Financial Data and Key Metrics Changes - Total revenue for the third quarter grew by 5.1% year over year to RMB 1.55 billion, primarily driven by a 70% increase in the financial services segment [13] - Net income for the third quarter was RMB 318 million, translating to RMB 3.65 per ADR share or $0.51 per ADR share, representing a 12% decline from the previous quarter [21][22] - The net margin slightly declined from 22% in the prior quarter to 20% [22] Business Line Data and Key Metrics Changes - In the financial services segment, loan origination reached RMB 20.2 billion, up 51% year over year, with repeat borrowers accounting for 77% of total loan volume [5][14] - The average size for new loans increased from RMB 7,000 to RMB 10,100, reflecting a shift towards higher credit quality customer segments [6][14] - The insurance brokerage segment reported gross return premium of RMB 1.15 billion, a 35% increase quarter over quarter, with revenue from the segment reaching RMB 84.2 million, up 45% from the prior quarter [10][17] Market Data and Key Metrics Changes - The total outstanding loan balance as of September 30, 2025, was RMB 34.2 billion, representing a 10% quarter-over-quarter growth [7] - The delinquency rates for loans increased, with the 1-30 day delinquency rate at 2.7%, while the 31-60 day and 61-90 day rates were 1.7% and 1.4%, respectively [8] Company Strategy and Development Direction - The company is focused on disciplined execution and positioning itself for the next generation of fintech through AI and blockchain technologies [4][11] - The agentic AI platform, MagicQ, is enhancing sales conversion and risk controls, contributing to overall productivity [5] - The company is exploring new ways to serve customers and manage assets through AI and blockchain-enabled solutions, including a partnership with ChainArk for crypto solutions [11] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging operating environment due to heightened regulatory uncertainty and a cautious credit backdrop, but emphasized effective adjustments to risk posture [4] - The company anticipates continued volatility in the credit and regulatory risk environment but remains cautiously optimistic about future growth [22][23] - Revenue projections for the fourth quarter are expected to be in the range of RMB 1.4 billion to RMB 1.6 billion [23] Other Important Information - The company has successfully transformed its insurance business model to a digital, low customer acquisition cost approach, which is expected to enhance profitability [9][10] - The automation of collection processes has significantly reduced labor costs and improved service quality [8][9] Q&A Session Summary - The Q&A session was not conducted as the conference concluded without any questions being asked [24][25]

Financial Data and Key Metrics Changes - Total revenue for the third quarter grew by 5.1% year-over-year to RMB 1.55 billion, primarily driven by a 70% increase in the financial services segment [14][15] - Net income for the third quarter was RMB 318 million, translating to RMB 3.65 per ADR share or $0.51 per ADR share, representing a 12% decline from the previous quarter [21][22] - The net margin slightly decreased from 22% in the prior quarter to 20% [22] Business Line Data and Key Metrics Changes - In the financial services segment, loan origination reached RMB 20.2 billion, up 51% year-over-year, with repeat borrowers accounting for 77% of total loan volume [5][15] - The average size of new loans increased by 44% to RMB 10,100, reflecting a shift towards higher credit quality customer segments [6][15] - The insurance brokerage segment reported gross return premiums of RMB 1.15 billion, a 35% increase quarter-over-quarter, while revenue from this segment was RMB 84.2 million, up 45% from the prior quarter [11][18] Market Data and Key Metrics Changes - The total cumulative borrower base increased by 21% year-over-year to 14 million, despite a decrease in total borrowers by 11% to 1.3 million due to tighter credit policies [5] - The Internet insurance business delivered RMB 196 million in annualized premium, representing 204% quarter-over-quarter growth, with total customer numbers rising 93% quarter-over-quarter to 229,353 [11][18] Company Strategy and Development Direction - The company is focused on disciplined execution and positioning itself for the next generation of fintech through AI and blockchain technologies [4][12] - The agentic AI platform, Magicube, is enhancing process efficiency and driving productivity, which is crucial for offsetting margin pressures [5][12] - The company is exploring new ways to serve customers and manage assets through AI and blockchain-enabled solutions, including a partnership with ChainUp for crypto solutions [12] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging operating environment due to heightened regulatory uncertainty and a cautious credit backdrop, but emphasized effective risk management and asset quality protection [4][22] - The company anticipates continued volatility in the credit and regulatory risk environment but remains cautiously optimistic about future growth, particularly in international and Internet insurance segments [22][23] Other Important Information - The company has been included in the whitelist of nearly 30 compliant funding partners under the new regulatory framework, enhancing its market position [8] - The average monthly labor cost savings from AI-driven collection capabilities increased to RMB 5 million, up from RMB 2.7 million in the previous quarter [10] Q&A Session Summary - No questions were recorded during the Q&A session as the conference concluded without any inquiries from analysts or participants [24][25]

