Technology

Yiren Digital Reports First Quarter 2024 Financial Results

Published

2 years ago

June 21, 2024

BEIJING, June 21, 2024 /PRNewswire/ — Yiren Digital Ltd. (NYSE: YRD) (“Yiren Digital” or the “Company”), an AI-powered platform providing a comprehensive suite of financial and lifestyle services in China, today announced its unaudited financial results for the quarter ended March 31, 2024.

First Quarter 2024 Operational Highlights

Financial Services Business

Total loans facilitated in the first quarter of 2024 reached RMB11.9 billion (US$1.6 billion), representing an increase of 2.3% from RMB11.6 billion in the fourth quarter of 2023 and compared to RMB6.4 billion in the same period of 2023.Cumulative number of borrowers served reached 9,978,280 as of March 31, 2024, representing an increase of 7.3% from 9,295,666 as of December 31, 2023 and compared to 7,582,435 as of March 31, 2023.Number of borrowers served in the first quarter of 2024 was 1,352,200, representing a decrease of 1.4% from 1,371,501 in the fourth quarter of 2023 and compared to 872,235 in the same period of 2023. The slight decrease was due to seasonable reasons and the ongoing optimization of customer mix.Outstanding balance of performing loans facilitated reached RMB20.2 billion (US$2.8 billion) as of March 31, 2024, representing an increase of 10.4% from RMB18.3 billion as of December 31, 2023 and compared to RMB11.1 billion as of March 31, 2023.

Insurance Brokerage Business

Cumulative number of insurance clients served reached 1,343,660 as of March 31, 2024, representing an increase of 4.7% from 1,283,102 as of December 31, 2023 and compared to 1,007,238 as of March 31, 2023.Number of insurance clients served in the first quarter of 2024 was 73,687, representing a decrease of 28.1% from 102,556 in the fourth quarter of 2023 and compared to 80,856 in the same period of 2023. The decrease was primarily due to the decline in life insurance volume resulting from product changes required by new regulations.Gross written premiums in the first quarter of 2024 were RMB912.4 million (US$126.4 million), representing a decrease of 24.5% from RMB1,208.7 million in the fourth quarter of 2023 and compared to RMB923.4 million in the same period of 2023. The decrease was mainly attributed to the declined life insurance volume resulting from product changes required by new regulations.

Consumption and Lifestyle Business

Total gross merchandise volume generated through our e-commerce platform and “Yiren Select” channel reached RMB625.1 million (US$86.6 million) in the first quarter of 2024, representing a decrease of 9.8% from RMB692.7 million in the fourth quarter of 2023 and compared to RMB308.6 million in the same period of 2023. The decrease was mainly due to seasonal reasons. As the penetration of our consumption and lifestyle products and services further grows in the existing customer pool, the growth rate of this segment is expected to gradually normalize, aligning with the growth pace of our other business segments

“We are pleased to report another solid quarter, with stable growth in our top line and overall business scale during a traditional off-season in the industry, while maintaining healthy profitability,” said Mr. Ning Tang, Chairman and Chief Executive Officer.

“We are also excited to announce that our ‘AI Lab’ initiative has begun to yield early results, as AI integration continues to permeate all aspects of our operations. Our AI strategy is structured in three comprehensive phases: firstly, empowering existing business; secondly, building advanced AI capabilities and ecosystem; and lastly, for the long-term goal, exploring future AI commercialization. It is not a sudden shift in business direction but a solid, step-by-step approach to upgrading and sharpening our core competitive strengths that we’ve built over the past decade of operations.”

“In the first quarter of 2024, our total revenue reached RMB 1.4 billion, marking a 40% increase year-over-year. We generated approximately RMB 632 million in net cash from operations during this quarter, reflecting a 62% increase from the previous year,” Ms. Na Mei, Chief Financial Officer commented. “Our balance sheet remained robust with RMB 5.9 billion in cash and equivalents as of the end of this quarter. We allocated USD 2.1 million to repurchase shares in the public market in the first quarter of this year, bringing our total deployment for the share repurchase program to USD 9.5 million by March 31, 2024.”

First Quarter 2024 Financial Results

Total net revenue in the first quarter of 2024 was RMB1,378.1 million (US$190.9 million), representing an increase of 39.7% from RMB986.3 million in the first quarter of 2023. Particularly, in the first quarter of 2024, revenue from financial services business was RMB738.1 million (US$102.2 million), representing an increase of 52.5% from RMB483.9 million in the same period of 2023. The increase was attributed to the persistent and growing demand for our small revolving loan products. Revenue from insurance brokerage business was RMB124.9 million (US$17.3 million), representing a decrease of 36.4% from RMB196.4 million in the first quarter of 2023. The decrease was due to declined sales of life insurance attributed to product changes required by new regulations. Revenue from consumption and lifestyle business and others was RMB515.0 million (US$71.3 million), representing an increase of 68.3% from RMB306.1 million in the first quarter of 2023. The increase was primarily attributed to the continuous growth in gross merchandise volume generated through our e-commerce platform, as the service and product penetration grows in the expanding base of paying customers.

