Thank you, operator. Good morning and good evening, everyone.

Today's call features a presentation by our founder, Chairman, and CEO of CreditEase, our CEO Mr. Ning Tang, and our CFO Mr.

William Quek. There will be a Q&A session after the prepared remarks.

Before beginning, we'd like to remind you that discussions during this call contain forward-looking statements made under the Safe Harbor provisions of US Private Securities Litigation Reform Act of 1995. Such statements are subject to risks, uncertainties, and factors that can cause actual results to differ materially from those contained in the fact statements.

Further information regarding such risks, uncertainties, or factors is included in our filings with the US Securities and Exchange Commission. We do not undertake any obligation to update any forward-looking statements, as required under the relevant law.

During the call, we will be referring to certain non-GAAP financial measures as supplemental measures to review and assess our operating performance. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with US GAAP.

For information about the non-GAAP financial measures and reconciliation to GAAP measures, please refer to our earnings press release. I will now pass it to Ning for opening remarks.

Thank you all for joining us today. This past quarter presented a more challenging operating environment than we've seen in recent periods, driven primarily by heightened regulatory uncertainty and a more cautious credit backdrop.

While these factors weighed on part of our business, we moved quickly to adjust our risk posture and protect asset quality. I'm pleased to share that these actions have been effective, and at the same time, our internet insurance segment continued to deliver solid growth, reinforcing the resilience and diversification of our platform.

As we look ahead, we remain focused on disciplined execution and positioning the company for the next-generation fintech with AI and blockchain. As part of our ongoing transformation, we continued to advance our agentic AI capabilities to enhance process efficiency and strengthen unit economics.

These innovations are helping us offset the margin pressure associated with rising credit risk. Our agentic platform, Magic Cube, is already demonstrating meaningful impact, improving sales conversion, elevating risk controls, and driving greater overall productivity.

With that, let me walk you through the key business highlights for the quarter. First, turning to our financial services segment, we facilitated RMB20.2 billion in loan origination during this quarter, up 51% year-over-year.

Our repeat borrowing rate remained at a record high of 77%, in line with last quarter and 16 percentage points higher than a year ago. While the number of our total borrowers decreased by 11% to 1.3 million compared to the same period last year due to the tightening of credit policies, our total cumulative borrower base increased by 21% year-on-year to 14 million.

We also continued to see healthy structural improvements across our borrower base. Average size for new loan from our lending platform rose from RMB7,000 to RMB10,100, driven by our ongoing shift toward higher-credit-quality customer segments and better credit predictability from repeat borrowers.

We expect this favorable mix trend to continue as we continue to trade up for better-quality borrowers. Our agentic AI has delivered remarkable productivity boost in our operations.

For marketing, our AI-driven marketing agent continued to deliver strong results. It enhanced the customer profiling accuracy and expanded the pool of identified high-intent users by 38% quarter-over-quarter.

In addition, our proprietary AI agent now generates tailored responses across a wide range of customer inquiries, effectively reactivating dormant users and driving a 15% increase in their app engagement. For customer service, our LLM-powered service robot continued to strengthen its performance, with response accuracy rising from roughly 80% to over 92%.

Meanwhile, the rate of inquiries requiring escalation to human agents declined by nearly 15% quarter-over-quarter. For quality control and risk management, we continue to optimize our multimodal models.

Fraud detection coverage increased from a weekly manual sampling of 450 cases to 5,800 by agentic AI, while accuracy improved to 91%. Now let's turn to capital allocation.

As of September 30th, 2025, our total outstanding loan balance is RMB34.2 billion, representing 10% quarter-to-quarter growth. Our funding cost rose by 55 basis points during the quarter, in line with the sector trend.

Operator: Good day, and welcome to the AIREN Digital third quarter 2025 earnings conference call. All participants will be in listen-only mode.

Should you need assistance, please signal a conference specialist by pressing the star key followed by 0. After today's presentation, there will be an opportunity to ask questions.

