Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Jiayin Group's first quarter 2025 earnings conference call. Currently, all participants are in a listener-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. Sam Lee 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 2025. 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 U.S. 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 risks and uncertainties is included in the company's public filings with the SEC. The company does not assume any obligation to update any forward-looking statement, except as required under applicable law. Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of the non-GAAP financial measures to GAAP financial measures. 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]. Hello, everyone. Thank you for joining our first quarter 2025 earnings conference call. [Foreign language]. This quarter, China's economy continued to demonstrate recovery momentum and maintain steady growth. Total retail sales of consumer goods rose by 4.6% year-over-year, with the growth rate accelerating to 5.9% in March, indicating a pickup in consumer spending. We capitalized on the momentum and delivered a strong start to 2025, with loan facilitation volume reaching CNY 35.6 billion, up approximately 58.2% year-over-year. Non-GAAP operating profit hit CNY 607 million, marking a year-over-year increase of 91.6%, and net profit surged to CNY 540 million, reflecting a year-over-year rise of 97.5%. Both business scale and profitability metrics hit record quarterly highs since the company's listing, marking the beginning of a new phase of rapid growth. [Foreign language]. Diversifying diverse acquisition channels and ramping up marketing efforts. In the first quarter, the company added 1.056 million new borrowers, representing a year-over-year growth of 126.6%. New borrower contribution of total loan facilitation volume was 28.1%, demonstrating robust growth momentum. In terms of channel expansion, we explored cross-industry use cases to reach new borrowers across different platforms, including lifestyle services, online video, and travel. By establishing strategic partnerships with multiple leading platforms, we further diversified our existing borrower base. Additionally, we integrated AI tools to analyze user feedback and optimize marketing materials, enabling real-time adjustments to marketing strategies and targeted resource allocation to enhance borrower acquisition efficiency. To meet the rapid growth in consumer demand, we also actively expanded our high-quality institutional partnerships. As of the end of the first quarter, the company maintained partnerships with 69 financial institutions, with another 55 financial institutions in discussion. This ensures robust funding support for our loan facilitation business. [Foreign language]. We view independent innovation as our key growth driver and continue to accelerate the digital transformation of our business. We actively promoted our 4 plus 2 AI development strategy in the first quarter, focusing on four major product matrices: business intelligence, data intelligence, agent intelligence, and workplace intelligence, while collaboratively building two infrastructure platforms: the intelligent agent platform and the large model post-training platform. This helped establish a technological framework that supports the end-to-end AI capability upgrade across the company, comprehensively driving high-quality development in intelligent business scenarios. In May, we launched the Fuxi model management platform, which now covers 90% of our business line. The platform is capable of faster model deployment, greatly streamlining operations and improving model deployment efficiency threefold. Furthermore, model data pre-processing efficiency, model stability, and execution speed have all seen notable improvements with the adoption of the Fuxi model management platform. We have also comprehensively upgraded the Tianlu R&D performance management platform, creating a unified management platform that covers the entire life cycle from product development to online operations. This further enhances the standardization and automation of R&D processes. [Foreign language]. In In response to the rapid growth of new users and continuous rise in credit demand, we fully implemented the quality score framework, utilizing our self-developed model to establish a risk assessment system for new borrowers. Collaborating across multiple departments, including borrower acquisition, modeling, and risk management, we unified the evaluation standards for borrower acquisition quality. This approach enhanced borrower acquisition efficiency while maintaining discipline management over risk performance. By the end of Q1, the 90-day-plus delinquency ratio stood at 1.13%, reflecting the remarkable stability of the company's risk management system. [Foreign language]. In In terms of overseas business, the company's continued investment in risk control and operations has yielded significant results. Our business partners in Indonesia delivered outstanding performance in the first quarter, with the number of new registered users surging by 196% year-over-year and loan volume growing by 190% year-over-year, both representing substantial breakthroughs. As the business matures, we plan to collaborate with local partners through diversified cooperation to further deepen our engagement in the local market. Meanwhile, risk metrics in our Mexico operations improved, accompanied by an increase in return on borrower acquisition investment. This fully demonstrates the continued advancement of our overseas operational capabilities. [Foreign language]. We We have always adhered to a customer-centric philosophy and view upholding industry standards as our responsibility. In the first quarter, the company released a 2024 consumer rights protection white paper, integrating consumer rights protection into every aspect of the company's operations and management. This initiative spans multiple dimensions, such as technology-driven