PR Newswire | Aug 19, 2021 06:25AM EDT

08/19 05:24 CDT

Yiren Digital Reports Second Quarter 2021 Financial Results BEIJING, Aug. 19, 2021

BEIJING, Aug. 19, 2021 /PRNewswire/ -- Yiren Digital Ltd. (NYSE: YRD) ("Yiren Digital" or the "Company"), a leading digital personal financial management platform in China, today announced its unaudited financial results for the second quarter ended June 30, 2021.

Second Quarter 2021 Operational Highlights

Wealth Management

* Cumulative number of investors served reached 2,538,656 as of June 30, 2021, representing an increase of 3.1% from 2,462,195 as of March 31, 2021 and compared to 2,223,250 as of June 30, 2020. * Number of active investors[1] was 385,536 as of June 30, 2021, representing an increase of 25.5% from 307,107 as of March 31, 2021, and compared to 102,658 as of June 30, 2020. * Total client assets[2] was RMB14,660.4 million (US$2,270.6 million) as of June 30, 2021, representing an increase of 37.3% from RMB10,678.9 million as of March 31, 2021, and compared to RMB2,628.8 million as of June 30, 2020. * Sales volume of investment products amounted to RMB5,343.6 million (US$827.6 million) in the second quarter of 2021, representing a decrease of 8.2% from RMB5,823.1 million in the first quarter of 2021 and compared to RMB2,186.2 million in the same period of 2020.

Consumer Credit

* Total loans facilitated under loan facilitation model in the second quarter of 2021 reached RMB5.3 billion (US$0.8 billion), representing an increase of 6.5% from RMB4.9 billion in the first quarter of 2021 and compared to RMB1.5 billion in the second quarter of 2020. * Cumulative number of borrowers served reached 5,558,085 as of June 30, 2021, representing an increase of 4.7% from 5,309,727 as of March 31, 2021 and compared to 4,917,635 as of June 30, 2020. * Number of borrowers served in the second quarter of 2021 was 434,153 representing an increase of 25.5% from 345,939 in the first quarter of 2021 and compared to 107,568 in the second quarter of 2020. * Outstanding balance of performing loans facilitated under loan facilitation model reached RMB12,543.7 million (US$1,942.8 million) as of June 30, 2021, representing an increase of 12.4% from RMB11,159.2 million as of March 31, 2021 and compared to RMB4,175.8 million as of June 30, 2020.



[1] Active investors refer to those who have made at least one investmentthrough our wealth management platform or have had client assets with us abovezero in the past twelve months.

[2] Client assets refer to the outstanding balance of client assets generatedthrough our platforms, where an asset is counted towards the outstandingbalance for so long as it continues to be held by the investor who acquired itthrough our platform.

"We are pleased to deliver another solid quarter, with continued improvement in profitability and increasingly diversified revenue mix as we further navigate Yiren Digital to become a leading user-centric personal financial management platform," said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital. "As we continue to strengthen our competitive edges and drive up our business scale, we have developed sophisticated strategies for different business lines."

"For wealth management, we are further differentiating ourselves by upgrading our services and enriching our product offerings as well as enhancing our capabilities to serve customers with higher investable assets. As of June 30, 2021, total client assets reached RMB14.7 billion, representing an increase of 37% from last quarter. Average client asset per investor further increased by 17% quarter-over-quarter to approximately RMB100,000, and the number of investors who held more than two asset classes on our Yiren Wealth platform grew by 420% from prior year, reflecting a concrete improvement in our customers' overall LTV. "

"For our credit business, we are focusing on high-quality growth and continue to take a proactive approach to transition our target borrower segment into higher-credit quality borrowers, paving the way for the launch of increasingly diversified products. Meanwhile, to echo government's focus on supporting small and micro businesses, starting from the second half of this year, we will further expand our SME segment to better promote inclusive finance."