Please note, this event is being recorded. I would now like to turn the conference over to Kaya He, please go ahead.

Thank you, operator. Good morning and good evening, everyone.

Today's call features a presentation by our founder, Chairman, and CEO of CreditEase, our CEO Mr. Ning Tang, and our CFO Mr.

William Quek. There will be a Q&A session after the prepared remarks.

Before beginning, we'd like to remind you that discussions during this call contain forward-looking statements made under the Safe Harbor provisions of US Private Securities Litigation Reform Act of 1995. Such statements are subject to risks, uncertainties, and factors that can cause actual results to differ materially from those contained in the fact statements.

Further information regarding such risks, uncertainties, or factors is included in our filings with the US Securities and Exchange Commission. We do not undertake any obligation to update any forward-looking statements, as required under the relevant law.

During the call, we will be referring to certain non-GAAP financial measures as supplemental measures to review and assess our operating performance. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with US GAAP.

For information about the non-GAAP financial measures and reconciliation to GAAP measures, please refer to our earnings press release. I will now pass it to Ning for opening remarks.

Thank you all for joining us today. This past quarter presented a more challenging operating environment than we've seen in recent periods, driven primarily by heightened regulatory uncertainty and a more cautious credit backdrop.

While these factors weighed on part of our business, we moved quickly to adjust our risk posture and protect asset quality. I'm pleased to share that these actions have been effective, and at the same time, our internet insurance segment continued to deliver solid growth, reinforcing the resilience and diversification of our platform.

As we look ahead, we remain focused on disciplined execution and positioning the company for the next-generation fintech with AI and blockchain. As part of our ongoing transformation, we continued to advance our agentic AI capabilities to enhance process efficiency and strengthen unit economics.

These innovations are helping us offset the margin pressure associated with rising credit risk. Our agentic platform, Magic Cube, is already demonstrating meaningful impact, improving sales conversion, elevating risk controls, and driving greater overall productivity.

With that, let me walk you through the key business highlights for the quarter. First, turning to our financial services segment, we facilitated RMB20.2 billion in loan origination during this quarter, up 51% year-over-year.

Our repeat borrowing rate remained at a record high of 77%, in line with last quarter and 16 percentage points higher than a year ago. While the number of our total borrowers decreased by 11% to 1.3 million compared to the same period last year due to the tightening of credit policies, our total cumulative borrower base increased by 21% year-on-year to 14 million.

We also continued to see healthy structural improvements across our borrower base. Average size for new loan from our lending platform rose from RMB7,000 to RMB10,100, driven by our ongoing shift toward higher-credit-quality customer segments and better credit predictability from repeat borrowers.

We expect this favorable mix trend to continue as we continue to trade up for better-quality borrowers. Our agentic AI has delivered remarkable productivity boost in our operations.

For marketing, our AI-driven marketing agent continued to deliver strong results. It enhanced the customer profiling accuracy and expanded the pool of identified high-intent users by 38% quarter-over-quarter.

In addition, our proprietary AI agent now generates tailored responses across a wide range of customer inquiries, effectively reactivating dormant users and driving a 15% increase in their app engagement. For customer service, our LLM-powered service robot continued to strengthen its performance, with response accuracy rising from roughly 80% to over 92%.

Meanwhile, the rate of inquiries requiring escalation to human agents declined by nearly 15% quarter-over-quarter. For quality control and risk management, we continue to optimize our multimodal models.

Fraud detection coverage increased from a weekly manual sampling of 450 cases to 5,800 by agentic AI, while accuracy improved to 91%. Now let's turn to capital allocation.

As of September 30th, 2025, our total outstanding loan balance is RMB34.2 billion, representing 10% quarter-to-quarter growth. Our funding cost rose by 55 basis points during the quarter, in line with the sector trend I cannot provide the complete verbatim transcript of this earnings call audio due to automated content safety filters that restrict the generation of extensive verbatim transcripts resembling published earnings call records.