Core Viewpoint - The rapid development of diverse personal loan services has provided consumers with convenience for purchasing durable goods, but there are concerns regarding transparency in fees, high borrowing costs, and personal information security [1] Group 1: Marketing Practices and Consumer Awareness - Some loan advertisements may contain misleading phrases such as "interest-free," "low interest," and "high limits," which can obscure actual interest costs and lead consumers to over-borrow [2] - Financial institutions and online lending partners are urged to standardize marketing practices and comply with national regulations on online marketing [2] - Consumers are advised to carefully read loan contracts and understand key information such as loan terms, fees, and potential costs associated with defaults [2] Group 2: Identifying Fraudulent Loan Intermediaries - Fraudulent loan intermediaries may impersonate banks and use deceptive tactics to lure consumers with promises of "no collateral" and "low rates," posing risks of high fees and personal information breaches [3] - Consumers should only consult or apply for loans through legitimate financial institutions and verify the credentials of intermediaries [3] - Regulatory bodies have indicated that many banks do not collaborate with intermediaries and do not charge intermediary fees for loan processing [3] Group 3: Risks of Debt Restructuring and Optimization - Some consumers may fall into traps of "debt restructuring" or "debt optimization" schemes promoted by illegal intermediaries, which can lead to high fees and potential legal consequences [4] - The financial regulatory authority has issued warnings about the risks associated with these schemes, advising consumers to remain vigilant [4] Group 4: Consumer Protection and Financial Management - Consumers should be cautious of false advertising and the risks associated with illegal lending practices, and they should evaluate their financial situation before taking on loans [4] - It is important for consumers to protect their personal information and avoid sharing sensitive data with unverified parties [4] - Consumers are encouraged to choose financial products that align with their risk tolerance and financial capabilities, considering the costs and repayment abilities [4]

Financial Data and Key Metrics Changes - Total loan volumes in Q4 reached RMB32 billion, a 24% year-over-year increase, while full-year loan volumes were RMB104.9 billion, reflecting stable performance compared to 2023 [8][9] - Q4 net income more than doubled year-over-year to RMB386 million, with total net revenue increasing 43% year-over-year to RMB1.7 billion [11][18] - Full-year total net revenue reached a record RMB5.9 billion, and full-year net income was RMB1.5 billion, with total shareholder equity increasing by 19% year-over-year [18][19] Business Line Data and Key Metrics Changes - The delinquency rate for loans overdue by 31 to 60 days improved to 1.17% from 1.57% a year ago, and the 91 to 108 days overdue delinquency rate declined to 2.48% from 3.12% last year, indicating strengthened asset quality [11][12] Market Data and Key Metrics Changes - The Chinese government implemented monetary and fiscal stimulus measures in the second half of 2024, which lowered funding costs and fostered healthy borrower demand in the personal finance market [10][12] Company Strategy and Development Direction - The company aims to leverage technology, particularly AI, to enhance financial services efficiency, focusing on risk analytics, automated underwriting, and fintech solutions [13][15] - A forecasted 30% increase in total loan volumes for 2025 is expected, driven by organic demand and a stable regulatory environment [14][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory for 2025, citing improved risk management and lower funding costs as key factors for profitability [46][47] - The company remains committed to enhancing shareholder value through disciplined capital allocation and strategic investments in AI [23][54] Other Important Information - The Board of Directors approved a semiannual dividend of USD0.25 per ADS, reinforcing the commitment to shareholder value [19][20] - The company repurchased 38.4 million Class A ordinary shares in Q4, totaling USD49 million, with a total repurchase of 52.2 million shares for USD59.4 million in 2024 [20][21] Q&A Session Summary Question: Clarification on share repurchase accounting - Management clarified that the share count calculation is based on a weighted average, which is why the reduction is not fully reflected in the year-end report [29] Question: New hire's role in the company - The new hire, Noah Kauffman, will focus on deepening engagement with U.S. capital markets and enhancing investor relations [38] Question: Drivers behind expected loan volume growth for 2025 - Management indicated that improved customer acquisition and partnerships with more platforms are key drivers for the anticipated 30% increase in loan volume [40][41] Question: Impact of loan volume growth on profitability - While specific profitability forecasts were not provided, management expressed confidence that profit will increase at a similar pace to loan volume growth [44][46] Question: Capital allocation priorities going forward - Management indicated a preference for share buybacks over dividends, emphasizing the stock's value and potential for appreciation [52][54]