PPDAI Group Q2 2026 Earnings Call Transcript

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Provided by Quartr
August 27, 2026

Key Takeaways

  • Positive Sentiment: Second-quarter results improved sequentially: Group loan volume rose 5% to RMB 45 billion, revenue increased 6% to RMB 3.4 billion, and overseas operating profit rose 17% to RMB 154 million. Overseas revenue now represents roughly 27% of group revenue.
  • Negative Sentiment: China faces tighter funding and collection conditions following an industry credit event and regulatory campaign. Management said July China volume fell about 50%, funding costs rose 30 basis points sequentially to 3.7%, and early risk indicators were approximately 20% higher than in the second quarter.
  • Positive Sentiment: The company emphasized its liquidity cushion, with RMB 7.5 billion in cash and short-term investments as of August plus roughly RMB 5 billion in highly liquid assets. It plans to prioritize funding stability and high-quality borrowers while exploring capital injections into licensed lending businesses.
  • Positive Sentiment: Overseas diversification continued to offset weakness in the Philippines, with Indonesia and Australia driving growth. Management expects the Philippines to return to sequential growth in the third quarter, Australia to deliver continued double-digit sequential growth, and overseas loan volume to increase at a double-digit rate for the full year.
  • Negative Sentiment: Full-year revenue guidance was reiterated at RMB 11.5 billion to RMB 12.9 billion, but management now expects results to land in the lower part of the range unless conditions improve materially because of anticipated second-half funding and credit pressures in China.
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Earnings Conference Call
PPDAI Group Q2 2026
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Operator

Hello, ladies and gentlemen. Thank you for participating in the second quarter 2026 earnings conference call for FinVolution Group. At this time, all participants are in a listen-only mode. After management prepared remarks, there will be a question and answer session. Today's conference call is being recorded. I will now turn the call over to your host, Yam Cheng, Head of Capital Markets for the company. Yam, please go ahead.

Yam Cheng
Head of Capital Markets at FinVolution Group

Investment. Hi, all. Thank you for joining our call. Welcome to our second quarter 2026 earnings conference call. The company's results were issued through Newswire Services earlier today and are posted online. You can download the earnings release and sign up for the company's email alerts by visiting the IR section of our website. Mr. Tim Li, our Chief Executive Officer, and Mr. Alexis Xu, our Chief Financial Officer, will start the call with the prepared remarks and conclude with a Q&A section. 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 US GAAP. For information about these non-GAAP measures and the reconciliation to GAAP measures, please refer to our earnings press release.

Yam Cheng
Head of Capital Markets at FinVolution Group

Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. 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. 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 details of our results. Before I turn over to our CEO, we are dialing in from multiple locations, so if there is any delay in connection, please bear with us. I will now turn over to our CEO, Tim. Tim, please go ahead.

Tim Li
CEO at FinVolution Group

Thanks, Yam, and thanks, everyone, for joining us. Let me start with the big picture. For years, we have pursued one clear strategy: internationalization. In a world this volatile, that strategy matters more than ever. It let us take what we have learned and put it to work in markets that are ready for fintech. It helps us diversify away from any single market. That strategy served us well this quarter, and it is exactly where we are headed. Overall, the second quarter was a solid one. In China, a stable risk backdrop, together with the preemptive actions we took in early quarters, give us a constructive environment to operate in. Overseas, momentum in Indonesia and Australia more than offset a deliberate temporary pullback in the Philippines. That is our diversification strategy working as designed. Let me turn to the results.

Tim Li
CEO at FinVolution Group

Given the result in China in the fourth quarter of last year, the sequential trend is a more telling measure. Group volume rose 5% sequentially to 45 billion RMB, and revenue moved in step up 6% to 3.4 billion RMB. Net profit was 427 million RMB, up 1%. But the figure we are most encouraged by is overseas. 54 million RMB in operating profit, up 17% sequentially. Overseas now account for roughly 27% of group revenue, and that share will keep rising for the rest of the year. Now let me dive into the two segments. Starting with our Chinese mainland. At a high level, we booked 41 billion RMB in loan volume, up 6.5% quarter-over-quarter, a healthy continuation of the recovery that began at the beginning of 2026. That said, the industry was rattled by an isolated credit incident, which adversely impacted the risk and funding dynamics.

