Please note that today's event is also being recorded. At this time, I would like to turn the conference call over to Ms. Karen Ji, Senior Director of Capital Markets. Please go ahead, Karen. Thank you, Operator. Hello everyone, and welcome to Qifu Technology's Third Quarter 2024 earnings conference call. Our earnings release was distributed earlier today and is available on our IR website. Joining me today are Mr. Wu Haisheng, our CEO; Mr. Alex Xu, our CFO; and Mr. Zheng Yan, our CRO. Before we start, I would like to refer you to our safe harbor statements in the earnings press release, which applies to this call as we will make certain forward-looking statements. Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non-GAAP financial measures to GAAP financial measures. Also, please note that unless otherwise stated, all figures mentioned in this call are in RMB terms. Before we start, we would like to let you know that today's prepared remarks from our CEO will be delivered in English using an AI-generated voice. Now, I will turn the call over to Mr. Wu Haisheng. Please go ahead. Hello everyone, thank you for joining us today. Autumn is a season of harvest, and we are pleased to share that our hard work has yielded remarkable results this quarter. Since the start of 2024, we have adhered to a strategy of prudent operations, optimizing risk performance, and boosting operational efficiency. These initiatives have led to substantial improvements in our risk metrics and record profitability in Q3. Our solid business foundation has provided us with a margin of safety to pursue moderate sequential growth. In Q3, our loan volume stabilizes and begins bottoming out. Meanwhile, we continue to iterate on our business model to build a more open ecosystem. Through a platform approach, we are creating value for both users and financial institutions, broadening our business boundaries and strengthening our operational resilience. By the end of Q3, our platform had empowered a total of 162 financial institutions and served more than 55 million users with approved credit lines on a cumulative basis. Excluding the contribution from Risk Management SaaS Services, or RM SaaS, total loan facilitation and origination volume on our platform increased by 13.1% sequentially. Driven by further improvements in risk metrics and operational efficiency, our non-GAAP net income for the quarter reached an all-time high of RMB 1.83 billion, an increase of 29.1% sequentially and 54.5% year-over-year. Our ongoing share buyback is also contributing to improved non-GAAP net income per diluted ADS, which increased 34.8% sequentially and 71.5% year-over-year to RMB 12.4. Coupled with the ongoing optimization of capital allocation, our ROE in Q3 increased further to 32.2%, well ahead of most financial services and internet companies in China. Despite macroeconomic headwinds, we have consistently improved upon our past results and outperformed our market commitments through ongoing evolvement and enhancements to our business. Now, I'll walk you through the progress we made this quarter. Asset quality further improved in Q3 as we continued to execute our rigorous risk strategy. We further optimized our product and service offerings for differentiated user groups. For low-risk users, we tailored credit limits and pricing to offer more attractive terms, boosting user engagement while maintaining stable risk levels. Additionally, we optimized our funding structure by collaborating with financial institutions whose risk management capabilities or appetites complement our own, further strengthening our overall asset quality. Within our post-lending processes, we reinforced repayment reminders for borrowers and refined the management of our partner institutions to improve collection efficiency. These initiatives resulted in a notable improvement in our risk metrics in Q3, with D1 delinquency rate falling by 0.2 percentage points sequentially and 30-day collection rate increasing by 1.1 percentage points to reach the highest level since 2022. With the optimization of risk strategies already in place, we expect our risk performance to remain relatively stable in the coming quarters. During Q3, liquidity in the financial system remained ample. Leveraging our robust asset quality and the long-term trust that we have built with financial partners, we maintained our negotiating leverage on the funding side and reduced funding costs by 30 basis points sequentially. Additionally, we issued RMB 3.5 billion in ABSs in the quarter, with issuance costs falling by more than 50 basis points sequentially. As a result, total ABS issuance for the first three quarters of 2024 reached RMB 13.4 billion, up by 23% year-over-year, further optimizing our funding structure. We also successfully issued our first asset-backed note in the interbank