小赢科技公司 (XYF.US) 2025年第三季度业绩电话会
文章语言：
简
繁
EN
分享
纪要
原文
会议摘要
Exponent faced a 13.7% decline in loan origination, yet maintained financial resilience with a 23.9% YoY net revenue increase. The company tightened underwriting and collection processes due to rising delinquency rates, aiming to stabilize within one to two quarters. Exponent prioritized asset quality, liquidity, and sustainable growth amidst regulatory challenges.
会议速览
Exponent's Q3 2025 Earnings Call: Navigating Regulatory Challenges and Prioritizing Asset QualityDuring Exponent's third quarter 2025 earnings call, the company discussed a strategic slowdown in growth to focus on asset quality and risk management amidst a more regulated environment. They highlighted a 18.7% year-over-year increase in loan facilitation, but a 13.7% sequential decline, attributing this to deliberate moderation. Exponent emphasized strengthening underwriting precision, enhancing technology platforms, and improving borrower experiences. Despite a softer operating backdrop, the company maintained solid profitability and positive earnings, showcasing resilience through effective operational control and credit quality management. Early signs of credit pressure were noted, with 91 to 180-day delinquencies rising to 3.52%, prompting stricter underwriting criteria and reinforced collection effectiveness to safeguard long-term stability.
Navigating Regulatory Changes and Market Adjustments in China's FinTech SectorDespite regulatory pressures and operational adjustments, the company demonstrates resilience and commitment to compliance, achieving significant loan facilitation and borrower growth while refining risk models and strengthening AI analytics.
Financial Resilience and Prudence in Uncertain Times: Q3 2025 Financial ReviewEmphasizing financial stability, liquidity, and disciplined management, the organization navigates uncertain market conditions with a focus on asset quality, cost control, and shareholder returns, aiming to preserve long-term value amidst volatility.
Exon's Q3: Focused on Quality, Discipline, and Long-Term Growth Amid Declining RevenueDespite a 13.7% sequential decline in total net revenue and lower income from operations due to higher provisions and reduced loan volumes, Exon Financial prioritized asset quality and profitability. The company maintained a strong balance sheet, repurchased shares, and adjusted its growth strategy for sustainability. Exon expects challenges to continue but remains confident in navigating them while positioning for steady, long-term performance.
Q&A on Loan Origination Volume, Take Rate, and Capital Allocation StrategyA discussion on expected take rates amidst fluctuating risk situations, with emphasis on the impact of new regulations. The conversation also explores capital allocation strategies, including share repurchases and dividend maintenance, aiming to optimize shareholder value under evolving market conditions.
Regulatory Compliance, Delinquency Trends, and Portfolio Management in the Chinese Credit IndustryThe dialogue discusses the regulatory environment's focus on consumer protection, leading to portfolio adjustments. It highlights an uptick in delinquencies due to economic conditions, forecasting stabilization within one to two quarters. The conversation emphasizes stringent credit policies, the natural credit cycle effect, and prudent portfolio management to ensure losses remain within acceptable limits.
Liquidity Stability, Funding Concerns, and Share Buyback StrategiesDiscussed stable liquidity and funding, absence of reduced commitments, and cautious approach to aggressive share buybacks, emphasizing dividend maintenance and potential for new initiatives.
Investment Strategy Discussion and Market Valuation AnalysisThe dialogue covered the disconnection between stock valuation and fundamentals, emphasizing the trade-off between ROIC, share repurchases, and dividends. The speaker concluded by inviting further inquiries to the investor relations team and expressed anticipation for future engagements.
要点回答
Q：What was the intentional change in the company's business strategy during the third quarter of 2025?
A：During the third quarter of 2025, the company deliberately moderated its growth pace to navigate a more regulated and disciplined operating environment, focusing on asset quality and risk management over near-term volume expansion.
Q：How did the company's total net revenue perform in the third quarter compared to the same period and the previous quarter?
A：The total net revenue for the third quarter reached RMB 1.96 billion, reflecting a 23.9% increase year over year but a 13.7% decline from the previous quarter.
Q：What were the company's active borrower base figures and loan facilitation figures for the third quarter?
A：The active borrower base was approximately 244,000, which is 14.4% lower sequentially but 24.2% higher year over year. The company facilitated RMB 33.64 billion in loans, marking a 37.3% increase from the previous year.
Q：How is the company managing its capital and liquidity position?
A：The company is maintaining a conservative capital position and ample liquidity. It continues to generate healthy cash flow and is managing funding and capital deployment with caution, ensuring flexibility to adapt to future regulatory or market adjustments.
Q：What priorities does the company have going forward in the face of an uncertain external environment?
A：The company's priorities going forward are to safeguard asset quality, strengthen liquidity, and maintain financial resilience.
Q：How did the company's income from operations and non-GA adjusted net income perform in the third quarter?
A：Income from operations was RMB 331.9 million, down 29.9% year over year and 46.4% sequentially. Non-GA adjusted net income was RMB 438.2 million, up 1% from last year and down 26.1% from the previous quarter.
Q：What is the expected impact of the new regulation on loan origination volume and profitability?
A：The new regulation is expected to have a material negative impact on loan origination volume and margin profitability, with the full impact not being fully realized in another quarter. The impact will also extend to the take rate, which is a key factor of profitability.
Q：What is the company's strategy concerning capital allocation and shareholder returns?
A：The company views capital return as an important part of its strategy. It has been engaging in active share repurchases and intends to continue using the program, subject to market conditions. The company believes that current share prices offer an attractive investment opportunity and maintains a recurring dividend, expecting to be able to sustain it despite industry-wide margin pressure. The board regularly evaluates optimal capital allocation, balancing organic growth, share repurchases, and dividends. The company remains open-minded and focused on delivering the highest long-term value for shareholders.
Q：How does the company view the potential challenges in the regulatory environment and their approach to them?
A：The company's approach has always been to be compliant with regulations specified by the regulators. Given the current focus of the regulator on consumer protection, the company has lowered its known BI and is not aggressively growing its portfolio, trying to shrink it in order to avoid generating conflicts. While it is difficult to predict the impact of industry-wide challenges, such as the current economic downturn in China, the company's approach is to maintain stringent credit policies to manage the potential uptick in delinquencies and stabilize the situation.