Tim Li
CEO at FinVolution Group

I will walk you through in a bit. Right now, we are watching three priorities closely: asset quality, fundings, and regulations. First, asset quality. Coming into 2026, we expected a gradual recovery following the regulatory reset in the fourth quarter of last year. Two quarters in, that played out as we expected through the first half. Risk continued to ease through the second quarter. C-M2 came down again from 0.68% to 0.56%. So we grew the book selectively, focusing on the high-quality repeat borrowers, as we know well. That strategy generated 6% sequential growth in unique borrowers while keeping credit quality firm. Vintage credit cost was steady at roughly 2.7%. The environment has since turned. In July, an isolated credit event led institutional funding partners to reduce funding for loan facilitation. Many smaller platforms either exited or sharply cut loan origination.

Tim Li
CEO at FinVolution Group

Separately, a regulation campaign around the collection industry has tightened the collection capacity across the industry. Together, this creates a risk headwind for us in the coming quarters. While it is in the early stage, we are staying cautious on the risk of our portfolio. On funding, let me be direct. The same tightening sits behind our funding outlook. Our own funding held up well in the second quarter. But beginning in July, we are seeing the industry as a whole tighten as the institution turn more cautious. For us, that could mean meaningfully lower origination volume and some upward pressure on funding costs. Here is how we are managing it. Our balance sheet and liquidity give us room, and our asset quality and compliance record matter more when funding partners get selective.

Tim Li
CEO at FinVolution Group

We've already began allocating liquidity towards our China funding base, and we'll prioritize funding stability over near-term growth until the environment normalizes. On regulation, the new fee disclosure requirements took effect on August 1st, and we are complying. The online marketing rules take effect at the end of September, and we are already working with our partners to be ready. Now, let's move on to the overseas segment. Our overseas segment is performing well. Volume rose 19% year-over-year, and revenue reached 930 million RMB, up 18%. More important, these numbers are backed by real demand. Our unique borrowers more than doubled from a year ago to 5.3 million. Over the past two years, we have reached several important milestones. We have built a diversified portfolio of markets where temporary weakness in any one country can be offset by strength in the others.

Tim Li
CEO at FinVolution Group

Last year, we absorbed an interest rate camp in Indonesia on the strength of the Philippines. This quarter, we deliberately dialed back origination as a new rate camp took effect in the Philippines. That gap was filled by structural growth in Indonesia and the progress we keep making in our newest market, Australia. As the country becomes more balanced and as we add more profitable markets, our growth trajectory would be increasingly predictable and certain. Our playbook remains the same: product expansion and customer upgrade. We use broad portfolio of easy-to-use financing products to attract customers to try out, and progressively cross-sell other credit solutions to build better unit economics over time. In Indonesia, offline buy now, pay later continue to lead the growth. Our partnership in various offline consumption scenarios continue to proliferate.

Tim Li
CEO at FinVolution Group

Offline buy now, pay later is now around 25% of the volume, comparing to single-digit contribution a year ago. In the Philippines, the rate camp took effect this quarter. We slowed down deliberately to protect quality, the same approach we have taken through past transition. Growth has typically returned once the new pricing settles in. In Australia, we further expanded our offerings to larger ticket size. Lower interest rate products to attract consumers with strong credit profiles for higher credit limit. While this is still preliminary, we plan to continue to pursue customer upgrade as a core strategy. We also made further investment in building the open banking infrastructure, giving us direct access to bank statement data and a far sharper read on each borrower. Finally, ESG. In our business, trust is everything. In June, we published our eighth annual ESG report.

Tim Li
CEO at FinVolution Group

On fraud prevention, we made 60 upgrades to our anti-fraud system, flagged more than 9,000 suspicious activities each day, and blocked over 17,000 fraud attempts. We also launched our own consumer protection system, Golden Satin Shield. It systematically integrates early risk warnings, complaint analysis, and data dashboards to drive consumer protection governance from post-incidence handling towards proactive warning, and thus resolves 74.5% of cases on first contact, with customer satisfaction at 98.5%. With that, let me hand it to Alexis for a closer look at members.

