PPDAI Group Q2 2025 Earnings Call Transcript

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Provided by Quartr
August 20, 2025

Key Takeaways

  • Positive Sentiment: This quarter the company reported net revenue of RMB3.6 billion (up 13% YoY) and net income of RMB751 million (up 36% YoY), marking 18 consecutive quarters of growth.
  • Positive Sentiment: International transaction volume surged 39% YoY to RMB3.2 billion, boosting international revenue contribution to 22% of total and onboarding 1.6 million new borrowers.
  • Neutral Sentiment: New regulations on China’s internet loan facilitation business may weigh on domestic volume, but the company expects only a low single-digit QoQ decline and long-term benefits from industry consolidation.
  • Positive Sentiment: In June the company completed a $150 million convertible bond offering to lower funding costs, diversify its investor base, and accelerate international expansion.
  • Neutral Sentiment: The company reiterated its full-year 2025 revenue guidance of RMB14.4 billion to RMB15 billion, representing 10%–15% growth year-over-year.
AI Generated. May Contain Errors.
Earnings Conference Call
PPDAI Group Q2 2025
00:00 / 00:00

Transcript Sections

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Yam Cheng
Head of Capital Markets at FinVolution Group

Thank you, Wilco. Hi, everyone. Welcome to our second quarter twenty twenty five earnings conference call. The company's results were issued via newswire services earlier today and are posted online. You can download the earnings release and sign up for the company's e mail alerts by visiting the IR section of our website at ir.finbgroup.com.

Yam Cheng
Head of Capital Markets at FinVolution Group

Mr. Keiten Li, our Chief Executive Officer and Mr. Jianyuan Shu, our Chief Financial Officer, will start the call with the prepared remarks and conclude with a Q and A session. During this call, we will be referring to several non GAAP financial 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 U.

Yam Cheng
Head of Capital Markets at FinVolution Group

S. GAAP. For information about these non GAAP measures and the reconciliation of GAAP measures, please refer to our earnings press release. Before we continue, please note that today's discussion to contain forward looking statements made under the Safe Harbor provision of The U. S.

Yam Cheng
Head of Capital Markets at FinVolution Group

Private Securities Litigation Reform Act of 1995. Forward looking statements involve inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties are included in the company's filings with the U. S.

Yam Cheng
Head of Capital Markets at FinVolution Group

Securities and Exchange Commission. The company does not assume any obligation to update any forward looking statements except as required under applicable law. Finally, we posted a presentation on our IR website providing further details of our results for the quarter. I will now turn the call over to our CEO, Mr. Tian Chen. Tian, please go ahead.

Tiezheng Li
Co-Founder, CEO, President & Vice Chairman at FinVolution Group

Thanks, Yan. Hello, everyone. Welcome to our earnings call. Following a solid 2025, I'm pleased to share that Revolution sustained its healthy momentum in the second quarter. Supported by our robust growth in our international business and steady performance in China, net revenue reached RMB3.6 billion, up 13% year over year, driven by a 10% increase in transaction volume in China and then 39% surge in international transaction volume.

Tiezheng Li
Co-Founder, CEO, President & Vice Chairman at FinVolution Group

Net income also showed solid growth reaching RMB751 million, representing an increase of 36% year over year and 2% quarter over quarter. Since our transition to institutional funding model in 2021, we have now delivered 18 consecutive quarters of year over year growth in both transaction volume and revenue. A strong testament to our resilient business fundamentals in today's fast changing macro landscape. As discussed in last quarter's earning call, regulation in China's consumer finance sector have been evolving. With the implementation of the new regulation of the Internet loan facilitation business in October, We believe it may have implication to the loan mix and the risk profile of the assets in the industry.

Tiezheng Li
Co-Founder, CEO, President & Vice Chairman at FinVolution Group

And we are closely monitoring the latest developments and the dynamics of the sector. We maintain active dialogue with our funding partners, which expanded from one hundred and fourteen one hundred and nineteen in the second quarter to maintain relatively stable funding supply and prepare in advance for the potential impacts on our transaction volumes and the risk metrics. Our risk infrastructure tested across multiple economic and regulatory cycles positions us well to adapt swiftly and effectively to these changes. In the long run, we view that these measures will ultimately bolster more sustainable growth across the sector and the benefits of lending platform like ours. Part of our resilient business hinged on the international operations, which offer valuable diversification benefit and growth in the second quarter.

