Market Capitalization Overview - The market capitalization of TAL Education Group is 14.95 billion, while Vipshop Holdings has a market cap of 9.21 billion [2] - Other companies such as Miniso and Qifu Technology have market caps of 7.77 billion and 6.33 billion respectively [2] - The market cap of various companies shows a range from 5.22 million to 149.53 billion, indicating a diverse market landscape [2] Stock Performance - TAL Education Group's stock increased by 1.64 (+1.55%), while Vipshop's stock rose by 0.07 (+1.88%) [2] - Miniso's stock saw a significant increase of 1.24 (+6.99%), indicating strong market performance [2] - Companies like Huya and Yiren Digital experienced slight declines in their stock prices, with decreases of -0.03 (-0.81%) and -0.10 (-0.96%) respectively [2] Comparative Analysis - The comparison of market caps shows that TAL Education Group leads with 14.95 billion, followed by Vipshop and Miniso [2] - The performance of stocks varies significantly, with some companies like Miniso showing robust growth compared to others that faced declines [2] - The data indicates a competitive environment among these companies, with varying degrees of market success and stock performance [2]

Summary of Yiren Digital (YRD) Conference Call Company Overview - **Company Name**: Yiren Digital Limited - **Ticker Symbol**: YRD - **Industry**: Consumer Finance - **Headquarters**: Beijing, China - **Listing**: NYSE since 2015 - **Market Focus**: Rapid growth in Southeast Asia, particularly in consumer lending and insurance brokerage [3][4] Core Business Insights - **Revenue and Growth**: - 2024 revenue was RMB 5.8 billion (approximately USD 800 million), representing a 19% year-on-year growth [23] - Operating cash flow for 2024 was RMB 1.4 billion (approximately USD 200 million) [7] - **Dividends**: Increased by 10% in Q4 2024, with a current dividend yield of 6.75% [5][36] - **Loan Facilitation**: Total loan facilitation in 2024 was RMB 53.6 billion (approximately USD 7.5 billion), a 49% increase year-on-year [10][22] Industry Dynamics - **Consumer Finance Market Growth**: - Expected to reach USD 3.5 trillion by 2027, with a CAGR of 7% [5] - Outstanding loan balance projected to reach RMB 8.1 trillion by 2026, 5.7 times the 2017 figures [6] - **Per Capita Consumption**: Projected to grow at about 4% per year in China over the next five years [5] Business Segments 1. **Financial Services**: - Target demographic: Individuals aged 25-40 with stable incomes [8] - Average loan size: Approximately RMB 8,000 (USD 1,100) [9] - Focus on optimizing borrower acquisition, risk management, and debt collection using technology [8][12] 2. **Insurance Brokerage**: - Partnering with 95 insurers and focusing on high-commission, long-term revenue products [16] - Launched innovative products like enterprise drone insurance, targeting gross premiums of RMB 400 million by 2026 [18][24] 3. **Lifestyle Segment**: - Premium membership for affluent customers, with a retention rate of 98% [20] - Expanding product offerings to include luxury and virtual goods [20] Technology and Innovation - **AI Utilization**: - Extensive use of AI for borrower acquisition, risk management, and customer service [12][32] - Development of proprietary language model "Zhiji" for enterprise applications [15][29] - **International Expansion**: - Entered the Philippines in 2023, with revenue doubling year-on-year [13][27] - Joint venture in Indonesia expected to start operations in Q3 2025 [13][27] Financial Performance and Projections - **2024 Financials**: - Net profit was RMB 1.6 billion, down 24% due to a one-off revenue in 2023 and regulatory headwinds [23][24] - **Future Expectations**: - Loan origination volume expected to grow by 12% in 2025 [22] - Technology revenue anticipated to be significant enough to report separately starting Q1 2025 [21] Challenges and Strategic Focus - **Regulatory Headwinds**: Facing challenges in the insurance segment due to commission caps [23][30] - **Transition Strategy**: Shifting focus from traditional insurance products to higher-margin embedded insurance products [24][31] Conclusion - Yiren Digital is positioned for growth in the consumer finance sector, leveraging technology and expanding into international markets while navigating regulatory challenges and focusing on innovative product offerings [25][36]

