Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Jiayin Group's first quarter 2024 earnings conference call. Currently, all participants are in listen-only mode. Later, we will conduct a question and answer session, and instructions will follow at that time. As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time. I will now turn the call over to Mr. Shawn Zhang from Investor Relations of Jiayin Group. Please proceed. Thank you, operator. Hello, everyone. Thank you all for joining us on today's conference call to discuss Jiayin Group's financial results for the first quarter of 2024. We released our earnings results earlier today. The press release is available on the company's website, as well as from newswire services. On the call with me today are Mr. Yan Dinggui, Chief Executive Officer, Mr. Fan Chunlin, Chief Financial Officer, and Ms. Xu Yifang, Chief Risk Officer. Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor Provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today. Further information regarding these and other... except as required under applicable law. Also, please note that unless otherwise stated, all figures mentioned during the conference call are in Chinese renminbi. With that, let me now turn the call over to our CEO, Mr. Yan Dinggui. Mr. Yan will deliver his remarks in Chinese, and I will follow up with corresponding English translations. Please go ahead, Mr. Yan. [Foreign Language] 大家好，感谢各位参加嘉银科技2024年第一季度业绩电话会议。 Hello, everyone. Thank you for joining our first quarter 2024 earnings conference call. In 2024, for Jiayin Group Inc., it has gradually shown signs of recovery, but the demand side faces challenges, and residents' willingness for consumer loans remains in the recovery stage. In the backdrop of coexisting risks and opportunities, through our unremitting efforts, the company successfully completed the set strategic goals in the first quarter, achieved solid results in financial performance and geographic expansion, enhancing our confidence for the full... year-on-year growth of 31.5%, continuing - Including intelligent search and intelligent recommendation. The extensive and in-depth application of AI technology has significantly improved the company's operational efficiency, and we are full of confidence in furtherly achieving data-driven developments in the future. [Foreign Language]公司已逐步形成丰富、多样且长期稳定的机构合作网络。截至一季度末，我们与70家金融机构建立了合作伙伴关系，并正与另外32家洽谈合作。同时，针对海外业务的发展，我们探索与外资银行的更为广泛而深入的合作。此外，我们与金融机构加强了运营、技术、风险管理、消费者权益保护等领域的全面合作，并积极深化与现有重要金融机构的合作伙伴的合作模式。一方面，以科技进一步赋能合作伙伴的业务全流程，实现互补与共赢。另一方面，我们也在探索借款方的合作，实现成本的进一步优化。 We have gradually formed a diverse and long-term stable network of institutional partnerships. As of the end of the first quarter, we have established partnerships with 70 financial institutions and are in discussions with additional 32 financial institutions. At the same time, we are beginning to explore cooperation with foreign banks as our overseas business development is under progress. In addition, we have deepened our cooperation with financial institutions in operations, technology, risk management, and consumer rights protection. These comprehensive collaborations are further empowering the financial institutions' business processes through technology, leading to a complementary win-win outcomes for our company and our institutional partners. Further, we are also exploring collaborations on borrower acquisition to further optimize costs. Continuing to optimize the risk performance of the borrower customer group structure is the cornerstone of the company's long-term steady development. Although we observed some