"In the second quarter, total revenue increased by 49% year-on-year to RMB1.1 billion, of which 25% came from our wealth management business. Driven by enhanced cost control and operating efficiencies, total net income in the second quarter grew by 10% quarter-over-quarter, reflecting a healthy net income margin of 18%,"said Ms. Na Mei, Chief Financial Officer of Yiren Digital. "On the balance sheet side, our cash position remains strong with RMB2.2 billion of cash and cash equivalents as of June 30, 2021, which provides us with sufficient resilience to continue exploring new initiatives and new opportunities, and to meet any new capital requirement that may come."

Second Quarter 2021 Financial Results

Total net revenuein the second quarter of 2021 was RMB1,125.0 million (US$174.2 million), compared to RMB754.7 million in the same period last year. Revenue from wealth management business reached RMB286.8 million (US$44.4 million), representing a decrease of 11.0% from RMB322.4 million in the second quarter of 2020, primarily driven by the spin-off of our legacy business. Revenue from credit business reached RMB838.2 million (US$129.8 million), representing an increase of 93.9% from RMB432.3 million in the second quarter of 2020, primarily driven by an increase in loan volume.

Sales and marketing expenses in the second quarter of 2021 were RMB436.9 million (US$67.7 million), compared to RMB508.5 million in the same period last year. The decrease was primarily due to internal restructuring to optimize operating efficiencies.

Origination, servicing and other operating costs in the second quarter of 2021 were RMB182.7 million (US$28.3 million), compared to RMB165.2 million in the same period last year.

General and administrative expenses in the second quarter of 2021 were RMB127.7 million (US$19.8 million), compared to RMB172.6 million in the same period last year. The decrease was due to enhancement of operational efficiency.

Allowance for contract assets, receivables and othersin the second quarter of 2021 was RMB93.4 million (US$14.5 million), compared to RMB168.7 million in the same period last year. The decrease was primarily due to the optimization of product mix, improved asset quality post pandemic as well as further enhancement in the Company's risk management framework.

Income tax expensein the second quarter of 2021 was RMB55.3 million (US$8.6 million).

Net income in the second quarter of 2021 was RMB200.1 million (US$31.0 million), as compared to a net loss of RMB232.2 million in the same period last year.

Adjusted EBITDA[3] (non-GAAP) in the second quarter of 2021 was RMB295.4 million (US$45.8 million), compared to a loss of RMB269.4 million in the same period last year.

Basic income per ADS in the second quarter of 2021 was RMB2.4(US$0.4), compared to a basic loss per ADS of RMB2.5 in the same period last year.

Diluted income per ADS in the second quarter of 2021 was RMB2.4(US$0.4), compared to a diluted loss per ADS of RMB2.5 in the same period last year.

Net cash used in operating activitiesin the second quarter of 2021 was RMB213.0 million (US$33.0 million), compared to RMB64.7 million in the same period last year.

Net cash used in investing activities in the second quarter of 2021 was RMB208.5 million (US$32.3 million), compared to RMB186.7 million in the same period last year.

As of June 30, 2021, cash and cash equivalents was RMB2,192.5 million (US$339.6 million), compared to RMB2,362.3 million as of March 31, 2021. As of June 30, 2021, the balance of held-to-maturity investments was RMB2.2 million (US$0.3 million), compared to RMB3.1 million as of March 31, 2021. As of June 30, 2021, the balance of available-for-sale investments was RMB224.3 million (US$34.7 million), compared to RMB234.6 million as of March 31, 2021.

Delinquency rates. As of June 30, 2021, the delinquency rates for loans facilitated that are past due for 15-29 days, 30-59 days and 60-89 days were 0.5%, 0.8% and 0.7% respectively, compared to 0.5%, 0.8% and 0.6% respectively as of March 31, 2021.

Cumulative M3+ net charge-off rates. As of June 30, 2021, the cumulative M3+ net charge-off rate for loans facilitated in 2018, 2019 and 2020 was 9.9%, 10.5% and 3.7% respectively, as compared to 10.0%, 9.7% and 2.2% respectively as of March 31, 2021.

[3] "Adjusted EBITDA" is a non-GAAP financial measure. For more information onthis non-GAAP financial measure, please see the section of "OperatingHighlights and Reconciliations of GAAP to Non-GAAP Measures" and the tablecaptioned "Reconciliations of Adjusted EBITDA" set forth at the end of thispress release.

Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See "Operating Highlights and Reconciliation of GAAP to Non-GAAP measures" at the end of this press release.

Board Composition Change

Mr. Quan Zhou will resign from the board, having fulfilled his term as a board member since January 2015, effective August 19, 2021.

"On behalf of Yiren Digital's Board of Directors, I would like to express my gratitude to Mr. Quan Zhou for his time, dedication and valuable contribution to the Company," said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital.

Currency Conversion

This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.4566 to US$1.00, the effective noon buying rate on June 30, 2021, as set forth in the H.10 statistical release of the Federal Reserve Board.

Conference Call

Yiren Digital's management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on August 19, 2021 (or 8:00 p.m.Beijing/Hong Kong Time on August 19, 2021).

Participants who wish to join the call should register online in advance of the conference at:

https://apac.directeventreg.com/registration/event/9992662

Please note the Conference ID number of 9992662.

Once registration is completed, participants will receive the dial-in information for the conference call, an event passcode, and a unique registrant ID number.

Participants joining the conference call should dial-in at least 10 minutes before the scheduled start time.

A replay of the conference call may be accessed by phone at the following numbers until August 27, 2021:

International +61 2-9003-4211

U.S. +1 646-254-3697

Replay Access Code: 9992662

Additionally, a live and archived webcast of the conference call will be available at ir.yirendai.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yiren Digital's control. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to Yiren Digital's ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yiren Digital's ability to meet the standards necessary to maintain listing of its ADSs on the NYSE or other stock exchange, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in Yiren Digital's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Yiren Digital does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

About Yiren Digital

Yiren Digital Ltd. is a leading digital personal financial management platform in China. The Company provides customized asset allocation services and wealth management solutions to China's mass affluent population as well as utilizes online and offline channels to provide retail credit facilitation services to individual borrowers and small business owners.

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except for share, per share and per ADS data, and percentages)

For the Three Months Ended For the Six Months Ended

June 30, March 31, June 30, June 30, June 30, June 30, June 30, 2020 2021 2021 2021 2020 2021 2021

RMB RMB RMB USD RMB RMB USD

Net revenue:

Loan facilitation services 171,084 542,132 551,373 85,397 529,625 1,093,505 169,362

Post-origination services 126,477 44,786 40,584 6,286 272,997 85,370 13,222

Account management services 300,720 - - - 713,886 - -

Insurance brokerage services 19,545 159,704 151,801 23,511 19,545 311,505 48,246

Financing services 1,586 114,932 125,267 19,401 2,236 240,199 37,202

Others 135,277 238,409 256,010 39,651 240,060 494,419 76,576

Total net revenue 754,689 1,099,963 1,125,035 174,246 1,778,349 2,224,998 344,608

Operating costs and expenses:

Sales and marketing 508,466 405,176 436,882 67,663 1,124,907 842,058 130,418

Origination,servicing and other operating 165,183 174,525 182,667 28,292 268,101 357,192 55,322 costs

General and administrative 172,568 119,865 127,690 19,777 321,609 247,555 38,341

Allowance for contract assets, receivables 168,708 141,232 93,433 14,471 312,093 234,665 36,345 and others

Total operating costs and expenses 1,014,925 840,798 840,672 130,203 2,026,710 1,681,470 260,426

Other income/(expenses):

Interest income/(expense), net 16,950 (10,980) (22,782) (3,529) 42,066 (33,762) (5,229)

Fair value adjustments related to (32,957) (27,720) (20,916) (3,239) (58,977) (48,636) (7,533) Consolidated ABFE

Others, net (3,510) 5,122 14,674 2,273 8,674 19,796 3,066

Total other expenses (19,517) (33,578) (29,024) (4,495) (8,237) (62,602) (9,696)

(Loss)/income before provision for income (279,753) 225,587 255,339 39,548 (256,598) 480,926 74,486taxes