fraud prevention, engaged customer service, external collaboration, and consumer protection education. The white paper showcases our commitment to enhancing the innovative practices and social responsibility in consumer rights protection. Additionally, we advanced the Heart Smile Youth Mental Care Project and conducted training for teachers and students focused on psychology, organized parent workshops, and activities supporting children with autism in multiple regions. The program has covered nearly 60 schools, benefiting over 16,000 individuals, and was recognized by China National Radio as an annual explanatory case of innovative philanthropy. Furthermore, the Jiayin Volunteer Service Team consistently provided services for communities and special schools, promoting the normalization of volunteer services. Looking ahead, we will continue to drive industry development through technological innovation and give back to society through concrete actions, reaffirming the trust placed in us. [Foreign language]. Regarding shareholder return, in March, we updated our dividend policy, raising the dividend payout ratio from no less than 15% of the previous fiscal year's net profit after tax to approximately 30% of the previous fiscal year's net profit after tax. In May, the board of directors approved a dividend plan of $0.8 per ADS, with the dividend amount increasing by approximately 60% compared with last year. Further details and dates for this dividend will be announced separately after the board of directors finalizes them. For the share repurchase program, the current plan has an upper limit of $30 million, and the board of directors has approved extending its validity to June 12, 2026. We are deeply honored, as always, to have the trust and support of our shareholders. In the future, we remain committed to sharing the company's development achievements and rewarding our shareholders. [Foreign language]. This is the operators. As speakers, we cannot hear you at the moment. Please check if the line is muted. Callers, please do hold the line whilst we get the speaker's sound connected. Hey, operator, this is Yifang Xu calling from Jiayin Group. I believe, the speaker who were presenting just now, got disconnected. They are dialing in at this moment. Thank you very much. Participants, please do continue to hold the line whilst the speakers reconnect. [Foreign language]. Hello, is this the speaker line reconnected? Yes, we got disconnected. Sorry. Thank you. Line is connected now, so please do continue. Okay, okay. [Foreign language]. In In April, China's National Financial Supervision and Administration Commission issued the notice on strengthening the management of internet loan facilitation business of commercial banks to enhance the quality and efficiency of financial services. The new rule affirms the positive value of the loan facilitation model and sets a clear regulatory framework, helping the industry move towards a more standardized and transparent practice. Looking ahead, despite global uncertainties affecting China's economic recovery, we still see many positive factors and remain cautiously optimistic. For Q2 2025, we set our guidance for loan facilitation volume at CNY 37 billion-CNY 39 billion, and non-GAAP operating profit at CNY 660 million-CNY 730 million. [Foreign language]. I will now turn the call over to our CFO, Mr. Fan Chunlin. Please go ahead. 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, we sustained a robust growth momentum in the first quarter, achieving a record-breaking expansion in both business scale and profitability. Loan facilitation volume was CNY 35.6 billion, representing an increase of 58.2% from the same period of 2024. Our net revenue was CNY 1,775.6 million, representing an increase of 24.4% from the same period of 2024. Moving on to costs, facilitation and service expense was CNY 336 million, representing a decrease of 49.6% from the same period of 2024. This was primarily due to decreased expenses related to financial guarantee services. Allowance for unclaimable assets, loans, receivables, and others was CNY 17.5 million, compared with CNY 2.6 million in the first quarter of 2024, primarily due to the additional overseas guarantees the company provided in the first quarter of 2025. Sales and marketing expense was CNY 674.5 million, representing an increase of 87.5% from the same period of 2024, primarily due to an increase in borrower acquisition expenses. Jiayin expense was CNY 52.8 million, representing an increase of 14.2% from the same period of 2024, primarily due to increased professional service fees. R&D expense was CNY 88.1 million, compared with CNY 83.3 million in the same period of 2024. Non-GAAP income from operation was CNY 606.6 million, compared with CNY 316.6 million in the same period of 2024. Consequently, our net income for the first quarter was CNY 539.5 million, representing an increase of 97.5% from CNY 273.1 million in the same period of 2024. Our basic and diluted net income per share was CNY 2.53, compared with CNY 1.29 in the first quarter of 2024. Basic and diluted net income per ADS was CNY 10.12, compared with CNY 5.16 in the first quarter of 2024. We ended this quarter with CNY 190.3 million in cash and cash equivalent, compared with CNY 540.5 million at the end of the previous quarter. 