Sales and marketing expenses in the first quarter of 2024 were RMB277.2 million (US$38.4 million), compared to RMB106.2 million in the same period of 2023. The increase was primarily driven by the swift growth of our financial services segment and enhanced marketing endeavors focused on attracting new, high-caliber customers while optimizing our customer composition.

Origination, servicing and other operating costs in the first quarter of 2024 were RMB233.3 million (US$32.3 million), compared to RMB199.7 million in the same period of 2023. The increase was due to the rapid growth of our financial services business as well as property insurance business.

Research and development expenses[1] in the first quarter of 2024 were RMB40.5 million (US$5.6 million), compared to RMB29.2 million in the same period of 2023. The increase was mainly attributed to our ongoing investment in AI upgrades and technological innovations.

General and administrative expenses in the first quarter of 2024 were RMB83.7 million (US$11.6 million), compared to RMB63.4 million in the same period of 2023. The increase was primarily due to adjustments in personnel and the introduction of additional incentives.

Allowance for contract assets, receivables and others in the first quarter of 2024 was RMB102.3 million (US$14.2 million), compared to RMB39.4 million in the same period of 2023. The increase was primarily attributed to the growing volume of loans facilitated.

Provision for contingent liabilities in the first quarter of 2024 was RMB67.3 million (US$9.3 million), compared to RMB5.5 million in the same period of 2023. The increase was mainly attributed to a higher volume of loans facilitated under our risk-taking model[2].

Income tax expense in the first quarter of 2024 was RMB131.8 million (US$18.3 million).

Net income in the first quarter of 2024 was RMB485.9 million (US$67.3 million), as compared to RMB427.2 million in the same period in 2023. The increase was primarily due to the robust growth of our financial services business and the expansion of our consumption and lifestyle business scale.

Adjusted EBITDA[3] (non-GAAP) in the first quarter of 2024 was RMB593.0 million (US$82.1 million), compared to RMB539.3 million in the same period of 2023.

Basic and diluted income per ADS in the first quarter of 2024 were RMB5.6 (US$0.8) and RMB5.5 (US$0.8) respectively, compared to a basic income per ADS of RMB4.8 and a diluted income per ADS of RMB4.7 in the same period of 2023.

Net cash generated from operating activities in the first quarter of 2024 was RMB631.7 million (US$87.5 million), compared to RMB390.3 million in the same period of 2023.

Net cash used in investing activities in the first quarter of 2024 was RMB683.7 million (US$94.7 million), compared to RMB774.3 million provided by investing activities in the same period of 2023.

Net cash used in financing activities in the first quarter of 2024 was RMB14.8 million (US$2.0 million), compared to RMB392.8 million in the same period of 2023.

As of March 31, 2024, cash and cash equivalents were RMB5,904.0 million (US$817.7 million), compared to RMB5,791.3 million as of December 31, 2023. As of March 31, 2024, the balance of held-to-maturity investments was RMB10.4 million (US$1.4 million), unchanged from December 31, 2023. As of March 31, 2024, the balance of available-for-sale investments was RMB379.5 million (US$52.6 million), compared to RMB438.1 million as of December 31, 2023. As of March 31, 2024, the balance of trading securities was RMB78.0 million (US$10.8 million), compared to RMB76.1 million as of December 31, 2023.

Delinquency rates. As of March 31, 2024, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 0.9%, 1.6% and 1.4%, respectively, compared to 0.9%, 1.4% and 1.2%, respectively, as of December 31, 2023.

Cumulative M3+ net charge-off rates. As of March 31, 2024, the cumulative M3+ net charge-off rates for loans originated in 2021, 2022 and 2023 were 6.3%, 4.7% and 3.9%, respectively, as compared to 6.4%, 4.7% and 2.8%, respectively, as of December 31, 2023.

Business Outlook

Based on the Company’s preliminary assessment of business and market conditions, the Company projects the total revenue in the second quarter of 2024 to be between RMB1.4 billion to RMB1.6 billion, with a healthy net profit margin.

This is the Company’s current and preliminary view, which is subject to changes and uncertainties.