Tiezheng Li
Co-Founder, CEO, President & Vice Chairman at FinVolution Group

International transaction volume increased 39% year over year to RMB3.2 billion and loan balance rose 50% to RMB2.1 billion. Notably, our international operations contribute 22% of net revenue, up from 18% in the same period last year. And the pending the growth is our expanding customer base. We onboarded 1,600,000 new borrowers during the second quarter, a 96% year over year increase. This marked our fourth consecutive quarter surpassing 1,000,000 new borrowers.

Tiezheng Li
Co-Founder, CEO, President & Vice Chairman at FinVolution Group

Thanks to our effective AI powered marketing strategy and a diverse user acquisition channels in China, the transaction volume from new borrowers reached RMB7.1 billion, up 20% year over year in our international markets. We attached 1,100,000 new borrowers, up 126% year over year. New borrower growth from our international markets also outpaced that in China for the fifth consecutive quarter. Curated by a diversified service we provide in the ecosystem through partnership with the leading e commerce and technology platforms. We expect this trend to continue.

Tiezheng Li
Co-Founder, CEO, President & Vice Chairman at FinVolution Group

On the technology front, we continue to leverage AI in our risk management. We have built effective defenses against sophisticated AI fraud like DeepFix achieving 98.8% detection accuracy. Our proprietary visual AI analyze background patents, document and sensitivity and the text level anomalies resulting in 95% detection of digital artifacts in forged images. We combine this with multi layered verification including dynamic facial recognition, randomized voice checks and the real time video authentication. Looking ahead, we are evolving from single mode to multi mode detection that simultaneously analyze video and audio, keeping us ahead against the evolving financial fraud.

Tiezheng Li
Co-Founder, CEO, President & Vice Chairman at FinVolution Group

ESG remains core to our long term strategy. We published our seventh annual ESG report in July and is going our unwavering commitment to sustainable inclusive financial. Throughout 2024, we made substantial progress by combining technology innovation, process improvements and ecosystem partnerships, particularly in enhancing our anti fraud capabilities and optimizing service quality. These efforts have meaningful advanced consumer protection with our intelligent fraud prevention system, now detecting over 7,000 suspicious activities daily. In 2024, we've blocked more than 26,000 fraud attempts protecting financial institutions from potential losses over RMB300 million, while maintaining 98% user satisfaction rate.

Tiezheng Li
Co-Founder, CEO, President & Vice Chairman at FinVolution Group

Also worth noting, Remolution Group secured two prestigious owners at the Financial Asia 2025 award in June. The best strategic initiatives award for The Philippines as well as the most innovative use of technology award for Mainland China. This recognition affirms the positive value our FinTech solution has brought to financial institutions across multiple markets. Finally, an update on our capital market activity. We completed million dollars convertible bonds offering in June.

Tiezheng Li
Co-Founder, CEO, President & Vice Chairman at FinVolution Group

The first capital market transaction since our IPO in 2017. The funding will support our strategic priorities accelerating international expansion and lowering capital costs. The transaction also helped us diversify our investor base and the deeper engagement with a broader group of investors. We are encouraged by the positive reception from the convertible bonds investors as well as the improvements in our stocks liquidity following the transaction. In summary, our second quarter performance reflects outstanding execution of our local excellence global outlook strategy.