market, which further expanded our funding channels and investor base by attracting international investors through China's Bond Connect scheme. Given the seasonally tighter funding environment in Q4, we expect our funding costs to remain stable at current levels. In terms of user acquisition, we further explored diversified channels to improve efficiency and moderately increased investment to acquire new users. In Q3, new credit line users increased by 23.8% sequentially, while average unit acquisition cost declined by 7.4%. Notably, the proportion of new credit line users acquired through our embedded finance channels increased by roughly 5 percentage points, with loan volume from this channel increasing by 85% year-over-year. With improved user profiling accuracy on partner platforms, both credit costs and operational efficiency of our embedded finance business improved in Q3, driving an ROA increase of approximately 60 basis points from the previous quarter. Furthermore, we continue to explore collaborations with financial institutions to engage their existing customer bases, leveraging their proprietary traffic alongside our differentiated pricing and service capabilities to expand the breadth and depth of our user coverage. To date, we have partnered with five financial institutions across various categories under this model, including joint stock bank, municipal bank, private bank, and consumer finance companies. As these partnerships progress, they will create new opportunities for us to empower financial institutions and further extend our reach to high-value user segments. In terms of managing existing users, we adopted a differentiated operation strategy based on user segmentation by their value and risk profiles. This enables us to provide more targeted offers, driving higher user engagement and conversion efficiency. We also strengthened the long-term retention of high-value users with the rollout of a VIP service strategy and enhanced engagement and insight analysis. For dormant users seeking large-ticket, low-interest loans beyond our core offerings, we referred them to our financial partners, which enhances our ability to serve users throughout their entire lifecycle. As a result of these initiatives, our login conversion rate increased by 11.6% sequentially in Q3. The number of users with successful drawdown grew consistently each month, with the monthly average increasing by approximately 12% from last quarter. After a year of refining and upgrading our business model, our capital light segment has assumed a more prominent role in our business mix. Excluding contribution from RM SaaS, the capital light segment contributed 55% of total loan facilitation and origination volume in Q3, an increase of approximately 10 percentage points from the same period last year. From a long-term perspective, we plan to dynamically adjust the mix of capital light and capital heavy segments to balance returns and risks. By transitioning from a loan facilitation model to a platform model, we are building a comprehensive credit tech service platform that encompasses the entire user lifecycle and promotes financial inclusion. Under the platform model, we prioritize long-term user engagement. Based on real-time insights into user needs and risk profiles, we have collaborated with a broad network of financial institutions under different models, diversifying our products, pricing options, and funding sources. This approach enables us to address users' credit needs at different stages of their lifecycle, while achieving a better balance between scale, risk, and profitability of our business. In today's uncertain macroeconomic environment, we believe that our long-term value lies in our ability to better understand user needs, respond more swiftly, and provide consistent support throughout their financial journeys. Our total technology solution business has continued to make steady progress as we focus on building our Qifu DigiTech brand, which offers end-to-end technology solutions to banks. Recently, Qifu DigiTech was included on the IDC China Top 50 Emerging Fintech list, significantly enhancing our reputation and competitiveness in the industry. This year, we have partnered with an additional nine financial institutions, bringing the total number of financial partners for our total technology solutions to 14. Our solutions have already been deployed and launched with 10 of them. Compound monthly growth rate in loan volume powered by our solutions reached 14% during the first nine months of the year. Furthermore, our tech solutions are expanding beyond consumer credit services with the development of a proprietary solution tailored for SME lending. This solution features an integrated three-tiered credit assessment system, which combines big data-driven risk management, user self-verification, and