Financial Data and Key Metrics Changes - The company's net revenues for Q3 2025 grew by 38.4% year-over-year and 6.5% quarter-over-quarter to RMB 2,628 million [31] - Adjusted net income for Q3 2025 was RMB 488 million, representing a 27.0% increase year-over-year, with an adjusted net profit margin of 18.6% [35] - Adjusted EBITDA for Q3 2025 was RMB 685 million, up by 28.7% year-over-year, with an adjusted EBITDA margin of 26.1% [35] Business Line Data and Key Metrics Changes - In the hotel business, ROPA was RMB 371.3 million, representing 97.8% of its level in the same period of 2024, with OCC at 99.9% and ADR at 98.1% of the prior year [8] - The retail business achieved GMV of RMB 994 million, reflecting a 75.5% year-over-year increase, with online channels contributing over 90% of total GMV [20] Market Data and Key Metrics Changes - The hotel sector showed moderate recovery with robust travel and leisure demand, while the retail market increasingly focused on experiential offerings and quality-of-life upgrades [5][6] - The company opened 152 new hotels in Q3 2025, a record high for a single quarter, bringing the total to 1,948 hotels, a 27.1% year-over-year increase [10] Company Strategy and Development Direction - The company emphasizes quality-first principles in its expansion strategy, focusing on premier hotels in core locations while maintaining operational quality [47] - Atour Planet aims to lead the sleep industry with innovative product standards based on sensory science, differentiating itself from competitors [54] Management's Comments on Operating Environment and Future Outlook - Management noted a shift in consumer behavior towards value and rational purchasing decisions amid macroeconomic volatility [5] - The company expects continued divergence in market performance but remains optimistic about long-term growth through quality offerings and user engagement [42] Other Important Information - The company declared a second cash dividend for 2025 totaling approximately USD 50 million, representing about 29% of last year's net income [61] - The company maintains a healthy cash position with cash and cash equivalents totaling RMB 2,670 million as of September 30, 2025 [35] Q&A Session Summary Question: Could the management share the REFPA trend since October? - Management indicated that REFPA has shown progressive improvement year-over-year, with expectations for easing pressure in Q4 due to strong demand in core cities [40][41] Question: Could you share more about the recent new hotel signing trends? - Management confirmed that new hotel signings are in line with last year, maintaining a steady development pace, with a target of 500 new openings for the year [49] Question: Could the management share your perspective on the competition in the retail business? - Management acknowledged increasing competition but emphasized a focus on evolving user needs and the introduction of innovative product standards to maintain a competitive edge [53][54] Question: Could management provide an update on the planning and progress regarding shareholder returns? - Management stated that the cumulative dividend for the year reaches about USD 108 million, exceeding their commitment of at least 50% of net income [61][62] Question: Could you share your plan for the Atour Lite brand in the next steps? - Management expressed optimism about Atour Lite's long-term development, focusing on solidifying operational foundations and aiming for 1,000 hotels in the future [69]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported revenue of $25.4 million, a growth of 72% year-over-year [44] - Gross profit margin improved significantly from 9.2% in Q3 2024 to 18.4% in Q3 2025, with gross profit of $4.7 million [50] - Net loss for Q3 was $61.6 million, compared to $42.1 million in the same period last year [54] Business Line Data and Key Metrics Changes - Robotaxi services revenue reached $6.7 million, representing a growth of 89.5% year-over-year and 338.7% quarter-over-quarter [45] - Fare charging revenue surged by 233.3%, driven by increased user adoption and operational efficiency [46] - Robot truck service revenues were $10.2 million, growing by 8.7% [49] Market Data and Key Metrics Changes - The company expanded its robotaxi footprint to eight countries globally, indicating strong international growth potential [47] - The daily net revenue per vehicle reached CNY 