Tiezheng Li
Co-Founder, CEO, President & Vice Chairman at FinVolution Group

We are encouraged by the resilience of our China business and the strength of our international business, bolstered by ongoing investments in technology, customer acquisition and international expansion. We are well positioned to continue driving sustainable growth and delivering long term value. Now, I will hand over to call over to our CFO, Jiayuan Xu for a closer look at our financials.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

Thank you, Jason. Hello, everyone. Let me go through our key results for the second quarter. I will begin with our performance in China. Despite global trade tension and the macro uncertainty, China's economy demonstrated resilience that GDP expanded 5.12% year over year, exceeding market expectations.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

Also consumer sentiment improved on the back of a 4.8% increase in overall spending in June. It is encouraging to see continued regulatory support to increase credit supply for consumer finance to boost economy. Against this background, we delivered solid results in China. Our take rate remained stable at 3.4, while the average loan tenure extended slightly to eight point three months. Risk metrics stayed broadly stable with day one delinquency rate rising 10 basis points quarter over quarter to 4.7%, while thirteen day collection rate remaining steady at 89%.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

We maintained our prudent approach to provision supported by a healthy provision coverage ratio of 543%. Turning to our international business, which will continue the growth despite the spillover impact from Ramadan in early Q2. Domestic macro indicators in our key Southeast Asian markets were largely stable, while the underlying consumer demand for credit has remained strong. Total international transaction volume grew 39% year over year and 6% quarter over quarter, surpassing RMB3 billion for the second consecutive quarter, while outstanding loan balance rose to RMB2.1 billion, up 50% year over year and 30% sequentially. Unique borrowers sold by an impressive 122% year over year to reach 2,300,000, breaking the 2,000,000 mark for the first time.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

As a result, revenue for international markets increased to RMB797 million, up 42% year over year. Indonesia, while macroeconomic conditions showed slightly moderation amid a trial tensions, our business demonstrated a strong resilience. We maintain the momentum by offering longer tender products to high credit quality borrowers, which do better asset quality and improving take rate. We also continue to expand partnership with local platforms to acquire new borrowers. These initiatives delivered a solid results.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

Loan volume grew 9% year over year with outstanding loan balance increasing 25% to RMB1.3 billion. Very important and encouraging update on Indonesia. At the July, the OJK, Indonesia's Financial Service Authority issued a new circular that keeps the daily fee cap for consumer funding unchanged for S2024 level. This is a welcome development because it effectively replaced the previous policy, which would have a required a 0.1% annual reduction in the fee cap through 2026. This decision provides much needed stability.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

It addresses concerns that further fee could pressure revenue and profitability, and it ensures a healthy, more sustainable environment for business going forward. We see this as a strong vote of confidence in the industry and a positive step for our long term growth in Indonesia. Our business in The Philippines continue to outperform this quarter. Business activity in The Philippines remained high nationwide with an average PMI of 50.7. Thanks to ongoing regulatory support for digital finance innovation as well as our brand awareness through effective marketing strategy, our loan volume more than doubled year over year to RMB1.4 billion accounting for 45% of our international business.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

By now Pelletier products contributed 32% of volume, up from 30% in the same period of last year, driven by our collaboration with TipDoc shop and efforts to expand new platform partnerships. Moving forward, we are optimistic over the transaction volume growth in The Philippines as we deepen our market presence, broaden our funding partnerships and diversify our business offerings to capture emerging opportunities. Overall, our strong operational performance this quarter produced impressive financial results across the board. Net revenue reached RMB3.6 billion reflecting robust year over year growth of 30% and our accretion increase of 3%. Net income also saw significant momentum, running 36% year over year to RMB751 million, and scoring our ability to drive profitable growth.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

Our financial position remains solid with RMB7.9 billion in cash and short term investments, providing ample liquidity to support our strategic priorities. We continue to maintain a prudent balance sheet with a leverage ratio of 2.6 times, defined as risk of barrier loans to shareholders equity. Finally, we continue to returning capital to shareholders and have repurchased 63,800,000.0 of shares in the 2025, including repurchase made in conjunction with the convertible bond issuance in June. The CB proceeds to fund our international business will optimize capital costs and accelerate expansion. In short, we maintain our strong growth trajectory through disciplined execution of our local excellence and global outlook strategy.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

We remain confident in our ability to adapt quickly to the evolving and regulated environment in China, while driving growth in untapped international markets. We believe the new regulation may foster healthy development of the industry and benefit leading players market share in the long term. As such, we are reiterating our full year 2025 revenue guidance of RMB14.4 billion to RMB15 billion or 10% to 15% year over year growth. With that, I will now open the call for questions. Operator, please open to you.