offline intelligent due diligence. We have already launched a pilot program for this solution with an institutional partner. We are also seeing growing synergies between our tech solutions and credit businesses. Through our integrated solutions covering technology empowerment, joint operations, loan facilitation, and user referrals, we will further deepen our support for financial institutions and expand user reach. As a tech-driven company, we are committed to leveraging AI and large language models to empower our business and improve both the user experience and operational efficiency. We upgraded our efficiency-focused AI copilot system, achieving a recall rate of 96.3% and an accuracy rate of 98.8% in key information extraction for loan collection. This AI copilot system has been deployed across various collection scenarios, including user information identification and case tracking, enabling our collection team to more effectively pinpoint critical information and promptly follow up on cases. This boosts both the quality and efficiency of our collection efforts. Average daily use of the system by our collection team has more than doubled since it was deployed. Additionally, we also enhanced the Qifu report interpretation system by integrating the Qifu large language model with traditional natural language processing models, allowing us to quickly gain deeper insights into the products of our SME borrowers. Combined with our financial knowledge graph, we can track operational changes for 30% of our SME borrowers, enabling us to offer more precise and customized financial services. Since Q3, the Chinese government has rolled out a range of monetary and fiscal policies to drive high-quality economic growth. At the same time, various levels of government have issued guidelines encouraging financial institutions to optimize credit products, provide differentiated services, and increase funding support for key consumption scenarios, while balancing risk and business sustainability. The guidelines also promote deeper integration of consumption scenarios and consumer credit services to enhance the consumer experience, boost confidence, unleash consumption potential, strengthen market vitality, and drive consumption. Recently, one leading fintech platform has made significant progress in its rectification process, indicating that regulators acknowledge the significant value of fintech industry and that regulatory trends are largely stabilizing. After a year of optimization, our core business has become more robust, bolstered by diversified business models and broader strategic partnerships. While we remain cautiously optimistic about the economic outlook, we are confident in our ability to achieve long-term and high-quality growth. This year, we further optimized capital allocation to enhance shareholder returns, executing our share repurchase plan at a pace significantly ahead of market expectations. We anticipate that total shareholder returns in 2024 will approach 100% of our net income for 2023, one of the highest payout ratios among Chinese ADRs. Having already completed the majority of our $350 million share repurchase plan this year, the board has approved a new repurchase plan of $450 million set to start on January 1st, 2025. We are confident about the future of our company and believe that our share price remains undervalued. As such, we have decided to further scale up our share buyback efforts and continue to reduce our share count over the next two years. Going forward, we remain committed to efficient capital allocation and shareholder value creation through substantial repurchases and dividends. With that, I will now turn the call over to Alex. Thank you, Haisheng. Good morning and good evening, everyone. Welcome to our third quarter earnings call. While macro environment was still challenging, we start to see tentative indication of modest improvement in user activities with more stimulus economic policies released late in Q3. However, it is still too early to call a sustainable recovery, and we continue to focus on optimizing operations, improving efficiencies, and managing risk exposure. Total net revenue for Q3 was RMB 4.37 billion versus RMB 4.16 billion in Q2 and RMB 4.28 billion a year ago. Revenue from credit-driven service, capital heavy, was RMB 2.9 billion in Q3 compared to RMB 2.91 billion in Q2 and RMB 3.07 billion a year ago. The year-on-year decline was mainly due to significant decline in off-balance sheet loans despite strong contribution from on-balance sheet loans and other value-added services. Overall funding cost further declined over 30 basis points sequentially and over 150 basis points year-on-year with the help of ample supply of liquidities and additional ABS issuance. Revenue from platform service, capital light, was RMB 1.47 billion in Q3 