需要強調的是，網路保險業務的利潤率和佣金率遠高於傳統經紀業務，因為該領域的客戶來自我們現有的保險和其他業務領域的客戶流量。這些客戶群對品質的要求更高，是傳統保險公司無法觸及的。

As such, the internet insurance business has lower customer acquisition cost, better revenue sharing with the carriers, and no commission cost. The margin is expected to increase, as the premium scales, which will benefit the bottom line. On the expense side, sales and marketing expenses in the third quarter decreased by 1.2% year over year to RMB332 million.

因此，網路保險業務的客戶獲取成本更低，與保險公司的收入分成比例更高，而且沒有佣金成本。隨著溢價的擴大，利潤率預計會提高，這將有利於公司獲利。支出方面，第三季銷售和行銷費用較去年同期下降1.2%至人民幣3.32億元。

The marketing expenses decrease when our total loan facilitation increased by 51%. This is the result of the better AI assisted precision marketing that drives a higher sales conversion, effectively lower the borrow acquisition cost. Search and development expenses decreased by 39% year over year to RMB92 million. This is because during the same period last year, there was a one-off large system development project.

當我們的貸款促成總額增加 51% 時，行銷費用下降了。這是人工智慧輔助精準行銷提升銷售轉換率、有效降低獲客成本的結果。搜尋和開發費用較去年同期下降39%至人民幣9,200萬元。這是因為去年同期有一個大型系統開發專案。

The origination, servicing, and other operating costs decreased by 27% year over year to RMB150 million because of the 27.1% decrease in the origination expense from the financial services business, due to the improved collection efficiency driven by AI, and lower commission costs from the traditional insurance broker line.

由於人工智慧推動收款效率提高，金融服務業務的貸款發放費用下降了 27.1%，加上傳統保險經紀業務的佣金成本降低，貸款發放、服務及其他營運成本同比下降 27% 至人民幣 1.5 億元。

General and administrative expenses for the quarter increased by 30% year over year to RMB104 million primarily due to increased personnel related costs to strengthen our risk management. And to fund the plan for new business initiatives such as the development of the next generation of fintech that we mentioned the announcement in October.

本季一般及行政費用年增30%至人民幣1.04億元，主要原因是為加強風險管理而增加的人員相關成本。並為新的商業計劃提供資金，例如我們曾在 10 月宣布的下一代金融科技的開發。

The allowance for contract assets and receivables and others for the quarter increased by 142% year over year to RMB229 million. This is driven by higher receivables from loan facilitation service and guarantee services. As the loan volume has grown with particularly strength from the risk-taking model that generates higher service revenues, along with the increase in the self-fund funded loan balance in the third quarters of 2025.

本季合約資產、應收帳款及其他準備金年增142%，達到人民幣2.29億元。這是由於貸款促成服務和擔保服務的應收帳款增加所致。隨著貸款規模的成長，尤其是風險承擔模式帶來的更高服務收入的成長，以及2025年第三季自籌資金貸款餘額的增加，貸款規模顯著擴大。

Provisions for contention liability this year increased by 69% year over year to RMB460 million because of the increase in loan volume facilitated under the risk-taking model. Net income for the third quarter was RMB318 million translating to RMB3.65 per ATR shares of USD0.51 for per ADR shares. This represents 12% decline from the second quarter of this year.

由於風險承擔模式下貸款規模的增加，今年的爭用負債準備金年增 69% 至 4.6 億元。第三季淨利為人民幣3.18億元，折合每股ATR股份人民幣3.65元，折合每股ADR股0.51美元。這比今年第二季下降了12%。

The pressure on profitability is attributed to multiple reasons. Building the substantial upfront provisions under our risk taking loan facilitation model, industry-wide volatility and asset quality, a declining fee rate for loan facilitation business following the new regulation as well as a decreasing commission rate in our traditional insurance brokerage line.

獲利能力面臨壓力的原因有很多。在我們承擔風險的貸款促進模式下，需要建立大量的預付準備金；行業整體波動性和資產品質；新規出台後，貸款促進業務的費率下降；以及我們傳統保險經紀業務的佣金率下降。

Our net margin declined slightly from 22% in the in the prior quarter this year to 20%. However, we maintain a very good cash position. The net cash out from the operation, in the third quarter, was RMB5.5 million. And our balance sheets remain robust with a total cash equivalent and restricted cash of RMB4.3 billion. So this will position as well to address any future challenges and to capture a new opportunities.

我們的淨利潤率從今年上一季的 22% 略微下降至 20%。然而，我們的現金流狀況非常良好。第三季度，該項業務的淨現金支出為人民幣550萬元。我們的資產負債表依然穩健，現金等價物及受限現金總額達人民幣43億元。這樣一來，我們就能更好地應對未來的挑戰，並抓住新的機會。

Looking ahead, we remain cautiously optimistic about our business while we anticipate volatility in the credits and regulatory risk environment. Our discipline, credit policy, enhance risk management capability and effective risk revenue model will position as well in this market environment. Our international business and internet insurance segments are expected to drive a higher revenue growth and a margin growth in the next few quarters.

展望未來，儘管我們預期信貸和監管風險環境將會波動，但我們對業務仍保持謹慎樂觀的態度。我們的紀律、信貸政策、增強的風險管理能力和有效的風險收益模式，將使我們在這個市場環境中佔有有利地位。預計未來幾個季度，我們的國際業務和網路保險業務將推動更高的收入成長和利潤率成長。

For the fourth quarter of 2025, we are projecting revenue to be in the range of RMB1.4 billion to RMB1.6 billion, so reflecting our disciplined approach to growth and risk management. That's the end of my part of presentation. Thank you very much.

我們預計 2025 年第四季的營收將在人民幣 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。我的演講部分到此結束。非常感謝。

Thank you, and operator will open for QA. Thanks.

謝謝，操作員將開啟QA功能。謝謝。

(Operator Instructions) The conference has now concluded. If you have any questions, you're welcome to contact the company's IR team. Thank you for attending today's presentation. You may now disconnect.

（操作員指示）會議現已結束。如有任何疑問，歡迎聯絡公司投資者關係團隊。感謝各位參加今天的報告會。您現在可以斷開連線了。

Thank you.

謝謝。