Alexis Xu
CFO at FinVolution Group

Thank you, Tim, and hello, everyone. Let me walk you through our key results for the second quarter, and please refer to our earnings press release for further details. Now let me discuss each of the segments. First, China. Macro in China remains in a gradual recovery model. China's real GDP growth slowed down from 5% in first quarter to 4.3% in the second quarter, on the back of subdued household consumer confidence. For us in Q2, revenue was RMB 2.4 billion, up 8% sequentially, a direct result of recovering loan volume during the quarter. Take rate stabilized at about 3.2%, in line with the first quarter. On risk, asset quality on new loans held steady at 2.7%. Early risk indicators show signs of improvement on outstanding loans. The day one delinquency ticked up slightly from 5.2% to 5.3%, while the 30-day collection rate strengthened from 87% to 89%.

Alexis Xu
CFO at FinVolution Group

Overall, C-M2 improved to 0.56% from 0.68%, below the Q3 2025 level. While this points to a portfolio of improving credit quality, we are vigilant on the risk uptick following various industry events since July. Separately, funding costs rose a further 30 basis points sequentially to 3.7%. Institutional funding supply began to tighten toward the end of the quarter, and we expect further upward pressure on funding costs in the coming quarters. On customer acquisition, we raised our risk appetite for repeated borrowers. Combined with acquisition costs holding at an attractive level, that brought our overall customer acquisition costs down quarter-over-quarter. As a result, China's operating profit grew 4.3% sequentially to RMB 625 million. Same to the overseas. Overseas revenue rose 18% year-over-year to RMB 930 million, partially dragged by our deliberate pullback in loan origination in the Philippines.

Alexis Xu
CFO at FinVolution Group

One priority for our overseas segment is to balance profitability with growth. By its nature, this business recognizes customer acquisition costs and credit loss upfront, while revenue is earned over time. That means profit is inherently back-loaded, and rapid growth on its own would leave the early years deeply unprofitable. We manage it deliberately against that dynamic, ensuring we deliver profit even as we scale. The second quarter was a case in point. RMB 154 million in operating profit, up 17% quarter-over-quarter, and more than double year-over-year. Earlier this year, we guided to $13 million of full year EBITDA, doubling from last year. We remain confident in delivery. During the quarter, we added 2.2 million new borrowers in the quarter, up 29% sequentially.

Alexis Xu
CFO at FinVolution Group

Offline in Indonesia drove most of the new borrower momentum, a sign that our offline expansion is translating directly into new customers rather than just brand awareness. The Philippines continued to absorb the impact of the industry's new interest rate cap. We proactively scaled back originations this over the past two quarters, but the momentum should soon restart. In Australia, unique borrowers grew 22% sequentially, driven by effective online marketing, a wider product range, and a cleaner apps experience. Going into the next quarter, we continue to be mindful of the macro such as oil price may impose on currency as well as credit quality in markets we operate. On a group basis, net revenue reached RMB 3.4 billion, up 6% sequentially on the back of higher loan volume. Operating profit came in at RMB 529 million, which included a one-off intangible assets impairment of RMB 64 million.

Alexis Xu
CFO at FinVolution Group

Excluding that impact, operating profit was up 8% sequentially. Net income was RMB 427 million, up 1% sequentially. We held RMB 6.4 billion in cash and short-term investments, and the leverage sat at 2.1 times, near historical lows. That balance sheet strength gives us the flexibility to navigate a tighter funding environment in China. Our shareholder returns. Our capital allocation is clear. We prioritize business growth first, and use buybacks as our flexible level. Sized to market conditions, trading volume, and the share price. In the second quarter, we repurchased $27.4 million of shares, bringing first half 2026 repurchase to $66.8 million. Now to our outlook. We are reiterating our full-year revenue guidance of RMB 11.5 billion to RMB 12.9 billion based on information currently available. We set that range conservatively at the start of the year, given industry volatility.

Alexis Xu
CFO at FinVolution Group

Our first half performance tracked ahead of our internal plan. That gives us a cushion. The outperformance we delivered in the first half year helps absorb the softer second half we now expect as funding and credit conditions tighten. Given that near-term pressure, we would expect to land in the lower part of the range unless the operating environment substantially changes. To sum up, China is moving through a transitioning that we believe will favor players with strong compliance and operational know-how. Overseas is becoming a second growing source of profit. We go into the third quarter clear-eyed about the funding and the regulatory pressure ahead, and committed to the same disciplined execution that has carried us this far. Across both capital allocation and operations, we are focused on one goal: lasting, compounding returns for our shareholders. Thank you. We will now hand the call to the operator for questions.