Income tax (benefit)/expense (47,558) 44,373 55,259 8,559 (43,622) 99,632 15,431

Net (loss)/income (232,195) 181,214 200,080 30,989 (212,976) 381,294 59,055

Weighted average number of ordinary shares 185,613,735 167,966,603 167,974,463 167,974,463 185,607,348 167,970,515 167,970,515outstanding, basic

Basic (loss)/income per share (1.2510) 1.0789 1.1911 0.1845 (1.1475) 2.2700 0.3516

Basic (loss)/income per ADS (2.5020) 2.1578 2.3822 0.3690 (2.2950) 4.5400 0.7032

Weighted average number of ordinary shares 185,613,735 169,147,563 169,173,603 169,173,603 185,607,348 169,160,565 169,160,565outstanding, diluted

Diluted (loss)/income per share (1.2510) 1.0713 1.1827 0.1832 (1.1475) 2.2540 0.3491

Diluted (loss)/income per ADS (2.5020) 2.1426 2.3654 0.3664 (2.2950) 4.5080 0.6982

Unaudited Condensed Consolidated CashFlow Data

Net cash (used in)/generated from operating (64,721) (142,011) (212,993) (32,988) 497,999 (355,004) (54,984)activities

Net cash used in investing activities (186,670) (286,056) (208,539) (32,299) (716,107) (494,595) (76,603)

Net cash provided by/(used in) financing 39,905 279,400 144,107 22,319 (25,732) 423,507 65,593activities

Effect of foreign exchange rate changes (86) (118) (278) (43) 1,120 (396) (61)

Net decrease in cash, cash equivalents and (211,572) (148,785) (277,703) (43,011) (242,720) (426,488) (66,055)restricted cash

Cash, cash equivalents and restricted cash, 3,237,994 2,707,148 2,558,363 396,240 3,269,142 2,707,148 419,284beginning of period

Cash, cash equivalents and restricted cash, 3,026,422 2,558,363 2,280,660 353,229 3,026,422 2,280,660 353,229end of period

Unaudited Condensed Consolidated Balance Sheets

(in thousands)

As of

December 31, March 31, June 30, June 30, 2020 2021 2021 2021

RMB RMB RMB USD

Cash and cash equivalents 2,469,909 2,362,310 2,192,500 339,575

Restricted cash 237,239 196,053 88,160 13,654

Accounts receivable 122,742 148,114 228,554 35,399

Contract assets, net 750,174 917,995 1,063,470 164,711

Contract cost 65,529 62,061 44,684 6,921

Prepaid expenses and other assets 278,591 215,099 213,942 33,135

Loans at fair value 192,156 175,664 112,931 17,491

Financing receivables 1,253,494 1,471,509 1,738,742 269,297

Amounts due from related parties 884,006 911,972 1,064,703 164,901

Held-to-maturity investments 3,286 3,137 2,233 346

Available-for-sale investments 175,515 234,587 224,336 34,745

Property, equipment and software, net 147,193 134,351 123,491 19,126

Deferred tax assets 16,745 13,906 8,629 1,336

Right-of-use assets 105,674 98,467 93,783 14,525

Total assets 6,702,253 6,945,225 7,200,158 1,115,162

Accounts payable 9,903 12,923 64,469 9,985

Amounts due to related parties 970,309 769,744 498,053 77,138

Deferred revenue 50,899 44,408 21,137 3,274

Payable to investors at fair value 52,623 52,082 51,289 7,944

Accrued expenses and other liabilities 1,208,915 1,148,549 1,238,591 191,833

Secured borrowings 500,500 799,200 968,600 150,017

Refund liability 10,845 7,404 6,412 993

Deferred tax liabilities 38,741 76,003 118,654 18,377

Lease liabilities 81,854 76,735 70,114 10,859

Total liabilities 2,924,589 2,987,048 3,037,319 470,420

Ordinary shares 121 121 122 19

Additional paid-in capital 5,058,176 5,058,884 5,065,177 784,496

Treasury stock (40,147) (40,147) (40,147) (6,218)

