Hello, everyone. Welcome to Yixin Group 2026 interim result presentation. All participants are currently on mute. Please note the disclaimer. Though the meeting is for individual investors only, the audio and transcript of this meeting are for internal use by participants and shall be publicly released. Yixin Group has not authorized any media to republish content from this meeting. Unauthorized reproduction or redistribution constitutes infringement. Yixin Group reserves the right to pursue legal liabilities and shall bear no losses nor liabilities arising from such unauthorized reposting. Market risk exists, invest entail caution. Investors are reminded to exercise prudence when making investment decisions. Now please allow me to introduce the company's management present at this interim result presentation. They are Mr. Zhang Xuan, Chairman and Chief Executive Officer, Mr. Zhi Gao, Mr. Yang Xiaoguang, Chief Financial Officer, and Mr. Zhifeng Jia, Chief Technology Officer. This meeting will consist of two parts. First, management will walk you through 2026 half year reporting results. This will be followed by Q&A session. You are welcome to ask questions. Firstly, let's welcome Mr. Zhang Xuan, Chairman of the company, for his opening remarks. Over to you, Mr. Zhang. Distinguished investors and shareholders, I'm Zhang Xuan, the Chairman of our Group. You are very welcome to participate this interim result conference. Thank you so much for your support. There are several parts of our conference today. First, I'll introduce the overview of the company, also the development of the industry. Later on, our CFO will introduce and highlight, and then our CTO will introduce our core competitiveness in technology and also the progress of AI. Later on, our CFO, Yang Xiaoguang, will walk through our H1 2026 financial performance and overseas business development. Finally, we'll open the floor for a Q&A session. Let's first focus on the fundamentals of Yixin. As an AI-driven FinTech platform, Yixin has established a dual-driven business model, encompassing both new and used car financing, anchored by our strategic focus on technology-led financial innovation. On the asset side, we partner with over 43,000 dealers across all provinces in mainland China, including Tibet, Xinjiang. On the funding side, we collaborate with over 100 financial institutions, including banks, trusts and financial leading companies. We maintain deep collaboration with our major shareholder, Tencent, particularly in cutting-edge fields such as big data, AI and cloud computing. Our industry-leading risk management system ensures the security of our managed assets. These comprehensive competitive advantages form a robust moat for the company's long-term development. Notably driven by our deepening expertise in auto finance, cumulative auto financing transaction volume surpassed RMB 500 billion by June 2026, once again underscoring Yixin's leading market position. Regarding AI's empowerment, the Group closely followed industry trends and completed the evolution of its AI architecture from model-driven to system-driven in the first half of 2026, further deepening AI's transformative impact across the entire auto finance value chain. Now we'll examine the broader industry landscape. In the first half of 2026, the continuation of the trading subsidy policy provided some support for both incremental purchase and replacement demand. However, the overall market demand under pressure. According to China Association of Automobile Manufacturers, new passenger vehicle sales reached 12.72 million units in the first half, down 6% year-on-year. Per the China Automobile Dealers Association, used passenger vehicle transactions volume reached 7.45 million units in the first half, down 1.5% year-on-year. The NEV sector faced periodic headwinds. Data from China Passenger Car Association showed NEV passenger vehicle sales decreased by 14% year-on-year in the first half 2026. Conversely, we observed a positive development as policy supports NEVs remained steadfast with measures promoting green consumption and supporting NEV penetration into rural markets rolled out in the first half. Policies emphasized curbing irrational inversion style competition and bolstering financial support for the auto market. We remain confident in the bright and expansive future of the industry. Now I will give the floor to Ms. Gao, who will detail our specific business development in the first half. I am the COO. I am Gao Zhi. In the first half of 2026, despite a complex external environment, Yixin Group maintained stable growth in both revenue and profit, with business scale advancing steadily. Key operational highlights include steady core business expansion capturing structural growth opportunities. In the first half of 2026, the total auto financing transaction volume reached RMB 27 billion, up 13% year-on-year. Used car financing remained robust at RMB 19.9 billion, up 9% year-on-year, while the new car segment showed marginal recovery with financing of RMB 17.1 billion, up 18% year-on-year. Our FinTech business sustained its high growth momentum, facilitating RMB 27.2 billion in financing in the first half of 2026, up 72% year-on-year. In terms of technology empowerment, as of the end of June 2026, 45 agents were deployed across front-line business processes, enabling 90% of