Recent Development

1) Board Composition Change

On June 17, 2024, Mr. Qing Li resigned from the board of directors of the Company (the “Board”) due to personal reasons. Mrs. Shuo Zheng was appointed by the Board as a director of the Company to succeed Mr. Qing Li. In addition, the Board has appointed Mrs. Zheng as (i) a member of the nominating and corporate governance committee, (ii) a member of the audit committee, (iii) a member of the compensation committee, and (iv) a member of the newly formed ESG (Environmental, Social, and Governance) committee of the Board. The director change became effective on June 17, 2024.

Mrs. Shuo Zheng has over 28 years of experience in financial control and regulatory compliance within both corporate and personal banking sectors. From June 2016 to July 2023, she had served as the Head of Regulatory Compliance and Branch Compliance at JPMorgan Chase Bank China. Prior to this, from August 2011 to June 2016, she was the Head of North Region Compliance and Approved Compliance Officer for Citibank Beijing branch. Ms. Zheng also held positions at China offices of Deutsche Bank, Standard Chartered Bank and HSBC from 1995 to 2011. Ms. Zheng holds a bachelor’s degree in finance from the Financial and Banking Institution of China, now part of the University of International Business and Economics, which she obtained in 1992. She also holds ACCA Certificates (Chinese version) and the Insurance Agent Sales Certificate.

The Board has determined that Mrs. Zheng satisfies the “independence” requirements of Section 303A of the Corporate Governance Rules of the New York Stock Exchange and Rule 10A-3 under the Securities Exchange Act of 1934, as amended.

“On behalf of the Board, I would like to extend our gratitude to Mr. Qing Li for his years of contributions to Yiren Digital and wish him all the best in his future endeavors,” said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital. “We are also delighted to welcome Mrs. Zheng to the Board. We believe her extensive experience in financial control and regulatory compliance will add significant value to the Board and enhance the overall governance and management of our Company.”

2) Establishment of ESG Board Committee

As a strategic imperative that reflects our commitment to sustainable growth and responsible corporate governance, the Board has approved the establishment of an ESG (Environmental, Social, and Governance) Committee under the Board, consisting of Mr. Ning Tang as the committee chair, Mr. Hao Li and Mrs. Shuo Zheng as the committee members, effective June 17, 2024.

By creating this dedicated committee, the Company ensures that ESG considerations are embedded at the highest level of decision-making, aligning our operations with global best practices and stakeholder expectations. This committee will provide focused oversight on ESG matters, drive initiatives that mitigate environmental impact, promote social responsibility, and uphold strong governance standards.

Furthermore, this will enhance our transparency and accountability, attract socially conscious investors and foster long-term value creation for all stakeholders, positioning the Company as a leader in sustainability, ready to address the evolving challenges and opportunities in the industry.

3) Upgrade of Code of Business Conduct and Ethics

In line with our commitment to enhanced non-financial risk control and improved ESG efforts, the Company has amended and restated its Code of Business Conduct and Ethics (the “Code”) to incorporate ESG-related topics. The revised Code became effective on June 17, 2024 and is available on our IR website at https://ir.yiren.com/Committee-Composition.

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.

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 RMB7.2203 to US$1.00, the effective noon buying rate on March 29, 2024, 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 7:30 a.m. U.S. Eastern Time on June 21, 2024 (or 7:30 p.m. Beijing/Hong Kong Time on June 21, 2024).

Participants who wish to join the call should register online in advance of the conference at: https://dpregister.com/sreg/10189856/fcb1994da0

Once registration is completed, participants will receive the dial-in details for the conference call.

Additionally, a live and archived webcast of the conference call will be available at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=1RBjWm6O

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 the 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 an advanced, AI-powered platform providing a comprehensive suite of financial and lifestyle services in China. Our mission is to elevate customers’ financial well-being and enhance their quality of life by delivering digital financial services, tailor-made insurance solutions, and premium lifestyle services. We support clients at various growth stages, addressing financing needs arising from consumption and production activities, while aiming to augment the overall well-being and security of individuals, families, and businesses.

[1] Research and development expenses have been segregated from general and administrative expenses and restated for historical periods to better reflect the Company’s cost and expense structure.
[2] The risk-taking model refers to the framework in which the company assumes the credit risk for the loans facilitated on our platform.
[3] “Adjusted EBITDA” is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of “Operating Highlights and Reconciliations of GAAP to Non-GAAP Measures” and the table captioned “Reconciliations of Adjusted EBITDA” set forth at the end of this press release.