Operator

Thank you. We will now begin the question and answer session. If you would like to ask a question, please dial star 11 and wait for your name to be announced. For the benefit of all participants on today's call, if you wish to ask your questions to management in Chinese, we ask that you please kindly repeat your questions in English. One moment for our first question. The first question will come from the line of Cindy Wang of China Renaissance. Please go ahead.

Cindy Wang
Cindy Wang
Analyst at China Renaissance

Thanks for taking my call. I have two questions here. First, following the Jizi platform incident, what business adjustment did the company make to ensure risk control? What is the current funding supply situation, and will the recent exit of small size platform would lead to a resurgence of industry risk? What are the recent changes in the company early risk indicators? Second, what is the current interest rate adjustment situation in Philippines, and will they affect the growth rate of overseas new loan volume this year? Thank you.

Alexis Xu
CFO at FinVolution Group

Thank you, Cindy. I will take your questions. I think you have two questions, and your first question is a very big and a multi-part question. I will break it into different pieces. Let's start with what we are seeing on the funding side. After the Jizi event, the credit and the liquidity issues at the individual platform did trigger some border volatilities in the funding across the loan facilitation industry. The first impact is the tightening risk appetite of the financial institutions. The event raised concerns among the financial institutions about the fund flow safety and the compliance of the platform. Since July, a lot of institutions have launched full internal self-checks and do some reviews for their partners.

Alexis Xu
CFO at FinVolution Group

Some of them paused the business during that process, took a wait and see approach. That led to a fairly sharp near-term pullback in funding supply across the whole market. I think most of the small and middle-sized platforms have either exited or pulled back sharply on lending, and we are relatively less impacted, but our China bottom was down around 50% in July. Looking at August, we believe institutional confidence has started to stabilize. But the funding recovery is still coming back at a slower pace. What we have done to adjust our business for the challenge, first is the transparency. We have worked very closely with our financial institution partners, give them the visibility into our fund flows and the repayment rates, kept everything a very clear, closed-loop compliance process. We believe it will help to ease their concerns.

Alexis Xu
CFO at FinVolution Group

Secondly, during this period, we have prioritized the quality over the scale. Further refined our customer segmentation, raised the underwriting bar, and prioritized the fundings for our high-risk quality customers. Then, turn to the funding outlook. I think over the long term, financial institutions will keep reducing their exposure to those small platforms and focus on the big platforms, that they are compliant, well-capitalized, and have a strong risk track record. That's where we sit. I can show some figures here. In the second quarter, we had RMB 6.4 billion in cash and short investments. Cash flows stayed solid through July and August. The latest number is RMB 7.5 billion. On top of that, we have got roughly RMB 5 billion in highly liquid assets. Those cash we can recover very quickly in the near term. So the aggregated number is RMB 12.5 billion in total.

Alexis Xu
CFO at FinVolution Group

That gives us a real resilience and forms the foundation for our leading positions in this industry and our long-term relationships with the funding partners. We think in near term, there will still be some volatility as the institutions still need time to rebuild their risk appetite and work through their process reviews. So maybe in the next one or two quarters, I think it comes down to two things. First, it depends on how fast institutions get through their self-checks and the system fix. The pace varies a lot case by case, so industry-wide, the recovery hasn't quite caught up yet. Secondly, I think whether the broader credit environment stays stable as PL and SS keep exiting and assuming there's no new extreme event. In that case, I would expect risk appetite and the confidence to gradually come back with the self-checks wrap-up.

Alexis Xu
CFO at FinVolution Group

Last, I will talk about our early risk indicators here. This round of funding tighten also overlapped with the regulatory action in the collection industry at the end of July, so collection resource got tighter, and recovery efficiency took a bit of hit too. That added some challenges on top. Actually, we have seen some movement in our early risk indicators as a result. Our latest reading is up around 20% versus the second quarter. Given all of that, we are staying profit-focused rather than chasing scale. We are also taking a more conservative posture on risk sharpening, how we identify higher risk borrowers, speeding up model iteration, and tighten the acquisition spend. All our goal is at protecting our unit economics. So that's my answer for your first questions, and your third question is about Philippines.

Alexis Xu
CFO at FinVolution Group

The Philippines rolled out a new interest rate cap effective for April 1st. Heading into that, we took a pretty deliberate, cautious approach in the first half. We actually slowed down the originations on purpose to give ourselves room to adjust the business. Short-term volume in the Philippines did take a hit, as we have mentioned before. Based on our experience navigating similar pricing adjustments in Indonesia before, we believe this kind of recovery typically takes about two or three quarters. We expect that the Philippines business will return to growth in the third quarter. After the adjustment, the new regulatory framework setting and as our mix shifts further toward high quality borrowers, we have still got room to optimize both credit cost and funding cost, and the growth picks back up from there.