improvements in early risk indicators in the first quarter, we will also prioritize risk factors while pursuing growth, to balance development speed and quality, and achieve sustainable development of scale and efficiency. The 61-90 days delinquency rate remained at 0.68%, in line with the company's expectations, benefiting from our ability to identify high-quality customer groups as well as more refined risk control strategies. The new customer proportion in the first quarter reached 27%, maintaining a relatively stable level. In addition, the average loan amount in the first quarter is... 10,570, year-over-year growth of 6.6%. In addition to deepening our original borrower acquisition channel matrix, we have also continuously increased the proportion of borrower acquisition through the mini apps on leading internet platforms, focusing on innovative models with good risk performance and continuously optimizing costs, striving to reach more target customers and maintain growth vitality. Continuously optimizing the risk performance of borrowers is the cornerstone for the company's long-term and stable development. Although we have observed some improvements among some early risk indicators in the first quarter, we will still continue to prioritize risk factors while pursuing growth to balance the speed and quality of development and achieve sustainable development of scale and efficiency. The 61-90 days delinquency rate remained at 0.68%, meeting expectations. Thanks to our ability to identify high quality borrower groups and our more refined risk control strategy, the proportion of new borrowers reached 27% in this quarter, maintaining a relatively stable level. In addition, the average borrowing amount per borrowing in the first quarter was CNY 10,570, representing a year-over-year increase of 60.6%. In addition to deepening our original borrower acquisition channel matrix, we have also continuously increased the proportion of borrower acquisition through the mini apps on leading internet platforms. We focus on the innovative model with good risk performance and continuously optimize costs, striving to reach more target users and maintain growth vitality. Our overseas business achieved favorable results in the first quarter. In the Indonesian market, the number of newly registered users through our partnered local business entity increased 37% quarter-over-quarter. While actively optimizing product structure in response to new local regulatory requirements, we have learned that our Indonesian business partner was in discussion with five local licensed financial institutions in the first quarter, aiming to further expand the volume of loan facilitation business in Indonesia in the future. The business performance in Nigeria showed steady progress, with an increase in the amount of borrowing, loan volume, and new borrowers. At the same time, the local exchange rates gradually stabilized towards the end of this quarter, providing favorable conditions for our further market expansions in the region. In the Mexican market, the lending scale of the local business entity we invested in also grew rapidly in this quarter. We... In addition, we are actively exploring opportunities to expand to more overseas regions, and overseas business will also be one of the key focuses of the Group's future development. We will further increase our investments in overseas businesses. [Foreign Language]嘉银科技高度重视消费者权益保护及金融反欺诈工作。年初发布的2023年消费者权益保护白皮书，从构建反欺诈防火墙、提升客户知情权、加强外部合作、创新消保宣传等方面阐述了公司在消保工作系统化和精细化运营等方面的成果。在反欺诈方面，公司一季度七大防控报告显示，我们在一季度已累计识别并阻断黑客黑产攻击进件6.5万件，人工调查处置潜在高风险客户申请12万件。