YRD

Bull points

• In a year of global economic uncertainties, we wrapped up 2023 stronger than ever, showcasing the strength and the resilience of our business.
• the fourth quarter witnessed continued robust growth with total loan volume reaching RMB 11.6 billion, a 72% increase year-over-year, marking the fourth consecutive quarter of double-digit growth.
• The MAU of our Yixianghua ATP increased from 2.9 million last quarter to more than 3.5 million this quarter, presenting an impressive annual growth rate of 77%, demonstrating the app’s growing popularity and user engagement.

Bear points

• life insurance premiums saw a 24% decline year-over-year
• gross written premiums reached RMB 1.2 billion, representing a 9% decrease year-over-year and a 15% decrease from the prior quarter, primarily due to the new regulations capping life insurance returns at 3%.
• the new regulations capping life insurance returns at 3%