Company Overview - Yiren Digital is an AI-powered platform providing a comprehensive suite of financial and lifestyle services in Asia [3] - The company's mission is to enhance customers' financial well-being and quality of life through digital financial services, tailor-made insurance solutions, and premium lifestyle services [3] Event Announcement - Yiren Digital's SVP of Capital Market, William Hui, will present at the dbVIC - Deutsche Bank American Depositary Receipt (ADR) Virtual Investor Conference on May 15, 2025 [1] - The conference is designed to introduce global companies with ADR programs to investors [1] Event Details - The event will take place on May 15th at 11:30 AM ET and will be a live, interactive online event [2] - Participation in the conference is free of charge [3] Virtual Investor Conferences - Virtual Investor Conferences (VIC) is a leading proprietary investor conference series that allows publicly traded companies to present directly to investors [4] - VIC provides a real-time investor engagement solution, enhancing companies' capabilities to connect with investors and schedule targeted one-on-one meetings [5]

Core Viewpoint - Yiren Digital Ltd. has filed its annual report for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission, highlighting its AI-powered financial and lifestyle services in China [1]. Company Overview - Yiren Digital Ltd. is an advanced platform that offers a comprehensive suite of financial and lifestyle services in China, aiming to enhance customers' financial well-being and quality of life [3]. - The company provides digital financial services, tailor-made insurance solutions, and premium lifestyle services, supporting clients at various growth stages [3]. Annual Report Access - The annual report can be accessed on the company's investor relations website, and hard copies containing audited consolidated financial statements are available free of charge to shareholders upon request [2].

Part I [Item 1. Identity of Directors, Senior Management and Advisers](index=6&type=section&id=Item%201.%20Identity%20of%20Directors,%20Senior%20Management%20and%20Advisers) This section is not applicable as per the report - The report states that this item is not applicable[27](index=27&type=chunk) [Item 2. Offer Statistics and Expected Timetable](index=6&type=section&id=Item%202.%20Offer%20Statistics%20and%20Expected%20Timetable) This section is not applicable as per the report - The report states that this item is not applicable[28](index=28&type=chunk) [Item 3. Key Information](index=6&type=section&id=Item%203.%20Key%20Information) This section provides crucial information regarding the company's holding structure, the risks associated with its Variable Interest Entity (VIE) model, and doing business in China [Holding Company Structure and Contractual Arrangements](index=6&type=section&id=Holding%20Company%20Structure%20and%20Contractual%20Arrangements) Yiren Digital Ltd. operates through PRC subsidiaries and consolidated Variable Interest Entities (VIEs) due to foreign investment restrictions, with VIEs contributing 33.7% of total revenues in 2024 - VIE Revenue Contribution | Year | VIE Revenue Contribution (%) | | :--- | :--- | | 2022 | 53.0% | | 2023 | 33.2% | | 2024 | 33.7% | - The company relies on contractual arrangements with its VIEs, which may not be as effective as direct ownership and are subject to interpretation by PRC authorities[29](index=29&type=chunk)[35](index=35&type=chunk) [Cash and Asset Flows and Financial Information of VIEs](index=12&type=section&id=Cash%20and%20Asset%20Flows%20and%20Financial%20Information%20of%20VIEs) This subsection details the movement of funds within the company's structure, including cash transfers and service fees, and provides condensed consolidating financial statements for transparency - Cash Transfers to Holding Company and VIE Service Fees | Description | 2022 (RMB Million) | 2023 (RMB Million) | 2024 (RMB Million) | | :--- | :--- | :--- | :--- | | Cash from PRC subsidiaries to Cayman holding co. | 9.8 | 49.7 | 64.2 | | Service fees from VIEs to PRC subsidiaries | 378.1 | 93.3 | 104.9 | - The company has a semi-annual dividend policy approved on August 14, 2024, with **US$17.3 million** in cash dividends paid to shareholders in 2024[46](index=46&type=chunk) - Funds in PRC subsidiaries and VIEs may not be readily available for use outside mainland China due to currency conversion controls and withholding taxes on dividends[46](index=46&type=chunk)[48](index=48&type=chunk)[53](index=53&type=chunk) - Condensed Consolidating Schedule of Net Revenue (2024) | Entity | Net Revenue (RMB Million) | | :--- | :--- | | Company Subsidiaries | 5,065 | | Consolidated Variable Interest Entities | 1,956 | | Eliminations | (1,215) | | **Consolidated Total** | **5,806** | - Condensed Consolidating