autonomous process delivery. International business transaction volume reached $150 million, securing leading positions in both Singapore and Malaysia. I will elaborate on specific business dynamics, starting with our core business, auto financing services. In the first half of 2026, the total auto financing transaction volume reached 428,000 units, up 18% year-on-year. For new cars, transaction volume reached 165,000 units with financing amounts totaling RMB 17.09 billion. Following the prohibition of irrational practices like excessive commissions, high interest, high rebate, the market became more standardized, further highlighting the advantages of leading platforms. We deepened OEM partnerships, establishing dedicated task forces to expand our network. Concurrently, joint product innovation yielded a pilot launch of a new residual value product with leading manufacturers. We also upgraded our systems, including streamlined processes and a simplified application sales, further enhancing the service precision and efficiency. The used cars transaction volume hit 273,000 units with financing amount reached RMB 19.9 billion, up 9% year-on-year. This growth stems from our proactive expansion into long-tail customer segment and a deeper utilization of existing channel values. For new energy vehicles, new energy vehicle financing maintained notable growth with financing amount jumping 37% year-on-year to RMB 13.8 billion. NEV financing for new car constitutes approximately 64% of total new car financing in the first half 2026. Rapid growth in the new energy vehicle park also propelled the used NEV market, with used car transactions now accounting for 21% of Yixin Group's total NEV business volume. Now I will introduce FinTech business. Since our official launch in 2022, this segment has scaled rapidly, evidencing strong market and client recognition of this model. Transaction volume hit RMB 26.3 billion in the first half, up 91% year-on-year. Revenue reached RMB 3 billion, up 60% year-on-year. We have this dual-driven model, the pure tech model combined with the traffic plus tech model offers clients flexible cooperation options tailored to their specific needs. We have also gained industry recognition. NEV penetration within our FinTech new car business reached approximately 69%. The company also pioneered the deployment of agentic LLMs coupled with harness governance architecture in the auto finance sector. We also deepened ecosystem collaboration. Our FinTech business covers diverse partners, including banks, financial leading companies, and OEMs. Those partnerships breadth and depth expanded with five new projects launched in the first half, bringing cumulative partners to 81. Throughout our FinTech evolution, we maintained a sharp focus on high quality clients and deepened the collaborations, yielding notably stunning results. We have core client base steadily expanded from 40, 64 in the first half in 2025 to 81 in the first half of 2026. Revenue contribution from core clients remained stable. This demonstrates our success in deepening relationships with existing clients and validates our scale driven cost advantages enabled by the data flywheel effect. Pure tech resolution is also our core. Our risk control models deployed at leading OEMs effectively screen high quality customers and mitigate fraud risk. In the first half of 2026, this model facilitated really good results. The overall facilitated financing amounted to RMB 2.47 billion, up 391% year-on-year. Beyond transaction matching, we leverage Yixin's channel and data advantages to empower partner banks such as state owned mega banks and city commercial banks by precisely identifying potential customers and providing integrated product and risk management support. This model elevated overall business value, facilitating RMB 23.84 billion in financing the first half of 2026, up approximately 61% year-on-year. Overall, the scale effects within Yixin's FinTech segments are accelerating. Looking ahead, we will deepen scenario-based applications using frontier technologies to deliver a comprehensive tech environment to institutional partners across our auto finance ecosystem. Now I will give fund over to our CTO, Mr. Jia, to discuss our core competitive advantages and AI advancement. I am Jia Zhifeng. I will introduce our AI and technology. A cornerstone of our competitive advantage lies in our omni scenarios, end-to-end integrated risk control frameworks. By deploying AI throughout the pre, mid, and post-financing stages, we achieve both precise risk management and operational efficiency gains. Built upon our proprietary Xin Series models, we have established a comprehensive model matrix spanning the entire auto finance lifecycle. Modular products tailored to specific stages, including Xin Jinzhi Smart Approval, Xin Lingdun Risk Shield, and Xin Zhiguan Smart Asset Management have been rolled out. We employ a dual offline/online acquisition engine. AI segments leads by intents and prioritize users from diverse channels during pre-screening. Multi-model large models enable dynamic front-end monitoring, effectively identifying and intercepting high-risk applicants to ensure source quality. Leveraging our proprietary credit scoring system, Element Bean Xin Rendo, we integrate traditional machine learning with AI to build precise algorithms. Combined