Accumulated other comprehensive income 17,108 16,648 16,139 2,500

Accumulated deficit (1,257,594) (1,077,329) (878,452) (136,055)

Total equity 3,777,664 3,958,177 4,162,839 644,742

Total liabilities and equity 6,702,253 6,945,225 7,200,158 1,115,162

Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures

(in thousands, except for number of borrowers, number of investors andpercentages)

For the Three Months Ended For the Six Months Ended

June 30, March 31, June 30, June 30, June 30, June 30, June 30, 2020 2021 2021 2021 2020 2021 2021

RMB RMB RMB USD RMB RMB USD

Operating Highlights

Amount of investment in current investment 2,186,210 5,823,057 5,343,601 827,618 4,349,523 11,166,657 1,729,495products

Number of investors in current investment 30,392 110,072 120,091 120,091 30,142 203,472 203,472products

Amount of loans facilitated under loan 1,522,646 4,930,287 5,252,859 813,564 2,263,914 10,183,146 1,577,168facilitation model

Amount of loans facilitated 2,402,494 4,930,287 5,252,859 813,564 4,241,948 10,183,146 1,577,168

Number of borrowers 107,568 345,939 434,153 434,153 220,731 646,486 646,486

Remaining principal of performing loans 4,175,751 11,159,179 12,543,745 1,942,779 4,175,751 12,543,745 1,942,779facilitated under loan facilitation model

Segment Information

Wealth management:

Revenue 322,381 263,743 286,839 44,426 738,257 550,582 85,274

Sales and marketing expenses 45,454 38,987 29,044 4,498 112,780 68,031 10,537

Origination,servicing and other operating 39,648 132,510 150,505 23,311 70,493 283,015 43,833costs

Consumer credit:

Revenue 432,308 836,220 838,196 129,820 1,040,092 1,674,416 259,334

Sales and marketing expenses 463,012 366,189 407,838 63,165 1,012,127 774,027 119,881

Origination,servicing and other operating 125,535 42,015 32,162 4,981 197,608 74,177 11,489costs

Reconciliation of Adjusted EBITDA

Net (loss)/income (232,195) 181,214 200,080 30,989 (212,976) 381,294 59,055

Interest (income)/expense, net (16,950) 10,980 22,782 3,529 (42,066) 33,762 5,229

Income tax (benefit)/expense (47,558) 44,373 55,259 8,559 (43,622) 99,632 15,431

Depreciation and amortization 24,368 15,151 12,170 1,885 51,539 27,321 4,232

Share-based compensation 2,954 (240) 5,090 788 7,495 4,850 751

Adjusted EBITDA (269,381) 251,478 295,381 45,750 (239,630) 546,859 84,698

Adjusted EBITDA margin -35.7% 22.9% 26.3% 26.3% -13.5% 24.6% 24.6%

Delinquency Rates (Loan Facilitation Model)

15-29 days 30-59 days 60-89 days

All Loans

December 31, 2015 1.3% 1.9% 1.5%

December 31, 2016 0.6% 0.8% 0.7%

December 31, 2017 0.5% 0.8% 0.6%

December 31, 2018 1.0% 1.8% 1.7%

December 31, 2019 0.8% 1.3% 1.0%

December 31, 2020 0.5% 0.7% 0.6%

March 31, 2021 0.5% 0.8% 0.6%

June 30, 2021 0.5% 0.8% 0.7%

Online Channels

December 31, 2015 0.4% 0.7% 0.5%

December 31, 2016 0.8% 1.1% 1.7%

December 31, 2017 0.3% 0.2% 0.0%

December 31, 2018 0.9% 1.7% 1.5%

December 31, 2019 1.0% 2.1% 1.6%

December 31, 2020 0.6% 1.0% 1.1%

March 31, 2021 0.5% 0.9% 0.7%

June 30, 2021 0.7% 0.9% 0.8%

Offline Channels

December 31, 2015 1.3% 2.0% 1.6%

December 31, 2016 0.6% 0.8% 0.7%

December 31, 2017 0.5% 0.9% 0.7%

December 31, 2018 1.1% 1.9% 1.8%

December 31, 2019 0.7% 0.9% 0.7%

December 31, 2020 0.4% 0.6% 0.4%

March 31, 2021 0.4% 0.7% 0.6%

June 30, 2021 0.4% 0.7% 0.6%

Net Charge-Off Rate (Loan Facilitation Model)