299, with an average of 23 orders per day [51][76] - The total number of registered users nearly doubled within a week of launching the Gen-7 Robotaxi [10] Company Strategy and Development Direction - The company aims to scale its fleet to over 3,000 vehicles by 2026, leveraging the momentum from the recent Hong Kong IPO [57] - The launch of the Gen-7 Robotaxi has validated the business model, allowing for deeper collaborations and operational expansion in Tier 1 cities [64] - The company is focusing on technological innovation and operational efficiency to enhance its competitive edge in the autonomous mobility sector [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining robust growth momentum, driven by fleet expansion and improved user experience [62] - The successful Hong Kong IPO is expected to accelerate R&D investments and solidify the company's technology leadership [57] - The company views the entry of new players into the robotaxi market as a positive sign of growing recognition and potential for large-scale commercialization [85] Other Important Information - The company completed a dual primary listing on the Hong Kong Stock Exchange, raising over $800 million [4] - The Gen-7 Robotaxi has achieved city-wide unit economic break-even in Guangzhou, validating the business model [8] - The company is transitioning to a satellite model for fleet expansion, allowing for greater capital efficiency [58] Q&A Session Summary Question: Updates on fleet size and outlook for 2026 - Management expects to outperform the target of 1,000 robotaxis by year-end and aims for over 3,000 vehicles in 2026, driven by user experience and fleet density [62] Question: Outlook for fare charging revenues - Fare charging revenue surged by 233%, with expectations for sustained growth as fleet expansion continues [67][71] Question: Assumptions behind the unit economic break-even - The daily net revenue per vehicle is CNY 299, with 23 average orders per day, supported by operational cost management [76][78] Question: Views on new entrants in the robotaxi space - The company sees new entrants as a positive sign but highlights significant barriers to entry, including business, regulatory, and technical challenges [85][88] Question: Factors behind faster expansion of operational areas - The company attributes faster expansion to the number of robotaxi vehicles and the inherent generalization capabilities of its technology stack [100][101]

Financial Data and Key Metrics Changes - Net sales increased by 3% in the second quarter, with comparable net sales rising by 5% after excluding prior year sales related to divested businesses and foreign currency exchange [21] - Adjusted gross profit decreased by $90 million, or 10%, compared to the prior year, primarily due to higher commodity costs and unfavorable volume mix [22] - Adjusted earnings per share was $2.10, a decrease of 24% versus the prior year [23] Business Line Data and Key Metrics Changes - Uncrustables brand net sales grew by 7% at the total company level, with significant household penetration potential remaining [4][5] - Café Bustelo brand net sales increased by 41% in the U.S. retail coffee portfolio, driven by distribution expansion and marketing investments [8] - Milk-Bone brand showed sequential improvement in net sales growth, with expectations to return to growth in the latter half of the fiscal year [9] - Meow Mix brand outpaced the dry cat food category, growing sales nearly three times the category rate [11] Market Data and Key Metrics Changes - U.S. retail coffee segment net sales increased by 21%, driven by higher pricing to recover increased commodity costs [23] - U.S. retail frozen handheld and spreads saw a net sales decrease of 5%, primarily due to declines in peanut butter and fruit spreads [24] - U.S. retail pet foods net sales decreased by 7%, reflecting a decline in dog snacks [25] Company Strategy and Development Direction - The company is focused on three strategic priorities: accelerating organic growth, embedding transformation, and fostering a be-bold mindset [3] - The company aims to position the Uncrustables brand to generate over $1 billion in net sales by the end of the fiscal year [7] - The Hostess brand strategy includes reducing SKU count by 25% to simplify offerings and prioritize high-velocity products [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a dynamic environment, focusing on elements within their control to drive long-term growth [20] - The company anticipates full-year net sales guidance to increase by 3.5%-4.5%, reflecting challenges from divested businesses [29] - Adjusted earnings per share guidance range is narrowed to $8.75-$9.25, maintaining the previous midpoint [33] Other Important Information - Free cash flow for the second quarter was $280 million, down from $317 million in the prior year [28] - The company plans to prioritize debt reduction, aiming to pay down $500 million of debt annually [28] Q&A Session Summary - No specific questions and answers were provided in the content, thus this section is omitted.