Alexis Xu
CFO at FinVolution Group

To be clear, in the Philippines, I think we are not just cutting prices to comply with the new rules. We are using this as a chance to push a deeper structure upgrade across the business. For example, on the risk side, we have raised our underwriting bar and the pullback on the marginal segment where risk and returns were not linear, while growing the share of higher quality borrowers, the ones with more stable repayment behavior and better repeated borrowing performance. On the product side, we are continuing to diversify beyond the online cash loan product. We have expanded into more scenario-based products, like our product, with the local smart shop company and Carousell. That lets us more beyond a single cash loan product into a broader range of consumption and payment use case.

Alexis Xu
CFO at FinVolution Group

We can match our better quality customers with the right credit line tenure and product, and then build the lifetime value through repeat borrowings. Zooming out to the overseas business as a whole. The fee adjustment in the Philippines in the first half doesn't change the overall growth trajectory for our overseas markets. That is really thanks to the multi-market full point. The Q2 pullback in the Philippines was largely offset by the strong growth in our Indonesia and Australia market. Heading to the second half, we expect the momentum in Indonesia and Australia to continue. Also we expect the Philippines to work through this adjustment period to get back to sequential growth. For the full year, we are well confident to expect the overseas volume to grow at a double digit rate year-over-year. Okay. Thank you.

Operator

Please hold for our next question. The next question now come from the line of Alex Ye of UBS. Please go ahead.

Alex Ye
Alex Ye
Analyst at UBS

So translate for my question. First question is about the funding cost. So what have been the latest funding cost in recent months as compared to Q2? And what is your expectation for the coming one to two quarters? Second question is that, given funding supply has become a major bottleneck at the moment, is there any adjustment that the company is going to make with regard to the utilization of your self capital? And then in relate to that, how should we think about the pace of buyback in the coming one to two quarters? Thank you.

Alexis Xu
CFO at FinVolution Group

Okay. Thank you, Alex. Your first question is about funding. We are seeing funding costs ticking up in the third quarter relatively to the second quarter, up around 30 basis points in July. And we expect the gradually upward trend to continue over the next quarter or two. Just given the broader funding environment in China right now. And we believe short-term funding volatility is largely a matter of competence. Over the long run, we do not see the competitiveness of the quality asset strategy. If anything, it will only get stronger. Your second question is about the capital deployment and the buyback pace. So recently, the funding tightness from the industry event has matched a lot of financial institutions more focus on the compliance and the capital strains.

Alexis Xu
CFO at FinVolution Group

On our side, we are leaning into our own strong balance sheet and ample cash reserves. We have showed the figures before. We are offering a solid safety cushion and the credit enhancement in our funding partnerships to work with them to build the institutional confidence and speed up the recovery. Now we are also looking at and exploring the possibilities at the capital injections into our licensed business. For example, the micro-lending company, as a way to diversify our funding sources and improve the stability. So that is for our China business. And on the other side, even in the short term, there is some pressures in the China market. Our long-term overseas build-out is already paying off. We are moving into a profit release base. Gradually, we have also noticed a lot of our peers accelerating their own overseas business lately.

Alexis Xu
CFO at FinVolution Group

But for us, that validate two things. That we were ahead of the curve on this, and the strategy itself was the right one. So with a mature, skilled overseas business already in pace, we have got a lot more patience and the confidence to navigate the bumps in China. If anything, that has made us even more committed to accelerating investment overseas. For example, the Fondel acquisition in Australia, the first quarter last year, also gave us valuable experience entering the new markets through M&A. So going forward, replicating the playbooks through the capital allocation may be the smart move and can really help us to drive a healthy and faster growth overseas business. And the last on the buyback pace. As we have mentioned, we will prioritize the steady operations in business first. The steady business in China and the fast growth business in overseas market.

Alexis Xu
CFO at FinVolution Group

And from there, we will keep the flexibility to execute the buyback plan based on the share price and the market liquidity. But it will not change our long-term directions on shareholder returns. We will remain committed to return the capital to maximize the long-term shareholders' value. Okay. Operation, please continue.

