Financial Data and Key Metrics Changes - In Q3 2025, loan volume reached CNY 50.89 billion, revenue was CNY 3.42 billion, and net profit was CNY 521 million, reflecting a 2% increase quarter-over-quarter and a 68% increase year-over-year [5][22] - The net profit take rate increased to 2.01%, up by 9 basis points quarter-over-quarter and 92 basis points year-over-year [5][22] - Total revenue decreased by 5% quarter-over-quarter, primarily due to a 29% decrease in e-commerce platform service income [32] Business Line Data and Key Metrics Changes - Net revenue from the credit business decreased by 3% to CNY 1.9 billion, while net revenue from the e-commerce business increased by 14% to CNY 111 million [22][23] - E-commerce loan volume grew by 15% sequentially to CNY 2.3 billion, despite a decline in overall pricing due to regulatory changes [28][29] Market Data and Key Metrics Changes - GMV for essential daily consumer goods grew 58.5% quarter-over-quarter and 133.8% year-over-year, with a 38% year-over-year increase during the Singles' Day Shopping Festival [11][43] - The asset quality of the inclusive finance business remained stable, validating the value of lower-tier markets [11] Company Strategy and Development Direction - The company is focused on enhancing risk management capabilities and adapting to new regulations, which are expected to raise industry entry barriers and promote healthier development [6][15] - The company emphasizes a customer-centric approach and plans to continue optimizing its product offerings and expanding its e-commerce platform [9][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving stable performance growth despite industry fluctuations and regulatory challenges [12][33] - The company anticipates moderate loan volume decline in Q4 2025 due to regulatory impacts, but expects to see stabilization in risk indicators towards the end of the quarter [54][55] Other Important Information - The company increased its dividend payout ratio from 25% to 30% of net profit starting in the second half of the year [6] - The share repurchase program is progressing well, with over half completed, reflecting management's confidence in the company's outlook [35][60] Q&A Session Summary Question: Impact of new regulation on business operations - Management confirmed that they ceased underwriting loans with APR above 24% and noted that this has impacted business volume and average loan pricing [38][39] Question: Development strategy and outlook for e-commerce business - The company plans to continue optimizing its e-commerce platform and expanding product categories while managing risk [44] Question: Managing industry credit risk fluctuations - Management highlighted proactive measures taken to enhance risk control and mitigate fluctuations, resulting in manageable risk performance [48][49] Question: Outlook and guidance for Q4 and 2026 performance - Management expects moderate loan volume decline in Q4 due to regulatory impacts but anticipates significant year-over-year growth for the full year 2025 [55][56] Question: Future plans for shareholder returns - The company is committed to enhancing shareholder returns through its share repurchase program and increased dividend payout [60][61]