Unaudited Condensed Consolidated Statements of Operations

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

For the Three Months Ended

March 31,
2023

March 31,
2024

RMB

USD

Net revenue:

Loan facilitation services

417,165

676,295

93,666

Post-origination services

6,316

1,772

245

Insurance brokerage services

196,358

124,926

17,302

Financing services

22,577

10,666

1,477

Electronic commerce services

242,858

502,936

69,656

Guarantee services

5,759

16,853

2,334

Others

95,310

44,636

6,182

Total net revenue

986,343

1,378,084

190,862

Operating costs and expenses:

Sales and marketing

106,212

277,223

38,395

Origination,servicing and other operating costs

199,745

233,270

32,308

Research and development

29,169

40,521

5,612

General and administrative

63,381

83,674

11,589

Allowance for contract assets, receivables and others

39,406

102,334

14,173

Provision for contingent liabilities

5,499

67,258

9,315

Total operating costs and expenses

443,412

804,280

111,392

Other income/(expenses):

Interest income, net

14,519

27,713

3,838

Fair value adjustments related to Consolidated ABFE

(11,203)

15,468

2,142

Others, net

3,589

677

Total other income

6,905

43,858

6,075

Income before provision for income taxes

549,836

617,662

85,545

Income tax expense

122,670

131,779

18,251

Net income

427,166

485,883

67,294

Weighted average number of ordinary shares outstanding, basic

177,782,059

174,282,443

Basic income per share

2.4028

2.7879

0.3861

Basic income per ADS

4.8056

5.5758

0.7722

Weighted average number of ordinary shares outstanding, diluted

180,180,975

176,202,571

Diluted income per share

2.3708

2.7575

0.3819

Diluted income per ADS

4.7416

5.5150

0.7638

Unaudited Condensed Consolidated Cash Flow Data

Net cash generated from operating activities

390,307

631,743

87,495

Net cash provided by/(used in) investing activities

774,283

(683,697)

(94,691)

Net cash used in financing activities

(392,831)

(14,774)

(2,046)

Effect of foreign exchange rate changes

(181)

1,340

186

Net increase/(decrease) in cash, cash equivalents and restricted cash

771,578

(65,388)

(9,056)

Cash, cash equivalents and restricted cash, beginning of period

4,360,695

6,058,604

839,107

Cash, cash equivalents and restricted cash, end of period

5,132,273

5,993,216

830,051

Unaudited Condensed Consolidated Balance Sheets

(in thousands)

As of

December 31,
2023

March 31,
2024

RMB

USD

Cash and cash equivalents

5,791,333

5,903,995

817,694

Restricted cash

267,271

89,221

12,357

Trading securities

76,053

77,967

10,798

Accounts receivable

499,027

610,745

84,588

Guarantee receivable

2,890

36,787

5,095

Contract assets, net

978,051

994,116

137,683

Contract cost

Prepaid expenses and other assets

423,621

1,273,040

176,314

Loans at fair value

677,835

655,058

90,725

Financing receivables

116,164

73,383

10,163

Amounts due from related parties

820,181

726,991

100,687

Held-to-maturity investments

10,420

1,443

Available-for-sale investments

438,084

379,489

52,559

Property, equipment and software, net

79,158

77,777

10,772

Deferred tax assets

73,414

59,260

8,207

Right-of-use assets

23,382

18,758

2,598

Total assets

10,276,916

10,987,025

1,521,685

Accounts payable

30,902

41,484

5,745

Amounts due to related parties

14,414

1,122

155

Guarantee liabilities-stand ready

8,802

40,583

5,621

Guarantee liabilities-contingent

28,351

81,921

11,346

Deferred revenue

54,044

46,807

6,483

Payable to investors at fair value

445,762

61,737

Accrued expenses and other liabilities

1,463,369

1,595,052

220,912

Deferred tax liabilities

122,075

114,222

15,820

Lease liabilities

23,648

19,025

2,635

Total liabilities

2,191,367

2,385,978

330,454

Ordinary shares

130

Additional paid-in capital

5,171,232

5,172,942

716,444

Treasury stock

(94,851)

(109,444)

(15,158)

Accumulated other comprehensive income

23,669

66,671

9,234

Retained earnings

2,985,369

3,470,748

480,693

Total equity

8,085,549

8,601,047

1,191,231

Total liabilities and equity

10,276,916

10,987,025

1,521,685

Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures

(in thousands, except for number of borrowers, number of insurance clients, cumulative number of insurance clients and percentages)

For the Three Months Ended

March 31,
2023

March 31,
2024

RMB

USD

Operating Highlights

Amount of loans facilitated

6,420,213

11,910,367

1,649,567

Number of borrowers

872,235

1,352,200

Remaining principal of performing loans

11,129,221

20,156,161

2,791,596

Cumulative number of insurance clients

1,007,238

1,343,660

Number of insurance clients

80,856

73,687

Gross written premiums

923,382

912,431

126,370

First year premium

627,314

514,141

71,208

Renewal premium

296,068

398,290

55,162

Gross merchandise volume

308,567

625,120

86,578

Segment Information

Financial services business:

