X Financial

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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. Kent Li, President, Mr. Frank Fu-Ya Zheng, Chief Financial Officer, and Mr. Noah Kaufman, Chief Financial Strategy Officer. Mr. Li will start with a brief overview of our business progress and financial performance. Then Mr. Kaufman will go over some key Q3 metrics and highlights. After that, Mr. Zheng will share updates on financial regulatory insights in our 2025 Outlook. Afterward, Mr. Li, Mr. Zheng, 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 under the safe harbor provisions of the 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 the other risks can be found in our SEC 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. The third quarter of 2025 marked a very different phase for our business compared with the strong momentum we experienced in the first half of the year. After a record performance in Q2, we deliberately moderated our growth pace to navigate a more regulated and disciplined operating environment. During the quarter, We facilitated and originated RMB 33.64 billion in loans, representing an 18.7% increase year over year, but a 13.7% decline sequentially from the previous quarter. This moderation was intentional as we prioritized asset quality and risk management over near-term volume expansion. Our team remained focused on maintaining prudent risk discipline while serving qualified borrowers and protecting portfolio health. Enhancing our technology platform, data analytics, and underwriting precision to improve decision making and efficiency. Strengthening partnerships and operational process to support long-term scalability under evolving regulatory standards. We also continue improving borrow experience experiences by simplifying application flows, accelerating approval times, and expanding transparency across our credit and repayment channels. At the same time, we refined our collection infrastructure and monitoring systems to proactively managing credit risk and improve repayment outcomes. These initiatives allow us to better serve customers while protecting the platform's long-term stability. Despite a softer operating backdrop, we maintain the solid profitability and the positive earnings. Total net revenue reached RMB 1.96 billion, reflecting a 23.9% increase year over year, though down 13.7% sequentially from Q2 record level. This performance demonstrates our ability to adapt quickly and maintain resilience through disciplined execution and operational control. Credit quality. We did observe early signs of credit pressure during the quarter, consistent with broader market trends. As of September 30th, our 31 to 60-day delinquency rate rose to 1.85% compared with 1.16% at the year of Q2 and 1.02% the year of Q3. Our 91 to 180-day delinquency rate increased to 3.52% up from 2.91% in Q2 and 3.22% in Q3 2024. These movements reflect the more cautious borrower environment and the rising repayment stress among certain segments. In response, we lightened our underwriting criteria, reinforced collection effectiveness, and expanded borrower engagement. While we expect conditions to remain challenging in the short term, these steps position us well to preserve asset quality and protect the long-term stability of our platform. With that, I'll now turn the call over to Noah, who will walk through additional financial and operational highlights from the third quarter. Noah.