Schedule of Total Assets (as of Dec 31, 2024) | Entity | Total Assets (RMB Million) | | :--- | :--- | | The Company | 9,618 | | Company Subsidiaries | 12,785 | | Consolidated Variable Interest Entities | 5,351 | | Consolidated Assets Backed Financing Entities | 507 | | Eliminations | (15,278) | | **Consolidated Total** | **12,983** | [Risk Factors](index=18&type=section&id=Risk%20Factors) This section provides an exhaustive list of risks facing the company, including business, funding, regulatory, corporate structure, and China-specific operational challenges - **Business Risks:** The company operates in emerging industries and has expanded into new areas like insurance brokerage, consumption and lifestyle, and international financial services, with success not guaranteed[61](index=61&type=chunk) - **Funding Risk:** In 2024, **99.5%** of loans were funded by third parties, primarily institutional partners, making insufficient funding a significant operational risk[66](index=66&type=chunk) - **Regulatory Risk:** The company faces significant regulatory uncertainty in China, particularly regarding whether its data analysis activities could be deemed a personal credit reporting business, which requires an unheld license[73](index=73&type=chunk)[74](index=74&type=chunk)[76](index=76&type=chunk) - **Relationship with CreditEase:** The company relies on its parent, CreditEase, which remains the controlling shareholder with **83.0%** of voting power as of March 31, 2025, creating potential conflicts of interest and classifying Yiren Digital as a "controlled company"[191](index=191&type=chunk)[198](index=198&type=chunk)[204](index=204&type=chunk) - **VIE Structure Risk:** The contractual arrangements controlling the company's VIEs have not been tested in Chinese courts and could be deemed non-compliant by PRC authorities, potentially leading to severe penalties[205](index=205&type=chunk)[211](index=211&type=chunk) - **China Regulatory Oversight:** The PRC government has significant oversight over the business and has increased scrutiny of overseas-listed companies, with new regulations requiring filings for future offerings[248](index=248&type=chunk)[285](index=285&type=chunk) - **PFIC Status:** The company believes it was a Passive Foreign Investment Company (PFIC) for U.S. federal income tax purposes for the taxable year ended December 31, 2024, which could result in adverse tax consequences for U.S. holders of its ADSs[322](index=322&type=chunk) [Item 4. Information on the Company](index=73&type=section&id=Item%204.%20Information%20on%20the%20Company) This section details the company's history, business operations, organizational structure, and property, including its three core segments and complex regulatory landscape [History and Development of the Company](index=73&type=section&id=History%20and%20Development%20of%20the%20Company) The company evolved from a CreditEase business unit, completed its NYSE IPO in 2015, changed its name in 2019, and restructured in 2020 to focus on institutional funding - The company completed its IPO on the NYSE under the symbol "YRD" on December 18, 2015[330](index=330&type=chunk) - In September 2019, the company's name was changed from "Yirendai Ltd." to "Yiren Digital Ltd."[334](index=334&type=chunk) - A significant business restructuring occurred on December 31, 2020, shifting its funding model entirely to institutional partners by disposing of its online consumer lending platform[336](index=336&type=chunk) [Business Overview](index=75&type=section&id=Business%20Overview) Yiren Digital operates an AI-powered platform across financial services, insurance brokerage, and consumption & lifestyle segments, emphasizing advanced risk management and scalable technology - The company operates three primary business segments: Financial services, Insurance brokerage, and Consumption and lifestyle[343](index=343&type=chunk) - Total Loans Facilitated (Financial Services) | Year | Amount (RMB Million) | | :--- | :--- | | 2022 | 22,623.1 | | 2023 | 36,036.3 | | 2024 | 53,591.6 | - Loan Funding Sources Breakdown (2024) | Funding Source | % of Total Loan Volume | | :--- | :--- | | Consumer finance companies | 49.9% | | Banks | 37.7% | | Others | 9.0% | | Trusts | 2.3% | | Microloan companies | 0.6% | | Own capital | 0.5% | - The company utilizes a proprietary, AI-driven credit scoring model to assess borrower creditworthiness, segmenting potential borrowers[365](index=365&type=chunk) - The company has developed an AI-Generated Content (AIGC) platform for marketing and initiated an AI Lab project to enhance operations across various