同时，公司还与执法机关共同开展反诈讲座，并配合建立警企合作机制，从而对金融灰产和非法中介实施有效打击。 ...公司凭借技术创新，多做监控，反诈防骗，守护消费者的资金安全，为净化金融市场环境持续贡献力量。 We always place great emphasis on consumer rights protection and anti-fraud efforts in finance services. Our white paper on consumer rights protection in 2023, released at the beginning of this year. It elaborates on the company's achievements in the systematic and refined operation of consumer protection, including building anti-fraud firewalls, improving customer service quality and efficiency, strengthening external cooperation, and innovating consumer protection education. In terms of anti-fraud, the company's fraud prevention and control report for the first quarter reveals that we have cumulatively identified and blocked 65,000 malicious attacks from illicit industry, and manually investigated and disposed of 20,400 applications from potentially high-risk borrowers in the first quarter. In addition, the company has jointly conducted anti-fraud lectures with law enforcement departments and collaborated to establish a cooperation mechanism, effectively combating financial gray and black industries, as well as illegal intermediaries. Leveraging technological innovation, the company has built a solid anti-fraud defense line to safeguard the financial security of borrowers and continuously contribute to purifying the financial market environment. Based on our confidence in continued growth in the future, as well as the company's ample cash reserves, we are pleased to announce the company's first dividend distribution plan for the first quarter of 2024. The company will distribute a dividend of $0.50 per ADS. The remaining details of this dividend distribution, including relevant dates and other information, will be announced separately after further determination by the Board of Directors. In terms of the repurchase plan, in the last quarter, the company's Board of Directors approved an increase in the upper limit of the current share repurchase plan to $30 million, and recently further approved the extension of the repurchase plan's validity period to June 12, 2025. In the future, we will continue to reward shareholders with concrete actions, enhance investors' sense of gain, and strengthen long-term confidence in the company's development. Finally, after comprehensively considering market risk levels and business growth needs, we have decided to set the loan origination volume guidance for the second quarter of 2024 at CNY 23 billion. Based on our confidence in the company's sustained future growth and the company's ample cash reserves, I am pleased to announce the company's plan of the first tranche of dividend distribution for 2024. The company plans to distribute a cash dividend of $0.5 per ADS. Further details and relevant dates regarding these dividend payout will be announced separately after further confirmation by the Board of Directors. With regard to share repurchase plan, in the previous quarter, the Board of Directors approved raising the upper limit of the current share repurchase plan to $30 million, and recently further approved extending the validity period of the repurchase plan to June 12, 2025. In the future, we will continue to reward our shareholders, enhance the sense of gain among investors, and boost their long-term confidence in the company's development. Finally, considering the level of market risk and the demand for business growth, we have decided to set the guidance of loan facilitation volume for the second quarter of 2024 at RMB 23 billion. [Foreign Language]下面有请公司的CFO范春林先生详细介绍本季度的财务表现。谢谢！ With that, I will now turn the call over to our CFO, Mr. Fan Chunlin. Please go ahead. Thank you. Thank you, Mr. Yan, and hello, everyone, for joining our call today. I will now review our financial highlights for the quarter. Please note that all numbers will be in RMB, and all percentage changes refer to year-over-year comparisons, unless otherwise noted. As Mr. Yan mentioned earlier, our company successfully achieved its strategic targets in the first quarter. We have also recorded solid financial results. Notably, our loan facilitation volume grew by 13.6% to CNY 22.5 billion. Our net revenue was about CNY 1.48 billion, up 31.5%... as our other revenue dropped to CNY 119.8 million from CNY 126.9 million in the same period last year. Moving on to costs. Facilitation and servicing expenses were CNY 667 million, representing an increase of 143.3% from the same period of 2023, primarily due to the increase of guarantee costs incurred and increased loan facilitation volume. Allowance for uncollectible receivables, contract assets, loans receivable and others was CNY 2.6 million, compared with CNY 6.7 million in the first quarter of 2023. Sales and marketing expense was CNY 359.8 million, representing a decrease of 5.5% from the same period of 2023, primarily due to lower commission expenses. G&A expense was CNY 46.2 million, compared with CNY 46.4 million in the first quarter of 2023. R&D expense was CNY 83.3 million, representing an increase of 28.5% from the same period of 2023, primarily due to higher employee compensation benefits as the number of our research and development employees increased. Consequently, our net income for the first quarter was CNY 273.1 million, representing a decrease of 2.4% from CNY 279.7 million in the same period of 2023. Our basic and diluted net income per share was CNY 1.29, compared to CNY 1.31 in the first quarter of 2023. Basic and diluted net income per ADS were both CNY 5.16, compared to CNY 5.24 in the first quarter of 2023. We are pleased to report a significant improvement in our cash position this quarter. As of March 31, 2024, our cash and cash equivalents reached CNY 568.2 million, a substantial increase from CNY 370.2 million at the end of December 31, 2023. This growth highlights our strong financial discipline and operational efficiency. With that, we can open the call for questions. Ms. Xu, our Chief Risk Officer, and I will answer your questions. Operator, please proceed. Thank you. To ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Please stand by while we compile the Q&A roster. Once again, that's star one and one to ask a question. Thank you. We will now take our first question. Please stand by. [Foreign Language] Hello, 你好，请问听得见吗？ First question is from the line of Rong Hua from Jingyu Asset. Please go ahead. Management, hello. I am analyst Rong Hua from Shanghai Jinyu Asset Management. I have two questions I want to ask management. First question is, compared to previous high-speed growth, the company's this year first quarter loan facilitation volume growth is 13.6%. So, what is the main reason for the slowdown in growth speed? Future main customer acquisition channels, which ones will there be? My second question is, this year first quarter revenue compared to 2023 fourth quarter is lower, but first quarter end cash and cash equivalents increased nearly CNY 200 million. What is the reason for this? Hello, management. I'm Rong Hua from Jingyu Asset, and I have two questions. The first one is, compared to the previous period of the rapid growth, the company's loan facilitation volume in the first quarter of this year increased by 13.6%. Could you please explain the main reasons for the slowdown in growth? Which borrower acquisition channels will be the primary focus in the future? My second question is the revenue in the first quarter of this year decreased compared to the fourth quarter of 2023, but cash positions increased by nearly CNY 200 million by the end of the first quarter. Could you please explain the reason for this? That's all. Thank you. [Foreign Language] 华荣女士，你好，我是徐宜芳，非常感谢这个长期来对嘉银的持续的关注。