Core Insights - Jiayin Group Inc. reported its unaudited financial results for Q3 2025, achieving significant growth in loan facilitation volume and operational income despite macroeconomic uncertainties [1][7]. Financial Performance - Net revenue for Q3 2025 was RMB1,470.2 million (US$206.5 million), a 1.8% increase from Q3 2024 [8]. - Revenue from loan facilitation services reached RMB1,220.7 million (US$171.5 million), marking a 10.4% increase year-over-year [8]. - Loan facilitation volume was RMB32.2 billion (US$4.5 billion), up 20.6% from the same period in 2024 [9]. - Average borrowing amount per transaction increased to RMB9,115 (US$1,280), a rise of 19.5% from Q3 2024 [9]. - The repeat borrower contribution rose to 78.6%, compared to 73.0% in Q3 2024 [9]. - The 90-day+ delinquency ratio stood at 1.33% as of September 30, 2025 [9]. Operational Highlights - Income from operations was RMB456.9 million (US$64.2 million), reflecting a 46.5% increase from Q3 2024 [14]. - Non-GAAP income from operations was RMB490.6 million (US$68.9 million), compared to RMB326.5 million in the same period of 2024 [14]. - Net income for the quarter was RMB376.5 million (US$52.9 million), a 39.7% increase from Q3 2024 [14]. Expense Management - Facilitation and servicing expenses decreased to RMB286.5 million (US$40.2 million) from RMB419.1 million in Q3 2024, primarily due to reduced financial guarantee service costs [11]. - General and administrative expenses increased by 29.0% to RMB72.4 million (US$10.2 million), driven by higher share-based compensation [13]. - Research and development expenses rose by 13.3% to RMB108.7 million (US$15.3 million), reflecting increased employee compensation [13]. Business Outlook - The company anticipates its full-year loan facilitation volume for 2025 to be between RMB127.8 billion and RMB129.8 billion, with Q4 2025 expected to range from RMB23.0 billion to RMB25.0 billion [18][19]. - Non-GAAP income from operations for the full year is projected to be between RMB1.99 billion and RMB2.06 billion [19]. Share Repurchase Plan - In August 2025, the Board approved an adjustment to the share repurchase plan, allowing for up to US$80 million in repurchases through June 12, 2026 [20]. - As of November 25, 2025, approximately 4.6 million ADSs had been repurchased for about US$30.4 million [20].

Financial Performance - Revenue increased to $24.2 million in Q3 2025 from $23.5 million in Q3 2024[3] - Adjusted EBITDA increased to $5.6 million in Q3 2025 from $4.5 million in Q3 2024[3] - The company experienced a net loss of $7.569 million in Q3 2025, compared to a net income of $1.437 million in Q3 2024[19] - Adjusted EBITDA margin was 23% in Q3 2025, compared to 19% in Q3 2024[20] Loan Origination - Total certified loans decreased to 23,880 in Q3 2025 from 27,435 in Q3 2024[3] - Facilitated loan origination volume decreased to $701.7 million in Q3 2025 from $772.5 million in Q3 2024[16] - Average loan size increased to $29,384 in Q3 2025 from $28,156 in Q3 2024[16] Loan Portfolio Mix - CU/Bank channel loans accounted for 89.8% of the total in Q3 2025, up from 79.5% in Q3 2024, while OEM loans accounted for 10.2%, down from 20.5%[5] - Used vehicle certs accounted for 87.5% of the total in Q3 2025, compared to 87.1% in Q3 2024[8] - Direct certs accounted for 19.8% of the total in Q3 2025, compared to 19.5% in Q3 2024[8,18] - Refinance certs accounted for 5.8% of the total in Q3 2025, compared to 3.2% in Q3 2024[8,18] Credit Profile - Credit builder loans accounted for 6.3% of the total in Q3 2025[11]