functions[398](index=398&type=chunk) [Organizational Structure](index=111&type=section&id=Organizational%20Structure) This section reiterates Yiren Digital's Cayman Islands holding company structure, operating through PRC subsidiaries and VIEs, and details the contractual arrangements enabling control and consolidation - The company consolidates its VIEs (Yiren Financial Information and CreditEase Puhui) because contractual arrangements grant it power to direct activities and receive economic benefits[534](index=534&type=chunk)[544](index=544&type=chunk) - Key contractual agreements enabling control include: Powers of Attorney, where VIE shareholders appoint the company's subsidiary to exercise shareholder rights, and Equity Interest Pledge Agreements, securing obligations[550](index=550&type=chunk)[556](index=556&type=chunk)[558](index=558&type=chunk) - Economic benefits are transferred through an Exclusive Business Cooperation Agreement, granting the company's subsidiary exclusive rights to provide services to the VIE in exchange for service fees[551](index=551&type=chunk)[559](index=559&type=chunk) [Item 5. Operating and Financial Review and Prospects](index=118&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) This section provides management's discussion and analysis of the company's financial condition and results of operations, including key operational factors, loan performance, and segment-wise financial results - Consolidated Results of Operations Summary | Metric (RMB in thousands) | 2022 | 2023 | 2024 | | :--- | :--- | :--- | :--- | | **Net Revenue** | 3,434,620 | 4,895,633 | 5,805,901 | | **Income from Operations** | 1,471,864 | 2,594,782 | 1,647,064 | | **Net Income** | 1,194,871 | 2,080,197 | 1,582,299 | - Net Revenue by Segment (2024) | Segment | Net Revenue (RMB Million) | % of Total | | :--- | :--- | :--- | | Financial services business | 3,473.1 | 59.9% | | Consumption & lifestyle business and others | 1,924.4 | 33.1% | | Insurance brokerage business | 408.4 | 7.0% | | **Total** | **5,805.9** | **100.0%** | - Net revenue increased by **18.6%** in 2024, driven by growth in loan facilitation and guarantee services, while net income decreased from **RMB 2,080.2 million** in 2023 to **RMB 1,582.3 million** in 2024 due to increased operating costs and contingent liability provisions[636](index=636&type=chunk)[637](index=637&type=chunk)[646](index=646&type=chunk) - Provision for contingent liabilities surged from **RMB 27.0 million** in 2023 to **RMB 869.3 million (US$119.1 million)** in 2024, attributed to the growing volume of loans facilitated under the company's risk-taking model[642](index=642&type=chunk) - Delinquency Rates for Loans (as of Dec 31) | Year | 1-30 days | 31-60 days | 61-90 days | | :--- | :--- | :--- | :--- | | 2022 | 1.7% | 1.2% | 1.1% | | 2023 | 2.0% | 1.4% | 1.2% | | 2024 | 1.6% | 1.2% | 1.1% | [Item 6. Directors, Senior Management and Employees](index=145&type=section&id=Item%206.%20Directors,%20Senior%20Management%20and%20Employees) This section details the company's leadership, workforce, and compensation, including share incentive plans and the principal shareholder, CreditEase - Mr. Ning Tang is the founder, Executive Chairman, and Chief Executive Officer of the company, also serving as founder, chairman, and CEO of the parent company, CreditEase[726](index=726&type=chunk) - In 2024, the aggregate cash compensation paid to directors and executive officers was approximately **RMB 10.1 million (US$1.4 million)**[737](index=737&type=chunk) - Employee Breakdown by Function (as of Dec 31, 2024) | Function | Number of Employees | % of Total | | :--- | :--- | :--- | | Sales and Marketing | 404 | 42.6% | | Technology | 234 | 24.7% | | General and Administrative | 130 | 13.7% | | Operations | 117 | 12.3% | | Risk Management | 38 | 4.0% | | Product Development | 26 | 2.7% | | **Total** | **949** | **100.0%** | - As of March 31, 2025, CreditEase Holdings (Cayman) Limited beneficially owned **143,421,412** ordinary shares, representing **83.0%** of the total outstanding shares[772](index=772&type=chunk) [Item 7. Major Shareholders and Related Party Transactions](index=153&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) This section details the company's relationship with its major shareholder, CreditEase, summarizing key agreements and quantifying transactions with CreditEase affiliates - The company has a Second Amended and Restated Non-competition Agreement with CreditEase, effective until at least 2035, defining non-competing business areas[796](index=796&type=chunk)[797](index=797&type=chunk) - Transactions with CreditEase Affiliates (RMB in thousands) | Transaction Type | 2022 | 2023 | 2024 | | :--- | :--- | :--- | :--- | | **Costs/Expenses from CreditEase** | 450,985 | 396,913 | 565,051 | | **Revenue from CreditEase** | 411,010 | 141,595 | 32,192 | - The company provided loans to CreditEase affiliates amounting to **RMB 1,100.0 million** in 2024[801](index=801&type=chunk) [Item 8. Financial Information](index=158&type=section&id=Item%208.