然后我这边呢，就是对您第一个问题，关于我们这个业绩的增长的速度问题，还有就是我们最近这个增长是增长因素，我来做一些解答。 Oh, hi. Hello, Huarong. I'm Xu Yifang. Thank you for your question, and thank you for your long-term support on us. I will answer about your first question. Jiayin, after the transformation at the end of 2019, experienced several years of relatively rapid growth... 那么，这几年快速的增长呢，主要得益于在行业里面积累的十来年的这样的一个积累。啊，这个积累呢，包括两个方面，一个方面呢，是在风险管理能力和运营能力方面的积累。那另外一个方面呢，其实是来自于陪伴整个互联网金融科技行业的发展，和这个成长呢，在深耕我们这个市场以后，我们在客户层面上的积累。 so since 2010, 2019, our explosive growth in recent years after our transformation is attributed to over a decade of dedication in the industry. Includes two reasons. First is the accumulation of the operational and risk management capabilities, and second is the accumulation of market clients the user base through the in-depth industry development and growth. [Foreign Language] [Foreign Language] 但是呢，这个伴随着行业整个的发展逐渐成熟，监管框架也逐渐就逐步趋于稳定的，稳健地在推进。我们这个整个市场的竞争格局呢，也保持了比较动态的这个稳定的发展态势。所以嘉银在这个季度的增长层面上讲，我们没有看到的是，前几年的快速的这个潜力的这个释放，但我们跟随，更是伴随着整个行业取得了这么13.6的这个增长，也是一个比较可喜的这么一个成绩。 With the steady advancement of the industry's regulatory framework, orderly market development and a competitive landscape that remains dynamically stable. We have also still achieved a relatively solid performance for this quarter with a 13.6% growth. [Foreign Language] 但我在这里呢，还想强调一下，我们看到的这个13.6的增长呢，其实是来自于我们，非常谨慎和系统地去评估市场风险，还有信用风险。在综合考虑以后，整个的取得的业务经营成果。在宏观环境上呢，我们仍然是看到了一个向好的趋势，在程度上我们抱着谨慎和乐观的预期。 So the growth we observed from cautious and systematic business operations that consider the market and credit risk assessments. While the macroeconomic environment remains positive trends, we maintain a cautiously optimistic outlook regarding its level. [Foreign Language] 那么这个增长呢，其中有一块的复因就来自于刚才您提到的这个获客上的增长。我们仍然在市场上积极地向上游，这个次拼货市场呢，进行不断的这个探索。在获客能力的增长和发力上，这个是我们长期健康发展的经营重点之一。虽然这个获客市场上我们看到了有一些变化，包括一些，主要在信息流渠道上面，这个信息流渠道本身它在经... [Foreign Language] 在这个金融科技方向的布局，但整体来讲，我们是保持着比较多元化的渠道经营政策。在这个大的多元化的背景之下呢，会着重在优质客户的拓展和建设，和一些新渠道的一些尝试。其实在前面，严定贵，严先生也谈到了我们在小程序方向的一些探索。那总的来说呢，积极去培育高质量，这个获客的通道和能力呢，是我们专注的方向。 So, the growth was from our borrower acquisitions. We continue to actively acquire upstream borrowers in the market, particularly focus on the expansion and development of high quality borrower segments. And on the other hand, we pursue prudent and rational risk management in the operation of our current borrower base. We are currently exploring the development of differentiated and diverse products and services that incorporate risk considerations, aiming for further breakthrough in attracting and retaining high quality borrower groups. [Foreign Language] 刚才我们谈到了一下获客这个部分啊，就是但是虽然就是我们讲到增长，经常会去想去强调这个获客，但是我们还是要看到呢，就是在客群的经营也是非常，非常重要的，是我们整个业绩的一个大头。啊，那么从风险谨慎啊，还有这个理性化的经营呢，那我们会把风险和利润呢作为一个主要的出发点，啊，然后再来去看待整体业务的增长的需求和这个增长的一些可能性。 just as important as the new borrowers, our current borrowers are also very important, so in the future, we will look for the potential growth, considering both risk and profit. [Foreign Language] 那么讲到了新客，也讲到了我们对待客群的经营，就是现在我们还是在说探索这个风险管理的需要的，那和我们这个整个差异化的产品和服务的建设，成为我们的一个新的一个这样的一个，战略这个方向。我们，希望通过这个抓手，能够在优质客群的引入，承接、落地和保有这个方向呢，能够有进一步的突破。这个也是我们整体还是围绕着优质客群经营战略，这样的一个战略的延续，以及一个是一个不断的创新和突破。 