Loan Amount of Loans Accumulated M3+ Net Total Net Charge-OffIssued Facilitated Charge-Off RatePeriod During the Period as of June 30, 2021 as of June 30, 2021

(in RMB thousands) (in RMB thousands)

2015 4,530,824 250,850 5.5%

2016 3,749,815 319,425 8.5%

2017 5,043,494 527,583 10.5%

2018 4,211,573 415,948 9.9%

2019 3,431,443 359,282 10.5%

2020 9,614,819 352,935 3.7%

2021Q1 4,930,287 23,045 0.5%

M3+ Net Charge-Off Rate (Loan Facilitation Model)

LoanIssued Month on BookPeriod

4 7 10 13 16 19 22 25 28 31 34

2015Q1 1.0% 1.9% 2.8% 3.7% 4.3% 4.8% 5.1% 5.3% 5.3% 5.3% 5.2%

2015Q2 1.1% 2.8% 4.2% 5.3% 6.2% 6.7% 7.0% 7.0% 6.9% 6.8% 6.8%

2015Q3 0.6% 2.2% 3.8% 5.0% 5.9% 6.5% 6.7% 6.8% 6.7% 6.7% 6.7%

2015Q4 1.0% 1.5% 2.2% 2.8% 3.1% 3.4% 3.7% 4.0% 4.2% 4.4% 4.4%

2016Q1 0.6% 0.9% 1.3% 1.7% 2.0% 2.2% 2.4% 2.7% 2.9% 3.0% 3.2%

2016Q2 0.6% 1.4% 2.3% 3.0% 3.6% 4.2% 4.8% 5.4% 5.8% 6.0% 6.2%

2016Q3 0.4% 1.7% 2.7% 4.1% 5.3% 6.5% 7.7% 8.6% 9.3% 9.3% 9.5%

2016Q4 0.3% 2.1% 3.8% 5.4% 7.2% 9.2% 10.4% 11.5% 12.4% 12.9% 13.3%

2017Q1 0.3% 1.6% 3.4% 5.3% 7.5% 8.9% 10.0% 10.9% 11.6% 12.1% 12.3%

2017Q2 4.1% 5.8% 7.9% 9.6% 11.3% 12.5% 13.2% 13.9% 14.6% 14.9% 15.1%

2017Q3 0.3% 1.6% 3.5% 4.9% 6.5% 7.6% 8.4% 8.9% 9.4% 9.9% 10.1%

2017Q4 0.2% 2.3% 5.1% 6.5% 7.9% 9.0% 9.7% 10.2% 10.7% 11.2% 10.6%

2018Q1 0.2% 2.9% 5.1% 6.8% 7.2% 7.9% 8.4% 8.7% 9.0% 8.6% 8.1%

2018Q2 0.7% 4.1% 7.1% 9.4% 11.2% 12.4% 13.4% 14.1% 14.3% 14.1% 14.1%

2018Q3 0.2% 2.8% 3.6% 4.5% 5.2% 6.4% 7.0% 7.0% 6.9% 7.0%

2018Q4 0.6% 2.2% 3.4% 5.2% 6.9% 9.0% 9.7% 9.9% 9.6%

2019Q1 0.0% 0.8% 2.0% 3.4% 5.3% 5.9% 6.3% 6.3%

2019Q2 0.1% 1.5% 4.5% 7.5% 8.8% 9.2% 9.9%

2019Q3 0.2% 2.9% 6.8% 9.0% 10.4% 12.0%

2019Q4 0.4% 3.1% 4.9% 6.3% 7.2%

2020Q1 0.6% 2.3% 4.1% 5.2%

2020Q2 0.5% 2.5% 4.2%

2020Q3 1.1% 3.3%

2020Q4 0.3%

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SOURCE Yiren Digital