Financial Data and Key Metrics Changes - In Q3 2025, total revenues reached RMB 21.8 billion, an increase of 16.7% year-over-year and 14.7% quarter-over-quarter [23] - Vehicle sales amounted to RMB 19.2 billion, up 15% year-over-year and 19% quarter-over-quarter, driven by higher deliveries [24] - Overall gross margin improved to 13.9%, compared to 10.7% in Q3 last year and 10% last quarter, reflecting higher vehicle margins and better profitability in parts and services [25] - Non-GAAP operating loss narrowed by 30% quarter-over-quarter, with positive operating cash flow and free cash flow generated in Q3 [8][27] Business Line Data and Key Metrics Changes - The company delivered 87,071 smart EVs in Q3 2025, representing a year-over-year growth of 40.8% [4] - The ONVO L90 delivered over 33,000 units in three months since its launch, leading the large battery electric SUV segment [11] - The All-New ES8 surpassed 10,000 deliveries within 41 days, becoming a top seller in the premium large three-row SUV segment [10] Market Data and Key Metrics Changes - In October, the company delivered 40,397 smart EVs, up 92.6% year-over-year, marking three consecutive months of record-high deliveries [6] - The penetration rate of battery electric vehicles (BEVs) in the premium segment increased from 12% last year to 18% in Q3 2025 [65] - The sales volume of BEVs in the large three-row SUV market ranked first for the first time in September and continued in October [67] Company Strategy and Development Direction - The company remains committed to a battery electric vehicle roadmap featuring chargeable, swappable, and upgradable batteries [9] - A multi-brand sales and service system is in place, with a focus on expanding the ONVO brand to cover a broader range of price segments [19][102] - The company plans to launch three new large models next year, aiming to achieve a monthly delivery rate of 50,000 units in the first half of next year [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving quarterly break-even in Q4 despite challenges from the phase-out of trade-in subsidies [30] - The company anticipates a vehicle gross margin of around 18% in Q4, with significant growth expected for the ES8 [34] - Management noted that the purchasing tax changes will have limited impact on the company due to the high percentage of users opting for battery subscriptions [49] Other Important Information - The company completed a total of $1.16 billion in equity financing in September, strengthening its balance sheet [17] - The global charging and swapping network now operates 3,641 power swap stations, providing over 92 million swaps [16] - The company has been supporting the NIO Cup Formula Student Electric China since 2015, cultivating young professionals for the industry [18] Q&A Session Summary Question: Break-even target and delivery guidance - Management remains confident in achieving quarterly break-even in Q4 despite a lower delivery guidance of 120,000-125,000 units due to market challenges [30][32] Question: Volume targets and new model schedule - Management expects to achieve a monthly delivery rate of 50,000 units in the first half of next year, with three large models launching [42] Question: 2026 outlook and purchasing tax impact - The company anticipates limited impact from the purchasing tax changes, as most users subscribe to battery services, maintaining a competitive edge [47][49] Question: R&D expense allocation and efficiency - R&D expenses are expected to remain around RMB 2 billion per quarter, with a focus on improving efficiency without compromising competitiveness [52] Question: Margin drivers in Q3 - The vehicle gross margin improvement in Q3 was driven by cost reductions and the sales of high-margin products like the L90 [81] Question: Chip joint venture with Accelra - The joint venture aims to leverage chip design capabilities and sell solutions to other clients, with opportunities in both automotive and non-automotive industries [84] Question: Overseas expansion strategy - The company is shifting to a partnership-based model for global market entry, starting with the Firefly brand [98] Question: Future product launches under ONVO brand - The ONVO brand will expand its product range to cater to the mass market, targeting price segments from RMB 100,000 to 300,000 [102]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported revenue of $25.4 million, a