Revenue

483,873

738,117

102,228

Sales and marketing expenses

62,218

251,922

34,891

Origination, servicing and other operating costs

47,609

85,787

11,882

Allowance for contract assets, receivables and others

40,222

101,127

14,006

Provision for contingent liabilities

5,499

67,258

9,315

Insurance brokerage business:

Revenue

196,358

124,926

17,302

Sales and marketing expenses

2,289

3,565

494

Origination, servicing and other operating costs

133,617

136,883

18,958

Allowance for contract assets, receivables and others

1,012

140

Consumption & lifestyle business and others:

Revenue

306,112

515,041

71,332

Sales and marketing expenses

41,705

21,736

3,010

Origination, servicing and other operating costs

18,519

10,600

1,468

Allowance for contract assets, receivables and others

(479)

Reconciliation of Adjusted EBITDA

Net income

427,166

485,883

67,294

Interest income, net

(14,519)

(27,713)

(3,838)

Income tax expense

122,670

131,779

18,251

Depreciation and amortization

1,868

1,892

262

Share-based compensation

2,089

1,207

167

Adjusted EBITDA

539,274

593,048

82,136

Adjusted EBITDA margin

54.7 %

43.0 %

Delinquency Rates

15-29 days

30-59 days

60-89 days

December 31, 2019

0.8 %

1.3 %

1.0 %

December 31, 2020

0.5 %

0.7 %

0.6 %

December 31, 2021

0.9 %

1.5 %

1.2 %

December 31, 2022

0.7 %

1.3 %

1.1 %

December 31, 2023

0.9 %

1.4 %

1.2 %

March 31, 2024

0.9 %

1.6 %

1.4 %

Net Charge-Off Rate

Loan Issued
Period

Amount of Loans
Facilitated
During the Period

Accumulated M3+ Net
Charge-Off
as of March 31, 2024

Total Net Charge-Off
Rate
as of March 31, 2024

(in RMB thousands)

2019

3,431,443

384,442

11.2 %

2020

9,614,819

734,218

7.6 %

2021

23,195,224

1,451,220

6.3 %

2022

22,623,101

1,059,319

4.7 %

2023

36,036,301

1,396,260

3.9 %

M3+ Net Charge-Off Rate

Loan Issued
Period

Month on Book

2019Q1

0.0 %

0.8 %

2.0 %

3.4 %

5.3 %

5.9 %

6.3 %

2019Q2

0.1 %

1.5 %

4.5 %

7.5 %

8.8 %

9.2 %

9.9 %

10.3 %

10.6 %

2019Q3

0.2 %

2.9 %

6.8 %

9.0 %

10.4 %

12.0 %

13.2 %

13.8 %

14.4 %

14.6 %

2019Q4

0.4 %

3.1 %

4.9 %

6.3 %

7.2 %

7.9 %

8.4 %

8.9 %

9.5 %

9.8 %

2020Q1

0.6 %

2.3 %

4.1 %

5.2 %

6.0 %

6.2 %

6.6 %

7.3 %

7.8 %

7.9 %

2020Q2

0.5 %

2.5 %

4.2 %

5.3 %

6.1 %

6.7 %

7.6 %

8.1 %

8.2 %

8.3 %

8.2 %

2020Q3

1.1 %

3.3 %

5.1 %

6.3 %

7.1 %

8.1 %

8.7 %

8.9 %

8.8 %

8.7 %

2020Q4

0.3 %

1.8 %

3.2 %

4.6 %

6.0 %

7.1 %

7.4 %

7.6 %

7.5 %

2021Q1

0.4 %

2.3 %

3.9 %

5.5 %

6.7 %

7.0 %

7.2 %

7.3 %

7.2 %

7.1 %

7.0 %

2021Q2

0.4 %

2.4 %

4.5 %

5.9 %

6.4 %

6.7 %

6.8 %

6.7 %

6.6 %

6.5 %

2021Q3

0.5 %

3.1 %

5.0 %

5.9 %

6.3 %

6.4 %

6.3 %

6.2 %

2021Q4

0.6 %

3.2 %

4.6 %

5.3 %

5.4 %

5.3 %

5.2 %

2022Q1

0.6 %

2.5 %

3.8 %

4.5 %

4.4 %

4.3 %

2022Q2

0.4 %

2.2 %

3.6 %

4.1 %

4.2 %

4.1 %

2022Q3

0.5 %

2.7 %

4.1 %

4.7 %

4.8 %

2022Q4

0.6 %

3.0 %

4.6 %

5.4 %

2023Q1

0.5 %

3.1 %

4.9 %

2023Q2

0.5 %

3.2 %

2023Q3

0.7 %

View original content:https://www.prnewswire.com/news-releases/yiren-digital-reports-first-quarter-2024-financial-results-302178952.html