Operator

Thank you. Today's first question comes from Cindy Wang with China Renaissance. Please go ahead.

Cindy Wang
Director at China Renaissance

For taking my question and congrats for the good result in second quarter. So I have two questions here. First, regarding new regulation on loan facilitation in China, how do you see the impact to your business? Would you slow down new loan volume in second half to adjust loan structure and ensure asset quality? Second, the new loan volume in international market in second quarter maintained record growth.

Cindy Wang
Director at China Renaissance

What is the current run rate in July and August? And is there any target customer profile change in Indonesia and Philippines in second half? Thank you.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

Okay. Thanks, Cindy. Yes, I will take your questions. Your first question is about the new regulation in China. The new regulations on internet loan facilitation business will come into effect in October 1.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

We think it will provide more order to the industry and in the long run promote the consolidation. There might be some impact on the different types of assets right now. As for those high priced assets, the funding supply has reduced. And the funding partners now become more cautious and selective on the cooperation with the platforms. They like to choose the platform which can bring the good economics or have the manageable risk reward.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

And for those high quality assets where our core business is, liquidity and the funding costs remain stable. So the tightening of the industry liquidity has introduced some challenges, but the overall impact to us remains manageable for few reasons. First, we have the know hows for acquiring and operating the high quality assets. We have long been focusing on the sorting and the pricing high quality assets from the information feed channel. Now the funding market shifts to the high quality assets, should benefit.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

And the second, as proven in the previous credit cycle, we have been disciplined on risk management. Thanks to the efforts on the high quality customer strategy and continuously build the competitive capabilities. We saw the delinquency rate is staying at a reasonable and manageable range. We will continue to dynamically balance the risk exposure and the transaction volume as we step into the second half year. So we expect maybe the regulatory uncertainty will continue to weigh on the industry.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

And the third, our international business continue to be a growth driver and the more important resource a source of our diversification to our business. In the second quarter, as transaction volume increased by around 14% year over year and the revenue contribution surpassed 22%. We also see a better profitability trajectory than expected in our international markets. This structural growing trend in international markets provide a cushion to the short term volatility in China market. So in conclusion, we expect maybe a low single digit quarter over quarter decline in the transaction volume in the China market.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

It was a reasonable fluctuation in risk levels and the largely stable take rate. So we are maintaining our full year revenue growth guidance of 10% to 15% subject to the industry not significantly different in the coming quarters. And your second question is about our overseas business. Well, as we mentioned in the 2025, our international markets continue its very strong momentum. The transaction volumes was up nearly 40% year over year and 11% quarter over quarter.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

And I'm very happy to share that this strong trend here is steady running to the July and August. Based on our current trends, we are projecting both Indonesia and The Philippines to deliver the solid double digit quarterly growth again in Q3. As for the Indonesia, you know, the most important update is our revolution. In the later July, the OJK confirmed that interest is a new interest rate policy. It will affect and we maintain the interest rate cap as if which we have been operating and since the end of last year.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

The directive issued in 2023 was to reduce the interest rate cap gradually from 0.4% to 0.1% in 2026. With the later the reduction is not revoked. This removal of the uncertainty is a huge positive for the entire industry and allows us to plan for the long term with much greater clarity. And in terms of the business, are continuing to deliver the diversified product offerings. As for our online cash loan, we proactively launched the marketing initiatives to go after better quality customers in the first half year. For example, we offer attractive terms and the repayment flexibility to those high quality customers to appear to customer base, we are able to reach. And for the offline front, we have acquired the multi finance license last year.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

We are expanding into the offline installment scenarios like the smart homes, motorbikes and the home appliance. We have partnered with the major Chinese electronic brands and the local brands to offer offline installment loan options at the point of sale. But this business is still relatively small at the moment. We're quite confident it could be a market of very substantial potential. And for The Philippines, it's our second largest overseas market.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