with our vast data assets, we conduct a multidimensional analysis of credit histories and the risk trace to enable accurate borrower plus vehicle assessments and optimal financial solution matching. At our Shanghai Asset Center, we implement full lifecycle management inference large model powers, our AI asset management brain transcending traditional vintage-based management. It prescribes optimal strategies for asset at different stages and status. Concurrently, our proprietary asset auction platform maximize recovery value. AI empowerment yields tangible outcomes in critical decision scenarios for risk management assessment and asset management, which have 100% optimal financial solution matching. The auto approval rate reached 58% in the first half 2026. This holistic risk control framework safeguards asset quality while laying a solid foundation for sustainable business growth. Dear investors, I would like to elaborate on why Yixin's AI can not only operate but thrive sustainably in the financial sector. This is underpinned by the formidable technical moat we have built. First, auto finance is intrinsically a classic human-centric, long-horizon agent problem. It is far from a one-time or one-shot interaction. It involves a deep fulfillment process spanning one to two weeks. It requires integrating multi-model interactions, voice texts to accurately capture user states over extended periods and dynamically advance conversions. This imposes stringent demands on system memory and continuous decision-making, a threshold most lightweight AI applications cannot cross. Addressing this pain point, Yixin built a full stack technology stack rather than merely singular model capabilities. While many peers pursue AI-lite integration, we have completed systemic foundational infrastructure, forming our primary moat. Reviewing our evolution in 2025, we built auto finance industry's first agentic LLM, solving the capability threshold. In 2026, our focus shifted to upgrading harness engineering. We recognize that models are merely an entry ticket. The true barrier lies in the hardening system. It determines whether AI capabilities can be safely, compliantly, and sustainably translated into business outcomes within complex, long-horizon, high interaction scenarios. On the right is the core of our full stack capabilities, the three-tier harness engineering system, which serves as the critical enabler for agent deployment. First is humans. Humans are ultimate arbiter of our risk control and business boundaries. Real-time intervention authority must be retained at critical nodes. Agentic harness layer is the intelligent core, leveraging our proprietary motion and intent recognition models alongside agentic models. We deeply manage home horizon user profiles and the order context to dynamically formulate progression strategies. Concurrently, we enforce stricter circuit breakers should hallucinations or compliance violations occur. The system switches to human agent pathways within milliseconds. These compliance requirements specific to the financial verticals are difficult for generic solutions to replicate. These constitute our deepest moat beyond Yixin's unique decade-plus repository of vertical domain knowledge. Long horizon decision data, the real-world feedback, we established the self-improvement mechanisms at both the agent and the model layers. This creates a flywheel effect of our system, making the system genuinely smarter with use. The schematic in the lower left illustrates the practical form of a human AI collaboration. IM and voice agents handle high-frequency interactions with seamless AI human switching clients experience. These are the seamless, and this deep systemic capability is Yixin's irreplaceable and irreplicable core competence. Having explained the underlying harness engineering, you are likely most concerned about its real-world performance. This page presents to you AI operational scorecard for end-to-end auto finance deployment as of the end June. As mentioned, auto finance is a typical high-value, low horizon, multi-path, complex business transaction size range from tens of thousands to hundreds of thousands RMB. Processes spans to 20 days, averaging over 15 decision nodes, involving potentially tens of thousands decision paths and over 60 required documentation. Every stage from telesales, pre-screening, and application intake to risk control, contract signing, and loan disbursement relied heavily on dedicated personnel now powered by the three-tier hardening system. The first five core stages are fully managed by agents. The telesales handle initial outbound calls and intent screening. Risk screening manages client onboarding and data acquisition, application intake, dynamically collects documents via multi-turn dialogues. Risk control computes optimal solutions in real time among thousands of paths. Assigning precisely guides the founding priority workflows. Data validates the efficacy of first-step capabilities confirmedly the average lead-to-deal cycles optimized to three days. AI independently follows up with clients for up to two point sixty six days, with a single interaction lasting up to 81 turns and exchanging over 400,000. This only proves our contextual management abilities in long-horizon scenarios that has demonstrated deep integration of agents into business workflows. In