SOURCE Yiren Digital

Technology

Axon Announces Body 5: Next-Generation Camera Built for the AI Era

Published

3 hours ago

October 24, 2026

Axon Body 5 delivers 25x the AI processing power of earlier-generation cameras, with upgraded connectivity, audio and battery life to support real-time situational awareness in the field

SCOTTSDALE, Ariz., Oct. 24, 2026 /PRNewswire/ — Axon (Nasdaq: AXON), the global leader in public safety technology, today announced Axon Body 5, its newest body-worn camera designed to bring more powerful intelligence, connectivity and real-time support directly to officers in the field.

For years, Axon body cameras have helped agencies capture critical evidence and create greater transparency. Body 5 is built to help officers during the call, with information, assistance and backup on the spot.

“Officers shouldn’t have to choose between getting information and watching the scene. With Axon Body 5, they don’t,” said Rick Smith, Axon Founder and CEO. “They capture a license or document with the camera, keep their hands free and eyes up, and get information faster than writing it down and calling it in by radio. An officer fully engaged with the person in front of them, not down at a notepad, is a safer officer and a better-served community.”

Axon Body 5: Built for the AI Era

Built from the ground up for the AI era, Axon Body 5 delivers 25x the AI processing power than earlier generation Axon body cameras, alongside advancements in connectivity, audio, video and battery life. Together, these upgrades give the camera the physical power to run smarter AI features — both today and as new AI tools are developed in the future — while also making it more dependable for officers to use every day.

For the first time, Axon is also introducing two versions of its latest flagship camera: Axon Body 5 and Axon Body 5 Pro.

Both models feature several key advancements, including:

25x more processing power for AI: A powerful new computing architecture creates the capacity to support current and future AI features directly on the body camera.Enhanced video: Improved video captures clearer evidence across challenging environments, including better low-light performance.Improved connectivity: Seamless connectivity in urban and remote environments – and more precise location capability – helps officers, cameras and remote support teams stay connected when timely information matters most.Longer battery life: 20% more battery life than the previous generation helps keep the camera ready and connected throughout an officer’s shift.

The Axon Body 5 Pro will continue to gain new AI capabilities as they become available, growing along with the AI Era Plan. Additionally, new hardware features include:

A near-focus camera: An additional dedicated camera lens lets officers scan driver’s licenses to check status and search for wants or warrants in seconds, without returning to the patrol vehicle, with relevant information sent to Axon Fusus to support real-time operations.Front-facing speakers: Four additional speakers project even more powerful audio toward the person an officer is speaking with, helping real-time translations from Axon Assistant carry more clearly over heavy traffic or crowd noise. Additional memory: Extra space lets the camera run several AI tools at once, helping officers stay better informed and work faster.

Bringing More of Axon’s AI Era Into the Field

Axon Body 5 helps officers get more out of the Axon AI Era Plan by bringing smart tools right to the scene. Axon’s portfolio already supports public safety professionals across a growing range of tasks. For example, Draft One helps officers turn body-camera audio into high-quality report drafts and Axon Assistant provides voice-based information access and real-time translation.

Increasingly, Axon is also bringing AI into real-time operations.

Axon Guardian is a new category of AI features within the AI Era Plan that was specifically created to work with an officer’s field-based devices – starting with body cameras and in-car cameras – to improve safety. Guardian is designed to flag potential risks as situations unfold and create alerts when additional attention may be needed. Two of the first features include:

Escalation Detection: When an Axon Body 4 or Axon Body 5 camera is activated and recording, Guardian has the ability to detect potential conflicts in real time and create an alert in Axon Fusus. A human reviews the livestream and decides if additional support or action is needed.Approach Alert: When active on Axon Fleet 3, Guardian can detect if the door of a stopped vehicle opens and alert the officer through the in-car display and their body-worn camera.

Combined, Axon Body 5 and the expanding AI Era portfolio demonstrate the importance of AI as a critical resource to assist public safety professionals before, during and after an incident — reducing administrative burden, improving situational awareness and helping protect more lives.

Innovating Responsibly

Axon’s Responsible Innovation framework guides the development of all of its products. Designed with this in mind, Axon Body 5 and Guardian prioritize human oversight and maintain agency control over data. As a key part of the responsible innovation process, Axon’s independent Ethics and Equity Advisory Council was created to help responsibly develop and deploy new technologies with transparency, while aligning with community expectations.