It has been consistently exceeding our expectations as the macro environment remains very favorable. For our band operated cooperation with the TikTok shop, it continued to be a very huge success. It's already contributed to 32% of the Bing's total transaction volume and as product lines has already become profitable. Building on this success, we have recently expanded partnerships with other local telecom operator to fund a phone credits with panel pay later products. So with these partnerships, we aim to onboard a new customer base that we haven't served before.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

Looking forward, we continue to expand and diversify the consumption scenarios and the partners' ecosystems to build our financial product metrics as covers the wider user base to speed up the overseas business goals. So look ahead to the second half year, although The Philippines might experience some typhoon related seasonal impact in Q3, We will stay prudent in our customer acquisition strategies. But given the powerful momentum for our ecosystem partners and our expanding product offerings, we are very confident in maintaining the growth trajectory for the full year. Okay. Thank you, Cindy.

Cindy Wang
Director at China Renaissance

Thank you. Very clear.

Operator

Thank you. And our next question today comes from Alex Yee with UBS. Please go ahead.

Alex Ye
Alex Ye
Greater China Financials Research Analyst at UBS Group

So I'll translate for my question. First question is about asset quality. So can you give us more color on the drivers for the Q on Q movement into your day one delinquency ratio and collection ratio? And how has been the trend you have seen in the July and August? So are you concerned about the potential spillover risk for your core customer base from the current regulatory uncertainty?

Alex Ye
Alex Ye
Greater China Financials Research Analyst at UBS Group

Second question is about your overseas business. Can you walk us through how has been the development of your overseas business compared to your plan in the beginning of the year? In particular, given you have issued an SCB earlier, So how has that expect to be contribute to your overseas growth in the coming quarters? Do we should we expect the overseas growth of the accelerate from here? Thank you.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

Okay. Thanks, Alex. Yes, let me take your questions. Your first question is about the domestic business again. So let's react back to the domestic business.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

Well, overall risk level was largely in check-in Q2, although we observed a moderate uptrend in the July and August. We started to see the early spillover of the risk from 36% asset to 24% assets, but that remained under control as we pre emptively managed the loan portfolio. In Q2, our key risk metrics remain largely stable. As we mentioned, it also factoring the slightly long tenure of the portfolio in the quarter. The daily delivery rate held steady at 4.7%.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

Our thirty day loan collection rate remained strong at 89%. The vintage delinquency rate was 2.5%. In July, we saw a bit of upward movement. Our day rate ticked up slightly by 20 bps to 4.9%. We moved quickly to adjust our risk management strategies.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

And by August, the day one one delinquency rate had stabilized at 4.9% level. And our thirty day loan collection rate held firm at around 89%. In view of the uptrend of risk, we have proactively tightened our risk management in the following aspects. First, we reduce our exposure to the assets from those low quality channels, which is historical carries the high risk. And for those high quality channels, maybe information feed channel, we further adopt a different credit strategy for our borrowers.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

For example, we reduced the credit limit to borrowers of the higher debt, offer the better terms to borrowers of better credit score, and then remove the credit limit that are not utilized. And in terms of the loan collection, we employed AI technology to identify and alert high risk borrowers who are in the early stage of the past due and instead of the collection effort accordingly. So look ahead, while we continue to be vigilant on risk for Q3 and Q4, We also have a risk buffer in place. Our provision coverage ratio has climbed to 543%, up significantly from 465% in Q1. So we will remain flexibility and adapt to the market dynamics.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

We are confident to stay constructive over the long term development of the industry and the positioning of the leading platforms. So that's for your first question. And your next question is about the overseas business and the impact of the convertible bonds. Regarding our international performance, as we mentioned, the first half of the year has played out very much as we expected. The transaction volume came to RMB6.2 billion, up 38% from the last year.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

The outstanding balance go to RMB2.1 billion, a 50% increase and the revenue reached RMB1.5 billion up 30% and then making up the 21% of the group's total revenue. The funding cost in international market has held steady and we have continued to deepen relationships with more financial institutions. As we mentioned before, we have focused on attracting high quality borrowers in Indonesia, where we have seen a 50% improvement in credit course comparing to the start of the year. The credit course in The Philippines has held steady. This is driven a steady improvement in our take rate.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

