Financial Data and Key Metrics Changes - Revenue increased by 17% year-over-year, reaching RMB 11.56 billion, surpassing RMB 10 billion for the first time [31] - Gross margin improved from 47% to 56% in 2025, indicating a significant increase in gross profit [31] - Adjusted net profit reached RMB 1.43 billion, a year-on-year increase of 33% [31] Business Line Data and Key Metrics Changes - Auto financing transaction volume reached RMB 75.1 billion, a 9% increase year-over-year [11] - Used car segment grew rapidly with a year-on-year growth rate of 38%, reaching 537,000 units financed [13] - Fintech business achieved a financing scale of RMB 40.3 billion, a year-on-year increase of 91% [15] Market Data and Key Metrics Changes - New passenger vehicle sales in China reached 30.1 million units in 2025, up 9.2% year-over-year [5] - Used passenger car transactions reached 15.74 million units, a year-on-year increase of 0.4% [5] - The Chinese auto finance market is projected to reach RMB 2.9 trillion in 2025, with expectations to surpass RMB 5 trillion by 2029 [8] Company Strategy and Development Direction - The company focuses on driving financial innovation through technology, maintaining partnerships with over 100 financial institutions [4] - A strategic emphasis on the used car segment and fintech services is evident, with significant growth in these areas [11][15] - The company aims to consolidate its leadership in the auto finance industry while expanding its international presence, particularly in Southeast Asia [39] Management's Comments on Operating Environment and Future Outlook - Management noted that the auto market is entering a new stage driven by intelligence and electrification, with expectations for steady growth [7] - The company anticipates that the shift towards healthy competition will drive sustainable development in the industry [8] - Management expressed confidence in the company's ability to adapt to market changes and optimize its product offerings [66] Other Important Information - The company was included in the newly launched HKEX Technology 100 Index in December 2025, reflecting its innovation and growth potential [5] - The launch of the self-developed AI model, XingMM-AM1, aims to enhance automation and intelligence in the auto finance sector [12][24] Q&A Session Summary Question: Reason for bond to equity transition for subsidiary Yusheng and internationalization strategy - Management explained that the transition aims to increase asset liquidity and that the company plans to expand its presence in Southeast Asia, with specific targets for markets like Malaysia and Indonesia [48][49] Question: Market landscape and challenges with zero interest products - Management acknowledged the presence of zero interest products but emphasized that their focus remains on risk management and that such products pose challenges for OEMs regarding asset quality [57][58] Question: Future trends for fintech and used car business - Management indicated that the used car segment is expected to grow in proportion, and they will adapt strategies based on market conditions to ensure profitability and stability [64][66]

Financial Data and Key Metrics Changes - Revenue increased by 17% year-over-year, reaching RMB 11.56 billion, surpassing RMB 10 billion for the first time [31] - Gross margin improved from 47% to 56% in 2025, indicating a significant increase in gross profit [31] - Adjusted net profit rose by 33% year-over-year to RMB 1.43 billion [31] Business Line Data and Key Metrics Changes - Auto financing transaction volume reached RMB 75.1 billion, a 9% increase [11] - Used car segment grew by 38% year-over-year, with transaction volume reaching 537,000 units and financing amounting to RMB 42.1 billion [12][13] - Fintech business financing scale reached RMB 40.3 billion, a year-on-year increase of 91% [15] Market Data and Key Metrics Changes - New passenger vehicle sales in China reached 30.1 million units, up 9.2% year-over-year [5] - Used passenger car transactions reached 15.74 million units, a 0.4% increase [5] - New energy vehicles (NEVs) saw a 17.5% year-over-year growth, with financing for new NEVs accounting for 55% of total new car financing volume [14][15] Company Strategy and Development Direction - The company focuses on driving financial innovation through technology, maintaining partnerships with over 100 financial institutions [4] - Yixin aims to consolidate its leadership in the auto finance industry while expanding its presence in Southeast Asia and other international markets [39][41] - The company is committed to building a full-length auto finance AI agent to enhance operational efficiency and risk management [42][45] Management's Comments on Operating Environment and Future Outlook - Management noted that the auto finance market is expected to reach RMB 2.9 trillion in 2025, with projections to surpass RMB 5 trillion by 2029 [8] - The company anticipates steady growth in the market as policies supporting auto consumption take effect [7] - Management emphasized the importance of adapting to market changes and optimizing product offerings based on profitability [66] Other Important Information - Yixin was included in the HCEX Technology 100 Index in December 2025, reflecting its innovation and growth potential [5] - The company launched the XingMM-AM1 AI model to enhance automation and intelligence in the auto finance sector [12][24] Q&A Session Summary Question: Reason for bond to equity transition for subsidiary Yusheng and internationalization strategy - Management explained that the transition aims to increase asset liquidity and that Yixin is focusing on expanding in Southeast Asia, with plans for future growth in markets like Malaysia and Indonesia [48][49][51] Question: Market landscape regarding zero interest products and future commission rate trends - Management acknowledged the presence of zero interest products but stated that it does not significantly impact their business, emphasizing their focus on risk management [57][58] - They noted that commission rates are expected to decrease as high-interest products become less common [60] Question: Proportion of fintech and used car business in total business and risk control methods - Management indicated that the used car segment is expected to grow in proportion, but the overall strategy will adapt based on market conditions [64][66] - They highlighted their ability to accurately assess delinquency rates and adjust pricing to maintain asset stability [67]