as we talk about the risk, we are just like we have talked before that, we are exploring differentiated products and services that aiming for our high quality borrower groups. And also this is in line with our ongoing strategy to enhance our capability in managing high quality borrower operations. [Foreign Language] 这是我关于您第一个这个业绩的增长和增长驱动的这个方向的一些讨论。你第二个问题的话，是关于我们的营收方，营收，利润这个方向，我想请，王总来回答。 This is my answer for your first question and your second question. Mr. Yan, can you answer for that? [Foreign Language] 好的，谢谢谢谢。好的，谢谢华龙女士的这个问题啊。对，这个，我们2024年第一季度末的，现金流，特别是这个现金的余额啊，这个相比去年Q4这个增加了接近CNY 200 million，对吧？这个，那么我们2024年Q1的营收呢，刚刚华龙也提到了，其实比2023年整个Q4啊，是略低一些，环比略有下降。那么这其中的这个有几个原因啊，这个其中第一呢，是我们的营收的结构啊，里面发生了一些变化的，这导致我们的这个，经营性的这个利润啊，这个其实是增加了，对吧？因为，其实我们之前也提过，就是说这个我们，导流风控这一块的这个服务费，它的利润率是比较高的，然后担保收入这一块利润率是比较低的。那么我们2024年Q1呢，我们导流风控服务的占比得到了提升，担保收入这一块的占比呢，是有所下降的。而且这个趋势啊，在整个2024年我们会这个持续下去，对吧？这个是跟公司的 一个，战略性的一个这个业务的 一个，侧重是有相关的。那么这样的一个营收结构的这个优化呢，提升了我们的经营利润率，所以我们这个2024年Q1的经营利润，这个我们，公告里面已经提到了，那是CNY 316 million，比去年这个第四季度CNY 232 million环比是有一个36%以上这样的一个增长，我们经营性的现金流这个显著的这个增加了，这第一点。 So in the first quarter of 2024, the revenue was CNY 1.475 billion, which has a decrease from CNY 1.6 billion in the Q4 2023. There are some reasons for that. The first reason is that the revenue structure has changed with a higher proportion coming from loan origination services and a lower proportion from guarantee services. This trend is expected to continue. As I have mentioned before, the profit margin for guarantee income is lower, so the optimization of the revenue structure has improved the company's operating profit margin. The income from operation in the first quarter was about CNY 316 million, which is an increase of more than 36% compared to the CNY 232 million in the fourth quarter of the previous year. The operating cash flow has significant increase. That's the first reason. [Foreign Language] 第二呢，就是公司的这个应收账款的回收情况一直是比较好的，对吧？而且现在随着这个担保业务的战略性的缩量和相关的一些商业条款的持续的优化，所以呢，保证金对我们公司的资金占用啊，也在不断地得到这个释放。 So the second reason is that our accounts receivable sellable recovery is performing very well, and the funds tied in the margins are being continuously released. [Foreign Language] 对，所以这两点是我们这个，现金 position 啊，得以显著这个增加的一个核心的原因。那我这里还特别要指出的就是说，大家千万要记住，我们第一季度，我们其实还支付了这个，每个 ADS $0.45，$0.4 的这个现金分红了。... [Foreign Language] 那么差不多就是说跟这个分红相关的支出也有1.52亿人民币左右。所以如果把这一块加进来的话，其实整个公司的这个，现金的这个余额啊，其实是会比这个更高的，所以这充分反映了我们现金的状况啊，确实是在不断地。 These are the two main reasons. But other than that, remember, in the first quarter, we have also paid out cash dividends with the total amount of about CNY 152 million. So if you counting in this part of cash, the company's cash balance will be even higher. [Foreign Language] 对，所以这个现金流状况的不断优化呢，也为我们未来的长期可持续发展，进一步更好的回报股东，等于也打下了一个扎实的基础。刚刚这个董事长在这个 remark 里面也提到了，我们将继续实施我们以往的分红政策，而且董事会六月四号已经通过了决议，我们今年的首次股利开发计划，每个 ADS $0.5，是在去年的基础上进一步地加强了对股东的这个回报。 Okay, so the continuous optimization of the company's cash flow will laid a solid foundation for the company's long-term sustainable development and better returns for shareholders in the future. Just like what Mr. Yan, our chairman, just said before, we will continue to [Foreign Language] 海外业务也将是集团未来发展的重点之一，我们将进一步加大对海外业务的投入。 Our overseas business achieved favorable results in the first quarter. In the Indonesian market, the number of newly registered users through- [Foreign Language] 这边有什么看法？然后咱们这边是否有相应的这个应对措施呢？ Okay, let me do the translation. This is Yuxuan Chen from Huatai Securities, and I got two questions. The first one is, facilitation volume and revenue both increased year-over-year in the first quarter 2024. But net income slightly, slightly declined. Indonesian market is one of the key targets for the company's overseas business. What are the company's view on the Indonesian regulators requirements for the interest rate reduction? Does the company have any effective countermeasures for that? Thank you. [Foreign Language] 好的，谢谢宇轩的这个问题。