growth of 72% year-over-year [44] - Robotaxi services revenue reached $6.7 million, representing a growth of 89.5% year-over-year and 338.7% quarter-over-quarter [45] - Gross profit margin improved from 9.2% in Q3 2024 to 18.4% in Q3 2025, with gross profit of $4.7 million [48] - Net loss for Q3 was $61.6 million, compared to $42.1 million in the same period last year [50] Business Line Data and Key Metrics Changes - Robotaxi revenue surged by 90% year-over-year, with fare charging revenues growing over 200% year-over-year [12] - Robot truck service revenues were $10.2 million, growing by 8.7% [47] - Licensing and application revenues were $8.6 million, growing significantly by 354.6% [47] Market Data and Key Metrics Changes - The company has established a robotaxi presence in eight countries, including new markets like Qatar [17] - Daily net revenue per vehicle reached CNY 299, with an average of 23 orders per day [49] - The total number of registered users nearly doubled within a week of launching Gen7 [10] Company Strategy and Development Direction - The company aims to expand its fleet to over 3,000 vehicles by 2026, leveraging the satellite model for fleet expansion [56] - The recent Hong Kong IPO raised over $800 million, strengthening the balance sheet for mass production and commercialization [4][52] - The focus is on technological innovation and creating lasting value through efficient autonomous mobility services [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in scaling operations following the city-wide unit economic break-even milestone achieved in Guangzhou [66] - The company sees increasing recognition and confidence in the robotaxi industry's potential for large-scale commercialization [72] - Future growth will be supported by partnerships with local governments and third-party operators [58][97] Other Important Information - The company has ramped up production, with over 600 Gen7 Robotaxis produced by November, exceeding the full-year target of 1,000 vehicles [11] - The Gen7 Robotaxi has achieved city-level unit economics break-even shortly after launch, validating the business model [8] Q&A Session Summary Question: Updates on fleet size and outlook for 2026 - Management expects to outperform the target of 1,000 robotaxis by year-end and aims for over 3,000 vehicles in 2026, driven by the Gen7 launch [56] Question: Outlook for fare charging revenues - Fare charging revenue surged 233% in Q3, driven by user demand and operational optimizations, with expectations for sustained growth as fleet expands [61] Question: Assumptions behind the unit economic break-even - Daily net revenue per vehicle is CNY 299, with 23 orders per day, supported by operational cost management and hardware depreciation strategies [67] Question: Views on new entrants in the robotaxi space - The company sees new entrants as a positive sign of growing confidence in the industry, but emphasizes the challenges of business, regulatory, and technical hurdles [72][74] Question: Factors behind faster expansion of operational areas - The company attributes faster expansion to the number of robotaxi vehicles and the ability to handle corner cases effectively [82]

Financial Data and Key Metrics Changes - The company's net revenues for Q3 2025 grew by 38.4% year-over-year and 6.5% quarter-over-quarter to RMB 2,628 million [34] - Adjusted net income for Q3 2025 was RMB 488 million, representing a 27.0% increase year-over-year, with an adjusted net profit margin of 18.6% [39] - Adjusted EBITDA for Q3 2025 was RMB 685 million, up by 28.7% year-over-year, with an adjusted EBITDA margin of 26.1% [39] Business Line Data and Key Metrics Changes - In the hotel business, RevPAR was RMB 371.3, representing 97.8% of its level in the same period of 2024, with OCC nearly recovering to 99.9% and ADR reaching 98.1% [8] - Revenues from managed hotels for Q3 2025 were RMB 1,560 million, up 32.3% year-over-year, while revenues from leased hotels were RMB 164 million, down 13.4% year-over-year [34] - Retail business GMV reached RMB 994 million, representing a 75.5% year-over-year increase, although there was a 12.3% quarter-over-quarter decline [22][35] Market Data and Key Metrics Changes - The hotel sector has shown a moderate recovery since Q3, with robust travel and leisure demand, although recovery is uneven across regions [5] - The retail market is increasingly focused on experiential