compared to RMB 1.25 billion in Q2 and RMB 1.21 billion a year ago. The year-on-year growth was mainly due to strong contribution from ICE and other value-added services. More than offsetting the decline in capital light loan facilitation, excluding other technology solution segments, the contribution from platform service further increases as we try to strike an optimal mix between risk-bearing and non-risk-bearing assets in an uncertain macro environment. During the quarter, average IRR of the loans we originated and/or facilitated was 21.4% compared to 21.6% in prior quarter. Looking forward, we expect pricing to fluctuate around this level for the coming quarters. Sales and marketing expenses increased 15% QoQ but declined 21% year-on-year. Although we saw modest sequential uptick in customers' activities, we maintained prudent pace of user acquisition in a still uncertain environment. We added approximately 1.58 million new credit line users in Q3 versus 1.28 million in Q2. Unit cost to acquire new credit line users declined to 265 from 286 QoQ. We will continue to make timely adjustments to the pace of new user acquisition based on macro conditions from time to time and further diversify our user acquisition channels. Meanwhile, we will also continue to focus on re-energizing existing user base as repeat borrowers historically contribute the vast majority of our business. 90-day delinquency rate was 2.7% in Q3 compared to 3.4% in Q2. Day-one delinquency rate was 4.6% in Q3 versus 4.8% in Q2. 30-day collection rate was 87.4% in Q3 versus 86.3% in Q2. After a few quarters of proactive risk timing, we are comfortable with our current risk exposure, and we expect to see relatively stable risk metrics in the coming months. Under current macro environment and geopolitical uncertainties, we continue to take a prudent approach to book provisions against potential credit losses. Total new provision for risk-bearing loans in Q3 was approximately RMB 1.63 billion versus RMB 1.31 billion in Q2. Write-back of previous provision was approximately RMB 910 million in Q3 versus RMB 480 million in Q2. Provision coverage ratio, which is defined as the total outstanding provision divided by total outstanding delinquent risk-bearing loan balance between 90 and 180 days, was 482% in Q3 compared to 421% in Q2. Non-GAAP net income was RMB 1.83 billion in Q3 compared to RMB 1.41 billion in Q2. The significant improvement in profitability was mainly due to better asset quality and operational efficiency, as well as favorable mix change in recent quarters. Non-GAAP net income per fully diluted ADS was RMB 12.35 in Q3 compared to RMB 9.16 in Q2 and RMB 7.20 a year ago, as proactive share repurchase created significant EP ADS accretion. Effective tax rate for Q3 was 23.4% compared to our typical ETR of approximately 15%. The higher-than-normal ETR was mainly due to approximately RMB 200 million withholding tax provision related to large sum of cash distribution from onshore to offshore for dividend payment and share repurchase programs during the quarter. With a solid operating result and higher contribution from capital light models, our leverage ratio, which is defined as risk-bearing loan balance divided by shareholders' equity, was 2.3 times in Q3 at a historical low. We expect to see leverage ratio fluctuated around this level in the near future. We generated approximately RMB 2.37 billion cash from operating in Q3 compared to RMB 1.96 billion in Q2. Total cash and cash equivalents and short-term investment were RMB 9.77 billion in Q3 compared to RMB 8.78 billion in Q2. As we continue to generate strong cash flow from operations, we believe our current cash position is sufficient to support our business development and to return to our shareholders. On March 12th, 2024, we announced a share repurchase plan to repurchase up to $350 million worth of our ADS over a 12-month period starting April 1st, 2024. As of November 19th, 2024, we had in aggregate purchased approximately 13.7 million ADSs in open market for a total amount of approximately $298 million, inclusive of commissions, at the average price of $21.7 per ADS under this share repurchase plan. We intend to substantially complete the repurchase plan by the end of 2024. Furthermore, on November 19th, 2024, our board of directors approved a new share repurchase plan to buy back up to $450 million worth of our ADS over a 12-month period starting January 1st, 2025. The proactive execution of the existing share repurchase plan and the launch of the new plan further demonstrates management's confidence and commitment to the future of the company, and the management intends to consistently use share repurchase to achieve additional EP ADS accretion in the long run. In addition, we will continue to distribute cash dividend under our current dividend policy