contrast, most off-the-shelf AI assistants require human intervention after a few dialogue turns, failing to support such complex long-cycle tasks. Operational data in the lower right marks the activation of our data flywheel and the self-improver mechanism. As of June 30th, 2026, 45 agents are operational, processing 230,000 tasks daily with a daily token consumption of 360 million. Overall efficiency improved by 45.4%, meaning manual handling time per lead was nearly halved. More critically, agent autonomous delivery rate reached 90% by NQ2, up from 65% at NQ1, a 25 percentage point increase in one quarter exemplifies the accelerating flywheel speed. This iteration velocity grounded in the real business scenarios forms our dynamic mode. In contrast, many industry AI projects freeze post-deployment, lacking our capacity for continuous evolution. Finally, to summarize AI's value for using AI is not a cost center, but an efficiency driver and a mode builder. It simultaneously boosts the conversions and human efficiency while transforming our decade-plus accumulation of scenario data into a replicable system capabilities. This is the result of our AI strategy in the first half and our strongest assurance facing future competition. I will now hand over to Mr. Yang to detail our international business and the financial performance. Thank you very much. I'm Yang Xiaoguang. Good morning. I'm going to update you on our international business in the first half. The group progressed steadily, achieving milestones in both deepening existing markets and expanding into new ones. Now we can see in the reporting period, we have already achieved approximately $150 million in financing in Singapore. This group solidified its position among the top local non-bank auto finance providers, leveraging our dealer channels to Xport intelligent platform. The banking partnership with extended market presence and ecosystem synergy by end of June, Xport covered nearly 1,100 local dealers with deepening local bank collaborations. Cementing our industry chain advantages in Malaysia, launched in Q4 2025, Yixin ranked among the top three non-bank auto finance providers within just the three months. In the first half of 2026, average monthly transaction volume exceeded 1,000 units, with cumulative loan volume surpassing $58.64 million. Regarding new market expansion, we completed preliminary preparations for the Thailand market in first half and plan to commence operations by year end. This market is really a huge one for us, and this marks the entry of our international layout into a multi-regional synergistic development phase. We will continue deepening our presence in Southeast Asia, consolidating our Singapore and Malaysia operations, while actively evaluating and advancing layouts in new markets like Indonesia to enhance our contribution of international business in group growth. We're delving into specific financial performance now. We see key financial highlights for H1 are as follows: Operating revenue grew steadily by 13% year-on-year to RMB 6.18 billion. Growth margin expanded to 65% with a substantial growth profit growth, and this is related to the optimization of costs. We also see the commission cost and the overall capital cost have been optimized a lot. We also see overall profitability strengthened with an adjusted net profit reached an RMB 850 million in the first half 2026, up 31% year-on-year. This is a very good result in such a complex landscape. Our SaaS revenue, which is our FinTech revenue, sustained rapid growth, contributing 48% of the total revenue with a growth of 60%. Now, I will elaborate on key financial metrics. First, let's break down our revenue structure. Our SaaS business, the FinTech business with the overall revenue of RMB 2.9 billion, one of the biggest channel of our revenue. We think this part of business will take half of our overall revenue. The platform business with an overall 15% growth year-on-year, accounting for 80% of our total revenue. This is comparable to our self-proprietary business. Our self-proprietary business have 7% year-on-year growth, primarily driven by growth in the finance lease assets during period. Now let's then delve into the growth profit and its drivers. For proprietary business, the net interest spread on lease assets widened marginally year-on-year in the first half of 2026. We see the average cost down 40 basis points. I think such reduction, such optimization will keep expanding in the foreseeable future. For our platform business, the net service fee rate on platform facilitated financing rose further in H1 2026, driven by the policy restricting high interest, high rebate practices. We see such practice gradually restricted, reducing commission expenses. We also see further value extraction from our existing business metrics, increase in the proportion of used car, long tail, and high yield clients. We see the growth margin reached 55% in the first half, and the growth profit surging 38% year-on-year to nearly RMB 4 billion. We see operating expense ratio was 22.6%, up 2.5 percentage points year-on-year, mainly reflecting heightened investment in human capital, software and hardware for AI and overseas expansion. We also see due to complex external environment and deeper coverage of long tail population, the 90-more days delinquency rate stood at 1.92% in