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. Thank you. We will now take our first question. This is from the line of Hua Rong from Jinyu Assets. Please go ahead [Foreign Language]. First, congratulations to management to have such brilliant revenue report this quarter. I have two questions. The first one, there has been a noticeable trend of rising customer acquisition costs across the industry. How has the company's acquisition costs evolved recently? In this concept, what measures have been taken to measure the credit risk of new borrowers and ensure asset quality? My second question is, how's the company's management planning to address the potential ADR delisting risk? What contingency measures are in place to mitigate the impact? Thank you. [Foreign Language]. Hi, Ms. Hua Rong. I will answer your first question on the rising customer acquisition cost, and Mr. Fan will answer your second question on the ADR delisting risk. [Foreign Language]. Starting from Q4 last year, the market has become a lot more dynamic, and the overall macro trend has become a little bit different. In Q1 this year, the market has turned, the market as well as our competitor has turned into acquiring new customers. Yes, Jiayin has also observed a rising trend in customer acquisition costs. This development is the result of multiple factors, including the broader external market environment, seasonal growth dynamics, and the company's own strategic decisions. [Foreign Language]. Yeah, as mentioned earlier, since the second half of last year, competition among loan facilitation platforms has really intensified, with various acquisition channels being increased pressure to capture new users, and this is one of the main external factors. As the first quarter marks the beginning of the year, we have proactively positioned ourselves to support our full year performance goals, reflected really in the strong push for user base expansion early on. [Foreign Language]. Yeah, additionally, earlier Mr. Yan referred to the new regulatory framework, the new regulatory framework on governing loan facilitation. We've been actively exploring new areas of growth. This has led to increased investment and experimentation in acquiring new customers and expanding our customer segments. As a result, the rise in our customer acquisition costs to a large extent is a strategic choice. We expect this to be reflected in both the scale and quality of customers acquired going forward. Yeah, additionally, earlier Mr. Yan referred to the new regulatory framework, the new regulatory framework on governing loan facilitation. We've been actively exploring new areas of growth. This has led to increased investment and experimentation in acquiring new customers and expanding our customer segments. As a result, the rise in our customer acquisition costs to a large extent is a strategic choice. We expect this to be reflected in both the scale and quality of customers acquired going forward. Yeah, additionally, earlier Mr. Yan referred to the new regulatory framework, the new regulatory framework on governing loan facilitation. We've been actively exploring new areas of growth. This has led to increased investment and experimentation in acquiring new customers and expanding our customer segments. As a result, the rise in our customer acquisition costs to a large extent is a strategic choice. We expect this to be reflected in both the scale and quality of customers acquired going forward. Yeah, additionally, earlier Mr. Yan referred to the new regulatory framework, the new regulatory framework on governing loan facilitation. We've been actively exploring new areas of growth. This has led to increased investment and experimentation in acquiring new customers and expanding our customer segments. As a result, the rise in our customer acquisition costs to a large extent is a strategic choice. We expect this to be reflected in both the scale and quality of customers acquired going forward. Yeah, additionally, earlier Mr. Yan referred to the new regulatory framework, the new regulatory framework on governing loan facilitation. We've been actively exploring new areas of growth. This has led to increased investment and experimentation in acquiring new customers and expanding our customer segments. As a result, the rise in our customer acquisition costs to a large extent is a strategic choice. We expect this to be reflected in both the scale and quality of customers acquired going forward. [Foreign Language]. In regards to the new customer asset quality, the concerns regarding the asset quality, we will continue to monitor shifts in the user acquisition models across the traffic ecosystem. While staying focused on effectively reaching our target customer segment, we plan to strengthen our front-end risk model modeling capabilities, dynamically adjusting our channel mix, and further enhancing AI applications and data mining and credit risk identification. These efforts aim to drive continued improvements in both customer acquisition costs and risk cost metrics for new borrowers. [Foreign Language]. Mr. Fan will answer your second question. [Foreign Language]. I will answer the question regarding the ADR delisting risk. The risk with the Chinese ADRs being delisted has been an ongoing concern for several years, with the first wave of pressure starting during President Trump's first term. Following his return to the White House, we have again observed renewed rhetoric and actions in the U.S. related to the potential delisting of Chinese ADRs. What we have done is we have engaged in extensive communication and consultation with our legal, financial advisors, and regulatory bodies to assess the potential risk of delisting. Based on thorough evaluation of various factors, including our industry, business model, ownership structure, and audit disclosure standards, we believe that the risk of delisting for Jiayin Technology in the near term remains relatively low. [Foreign Language]. Yeah, at the same time, we still have to be ready and be proactively prepared for any alternative scenario. In, in, within the guidelines of the Hong Kong exchanges, we have conducted comprehensive assessment and preliminary preparations across key areas such as shareholder structure, accounting standards, and corporate governance. This is all in line with the requirements for dual primary listing or secondary listing in Hong Kong. [Foreign Language]. As a company that has achieved meaningful scale, maintains core competitiveness, and delivers consistent profitability, Jiayin Technology is well positioned with multiple options. In the words of President Trump, we do have cards to play. Regardless of volatility in the capital markets, we remain open to all possibilities and are