然后第一个问题是关于交易量啊，营收啊，利润率啊，这个我来回答一下。所以我们2024年Q1的撮合交易量，这个同比是增长了13.6%，对吧？营收呢，也有31.5%的这个增长，但我们的净利润这个同比是微降了2.4%。那主要呢，也是有两个原因。第一个原因呢，就是刚刚也提到了，是我们的一个营业收入的这个结构的一个变化。因为整个2023年，特别是2023年的下半年，这个公司的担保服务相关的收入啊，这个上升是比较快的。那么这部分收入呢，这个我们反复提到，它的利润率其实比我们的导流风控服务是要低一些的，对吧？那么2024年这个Q1，我们担保服务的这个相关收入啊，比2023年的Q1是有一个比较大的增长的，所以呢，这个会拉低我整个2024年Q1的这个利润率，这是一个原因。那么如果把这部分原因撇开来看的话呢，这个源于运营效率的提升啊，其实我2024年Q1，无论 是销售费用还是管理费用或者研发费用，它其实占我营收比例，占营业收入的比例啊，比2023年Q1同比都是呈现一个下降的。哪怕从绝对额来看的话，销售费用、管理费用同比也是有下降。那么研发费用呢，绝对额是略有上升，那这个是，也反映公司技术研发方面的一个持续的一个投入了。这是第一点。 Okay, so in the first quarter of 2024, our loan facilitation volume increased by 13.6% year-over-year, and the revenue increased by 31.5% year-over-year. However, the net profit decreased slightly by 2.4% year-over-year. I think there are some main reasons as follows. The first reason is that is about the change in our revenue structure. Throughout the year of 2023, especially in the second half, the company's revenue from guarantee services increased rapidly. And so the profit, the profit margin from this revenue, this kind of revenue is lower, compared to our loan facilitation services. If we exclude this factor, both our S&M and G&A expenses slightly decreased in absolute amounts, year-over-year, due to our improved operational efficiency. And R&D expenses increased year-over-year, reflecting our continued investment in technology and research development. That's our first reason. [Foreign Language] 第二个呢，其实就是因为我这个整个，公司啊，这几年我的take rate，如果你从quarter来看的话，它是每个，每个季度啊，我的take rate都是这个，稳中有点下降。那我2024年Q1跟2023年这个同比比较的话，它其实take rate的下降幅度还是比较大的。 [Foreign Language] So the second reason is about the decline of our take rate. So although the loan facilitation volume increased year-over-year in the first quarter of 2024, the overall take rate of the company's loan facilitation services actually decreased year-over-year. 所以讲到未来这个影响公司利润率的几个核心的一个这个因素呢，那个我这里也讲几点。第一呢，就是说伴随着整个这个国内的利率的这个下行周期，那么我整个这个车贷借款的定价和 take rate呢，也是会呈现这个稳中或者略有下降这样一个趋势，这样能让借款人更多的这个获益，这第一。Okay, so talking about the future trend of our profit margins, I want to talk some more, some more information. So the firstly, within the downward interest rate cycle, our pricing and take rate will be relatively steady, but there will be some decrease to benefit our borrowers. That's the first one. [Foreign Language] 对，第二点呢，就是刚刚提到就是担保服务的相关收入，在2024年我们会整个战略性的这个缩量，那么它占整个营收的比例也会不断下降，这对我整体利润率水平，是有一个正向的作用。 Secondly, the second is about decreasing proportion of our guarantee services revenue. Just as well what I mentioned before, the proportion of the revenue from guarantee services will continue to decline, which will positively impacting overall profit margins. [Foreign Language] 第三呢，就是在运营上，我们这个坚持高质量的稳健增长，然后在技术研发领域的持续投入，从而带来的这个运营效率的提升改善，这个会进一步提升我们的费效，这对这个利润率水平也会带来一个正向的作用。 The third one is about a stable growth and operational efficiency. So with robust growth in scale and continuous improvement in operational efficiency, cost effectiveness will further improve, which will also positively impact our profit margins. [Foreign Language] 我们接下来的这个重点啊，就是我们在运营中啊，会很好地平衡好这个业绩增长跟盈利能力之间的一个平衡，对吧？然后真正地实现企业的一个高质量的一个发展。 So our focus in the future is that we will balance our growth and also the risk factors to ensure a healthy development in the future. [Foreign Language] 宇轩，您第二个问题是关于我们海外业务的一些这个情况，我让我们的徐总来做一个解答。 Yuxuan, your second question is about our overseas business. I will let Miss Xu answer your second question. [Foreign Language] 好的，谢谢范总。