Operator

Thank you. One moment for our next question. Our next question will come from the line of Yoyo Fan from CICC. Please go ahead.

Yoyo Fan
Yoyo Fan
Analyst at CICC

Thanks for taking my question. This is Yoyo Fan from CICC. My question is on overseas business. We can see that the overseas business is well on track based on the first half-year data. So looking ahead to the second half of this year, what will be the key drivers of our overseas profit growth? Thank you.

Alexis Xu
CFO at FinVolution Group

Okay. Thank you, Yoyo. Before I get into the specific drivers for the second half, let me give you a bit of context. Looking back at how our overseas business has developed, I would say has been marked by real foresight and the proactively strategy from the start. Back in 2018, eight years ago, when our China business was still enjoying strong growth, the group, we have already made global expansion a long-term strategic priority. So over the past eight years, we have steadily built up our overseas foundation, securing license, establishing the local operations, and building out our funding's ecosystem.

Alexis Xu
CFO at FinVolution Group

We proved that the model from zero to one in Indonesia, then replicate the experience in the Philippines and the other countries, acquired Fondel and entering Australia, upgraded the whole approach into what we now call the strategy Legal Plus. The years of deliberate groundwork and sustained investment allowed our overseas business to become what it is today, a mature second profit engine, delivering steady and meaningful profit for the group. Okay. Then let me get into the details in the second half. Looking ahead, we expect our three major overseas markets to work together in a very fairly complementary way. Indonesia contribute the bulk of the incremental growth, the Philippines gradually recover, and Australia continue its rapid expansion. For Indonesia, which is the largest one, it already accounts for more than 50% of both our overseas volume and revenue.

Alexis Xu
CFO at FinVolution Group

Even with the seasonal drag from Ramadan, we still delivered a solid 13% growth versus the second half year 2025 in the first half. The second half trends to benefit from the traditional peak season. We would expect some further improvement in growth. We are also continuing to build out offline financially products through our motor finance license. The customer segment tends to be high quality, longer tenure, and the larger ticket size, which will help us to keep improving our overall customer mix and finally drive the healthy new returns. Okay. That is for Indonesia. On the Philippines, in the first half, we made a deliberate choice to tighten up in response to the new interest rate cap, to raise our underwriting standards and clean up our customer mix.

Alexis Xu
CFO at FinVolution Group

After the new price environment stabilized, we would expect the Philippines volume to start recover sequentially in the second half. As the share of the high-quality customers keep rising, that will continue to bring risk down and support the ongoing improvement in the unit economics. For Australia, as the new stars in our overseas expansion, it is very high compliance, high value developed market, and the growth has been fast since we consolidated at the end of last year. In the second quarter, unit borrowers were up 22% quarter-over-quarter. It drove the volume to 70% sequentially. We would expect Australia to keep going, put up the double digit sequential growth in the second half.

Alexis Xu
CFO at FinVolution Group

Given the Australian customer tends to have larger ticket size and better risk performance overall, we think Australian contribution overseas profit will keep increasing as the customer base grows and more of our acquisition shifts to our proprietary apps. Okay. That is for our three major overseas market. In summary, our overseas business is no longer dependent on any single market. Instead, as build out three things working together, and maybe in the near future, it will be more countries adding in. Border product diversification, continued customer mix upgrade and our Legal Plus global platform. Together, we have built a cross-regional growth structure that is really resilient through the cycle. That is what give us the ability to bear the regulatory shifts in any single market and stays on track toward the long-term goal. We have ambitious target by 2030.

Alexis Xu
CFO at FinVolution Group

We expect the overseas revenue could reach more than 50% of the total group revenue. That's all for my answer. Thank you.

Operator

Questions now. I would like to turn the call back over to the company for closing.

Yam Cheng
Head of Capital Markets at FinVolution Group

Thank you. Thank you once again for joining us today. If you have any further questions, please reach out to the investor relations team. Thank you very much.

Operator

This conference call, thank you for your participation. You may now disconnect your line. Thank you.

Analysts
    • Yam Cheng
      Head of Capital Markets at FinVolution Group
    • Tim Li
      CEO at FinVolution Group
    • Alexis Xu
      CFO at FinVolution Group
    • Cindy Wang
      Analyst at China Renaissance
    • Alex Ye
      Analyst at UBS
    • Yoyo Fan
      Analyst at CICC
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