and aim to achieve gradual increase in dividend per ADS on an annual semi-annual basis. With the full execution of a share repurchase plan and the dividend policy, we are generating one of the highest combined yields on a recurring basis among Chinese ADRs to our shareholders. Finally, regarding our business outlook, while we start to see some tentative signs of marginal improvement in user activities, we will continue to take a prudent approach in business planning and focus on enhancing efficiency of our operations. For the fourth quarter of 2024, the company expects to generate non-GAAP net income between RMB 1.8 billion and RMB 1.9 billion, representing a year-on-year growth between 57% and 65%. This outlook reflects the company's current and the preliminary view, which is subject to material changes. With that, I would like to conclude our prepared remarks. Operator, we can now take some questions. Thank you. As a reminder, to ask questions, please press star 11 and wait for a name to be announced. For those who can speak Chinese, please start your question in Chinese followed by English translation. We may not have enough time to address everyone on the call. Please keep it to one question and one follow-up. Please return to the queue if you have more questions. Thank you. One moment for the first question. Our first question comes from the line of Richard Xu from Morgan Stanley. Please go ahead. 感谢，那个Haisheng总，非常恭喜在这个比较有挑战的经济环境下，还有这么亮丽的业绩。我就想问一下这个贷款这个增量的情况。我们看到这个三季度这个贷款的量增长了这个环比4.4%。主要就想问一下驱动因素有哪些。现在有更多的这个政策来支持改善市场情绪，还有这个消费等等。那不知道现在对明年的这个贷款需求是否会更积极一些，还有哪些比较多的担忧，主要就是看一下明年的展望吧。 So, let me put my question in English. You know, first of all, congratulations for the very fast quarter in the challenging environment. We noticed in third quarter loan volume increased 4.4% sequentially. So what are the drivers given a lot of policy support recently to particularly improve the consumption and market sentiment? Will the company consider more positive about loan volume growth next year? What are the remaining concerns and what are the outlook? Thank you very much. Okay, thank you, Richard, and let me answer a question about growth. Yes, we achieved a good growth in the third quarter, and we have seen a slight recovery of customer demand by the end of September, and our platform strategy had a positive effect in serving more customer base, and, you know, we have been upgrading our business model from a single loan service provider to a platform model. Under this model, we have created various solutions to our financial institutions to serve all kinds of customer needs on our platform. Therefore, we have a better customer retention rate, and we can generate higher lifetime value. And there are more and more loan volume come from our diversified customer channel. For example, the loan volume from embedded finance channel grew by 85% year over year. Looking forward, there is still a lot of uncertainty in macroeconomy, geopolitics, and domestic policies. It's maybe too early for us to say whether we are optimistic or conservative about 2025. At this point, we want to remain prudent and our top priority will still be focused on healthy operating and execute our platform strategy. Last I want to say after several years of effort, we have made significant improvements in all key capabilities and we have become stronger than in the past. If more growth opportunities arise in the future, I believe we will be in a better position to seize this opportunity faster than others. Thank you. Thank you for the questions. One moment for the next question. Our next question comes from the line of Alex Ye from UBS. Please go ahead. 谢谢恭喜Qifu这个季度非常亮眼的业绩啊。那我这边两个问题啊，第一个是这个季度的write-back的金额900多个million，看上去是比上个季度还要增加不少，也是比过去几个季度其实平均水平还要高一些。想请问这个环比增加write-back的一个原因是什么，然后未来展望未来几个季度是不是还是会持续有一些write-back，以及我们也看到前阵子在公司回应一份作风报告的时候，其实有公开披露过咱们对表内表外重资产两个模式下啊，对于新季度的当季度拨备比率大概都是在3%-4%的一个水平。想请教这样子的一个拨备率当前三季度是不是维持类似的一个水平。那第二个问题想请教一下一个竞争格局的一个情况，包括来自银行或者说其他大型的或者是小型的金融科技企业的一个挑战。那这个竞争格局在今年以来有看到什么变化吗，以及咱们的一个应对策略。 So I'll translate for my question. First one is on our write-back amount over RMB 900 million which appear to be a sizable increase from last quarter and also the average in the past few quarters. So I'm wondering what's the drivers for the significant uptake in this write-back and how sustainable is that. Also we noticed that in the company's response to a first seller report previously you have publicly disclosed a provision ratio for current period new loans was running at 3%-4% for your both on and off capital heavy loan models. So I'm wondering where are we in terms of those provision ratios for this quarter. Second question is on the competitive landscape. It's a bit longer term question. So can you discuss about the current landscape faced by QFIN from both the competition from banks and other larger and smaller