offerings and quality-of-life upgrades, driven by evolving consumer habits and technological advancements [5] Company Strategy and Development Direction - The company aims to achieve a strategic target of 2,000 premier hotels by year-end, having opened 152 new hotels in Q3 2025, marking a 27.1% year-over-year increase in total hotels [10][11] - Atour is focusing on quality-first principles in its rapid expansion, applying rigorous project selection criteria and strict quality standards [11] - The company is committed to enhancing shareholder value through dividends and share repurchase programs, targeting a payout ratio of 100% based on the previous fiscal year's net income [66] Management's Comments on Operating Environment and Future Outlook - Management noted that the market will continue to show divergence, with challenges and uncertainties remaining, but they expect pressure from year-on-year declines in RevPAR to ease in Q4 [44] - The company plans to deepen its understanding of user needs and strengthen foundational capabilities to secure long-term advantages in a volatile market [45] Other Important Information - The company declared a second cash dividend for 2025, totaling approximately USD 50 million, bringing the cumulative dividend total for the year to about USD 108 million [40][66] - The membership base exceeded 108 million by the end of Q3 2025, representing a year-over-year growth of over 30% [30] Q&A Session Summary Question: RevPAR trend since October and outlook for Q4 - Management indicated that RevPAR has shown progressive improvement year-over-year, with expectations for easing pressure in Q4 due to strong demand in core cities [42][44] Question: Recent new hotel signing trends and full-year targets - Management confirmed that new hotel signings are generally in line with last year, with confidence in achieving the full-year guidance of 500 new openings [50][53] Question: Competition in the retail business and revenue guidance adjustments - Management acknowledged increasing competition but emphasized a focus on evolving user needs and raised the full-year retail revenue growth outlook to at least 65% year-on-year [56][60] Question: Update on shareholder returns - Management provided an update on the second dividend distribution and the ongoing share repurchase program, targeting a payout ratio of 100% based on the previous fiscal year's net income [64][66] Question: Plans for Atour Light brand expansion - Management expressed optimism about Atour Light's long-term development and plans to build a dedicated operational system to strengthen its market position [70][73]

Financial Data and Key Metrics Changes - Net Sales increased by 3% in the second quarter, with comparable Net Sales rising by 5% when excluding prior year sales related to divested businesses and foreign currency exchange [21] - Adjusted Gross Profit decreased by $90 million, or 10%, compared to the prior year, primarily due to higher commodity costs and unfavorable volume mix [22] - Adjusted Earnings per share was $2.10, a decrease of 24% versus the prior year [23] Business Line Data and Key Metrics Changes - Uncrustables Brand grew Net Sales by 7% at the total company level, with significant household penetration potential remaining [4][5] - Café Bustelo Brand saw a 41% increase in Net Sales in the U.S. Retail Coffee portfolio, driven by distribution expansion and marketing investments [8] - Milk-Bone Brand showed sequential improvement in Net Sales growth, with expectations to return to growth in the latter half of the fiscal year [9][10] - Sweet Baked Snacks segment experienced a 19% decrease in Net Sales, with a 3% decline when excluding non-comparable sales from the prior year [26] Market Data and Key Metrics Changes - U.S. Retail Coffee segment Net Sales increased by 21%, driven by higher pricing to recover increased commodity costs [23] - International and Away From Home segment Net Sales grew by 10%, with the Away From Home business increasing by 17% [27] - Pet Foods segment Net Sales decreased by 7%, reflecting declines in Dog Snacks and contract manufacturing sales related to divested brands [25] Company Strategy and Development Direction - The company is focused on three strategic priorities: accelerating organic growth, embedding transformation, and fostering a Be-Bold mindset [3] - Key growth platforms include Uncrustables, Café Bustelo, Milk-Bone, Meow Mix, and