General availability dates for Axon Body 5 and Axon Guardian will be announced soon. Product features and capabilities vary by configuration. For more information on Axon’s current products and services: Axon Product Catalog – Axon.com.

About Axon
Axon (Nasdaq: AXON) is the global leader in public safety technology supporting state, local, federal and international public safety agencies with technology designed to Protect Life. Complementing its mission, Axon’s growing Enterprise market focuses on protecting critical infrastructure and frontline workers across multiple industries including corporate security, hospitality, retail and healthcare. Founder-led since 1993, Axon builds products with transparency and responsibility. From TASER energy devices to today’s connected network of hardware – including cameras, drones, and robotics – cloud software, sensors, and AI-tools, the Axon ecosystem helps seamlessly protect people and places when it matters most. To ensure these technologies align with community expectations, Axon’s independent Ethics & Equity Advisory Council guides the ethical, inclusive, and accountable design of its products and services. Learn more about the EEAC and Axon’s Responsible Innovation framework at Axon Responsibility.

Non-Axon trademarks are the property of their respective owners. Axon, TASER and the Delta Logo are trademarks of Axon Enterprise, Inc., some of which are registered in the US and other countries. For more information, visit www.axon.com/legal. All rights reserved.

Please visit https://investor.axon.com and https://www.axon.com/newsroom for more information.

Media Contact:
Kate MacKinnon
Vice President, Communications
press@axon.com

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SOURCE Axon

Technology

In HelloNation, Custom Fabrication Expert Mark Coyle Explains a Common Mistake in Custom Aluminum Design

Published

4 hours ago

October 24, 2026

The article explains why smart geometry, not thicker walls, creates stronger, more efficient aluminum components.

ROCHESTER, N.Y., Oct. 24, 2026 /PRNewswire/ — What early design choice causes many custom aluminum projects to become heavier, costlier, or harder to manufacture? That question is addressed in a HelloNation article featuring insights from Custom Fabrication Expert Mark Coyle of American Custom Metals, Inc. in Rochester, New York, that outlines how misunderstanding aluminum behavior leads designers to rely on thick walls instead of stronger geometry.

The article begins by explaining that many people assume thicker walls automatically make aluminum parts stronger. It notes that aluminum does not respond to wall thickness the way steel does. Instead, its performance is shaped by how the metal flows through the extrusion die. The article states that custom aluminum design is more effective when profiles use ribs, chambers, and flanges to create stiffness without adding unnecessary weight. This guidance helps readers understand why adding material often increases cost without improving strength.

The article also highlights that thicker walls change how aluminum moves during extrusion. When heavy areas fill more slowly, the metal cools unevenly and can develop stress that only appears later. The HelloNation piece explains that well-balanced geometry keeps extrusion smooth and predictable. This consistency makes it easier to maintain dimensional accuracy across long production runs. By focusing on geometry, custom aluminum design avoids the problems that come with slow extrusion speeds and uneven cooling.

Another insight in the article centers on how ribs and internal supports influence stability. It describes how a thin wall supported by a properly placed rib often performs better than a thick wall with no reinforcement. This happens because the rib helps distribute load, improve stiffness, and guide the aluminum as it cools. The article explains that this structural approach makes custom aluminum design more efficient and gives designers more control over how the final part behaves under pressure.

The article also shows why early collaboration between designer and fabricator prevents costly changes. It states that a fabricator familiar with extrusion can catch potential issues before a die is built. Small adjustments to corners or transitions can remove weak points or improve metal flow. The article notes that this teamwork keeps the design aligned with real-world production. By working together early, both sides reduce the risk of redesigning the die after the first test run.

Machining is another area where the article explains how wall thickness affects performance. Features such as deep pockets or sharp internal angles may require slow feed rates or special tooling. When walls are thicker than needed, those areas can become difficult to machine cleanly. The article states that thoughtful custom aluminum design makes machining more predictable. Small changes, such as adding radiused edges or sizing features to match standard tools, help shorten cycle times and prevent tool wear.

Thermal behavior receives detailed attention as well. The article explains that aluminum retains heat differently depending on the mass of each section. Thicker walls hold heat longer, which increases the chance of distortion during extrusion, machining, or finishing. When a design uses geometry to create strength, the material cools more evenly. This reduces warping and helps long profiles stay aligned. The article notes that stable cooling is important for components that require a precise fit and consistent shape throughout an entire production run.

Cost is also a key topic in the article. It states that heavier profiles increase material use, extrusion time, and tooling needs. A custom aluminum design that relies on geometry instead of mass lowers material consumption and keeps the fabrication process efficient. The article explains that lighter parts are easier to handle, ship, and assemble. This saves money across multiple stages of production and supports long-term manufacturing efficiency.

