Technology
Yiren Digital Reports Third Quarter 2024 Financial Results
Published
2 years agoon
By
BEIJING, Nov. 20, 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 September 30, 2024.
Third Quarter 2024 Operational Highlights
Financial Services Business
Total loans facilitated in the third quarter of 2024 reached RMB13.4 billion (US$1.9 billion), representing an increase of 3.5% from RMB12.9 billion in the second quarter of 2024 and compared to RMB9.8 billion in the same period of 2023.Cumulative number of borrowers served reached 11,611,899 as of September 30, 2024, representing an increase of 7.4% from 10,807,497 as of June 30, 2024, and compared to 8,595,780 as of September 30, 2023.Number of borrowers served in the third quarter of 2024 was 1,498,020, representing an increase of 0.4% from 1,491,756 in the second quarter of 2024 and compared to 1,204,012 in the same period of 2023. As our efforts to upgrade the customer mix reach a milestone success, we are now shifting our focus to increasing the repeat rate of existing high-quality borrowers.Outstanding balance of performing loans facilitated reached RMB22.8 billion (US$3.2 billion) as of September 30, 2024, representing an increase of 4.3% from RMB21.8 billion as of June 30, 2024 and compared to RMB15.1 billion as of September 30, 2023.
Insurance Brokerage Business
Cumulative number of insurance clients served reached 1,470,738 as of September 30, 2024, representing an increase of 4.3% from 1,410,158 as of June 30, 2024, and compared to 1,256,762 as of September 30, 2023.Number of insurance clients served in the third quarter of 2024 was 82,291, representing a decrease of 7.3% from 88,766 in the second quarter of 2024, and compared to 123,693 in the same period of 2023. The decrease was due to the decline in new sales of our insurance products amid regulatory changes.Gross written premiums in the third quarter of 2024 were RMB1,351.3 million (US$192.6 million), representing an increase of 27.4% from RMB1,060.9 million in the second quarter of 2024 and compared to RMB1,428.5 million in the same period of 2023. The quarterly increase was attributed to the gradual recovery of our life insurance business following product changes made in response to new regulations, along with the continued rise in renewed life insurance premiums.
Consumption and Lifestyle Business
Total gross merchandise volume generated through our e-commerce platform and “Yiren Select” channel reached RMB507.6 million (US$72.3 million) in the third quarter of 2024, representing a decrease of 8.5% from RMB554.6 million in the second quarter of 2024, and compared to RMB563.2 million in the same period of 2023. The decrease was mainly due to the already high penetration of our products and services within the existing customer pool, along with our strategic scale-back of product offerings as we shift our focus to upgrading customer segmentation.
“I’m pleased to report a stable and healthy quarter with concrete business development and strategic exploration, driven by our ‘quality over quantity’ strategy, which underscores our consistent focus on sustainable, high-quality growth.” said Mr. Ning Tang, Chairman and Chief Executive Officer.
“Our financial services business has improved asset quality through strong risk management and borrower optimization. We’ve also made progress in exploring new online business models for our insurance division. As a tech-powered platform, Yiren Digital prioritizes the use of technology and digital capabilities to enhance our business model. Furthermore, our AI investments are driving operational efficiency and enhancing the customer experience. These efforts lay the foundation for higher-quality growth and long-term value for our stakeholders.”
“In the third quarter of this year, our total revenue reached RMB 1.5 billion, up 13% year-over-year.” Mr.Yuning Feng, Chief Financial Officer commented. “On the balance sheet side, as we continued to make strategic long-term investments this quarter, cash and cash equivalents decreased compared to the end of the previous quarter, bringing the total to RMB3.7 billion. Despite this, our cash position remains strong and competitive within the industry. Meanwhile, we are continuing share buybacks and executing cash dividends to enhance returns for our shareholders.”
Third Quarter 2024 Financial Results
Total net revenue in the third quarter of 2024 was RMB1,479.1 million (US$210.8 million), representing an increase of 12.8% from RMB1,310.8 million in the third quarter of 2023. Particularly, in the third quarter of 2024, revenue from financial services business was RMB836.2 million (US$119.2 million), representing an increase of 25.2% from RMB668.0 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 RMB85.5 million (US$12.2 million), representing a decrease of 67.7% from RMB264.6 million in the third quarter of 2023. The decrease was primarily driven by a decline in life insurance sales, resulting from product modifications mandated by new regulations, along with an industry-wide reduction in commission fee rates due to the implementation of more stringent regulatory standards on rates and terms. Revenue from consumption and lifestyle business and others was RMB557.4 million (US$79.4 million), representing an increase of 47.4% from RMB378.2 million in the third quarter of 2023. The annual increase was primarily attributed to the continuous growth of the service and product penetration in the expanding base of paying customers. As the penetration rate reached a substantial level in the third quarter of 2024, the growth rate is expected to moderate.
