Financial Data and Key Metrics Changes - The operating revenue for 2024 reached RMB 9.89 billion, representing a year-on-year increase of 48% [31] - The operating expense ratio declined to around 20%, an 8% decrease compared to the previous year [32] - The asset management scale grew to RMB 108.1 billion by December 2024, a 39% increase from the end of the previous year [32] Business Line Data and Key Metrics Changes - The transaction volume of auto financing reached RMB 69.1 billion in 2024, a year-on-year increase of 5% [10] - The financing amount for new energy vehicles grew by 44% compared to the same period last year [10] - The fintech business facilitated financing transactions of RMB 21.1 billion in 2024, representing a year-on-year growth of 107% [14] Market Data and Key Metrics Changes - The new passenger vehicle sales in China reached 27.56 million units in 2024, a year-on-year growth of 5.8% [5] - The annual sales of new energy passenger vehicles exceeded 10 million units for the first time, with a year-on-year growth of 41% [5] - The Chinese auto finance market is expected to reach RMB 3 trillion in 2024 [6] Company Strategy and Development Direction - The company aims to deepen its presence in the automotive and clean finance sectors, leveraging technology-driven financial innovation [3] - The focus is on enhancing cooperation with major shareholders like Tencent and expanding into AI and big data applications [3][4] - The company plans to optimize its value-added service product system and deepen cooperation with insurance institutions [20] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism for 2025, expecting revenue growth of 15% to 20%, reaching around RMB 11.5 to 12 billion [58] - The company anticipates that the consumption potential will be further unleashed due to new policies and the popularization of intelligent driving [6] - Management noted that the financial penetration rates in China still have significant room for improvement compared to developed markets [8] Other Important Information - The cumulative number of auto financing transactions exceeded 4 million units by May 2024, with a cumulative transaction volume approaching RMB 400 billion by December 2024 [4] - The company has established a risk control management system that covers the entire business process, ensuring effective risk management [26] Q&A Session Summary Question: What is the purpose for the high volume of loans? Will that generate pressure on liquidity and cash flow in 2025? - Management indicated that 50% of loans are for basic needs and the other 50% for special interest rate loans, with no expected pressure on cash flow in 2025 due to improved technology services [45][46] Question: What is the tracking model and features of the consumers? - The company has two categories for tracking models: a SaaS system for data collection and an online traffic model for charging fees, with a focus on the latter for revenue [48][49] Question: What is the contribution rate from the AI model to the company's revenue? - AI is considered a core competitiveness, utilized across various processes including customer acquisition and risk control, significantly enhancing operational efficiency [53][54] Question: What is the guidance for the 2025 business and growth rate? - The company expects a revenue growth of 15% to 20% in 2025, estimating revenue to reach around RMB 11.5 to 12 billion [58] Question: Will there be a decrease in the cost of assets and specific measures for cost control? - Management believes there is potential for a decrease in capital and asset costs, with plans to deploy AI applications for operational efficiency [60][62] Question: How will competition in the auto finance industry affect the company? - Management acknowledged increased competition but believes it will not significantly impact the company due to its focus on different consumer segments compared to banks [64][66] Question: What are the plans for the fintech business in the short and long term? - The company aims for a transaction revenue target of RMB 35 billion in the next three years, with a focus on high-quality development and leveraging big data technologies [71][73]