The article also notes that smart custom aluminum design creates profiles that behave predictably during extrusion and machining. Smooth transitions, balanced wall dimensions, and structural features help reduce the chance of distortion or dimensional drift. These elements also lower scrap rates and support reliable performance. By using geometry instead of excess material, designers build parts that maintain strength without compromising manufacturability.

As the article concludes, it emphasizes that avoiding thick walls is one of the best ways to improve performance and lower cost. It states that the most dependable custom aluminum components come from designs that use structural features to strengthen the profile. When designers understand how aluminum behaves at each stage of extrusion and machining, they create parts that are strong, efficient, and consistent from batch to batch. This approach turns custom aluminum design into a predictable process rather than a series of uncertain adjustments.

A Common Mistake in Custom Aluminum Design features insights from Mark Coyle, Custom Fabrication Expert of Rochester, NY, in HelloNation.

About HelloNation
HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.

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SOURCE HelloNation

Technology

World Young Scientist Summit 2026 Opens in Wenzhou, Zhejiang

Published

5 hours ago

October 24, 2026

WENZHOU, China, Oct. 24, 2026 /PRNewswire/ — This is a report by China Daily:

On October 24, the World Young Scientist Summit 2026 opened in Wenzhou, Zhejiang. The event is hosted by the China Association for Science and Technology (CAST), the Zhejiang Provincial People’s Government, and the World Association of Young Scientists. Nearly 800 representatives, including scientists, educators, and entrepreneurs from more than 60 countries and regions, are attending the summit.

He Junke, Vice President of CAST in charge of daily work and First Secretary of its Secretariat; Lian Yimin, Chairman and Party Group Secretary of the Zhejiang Provincial Committee of the Chinese People’s Political Consultative Conference; Marcelo Knobel, Executive Director of The World Academy of Sciences; and Zhang Zhenfeng, Member of the Standing Committee of the CPC Zhejiang Provincial Committee and Secretary of the CPC Wenzhou Municipal Committee, attended the summit and delivered remarks. Yao Gaoyuan, Vice Governor of the Zhejiang Provincial People’s Government, presided over the first segment of the plenary session.

With the theme “Gathering Talents Worldwide to Create a Better Future,” the summit’s annual agenda is “Global Youth Action in the AI Era: Building a Sustainable Future.” It aims to draw on the insights of young people around the world, deepen international sci-tech cooperation, and jointly address questions about young people, science, the world and the future.

Efim Zelmanov, Fields Medalist and Foreign Member of the Chinese Academy of Sciences; Chen Yunji, Deputy Director of the Institute of Computing Technology, CAS, and Director of the National Key Laboratory of Processor Chips; Mary Garson, President of the International Union of Pure and Applied Chemistry; and Lu Chaoyang, Member of the Standing Committee of CAST, Executive Dean of the Shanghai Institute of Advanced Study, University of Science and Technology of China, and Chairman of the Council of the World Association of Young Scientists, delivered keynote speeches respectively on education reform in the AI era, AI and processor chips, young women scientists’ participation in science, and quantum computing. They explored new opportunities for scientific research, talent cultivation, and international cooperation in the AI era.

This year’s summit placed greater emphasis on the growth needs of young scientists, with young talents under the age of 45 accounting for 88 percent of participants. It aimed to build a cluster of international journals, bring together young scientific talent, facilitate a batch of international collaborative projects and advance the application and commercialization of scientific and technological achievements. The summit released the Report on the Distribution and Mobility of Young Scientists in the Field of Embodied Intelligence, launched the World Young Scientist Summit Partner Journal Program and the 2026 World Young Scientist Innovation and Entrepreneurship Growth Support Program. It also published the “Young Scientist Pioneers 2035” list and announced the 2026 Sustainable Development Young Scientist Award. The awards were presented to four Chinese and foreign scientists.

Chen Tianrun, Founder of Hangzhou Moxin Technology Co., Ltd.; Yuan Yang, Assistant to the Dean of the Institute for Interdisciplinary Information Sciences at Tsinghua University; and two of the 2026 Sustainable Development Young Scientist Award winners, César de la Fuente and Nicola Segata, among other Chinese and foreign young scientist representatives, spoke at the flash-talk session to share their research practices and reflections.

In addition, the conference focused on fields such as future manufacturing, quantum information, embodied intelligence, brain-computer intelligence, environmental science, deep-sea resources, and life and health, and held 12 parallel forums. It also included the “Gravitation π” Future Technology and Concept Products Exhibition and Exchange, local thematic side events, and sci-tech and humanities study visits, further building an interdisciplinary, cross-regional and cross-sector platform for youth sci-tech exchange and cooperation.

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SOURCE China Daily