Core Insights - The company reported a loan facilitation volume of RMB 32.2 billion for Q3 2025, marking a year-on-year increase of approximately 20.6% and achieving non-GAAP income from operations of RMB 190 million, up around 50.3% year-on-year, in line with guidance [1][12][13] Financial Performance - Net revenue for the quarter was RMB 1.47 billion, reflecting a year-on-year increase of 1.8% [13] - The company’s net profit for Q3 was RMB 376 million, representing a net margin of 25.6%, slightly down from 27.5% in Q2 [23] - Full-year non-GAAP operating profit guidance is set at RMB 1.99 billion to RMB 2.06 billion, indicating a growth of approximately 52.3% to 57.6% year-on-year [12][25] Market Environment - China's GDP grew by 4.8% year-on-year in Q3, with consumption contributing 56.6% to this growth, indicating a stable economic environment [2] - The demand for consumer finance is rising steadily, with a narrow consumer credit balance up 4.2% year-on-year as of September 30 [2] Risk Management - The company has observed pressure on overall risk indicators and fluctuations in asset quality, prompting a rapid iteration of its risk control model [5] - The ninety-plus day delinquency rate stood at 1.33% at the end of Q3, with a focus on high-quality borrower segments for new customer acquisition [5] Technological Advancements - The company has made significant innovations in AI development, enhancing fraud detection capabilities and operational efficiency [6][7][8] - The integration of multimodal capabilities has reduced fraud detection time from a week to within two hours [8] Strategic Outlook - The company projects its loan facilitation volume for Q4 2025 to be between RMB 23 billion and RMB 25 billion, with full-year volume expected to be in the range of RMB 127.8 billion to RMB 129.8 billion, representing a year-on-year increase of approximately 26.8% to 28.8% [12][25] - The implementation of new loan facilitation regulations is expected to create a more compliant and sustainable industry environment, with a focus on higher-quality borrower segments [24][19]