%20Financial%20Information) This section refers to the consolidated financial statements and details the company's amended semi-annual dividend policy, which commenced from the first half of 2024 - On August 14, 2024, the board approved an amended dividend policy to pay semi-annual dividends equivalent to no less than **10%** of anticipated net income after tax, starting from H1 2024[808](index=808&type=chunk) - A cash dividend of **US$0.1 per ordinary share (US$0.2 per ADS)** was paid on October 15, 2024, to shareholders of record as of September 30, 2024[808](index=808&type=chunk) [Item 9. The Offer and Listing](index=159&type=section&id=Item%209.%20The%20Offer%20and%20Listing) This section confirms the company's American Depositary Shares (ADSs) have been listed and traded on the New York Stock Exchange (NYSE) under the ticker symbol "YRD" since December 18, 2015 - The company's ADSs are listed on the NYSE under the symbol "YRD" since December 18, 2015[811](index=811&type=chunk)[813](index=813&type=chunk) [Item 10. Additional Information](index=160&type=section&id=Item%2010.%20Additional%20Information) This section provides supplementary details, including the company's corporate governance under Cayman Islands law and an extensive analysis of tax implications for investors - The company is an exempted company with limited liability incorporated under the laws of the Cayman Islands, governed by its memorandum and articles of association and the Companies Act[817](index=817&type=chunk) - Under PRC tax law, dividends paid by the company's PRC subsidiaries to its Hong Kong subsidiary are subject to a **10%** withholding tax, potentially reduced to **5%** under the China-HK tax arrangement[518](index=518&type=chunk) - The company believes it was a Passive Foreign Investment Company (PFIC) for U.S. federal income tax purposes for its taxable year ended December 31, 2024, which could result in adverse tax consequences for U.S. holders[870](index=870&type=chunk) [Item 11. Quantitative and Qualitative Disclosures about Market Risk](index=171&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section discusses the company's exposure to various market risks, primarily foreign exchange risk due to RMB-denominated operations and U.S. dollar-traded ADSs - The company's primary market risk is foreign exchange risk, stemming from RMB-denominated revenues and expenses versus U.S. dollar-reported financial results[899](index=899&type=chunk) - The company has not entered into any hedging transactions to mitigate its exposure to foreign currency exchange risk[902](index=902&type=chunk) [Item 12. Description of Securities Other than Equity Securities](index=172&type=section&id=Item%2012.%20Description%20of%20Securities%20Other%20than%20Equity%20Securities) This section focuses on the company's American Depositary Shares (ADSs), detailing fees payable by holders and depositary reimbursements to the company - Selected Fees Payable by ADS Holders | Service | Fee | | :--- | :--- | | Issuance of ADSs | Up to US$0.05 per ADS | | Cancellation of ADSs | Up to US$0.05 per ADS | | Distribution of cash dividends | Up to US$0.05 per ADS held | - For the year ended December 31, 2024, the company received **US$107 thousand** in reimbursement from the depositary for ADR program-related expenses[912](index=912&type=chunk) Part II [Item 15. Controls and Procedures](index=174&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2024 - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2024[921](index=921&type=chunk) - Based on an evaluation against the COSO framework, management concluded that the company's internal control over financial reporting was effective as of December 31, 2024[922](index=922&type=chunk) [Item 16. Other Information](index=175&type=section&id=Item%2016.