fintech players? How has that changed this year and how are we going to how is that affecting our strategy? Thank you. Okay, Alex, I will take the first part and then Haisheng will walk you through the competition question there. So as you know, we have been adopting a very prudent policy in terms of booking provisions against the potential credit losses. Historically, the provision ratio that we're booked are you know meaningfully higher than the eventual kind of a vintage losses our portfolio is supposed to have. For example, in the third quarter, the new provision that I mentioned in prepared remarks we booked about RMB 1.63 billion in new provision. If you do the math, that's roughly 4.3%-4.4% of the risk-bearing loan volume for the quarter. You know, so that's higher than last quarter for sure and also obviously significantly higher than our normal kind of vintage loss ratio between 2.5%-3.5% as you know there. So that's a very prudent kind of a provision booking policy resulting always in write-backs, you know, in most of the quarters. If you look at the history, although quarter by quarter maybe you see some very significant volatility in terms of write-backs depending on that particular quarter's kind of a micro environment and risk performance. But if you stretch the timeline from annualized basis to look at it almost in the last few years average each year we have close to RMB 2 billion or somewhere around RMB 2 billion write-backs on the annual basis. This year in the first two quarters in Q1 and Q2 total write-backs is only less than RMB 500 million, so you know you use that annual average meaning like for the second half we still have like more than RMB 1.5 billion write-backs need to be done. You know that's kind of the average look. And also one of the fundamental drivers for the write-backs obviously is really the risk performance improvement in the you know in our operation. Since we start to take more tightening kind of risk standards late last year we have shown very significant improvement in our risk metrics as you saw our reporting. Those improvement in risk metrics also drive up the write-backs because it reduced the actual loss of the portfolio there. So, that's why we have this kind of a bigger-than-normal write-backs in Q3. I think most likely you will still see a very sizable write-back in Q4 as the reason I mentioned above. From a longer-term perspective we look at it you know we will continue to take a very prudent approach in terms of booking new provisions, and with that you will probably continue to see write-backs on a going-forward basis. Keep in mind as we gradually shifting from capital heavy to capital light model the risk-bearing assets or the size of the risk-bearing assets won't be growing that much. In some cases maybe even shrinking on a going-forward basis. So which means that we no longer, on a going forward basis, we'll probably no longer need to book a very large substantial provision even though we still maintain a very prudent kind of a booking ratio. And so that's kind of a more long-term look there. But anyway, that's the key point I want to say is that write-backs will continue. And if you put the line in the annual basis, it will be still very sizable write-back at least in the foreseeable future. Okay, Alex, let me answer a question about competition. About competition, the first thing I want to say is we are not in a completely homogeneous market. Different players serve different customer groups. There is no one player that can succeed in every customer group. But in the group that we are good at we have a huge competitive advantage. I believe you can trust this point. And secondly as I said before we have upgrading our business model from a single loan service provider to a platform model. Under this model we have a better customer retention rate and higher lifetime value. And I'm very glad that after years of evolvement Qifu is no longer just a loan service provider but has become a credit platform. We are more confident to deal with competition and we believe that the platform model has made us more robust and resilient than any single loan business model. Thank you. Thank you for the questions. Our next questions comes from Emma Xu from Bank of America. Please go ahead. 首先恭喜那个公司取得了非常亮丽的业绩。我这里有一个问题关于资产质量的，就是我们看到资产质量的相关指标在三季度继续改善。那能不能请管理层谈一下对未来资产质量的展望，以及我们看到有一些银行，其实不少银行他们的零售还有信用卡业务的资产质量是承压的，但为什么我们反而能够看到资产质量指标的好转。 So congratulations on the very good result. I have a question about the asset quality. Your major asset quality metrics continue to improve in the third quarter. Could you please provide your outlook for your asset quality? In the meantime, many banks are facing asset quality pressure in their retail and credit card business, but why QFIN is able to see improvement in its asset quality? 那我先用中文回答一下。Go ahead. OK对我先用中文回答一下，然后待会请Karen帮我翻译一下啊。