X Financial

Thank you, operator. Hello, everyone, and thank you for joining today's call. The company's financial results were released earlier today and are available on our investor relations website at ir.xiaoyingroup.com. On the call today from X Financial are Mr. Ken Lee, President, Mr. Frank Fu-Ya Zheng, Chief Financial Officer, and Mr. Noah Kaufman, Chief Financial Strategy Officer. Mr. Lee will start with a brief overview of our business progress and financial performance. Then Mr. Kaufman will go over some key Q1 metrics and highlights. After that, Mr. Cheng will share updates on financials, regulatory insights, and our 2025 outlook. Afterwards, Mr. Lee, Mr. Cheng, and Mr. Kaufman will be available to answer your questions during the Q&A session. I remind you that this call may contain forward-looking statements. Enter the C. Popper Prohibitions of Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and involve known or unknown risks, uncertainties, and other factors. These factors are difficult to predict and many are beyond the company's control, which may cause actual results, performance, or achievements to defer materially from those described in these statements. Further information on these and other risks can be found in our IPC filings. The company undertakes no obligation to update any forward-looking statements as a result of new information, future events, or otherwise, except as required by law. It is now my pleasure to introduce Mr. Ken Lee,

Thank you, Victoria, and hello everyone. We are pleased with how 2025 has begun. In the first quarter, we facilitated RMB 35.15 billion in loans, an 8.8% sequential increase, and a 63.4% growth year over year. It was one of our strongest quarters for originations, reflecting solid borrower demand and continued progress in risk management. Our team remained focused on expanding opportunities through both new partnerships and existing relationships, enhancing our technology platform and underwriting models to support profitability and scalability, balancing growth and risk as we broaden access to qualified borrowers. We are also working to improve the borrower experience by delivering faster decisions, simplifying application processes, and enhancing transparency. In parallel, we continue to strengthen platform reliability and support tools to help customers make informed borrowing decisions and manage repayments with confidence. Despite the typical seasonal impact from Chinese New Year, we achieved a sequential growth in both loan volume and revenue. Total revenue reached RMB 1.94 per billion, up 13.4% from Q4 and over 60% year over year. These results reflected steady progress in growing the platform responsibly. Operational and credit quality update. We also made a continual progress on asset quality as of March 31st, our 31 to 60 day delinquency rate was 1.25% compared to 1.61% a year ago, reflecting a 22% improvement year over year. The 91 to 180-day delinquency rate was 2.7%, down from 4.7% in Q1 2024, a 37% reduction year over year. These improvements reflect disciplined borrower screening and underwriting practices. We have also continued to enhance borrower engagement and repayment behavior through timely communication and tailored repayment assistance programs. These initiatives have contributed meaningfully to our risk management outcomes and supported a further portfolio of stability. Now, I will turn the call to Noah to go over some key Q1 metrics and highlights.

Yeah, thank you, Kent. Hello, everyone. It's a pleasure to speak with you today. Let me share several highlights from our Q1 operational and financial performance. On the operational metrics, we facilitated approximately 35.15 billion RMB in loan originations, marking a 63.4% year-over-year increase. Our total loan outstanding balance, excluding loans over 60 days delinquent, reached 58.4 billion RMB, growing by more than 33% from Q1 2024. We facilitated over 3.14 million loans with an average loan amount of approximately 11,181 RMB. On the financial highlights, Total revenue grew to 1.94 billion RMB, up 13.4% sequentially, and 60.4% year-over-year, primarily driven by higher borrow volumes and originations. Our income from operations expanded substantially, reaching 573 million RMB, up 52% year-over-year. This demonstrates our improved operational leverage and discipline expense management. Our average funding costs improved year over year, supported by a more optimized funding structure and sustained commitment from our core institutional partners. This reflects the strength of our platform and deepening trust within our funding network. With these metrics, we continue to see notable gains in operational efficiency and market positioning. I'll now hand the call over to Frank. to walk through the financials, discuss capital allocation, priorities, provide regulatory insights, and outline our growth outlook for 2025.