H1 2026. We see the adequate coverage for non-performing assets with the provision coverage ratio reaching 222%, up seven percentage points year-on-year. Now we will introduce our profit. We see increased profit in the reporting period. The IFRS net profit goes up to RMB 704 million. After adjusting for certain non-cash expenses, the non-IFRS net profit amounted to RMB 851 million. In summary, we achieved the solid results in H1 despite a sluggish macro environment and a volatile market. We will continue striving in the second half to deliver a strong full year performance. Now we will introduce the financing capacity. On the funding side, we prioritize secure and stable funding resources while employing multiple strategies to drive down financing costs. There are several key funding highlights. As of the end of June 2026, we partnered with over 100 financial institutions. We have over 70 investors in our banks and securitized products, including more than 10 foreign institutional investors such as Sumitomo Mitsui Banking Corporation and JPMorgan Chase. We are not reliant on a single channel or a single institution. This is conducive to the stability of our funding. Our standardized products maintain strong marketing reception with cumulative insurances exceeding RMB 77.6 billion. High quality auto assets remain scarce in the market. By the end of June 2026, we had issued 95 tranches of ABS and ABM products. Recent structured products achieved minimum coupon rates as low as 2%. This is an historic low. Beyond credit bounds like private placement notes, PPN, and a super short-term commercial paper, SCP, we advanced funding diversification. In March 2026, the group completed the drawdown of its inaugural offshore syndicated loan, attracting active participants from 9 renowned domestic international banks, providing robust support for business operations. We are going to attract more such users and clients. Regarding liquidity, Yixin maintains stringent internal liquidity management standards. As of June 2026, cash and cash equivalents stood at approximately RMB 4.68 billion, edging up from the prior year period. The debt-to-asset ratio was 69.5% as of the end of June, marginally higher year-on-year, but remaining within a healthy range. Finally, I would like to report on our vintage delinquency performance. Continuous investments in channel management, risk modeling, and asset management, coupled with operational optimizations, underpin our overall stable asset quality. We utilized the vintage loan origination cohort framework to illustrate DPD 30+ days past due over 30 trends across customer tiers, enabling observation of asset quality evolution over time. Tier 1 up-market customers exhibit excellent delinquency performance, with recent vintages demonstrating notable stability. Tier 2 prime market customers, DPD 30+ levels here are moderately higher than Tier 1. Critically, vintage curves across years show fundamentally stable trajectories without obvious steep upward spikes. In our Tier 3 near prime customers, the slope of 30D, 30 days increase over loan ages is steeper here, aligning with normal risk tier characteristics. Cross vintage comparisons show a slight elevation in 2025 curves. However, its overall trajectory remains largely within our expectations, primarily attributable to significant external economic volatility and a further customer base deepening. Overall risk remains contained without signs of spiraling out of control. The DPD 30-days more trends, whether analyzed across risk tiers or compared horizontally across vintage, aligns with our expectations. This affirms constant execution of our strategy in customer segmentation, risk modeling, and post-loan management, underpinning stable asset quality. Looking ahead, we will continue leveraging frontier technologies like AI to refine our risk management framework, ensuring sustainable and healthy business development. That is the end for the presentation. Thank you very much, Thank you very much for your listening, and now you can have the Q&A. If you need to ask a question, please press T and then number one. If you are joining online, please ask questions in the chat box, or you can apply for audio question asking. If you join through the line, you can press star plus one. If you join online, you can ask your question in text, or you can press the hands-up button to ask questions. Now we will invite investors with phone number ending 2795. Please tell us your name and also your institutions before you ask questions. Hello, everyone. I am [inaudible] from Citi Bank. First of all, congratulations on really strong performance. The question is about our gross profit margin. We see it is a quite and really strong growth within the commission reduction. You just talked about the industry factors. They are really helpful. Could the company give us an outlook at this stage, the decline in commission levels, how much room is there? Now in the regulatory environment is getting stricter and the macro environment is not particularly good. What is our strategy and how do we think about the guidance for the profit this year and next year? Thank you. Thank you very much for your question. Let me answer your question. First is about the gross profit margin. I think the commission will be further optimized as the industry becomes healthier, as our influence