对就是我讲一下为什么我们的指标现在在做一些好转。对就是一块呢是从战略目标层面啊，我们今年还是坚持了高质量的经营方针，是相对我们是比较重视质量，而不盲目的去追求量。对这是风险指标能好转的一个最重要的源头。对那我们我们也应该是行业里面最及时调整风控策略，也是决心最大的一家机构。嗯这是从战略层面来说。那从战术层面来说的话，这些年我们建立起的完善的风险管理体系，也可以支撑我们快速的去实现前面说的战略目标。对继续我就讲几点啊。首先呢就是作为科技公司，我们持续在持续投入了资源去提升自身的风控技术啊，这个是我们最核心的竞争力之一。那在Q3呢，我们大幅升级了各类模型啊，比如说我们去基于前沿的网络序列以及自然语言处理的算法，我们有效的去提升了我们主交易B卡的模型性能啊，这个提升是有三个百分点以上。那第二块我们也搭建了定价敏感模型、额度敏感模型，以及基于长周期约风险的这些模型。这些模型呢都能围绕就是经营策略的一些，这都是一些围绕经营策略模型，能够让我们在优质客群的经营上面有更多的工具，可以进行一些组合管理。那从而最终去提升我们优质客群的一个占比啊，同时降低优质客群这一块的一个风险表现。这这是第一块。那第二块呢，我们也优化了一些中高风险资产的一个承接的结构啊，通过我们定向去引入一些可以跟我们形成风险能力或者风险偏好上面的互补的一些外部合作机构啊，同时针对性的去引入了外部的一些额外的数据啊，去优化这部分客户的一些风险识别模型啊，从而降低这部分客户的一个风险表现水平。对，然后最后呢就是我们从资产管理的角度来看啊，我们回款的工作在Q3也取得了进一步的加强啊，我们不断的优化了还款日之前的AI提醒效率啊，降低了整体的一个入催率啊，通过大模型的一些优化去提升了入催按键的一些分按效率啊，我们同时也把我们的大就是大模型这一块的能力去用在我们的催收作业平台上面去提升整体催收作业的一些管理效率。对，然后也通过了动态调整考核激励，不断吸引和引入市场上比较优质的前后端的一些催收资源去汰换了效率比较低的合作机构，从而整体去推动了催收就回款效率的一个整体提升。对，那目前呢我们认为风险优化基本这些措施已经基本到位，那如未来如果宏观环境趋于平稳的话，我们风险基本会维持在现有的水平。啊请Karen帮忙翻译一下。 Okay let me do the translation. As for our risk management capabilities I think I will answer this question from two perspectives. First from our company strategy perspective this year we have adhered to a high quality development strategy focusing on quality instead of quantity. This is the underlying driver of the improvement in our risk indicators. We were probably one of the first companies to tighten our credit standards with the strongest determination. On technical level, the comprehensive risk management system we have built over the years can support us to quickly achieve our strategic goals. Specifically, first of all, as a technology company, we continuously invested into resources to enhance our risk management technology and strengthen our core competence. In Q3, we significantly upgraded our risk models based on our cutting-edge graph network sequence and natural language processing algorithm. We have effectively improved the performance of our main B-card model by more than three percentage points. In addition, we built models around pricing sensitivity, credit limit sensitivity, and a long-term balance risk, which are related to our business strategy, giving us more tools to engage with high-quality customer groups. Second, we optimized the allocation and distribution models for medium- and high-risk assets by selectively introducing financial partners that can complement our risk capabilities or risk performance risk preferences. Furthermore, we introduced additional data to optimize risk identification models to reduce the risk level and our overall exposure to this customer group. From post-lending management perspective, our collection process in Q3 has also been further strengthened by continuously optimizing the AI reminder before the repayment date. We have reduced our day-one delinquency rate. Through our large language models, we have improved the efficiency of our overdue case assignments by dynamically adjusting our incentive schemes, continuously attracting and introducing high-quality front-end and back-end collection resources. We have improved our collection efficiency. So at this junction we have largely achieved our risk optimization goals and expect to maintain a relatively stable risk performance around this level in the near future assuming a muted macro environment. Thank you for the questions. Our next questions come from Cindy Wang from China Renaissance. Please go ahead. 哎谢谢给我这个提问的机会，也恭喜管理层在第三季有一个很亮眼的一个表现。那我的问题是关于股东回报，那我们看到今年以来这个整个回购的节奏一直都是非常的快的，然后也刚发布了这个2025年的一个回购计划。所以想问一下公司明年会采取怎么样的一个回购节奏，然后以及对于回购的价格会有什么样的一个考虑。那我很快翻译一下我的问题. Thanks for taking my question. So my question is for the shareholder return. The pace of share buyback has been quite fast this year and you also announced another $450 million share repurchase plan. Could you give us some color on the pace of buyback in 2025 and any consideration for the repurchase price? Thank you. Okay thank you thank you Cindy. Yes we have been very determined to finish our current share repurchase program this year. When all fully executed, we will spend close to 100% of last year's profit to buy back shares and pay cash dividends in 2024. This buyback will effectively reduce our share count by about 12%. In third quarter we achieved 71.5% EPADS growth year over year. Since we are very confident about our strategy and execution, we believe our shares are still significantly undervalued, so we will continue to prioritize share buybacks among all capital allocation tools. We believe this is the most efficient capital allocation strategy for now, which will significantly further reduce our share count, improve EPADS, and maximize shareholders' returns. Based on this, the board of directors has approved a new $450 million share buyback program that is set to start on January 1st, 2025. We will carry out this plan firmly in the coming year. Yeah, and Cindy, I just