On top of that, the recent removal of the regulatory entity in Indonesia could normalize the liquidity and provide us the stable environment to execute the consistent customer acquisition and our risk pricing strategy go forward. And for our new market such as Pakistan, after we get the NBFC license last year, we just recently secured bundled pay later license in July. And it can make us the first the FinTech platform that can operate both online and offline, representing a powerful endorsement from the regulators. Now our plan is to draw out more diversified consumer finance product offerings to serve our customers throughout their lifecycles. And finally, I want to touch on how we are funding this goals.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

Our $150,000,000 convertible bonds insurance in June was a strategic move. We used around $16,000,000 for concurrent buyback and the rest is gradually deployed to fund our international business. Our average overseas funding cost, it's about 12% comparing to the 2.5% coupon from the CB. That's roughly 10% of potential savings from the working capital management perspective. So on top of that, this CB funding give us some more flexibility on funding cost when we engage with the local funding partners.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

All of these positive development together, gradual use of the CB funding that has to expect a better probability for our international business. We now expect the profit contribution from our international business of no less than dollars US15 this year as for our prior estimate of 10,000,000 Okay. Thank you, Alex.

Operator

Thank you. The next question comes from Dongping Zhou with CICC. Please go ahead.

Dongping Zhou
Summer Intern- Equity Research at China International Capital Corporation (CICC)

And let me translate and I would like to inquire about the company's future shareholders returns progress. We noticed that the company has repurchased about $50,000,000 in shares during the first half of this year. And I wonder if you could give me some color on the future progress of the repurchase. And in addition, the company's previously raised the year's dividend payout ratio to the range of 20% to 30%. Is there more specific dividend ratio plan available for disclosure to the shareholder at present? And that's all. Thank you.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

Okay. Thanks, Dongping. I will take your question. Well, know, same capital to our shareholders is always a very important strategy for us. We were the first in growing industry to launch the capital return program back in 2018.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

And since then, our commitment has been substantial. We have cumulatively returned $813,000,000 to our shareholders, representing around 35% of our current market cap. And regarding the two pillars of the return, the dividends and the buyback, first, for the dividends, we are deeply committed to growing dividends. Our DPS reached CNY0.277 for CNY0.24, up a strong 70% year over year that actually marks our fifth consecutive year of growth with an impressive 80%. And this year in March, our board approved a significant upgrade to our dividend policy moving from a minimum of 10% of net profit to a new range of 20% to 30% annually. During this enhanced policy and our performance, we will track the DPS growth rate to ensure a sustainable dividend growth strategy. Second, as for the share repurchase, we see the buybacks as a powerful and complementary tool. We had $115,000,000 buyback program in place until March 2027.

Jiayuan Xu
Chief Financial Officer at FinVolution Group

In the first half of the year, we have repurchased $63,800,000 representing a 12% increase year over year. So we believe this new buyback and upgrade the dividend policy send a key message. We are committed to returning capital to our shareholders and as time novel confidence in sustainable growth, profit potential and expanding the international presence. Okay. Thanks, Dongping.

Operator

This concludes our question and answer session. I would now like to turn the call back over to management for closing remarks.

Yam Cheng
Head of Capital Markets at FinVolution Group

All right. Thank you. Thank you once again for joining us today. If you have any further questions, feel free to contact our IR team. Thank you again for joining.

Operator

The conference has now concluded. Thank you for your participation. You may now disconnect your lines.

Analysts
    • Yam Cheng
      Head of Capital Markets at FinVolution Group
    • Tiezheng Li
      Co-Founder, CEO, President & Vice Chairman at FinVolution Group
    • Jiayuan Xu
      Chief Financial Officer at FinVolution Group
    • Cindy Wang
      Director at China Renaissance
    • Alex Ye
      Greater China Financials Research Analyst at UBS Group
    • Dongping Zhou
      Summer Intern- Equity Research at China International Capital Corporation (CICC)
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