keeps expanding. We think the optimization of commission will be continued. This is a mid to long-term prospect. In terms of the profit outlook, so far, we think the overall growth is 20% for the whole year of 2026. We will also pay close attention to external markets and the policies as well as their impact on our industry. I think first of all, we will make sure the company is safe, compliant. On the basis of this, we will try for more profit for our shareholders. In terms of business, we will firmly utilize our core advantages, especially in terms of technology, as our CTO just mentioned. We will lay out these technologies in every business of ours. We will try our best to combine AI and agent capabilities to the fullest. At the same time, starting from the second half of the year, we will have a more comprehensive observation of the entire industry, and we will gradually see the results of technology export. I think this is from the perspective of a company strategy. We shifted our focus from cash business, loan business, then to financial services. Now, with years of accumulation and a strong tech team, we trained good agents for our industry. The agents used will serve our company first by reducing costs and improving efficiency. Then these agents of ours will gradually be exported to other industries. We will follow this strategic map, and our business will become more and more technology-driven. In terms of the growth profit, we will see more growth profit out of our technology use. We will also give you a clearer picture of our product and service categories. You will see our traditional business, you will also see more new business. There are emerging novel businesses to expect, and this is exactly what we will do in the future. Thank you. Thank you very much. Now let's welcome the investors with the phone number ending in 9805 to ask your question. Please provide your name and institution first. Hello, everyone. I'm the Analyst, Zhen Qiang from Zhongtai Securities. First of all, congratulations on the company's very impressive performance in growth of the business and performance of the overall business. I have two questions. The first is about overseas business. We see the financing amount of the overseas business has reached $150 million, which is indeed very gratifying. I'd like to ask, do you have any plans for Singapore and other specific markets, for example, Malaysia? Do you have any specific plans to report to us? The second is about AI. The leader just mentioned that there are quite a lot of AI use. We see the entire process automation has a relatively high proportion. So in terms of AI's impact on the company's cost and efficiency and optimization and improvement of AI, are there more specific and quantitative contributions of AI that you can help us to understand? I will first answer the question about the overseas business like it is mentioned. For the new international markets, by the end of this year, we will start doing business in Thailand. Next year, we will go to Indonesia and Vietnam. These are larger markets. Different from Singapore and Malaysia, these new markets will have the use of AI. We will use AI and our technological capabilities to achieve rapid growth breakthroughs in these overseas markets to strike a balance of growth and safety. I will introduce more about AI's use in business quantitatively. In the business report, we see AI has lifted up the process automation efficiency by about 40%. Now we will cover the entire business process as AI continues to penetrate. In terms of the cost of personnel and more, we will gradually see corresponding changes. My thought is, maybe when we reach the end of the year, when we are going to release the annual report, we will see more clearly how AI help us to reduce the cost, improve efficiency. We are also exploring the possibilities that we can export the AI to other industries and segments. We will see external output. In the short term, expectation is okay. The impact of cost reduction and efficiency improvement will be at a level of hundreds of millions of RMB. Thank you. Thank you very much for your sharing. Now we will have the text question from Mr. Sun from Guotai Junan. His question is: the company's credit impairment charge was RMB 1.67 billion, a year-on-year increase of 61%. What is the main reason behind it? What is the current asset quality change of the company? Second question is changes in company's financial institution partners. How do you look forward to the overall cost of funds in the second half of the year? Thank you very much for your question. The first question is about the asset quality, about the credit impairment. The increase of the credit impairment is relatively large and is caused by various factors. The first is the scale of our overall business is increasing. The second is from the business structure perspective, the proportion of used car is also increasing. Thirdly, over the years, we have been using a relatively conservative approach for the provisioning of reserve. These multiple factors together led to 61% increase in credit impairment. I do not think it is a bad thing. As for the asset quality, as I already mentioned, our Tier 1 and Tier 2 asset quality is relatively stable. For Tier 3, we see some products for Tier 3 clients, there was an upward trend in the second half of