want to add up a little bit to your question and regarding the price we are looking at, we don't have a really kind of a set price target for the repurchase. You know, even though our shares have been moved positively in the last few months, but if you look at on a forward PE basis, it still looks very attractive. You know, based on the current kind of estimate, it will probably look like below 5x in terms of forward PE. To us, that's still a very attractive valuation. So we will continue to proactively kind of in the market, and for the 2025 plan, you know, the basic assumption is that as we execute the plan and continue to deliver solid results, the share price will reflect to that positive momentum. So we most likely will continue to take a similar approach as we did in 2024, meaning like we will put more effort on the upfront, hopefully to buy as much as we can when the valuations are still very very attractive. So that's how we look at the, you know, the next year's action. Thank you. Thank you for the questions and then in terms of time we will now take the last question. Last question comes from the line of Yada Li from CICC, please go ahead. 各位同好。恭喜取得亮眼的业绩，然后也感谢给我这个提问的机会。我们看到这个季度take rate从上个季度的4.4进一步的提升，想请教一下主要的这个驱动因素有哪些？那结合资金成本和风险成本潜在的这个优化，公司明年take rate是否还有比较大的提升空间？长远来看，公司take rate大概会维持在什么样的一个水平？ Then I'll do the translation. Hello management, congrats to the exciting results and thanks for taking my questions. As we noticed that the take rate continued to improve from 4.4% last quarter, I was wondering what are the main factors that drove the increase? And considering the potential improvement of credit costs and the funding cost, do we expect to see a further increase of take rate next year? And looking forward, how to view the long-term sustainable take rate? That, thank you very much. Okay, thank you, Yada. I will take this one. Yes, we did see a quite significant improvement in take rate in Q3. As you mentioned, the main driver basically there are three main drivers. First and foremost is really the continued meaningful improvement on the risk side which basically reduced the overall credit cost. On the P&L kind of financial statement it was basically shown up as the provision write-back. As we mentioned or discussed earlier there's a significant write-back in Q3 there. And then the second contributor to the take rate improvement is really the funding cost. with the microenvironment and the ample supply of liquidity will continue to drive funding costs further lower. And so that's the second contributor. And the third one is really the mix change happened in the previous couple quarters that had the deferred impact on the Q3 and to a certain degree Q4 as well. So that's the three main reasons why you see a significant improvement on the take rate improvement. If you look at the Q4 based on the guidance we provided you're probably looking at a similar kind of take rate versus Q3 there and you know for the similar kind of a reason the risk, the funding cost and the deferred impact on the mix change. Putting a more longer term, I think the risk and the funding side of the contribution will remain, meaning like we will probably maintain a pretty good risk performance for the next year and the funding, assuming the macro environment is not, you know, changing dramatically. Then the overall funding environment will probably still be a relatively friendly. So those two factors will remain. But the third factor, the mix change, the deferred impact on the mix change will probably gradually facing cooling off just because we are not expecting a very significant mix change, you know, at least in the near term. So but on a full year basis, if you do the math, this year most likely on the full year basis we're looking at about 5%- ish kind of a overall take rate for the full year and based on that next year we probably will still see some improvement you know off the full year basis meaning like this year's a five next year will probably you know a little bit over 5% in terms of the net take rate there. So that's how we look at the 2025. Longer term it really depends on the how you project in the macro environment. If we start to see some kind of a sustainable recovery in macroeconomy in the long run we definitely will benefit from that kind of macro changes. But at this point as we mentioned earlier in the call we're not calling for that recovery yet. We are still planning a relatively muted environment for 2025. Thank you. Thank you for the questions. We have no more questions at this time. I'd like to hand the call back to management for closing. Okay, thank you everyone for joining us. If you have any additional questions, feel free to contact us offline. Thank you. Okay, that concludes today's conference call. Thank you for your participation. You may now disconnect your lines.