关于印尼市场我们在这里谈一下。当然就是利率的下调，对这个行业从业者来讲，是肯定是个挑战。但是如果从正向来看的话，这也从一方面反映了监管对这个行业会有进一步的发展，这个和长期的发展的可能性其实也是一种认可。那么为了行业能够长期不断地发展，监管角度上面讲，一定会去不断去探索如何去扶持和帮助这个行业，去发展的这个政策安排的相应的管理方式、方法，还有力度。 thank you, Mr. Fan. So talking about the Indonesia market, although the reduction in interest rate poses a challenge for the industry operators, we also see it as a recognition from the regulators, regulators of upon the industry's potential for long-term development. And additionally, it reflects the management approach and strength of policies designed to continuously explore and safeguard the industry's long-term development. [Foreign Language] 这个金融行业呢，金融科技行业呢，这个快速发展，我们这个监管政策，框架的变化，体系化，迭代和调整，这都属于我们行业从业者的期待范围之内的。另外呢，也从各个方面来讲的话呢，特别是对我们这个行业所直接面临的C端客户呢，其实也反映了这个他们持续不断地对优质的产品和服务的建设的这样的一个要求。 With the rapid development of the Fintech industry, regulatory policies and the frameworks are becoming more systematic, and iterations and adjustments are within our expectations. This also reflects the industry's various aspects, especially from the client's perspective, in their demand for the high-quality products and services. [Foreign Language] 回到我们这个行业从业者这个挑战的这个角度啊，下调，利率下调其实会，为两类公司呢，对两类公司而言，它会更有优势啊，去面对这样的一个挑战。... [Foreign Language] 哪两位呢？其实一个呢，是在市场上已经耕耘比较长时间这样的一个平台，就是在，经过长久的耕耘的话呢，在数据啊，客户的积累，都让他们有更大的调整空间，试错空间。另外一面呢，其实是在他这个，不一定在这个市场，但是在行业上面，在风险管理和精细化经营能力上面有积累，并且有突出表现的这样的一些公司。那么通过技术能力呢，也可以去加快调整和迭代的节奏，以适应新的这个市场的要求。 Okay, so regarding the challenges you just mentioned, the reduction on interest rate will give two types of firms an advantage in meeting these challenges. So first kind of companies are the platforms that have been dedicated in the market for a long time, which have more room for adjustments and trial and error due to their data and also the accumulation of users. The second is the companies with outstanding risk management and refined operational capabilities that they can accelerate their adjustment and iteration pace through technological capabilities to adapt to new market requirements. [Foreign Language] 那回到嘉银和这样的这个在印尼市场的合作伙伴。我们已经在印尼市场开展业务也有了一段时间了，虽然呢也算不上长期在市场上经营，但是呢也基本的了解和经验了。在风险管理，我们讲到第二类风险管理和精细化运营这方面的，这样其实是在这个行业是有长期的积累的。我觉得这些能力的赋能呢，会让我们对新的利率的要求可以做出相应的和更快速的这个调整的应对。 So talking about Jiayin Group, we have been operating in Indonesia for some time, although it cannot be considered as very long time, but we have already gained some understanding, knowledge and experience. Our long term experience in risk management and refined operations allows us to respond and adjust quickly to new requirements upon the interest rates. [Foreign Language] 那今年上半年到目前为止，我们看到业务，这个印尼的业务，在新的利率要求下，也是1月1号就开始的这样的一个要求。我们做了相当的迅速的调整和应对，那各方面的指标呢，都有积极的改善。进一步的话，我们在期待在规模上会有进一步的发展和有所突破。总的来讲的话，我们，嘉银在这个印尼市场呢，还是期待有长期的耕耘和发展的。 In the first half of this year, we have seen rapid and positive improvements in various indicators of our business in Indonesian market under the new interest rate requirements. Next, for the next step, we look forward to breakthrough and further development in the scale of our business in this market. Overall, we are committed to long term development in the Indonesian market. [Foreign Language] 这就是我们对印尼市场整体的一个想法、看法和应对哈。对这个印尼市场这方面的问呢，我就回答到这里。 That's our opinion about our business in the Indonesian market, and that's all for me. Thank you. Seeing no more questions, I will return the call to Shawn for closing remarks. Please go ahead. Thank you, operator, and thank you all for participating on today's call, and thank you for your support. We appreciate your interest and look forward to reporting to you again next quarter on our progress. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.