Financial Data and Key Metrics Changes - In Q2 2025, the company facilitated RMB38.99 billion in loans, representing a 10.9% sequential increase and a 71.4% year-over-year growth [6][11] - Total revenue reached RMB2.27 billion, up 17.3% sequentially and 65.6% year-over-year [7][11] - Non-GAAP adjusted net income for Q2 was RMB593.2 million, reflecting a robust year-over-year growth of 58.3% [12][14] - Return on equity improved to approximately 27.9%, indicating enhanced capital efficiency [15] Business Line Data and Key Metrics Changes - The total outstanding loan balance, excluding loans delinquent more than sixty days, reached RMB64.91 billion, a 55.3% increase from Q2 2024 [11] - The total number of loans facilitated increased to approximately 3,720,000, reflecting a growth of 70.8% year-over-year [11] - The average loan size was RMB10,476, with an active borrower base growing to approximately 2,850,000, a notable 73.7% increase year-over-year [11] Market Data and Key Metrics Changes - The thirty-one to sixty-day delinquency rate improved to 1.16%, down from 1.29% a year ago, reflecting nearly a 10% improvement year-over-year [8] - The ninety-one to one hundred and eighty days delinquency rate was 2.91%, substantially lower than the 4.38% in Q2 2024, demonstrating a meaningful 33% reduction year-over-year [8] Company Strategy and Development Direction - The company is focused on expanding market opportunities through new partnerships and enhancing its technology platform and underwriting models [6] - There is a deliberate moderation in growth expectations for 2025, with a projected total return amount of facility and originate in the range of RMB32 billion to RMB34 billion, emphasizing asset quality over pure volume growth [18] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the company's strategic path, emphasizing robust underwriting practices and prudent risk controls [20] - The regulatory environment in China is evolving, and the company is committed to compliance while viewing regulatory changes positively as they support a sustainable industry landscape [18] Other Important Information - The company has a share repurchase program with approximately US$68.2 million remaining under its new US$100 million authorization, effective through November 30, 2026 [16] - A cash dividend of US$0.28 per ADS has been approved, with payments expected around October 15, 2025 [17] Q&A Session Summary Question: Can you provide some light on the pivot from loan growth to asset quality? - Management clarified that asset quality has always been a priority, and while there was an initial focus on loan growth, the emphasis remains on maintaining asset quality [25][26] Question: Do you see opportunities to run the company leaner through artificial intelligence? - The company is already leveraging AI in client management, including collections and customer service, and plans to continue developing AI capabilities to reduce future costs [27][28]

Financial Data and Key Metrics Changes - In Q4 2024, the company facilitated loan transactions totaling RMB27.7 billion, a 37.8% year-over-year increase, with loan facilitation service revenue reaching RMB1.124 billion, up 46.3% year-over-year [8][9] - The company's net revenue was RMB1,404.5 million, representing a decrease of 12.2% from the same period of 2023 [28] - The net income for Q4 was RMB275.5 million, a decrease of 25.1% compared to the previous year, primarily due to a higher base from a one-off non-operational income in Q4 2023 [31][32] Business Line Data and Key Metrics Changes - Revenue from loan facilitation services increased to RMB1,124 million, reflecting a 46.3% year-over-year growth, while revenue from guarantee services significantly decreased [29][38] - The share of facilitation service revenue increased from 48% in Q4 2023 to 80% in Q4 2024, indicating a strategic shift towards higher-margin services [38] Market Data and Key Metrics Changes - The company added 2.774 million new borrowers in 2024, representing a year-over-year growth of 45.1% [10] - The delinquency rate for loans overdue from 61 to 90 days dropped to 0.53%, showing significant improvement compared to the same period last year [14] Company Strategy and Development Direction - The company is focused on high-quality growth driven by technology and risk management, with plans to expand its borrower acquisition channels and enhance its service offerings [7][12] - The strategic focus for 2025 includes a loan facilitation volume target range of RMB137 billion to RMB142 billion, reflecting a year-over-year growth of about 36% to 41% [25][45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macroeconomic environment supporting consumer credit growth, with expectations for stronger policy measures to boost the industry [24] - The company plans to enhance shareholder returns by increasing the cash dividend from no less than 15% to approximately 30% of the previous fiscal year's net profit after tax starting in 2025 [23][77] Other Important Information - The company maintained cooperative relationships with 73 financial institutions and is exploring innovative business models in areas such as auto-backed loans [12] - The company has invested in AI and technology to improve operational efficiency and risk management, including the deployment of an AI-powered risk control platform [15][56] Q&A Session Summary Question: Significant slowdown in revenue growth in 2024 - Management clarified that the slowdown is a result of strategic focus on high-quality growth in facilitation services, with facilitation service revenue growing 46.3% year-over-year despite overall revenue decline [38][40] Question: Plans and investments in technology and talent cultivation - The company is increasing investments in AI and big data, enhancing automation capabilities, and integrating AI solutions in risk management to maintain a competitive edge [54][59] Question: Decline in net income and cost control issues - The decline in net income was attributed to one-time non-operating income in 2023, increased borrower acquisition costs, and higher R&D expenses, with plans for improvement through strategic investments [65][68] Question: Plans to optimize borrower experience and attract new groups - The company aims to enhance borrower retention through improved service offerings, seamless marketing and risk control processes, and innovative business models to attract high-quality borrowers [82][90]