actively preparing to ensure the company's long-term sustainability and to safeguard the interests of our shareholders. [Foreign Language]. That That concludes my answer to your questions. Thank you, Ms. Huang. Thank you. We will now move to the next question. Your next question is from Yuxuan Chen from Huatai Securities. Please go ahead. [Foreign Language]. Okay, let me do the translation. hello management, thanks for giving me this opportunity. this is Chen Yuxuan from Huatai Securities. I have two questions. the first one is, I noticed the net profit increased by 97.5% in this quarter. And what were the main drivers behind this significant improvement in profitability? And what is your outlook for profitability in the coming quarters? and the second question is, recently the financial regulators issued new guidelines on loan facilitation in China. How does the company view this policy development? And what impact do you expect it to have on your business operations? Thanks. [Foreign language]. Thank you, Yuxuan. I will answer the first question, and Ms. Xu will answer the second question regarding the new guidelines. As Mr. Yan mentioned, in Q1 we came out really strong with good financial results for the first quarter. In the first quarter of 2025, the company achieved net profit of CNY 540 million, representing a year-over-year increase of 97.5%. Net profit margin reached 30.4%, significantly higher than the 18.5% reached in Q1 2024. This improvement was driven by several key factors. [Foreign language]. The The first reason is due to significant increase in loan facilitation volume. In the first quarter of 2025, total loan facilitation volume reached CNY 35.6 billion, up 58.2% year- over- year, marking a new high since our IPO. The resulting economies of scale enabled cost and expense efficiency, leading to improved net profit margins. [Foreign language]. The second reason is ongoing optimization of revenue structures. As we've mentioned before, our current revenue is primarily composed of loan facilitation service revenue and guarantee-related revenue. In the recent quarters, we have really strategically focused on driving high-quality growth in loan facilitation services, which are at the core of our capabilities. In contrast, guarantee-related services carry lower margins, so we have been intentionally reducing their share of revenue. Specifically, loan facilitation service revenue accounted for 83% of total revenues in Q1 2025, up from 56% in Q1 2024, while at the same time, guarantee-related revenue dropped to 9.6% in Q1 2025, down from 35.6% in the same period last year. This shift in revenue mix has significantly enhanced our overall profitability. The third reason is improved operational efficiency driven by continued investment in AI technology and R&D. We continue to invest strategically in technology, AI, and R&D, with a particular focus on deploying AI across various operational functions. These efforts have laid a solid foundation for sustained improvements in efficiency, both in Q1 and going forward. In terms of future guidance and outlook, for Q2 we're guiding loan facilitation volume to be in the range of CNY 37 billion-39 billion. This represents a 54%-62.5% year-over-year increase. For Q2 non-GAAP net profit guidance, we are at CNY 660 million-730 million, which is also a significant year-over-year and quarter-over-quarter increase. The Q2 performance guidance further strengthens two signals. First, from a performance perspective, Jiayin Group has already returned to a track of high-quality, relatively fast growth. Second, while growing rapidly, we are fully confident in a significant improvement in profitability for the full year 2025. Second, at the same time, continue to improve asset quality and operational efficiency. We're confident in achieving significant profitability improvements for the full year of 2025. [Foreign language]. Thank you, and we'll have Ms. Xu answer the second question. [Foreign language]. As far as the new regulation goes, we think that they started drafting this regulation in the second half of last year and really became official this year. Overall, the new regulation reflects the regulatory recognition of the loan facilitation business model, while also setting higher standards for its management. We believe it encourages platforms to support licensed financial institutions in delivering much broader financial inclusion through better service, better service quality, lower pricing, and thereby promoting the industry's orderly development and effective risk control. [Foreign language]. In order to help our institutional partners achieve their goals and requirements, we're actively adapting to the evolving product requirements from our partner institutions in terms of pricing and structure. Given the large number and diversity of our institutional partners, the responses from them to the new regulation vary to some extent. That said, we're really nearing the completion of our product adjustments and implementation. For the partners who are seeking faster alignment with the new regulatory standards, we will begin switching over and rolling out the updated offering shortly. We expect to complete all the necessary adjustments and meet all the requirements across our institutional partnerships ahead of the scheduled deadline. [Foreign language]. At the same time, continue to invest in new growth drivers across regions and really to expand the scale to optimize the product models and really further enhancing our capabilities in risk management internal metrics and cost efficiency and to sustain high-quality growth for Jiayin technology. [Foreign language]. Hope that answers your question. Thank you. Seeing no more questions, I will return the call to Sam for closing remarks. Please go ahead. Thank you, Operator, and thank you all for participating on today's call. We appreciate your interest and look forward to reporting to you again next quarter on our progress. Thank you all again. This concludes the call. You may now disconnect.