last year and there is a rising risk. These products are, to be more specific, long cycle or long horizon products for used cars. We have already taken corresponding actions to remove these products with poor risk performance and the business with poor performance. In 2026, the asset performance we can see now compared with 2025 should be more stable and better. The second question is our cooperation with financial institutions. We just ensure we have over 100 financial partners. We do not rely on one or a few partners. Our overall liquidity is in good shape. The cost of capital will remain at a current level in the second half of year, is a relatively low level. As I just mentioned, the ABF and ABM we issued, the rate is about 2%. Will it go down to 1% or 1.5%? I do not think there is much room for further decline, right? But I think it will stay between 1.5% and 2%, which is foreseeable. I think Yixin's business report will continue to be affected by the capital side, especially the second half of year in terms of the cost of optimization. This will influence the capital side. Thank you very much for your question. Now we have a question from the online audience. Investor wants to know that Yixin recently launched the AI intelligent all-in-one machine for auto finance in the WAIC conference. What are the main pain points in industry that this product aims to solve? What are the quantifiable operational benefits for the company in the short term and midterm and long term? Yes, we've launched the financial all-in-one machine at a WAIC conference. This can be introduced in two aspects. One is from the efficiency of our store staff, specifically the efficiency of financial advisors. It can significantly increase the number of stores each advisor can cover. Due to the timeliness of our services and the requirements for face-to-face communication, we still use human financial advisors to cover each store manually. With this all-in-one machine, the existence of this intelligent in-store all-in-one machine, the number of stores that a single person can cover will be greatly increased. Also, the user experience will be better because the process will become faster, increasing user preference, experience, and the store's thickness. In the mid to long term, I think it has two benefits. One is the store will have an improved efficiency. Then due to this machine's use, we now can cover more people that cannot be covered before because our channels will be sunken down to lower tiers. I want to add one more point. The machine can help the store to increase the number of customers and clients we want to cover. In the future, we see the whole industry, and even the whole world, are using technology to replace repetitive, cumbersome work. More people want to reduce the repetitive workload of human beings through such all-in-one machine used in stores. We are going to serve more people and increase the overall business volume. Aside from improving the efficiency of our current workforce and reaching users that we couldn't reach before, I think there will be a bigger business volume. This machine serves three purposes. It's really worth doing. Going forward, we are going to roll out the machine in large scale, including Shenzhen and Shanghai. You're welcome to experience the machine. We're also going to give you guidance on where you can find these machines. In the interest of time, we now can only receive one last question. It's a question from the chat box. The attendant's question is, a new domestic lending regulation, what is the impact on the company? Whether the banks are pressuring the company for loans, and whether the 4x cap on private lending interest rate in Chinese mainland reflects the government's regulatory influence on lending rates. Once the whole industry unifies, what is the company's responses? Please give us some answers. First is about the regulatory policies, whether this will be a pressure on companies lending from banks or financial institutions. I think we have multiple sources of funds, so we do not rely on one or a few. The second question is about the impact related to LPR. First of all, private lending has nothing to do with us because what we do is business of licensed institutions. So I don't think private lending has much to do with us. But will it extend to financial institutions in the future? I think Yixin's business is more about providing technology services, and the interest rate of this product is determined by financial institutions themselves. I don't think it will have much impact on us because the banks we serve now, the products they make are compliant. I think they will also be compliant in the future. We just provide some services, so I don't think it will have any impact on us. The new regulations have been on for some time. I haven't seen much impact on us. That's about it. I think we mainly provide technology services, and the product is set by the bank itself. For the specific business we do ourselves, our proprietary business fully complies with regulatory requirements. I think it should be fine in general. Either there's no relationship, there's no relations, there is no substantial impact. Thank you so much for your question. That's the end for this interim result conference. Thank you so much for being here with us. Look forward to seeing you in the next conference.