%20Other%20Information) This section covers governance, principal accountant fees, share repurchase program details, and the company's comprehensive cybersecurity risk management strategy - Principal Accountant Fees (RMB in thousands) | Year | Audit Fees | | :--- | :--- | | 2023 | 11,613 | | 2024 | 11,513 | - Under its 2022 Share Repurchase Program, the company repurchased a total of **2,165,090 ADSs** in 2024 at an average price of **US$4.85 per ADS**[934](index=934&type=chunk) - The company has implemented a comprehensive cybersecurity risk management strategy, overseen by the board's cybersecurity risk management committee and managed by an internal incident management team[941](index=941&type=chunk)[942](index=942&type=chunk)[947](index=947&type=chunk) Part III [Item 18. Financial Statements](index=179&type=section&id=Item%2018.%20Financial%20Statements) This section contains the full audited consolidated financial statements for Yiren Digital Ltd. for 2022-2024, prepared under U.S. GAAP, including the auditor's report and key financial statements - The independent auditor's report identifies the 'Allowance for current expected credit loss (CECL) on accounts receivable, financing receivable, other receivable, contract assets, guarantee receivable and guarantee liabilities - contingent' as a Critical Audit Matter due to subjective judgment and estimates[967](index=967&type=chunk)[969](index=969&type=chunk) - Consolidated Balance Sheet Highlights (As of Dec 31) | (RMB in thousands) | 2023 | 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | 5,791,333 | 3,841,284 | | Total Assets | 10,276,916 | 12,982,696 | | Total Liabilities | 2,191,367 | 3,440,266 | | Total Equity | 8,085,549 | 9,542,430 | - Consolidated Statement of Operations Highlights (Year Ended Dec 31) | (RMB in thousands) | 2022 | 2023 | 2024 | | :--- | :--- | :--- | :--- | | Net Revenue | 3,434,620 | 4,895,633 | 5,805,901 | | Total operating costs and expenses | (1,962,756) | (2,300,851) | (4,158,837) | | Net Income | 1,194,871 | 2,080,197 | 1,582,299 | - Consolidated Statement of Cash Flows Highlights (Year Ended Dec 31) | (RMB in thousands) | 2022 | 2023 | 2024 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | 1,849,430 | 2,171,013 | 1,424,082 | | Net cash provided by/(used in) investing activities | 52,559 | 100,045 | (3,113,115) | | Net cash used in financing activities | (489,123) | (569,278) | (277,226) | [Item 19. Exhibits](index=179&type=section&id=Item%2019.%20Exhibits) This section lists all exhibits filed as part of the annual report, including corporate documents, share incentive plans, material contracts, VIE agreements, and CEO/CFO certifications - The exhibits include key governance documents, such as the 2020 Share Incentive Plan, the Second Amended and Restated Non-competition Agreement with CreditEase, and various contractual agreements governing the VIEs[953](index=953&type=chunk)[954](index=954&type=chunk)

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Core Viewpoint - Yiren Digital Ltd (NYSE: YRD) is a platform leveraging artificial intelligence to offer various services in China, including financial services like financing and insurance, as well as e-commerce services [1] Group 1 - The company has experienced a decline in its performance [1]

Core Insights - Yiren Digital Ltd. has received regulatory approval for the commercialization of its "Zhiyu Large Model," marking a significant milestone in AI innovation and enabling secure and efficient intelligent solutions across various business applications [1][5]. Group 1: Product and Technology - The Zhiyu Large Model is a versatile foundation model that offers solutions such as real-time content processing, automated contract review, multilingual translation, intelligent Q&A, and code generation, integrated into core workflows like meeting management and legal document review [2]. - Yiren Digital has developed a suite of seven proprietary AI systems, including the DiTing intelligent decision-making system and ZhuQue intelligent fund routing platform, which has generated annual cost savings of RMB 44 million in 2024 [4]. Group 2: Business Strategy and Future Plans - The company plans to broaden the applications of the Zhiyu Large Model, focusing on enhancing consumer-facing interactions to provide more natural and human-like engagement through AI-powered interfaces [3]. - With the commercial approval of the Zhiyu Large Model, Yiren Digital anticipates accelerated enhancement of its existing systems and smoother realization of its comprehensive AI commercialization strategy [4]. Group 3: Industry Recognition - As of April 10, 2025, Yiren Digital is among an elite group of innovators, with only 128 generative AI services in Beijing having completed the regulatory filing process [5]. - The company has been recognized as a member of China's Artificial Intelligence Industry Alliance and was awarded the 2024 "Golden FinTech" Excellence Award by CAICT [5].