Hostess Brands, with significant investments in brand-building and innovation [4][7] - The company aims to stabilize and position the Hostess Brand for long-term growth by reducing SKU count and enhancing marketing efforts [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a dynamic environment, emphasizing the importance of strategic investments and consumer-led innovation [20] - The company anticipates full-year Net Sales guidance to increase by 3.5%-4.5%, reflecting challenges from divested businesses and contract manufacturing sales [29][30] - Adjusted Earnings per share guidance is narrowed to $8.75-$9.25, maintaining the previous midpoint, with expectations for sequential improvement throughout the fiscal year [33][35] Other Important Information - Free Cash Flow for the second quarter was $280 million, down from $317 million in the prior year [28] - The company plans to prioritize debt reduction, aiming to pay down $500 million of debt annually [28] Q&A Session Summary - No specific questions and answers were provided in the content, thus this section is omitted.

Financial Data and Key Metrics Changes - In Q3 2025, the company facilitated RMB 32.2 billion in loan volume, a year-on-year increase of approximately 20.6% [6] - Non-GAAP income from operations was RMB 490 million, up around 50.3% year-on-year [6] - Net income for Q3 was RMB 376.5 million, representing an increase of 39.7% from the same period in 2024 [26] - Basic and diluted net income per share was RMB 1.83, compared to RMB 1.27 in Q3 2024 [26] - The company ended the quarter with RMB 124.2 million in cash and cash equivalents, down from RMB 316.2 million at the end of the previous quarter [26] Business Line Data and Key Metrics Changes - The company maintained cooperation with 75 financial institutions, with another 64 under negotiation, enhancing funding supply stability [7] - The share of repeat borrowers in facilitation volume rose to 78.6%, driving the average borrowing amount per transaction up to RMB 9,115, a year-on-year increase of approximately 19.5% [10] Market Data and Key Metrics Changes - The Indonesian business saw nearly 200% year-on-year growth in business scale, with the number of borrowers increasing by approximately 150% [19] - In Mexico, loan volume and user base maintained rapid growth, indicating initial success in market expansion [19] Company Strategy and Development Direction - The company is focusing on high-quality borrower segments and optimizing resource allocation efficiency through a cautious customer acquisition strategy [10][30] - The implementation of new loan facilitation regulations is expected to raise industry entry barriers and drive the sector towards healthier and more sustainable development [37] - The company aims to advance its Four Plus Two Strategy, focusing on major application directions and leveraging key infrastructure platforms for technological breakthroughs [17] Management's Comments on Operating Environment and Future Outlook - The management noted that the recent regulatory policies are creating a favorable environment for the long-term sustainable development of the industry [5] - The company projects Q4 loan facilitation volume at RMB 23 billion to 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% [21] - Full-year non-GAAP operating profit guidance is set at RMB 1.99 billion to RMB 2.06 billion, reflecting a growth of approximately 52.3% to 57.6% [21] Other Important Information - The company has achieved significant innovations in AI development, establishing a technical benchmark of high performance and low cost [12] - The integration of multimodal capabilities has significantly improved fraud detection timeliness, compressing it from a week to within two hours [15] Q&A Session Summary Question: Impact of new regulation on business and strategic adjustments - Management indicated that the new regulation has significantly impacted the industry, leading to downward pricing pressure and a focus on consumer protection. The company has intensified adjustments in traffic acquisition and adopted a more cautious customer acquisition strategy [30][32] Question: Revenue take rate and margin expectations - Management noted that the net margin for Q3 was 25.6%, a slight decrease from the previous quarter. They expect profitability to be significantly higher than in 2024, despite short-term pressures from the new regulation [35][37]