Core Viewpoint - Yiren Digital Ltd. has formed a strategic joint venture with AG Network to enhance financial services in Indonesia, leveraging AI technology and local market expertise to meet the growing demand for accessible financial solutions in Southeast Asia's largest economy [1][3]. Company Overview - Yiren Digital is an AI-powered platform that provides a comprehensive suite of financial and lifestyle services in China, aiming to improve customers' financial well-being and quality of life through digital financial services and tailored solutions [6]. - AG Network is a leading Indonesian conglomerate with diverse business interests, including finance, retail, agriculture, telecommunications, and manufacturing, focused on innovative and sustainable finance solutions [7]. Joint Venture Details - The joint venture will integrate Yiren Digital's AI-driven capabilities, including advanced risk management algorithms and automated customer service platforms, to create a customer-centric financial service tailored for the Indonesian market [2]. - AG Network's established local market presence and regulatory expertise will facilitate compliance with local regulations and expedite market entry for the joint venture, which is expected to commence operations in the second half of 2025 [3]. Future Collaborations - Beyond the joint venture, the partnership aims to explore additional technology collaborations to support AG Network's broader digital transformation initiatives across its various business sectors [4]. Leadership Insight - The Chairman and CEO of Yiren Digital emphasized that this partnership is a significant milestone in the company's international expansion strategy, highlighting the potential for financial and technological innovation in Indonesia's market of 281 million people [5].

Financial Data and Key Metrics Changes - The company reported full-year revenues for 2024 with a 90% annual growth, meeting its guidance [27] - Total revenue for the fourth quarter of 2024 increased by 14% year-over-year [27] - Net income for the fourth quarter was RMB331 million, a decrease of 42% year-over-year, while total net income for 2024 was RMB1,582 million, down 24% compared to the previous year [37][39] Business Line Data and Key Metrics Changes - In the Financial Services segment, total loan volumes reached RMB15.4 billion in Q4 2024, a 32% year-over-year increase, with full-year loan volumes at RMB53.6 billion, up 49% from 2023 [11][28] - The Insurance Brokerage business saw total premiums of over RMB4.4 billion in 2024, down 10% year-over-year, with a significant decline in life insurance sales [20][29] - The consumption and lifestyle segment's revenue dropped 25% year-over-year to RMB298 million in Q4 2024, while full-year revenue was over RMB1.9 billion, up 36% year-on-year [30] Market Data and Key Metrics Changes - The company reported a stable number of borrowers at 1.6 million, growing 14% year-over-year [11] - Monthly active users on the Yixianghual platform reached 4.5 million in Q4 2024, a 27% year-over-year increase [12] Company Strategy and Development Direction - The company aims to enhance customer acquisition through AI-driven analytics and partnerships with platforms like Douyin [48] - There is a focus on expanding international business, particularly in the Philippines, with plans to replicate success in other regions [15][52] - The company is investing heavily in AI development, with R&D expenses totaling RMB412 million in 2024, a 177% increase year-over-year [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving macro environment and plans to increase the repeat borrowing rate to 70% [47] - The company expects revenue for 2025 to be between RMB5.5 billion to RMB6.5 billion, indicating a healthy net profit margin [41] Other Important Information - A cash dividend of US$0.22 per ADS is expected to be paid on or around May 15, 2025 [24] - The company has repurchased 5.2 million ADRs, totaling approximately US$17.9 million under the 2022 share purchase program [40] Q&A Session Summary Question: What changes will the company make with the relaxed regulations in China? - Management plans to drive up the repeat borrowing rate and enhance customer acquisition through AI-driven analytics and partnerships with various platforms [47][48] Question: What are the long-term goals for the overseas business? - Management is optimistic about the international market potentially matching the domestic market in scale and aims to make international business a meaningful revenue contributor in the next few years [52]