Sales and marketing expenses in the third quarter of 2024 were RMB335.6 million (US$47.8 million), compared to RMB195.7 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 aimed at attracting new, high-caliber customers while optimizing our customer composition.
Origination, servicing and other operating costs in the third quarter of 2024 were RMB205.9million (US$29.3 million), compared to RMB245.4 million in the same period of 2023. The decrease was mainly due to the decline in insurance brokerage services.
Research and development expenses in the third quarter of 2024 were RMB150.8 million (US$21.5 million), compared to RMB39.0 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 third quarter of 2024 were RMB80.1 million (US$11.4 million), compared to RMB53.5 million in the same period of 2023. The increase was primarily due to increasing incentive bonus and employee benefits.
Allowance for contract assets, receivables and others in the third quarter of 2024 was RMB94.9 million (US$13.5 million), compared to RMB72.7 million in the same period of 2023. The increase reflects the growing volume of loans facilitated on our platform and the stringent risk estimates in response to the evolving external credit environment.
Provision for contingent liabilities in the third quarter of 2024 was RMB272.4 million (US$38.8 million), compared to RMB11.1 million in the same period of 2023. The increase was mainly attributed to a higher volume of loans facilitated under our risk-taking model[1].
Income tax expense in the third quarter of 2024 was RMB44.7 million (US$6.4 million).
Net income in the third quarter of 2024 was RMB355.4 million (US$50.7 million), as compared to RMB554.4 million in the same period in 2023. The decrease was primarily due to the growing loan volume facilitated under our risk-taking model, resulting in substantial upfront provisions required by the current accounting principles.
Adjusted EBITDA[2] (non-GAAP) in the third quarter of 2024 was RMB393.9 million (US$56.1 million), compared to RMB692.7 million in the same period of 2023.
Basic and diluted income per ADS in the third quarter of 2024 were RMB4.1 (US$0.6) and RMB4.0 (US$0.6) respectively, compared to a basic income per ADS of RMB6.3 and a diluted income per ADS of RMB6.2 in the same period of 2023.
Net cash generated from operating activities in the third quarter of 2024 was RMB50.4 million (US$7.2 million), compared to RMB645.4 million in the same period of 2023.
Net cash used in investing activities in the third quarter of 2024 was RMB1,859.6 million (US$265.0 million), compared to RMB393.9 million in the same period of 2023.
Net cash used in financing activities in the third quarter of 2024 was RMB22.2 million (US$3.2 million), compared to RMB502.6 million in the same period of 2023.
The changes in cash flows reflect strategic decisions aimed at driving the company’s growth and long-term development. This includes a cash infusion to support broader collaborations with institutional business partners in our financial services division as our loan balance reaches a considerable size, which is reflected in the decline in net cash generated from operating activities. Changes in net cash used in investing and financing activities were driven by investments in potential acquisitions and business expansion, as well as ongoing share repurchases to enhance shareholder value.
As of September 30, 2024, cash and cash equivalents were RMB3,705.9 million (US$528.1 million), compared to RMB5,496.9 million as of June 30, 2024. The decline is due to our long-term investments in business expansion and potential acquisitions, which are still in the early stages and have not been finalized. As of September 30, 2024, the balance of held-to-maturity investments was RMB5.1 million (US$0.7 million), remained unchanged from June 30, 2024. As of September 30, 2024, the balance of available-for-sale investments was RMB321.6 million (US$45.8 million), compared to RMB329.8 million as of June 30, 2024. As of September 30, 2024, the balance of trading securities was RMB63.3 million (US$9.0 million), compared to RMB83.9 million as of June 30, 2024.
Delinquency rates[3]. As of September 30, 2024, the delinquency rates for loans that are past due for 1-30 days, 31-60 days and 61-90 days were 1.8%, 1.2% and 1.2%, respectively, compared to 1.9%, 1.4% and 1.5%, respectively, as of June 30, 2024.
[1] The risk-taking model refers to the framework in which the company assumes the credit risk for the loans facilitated on our platform.
[2] “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.
[3] “Delinquency rates” refers to the outstanding principal balance of loans that were 1-30 days, 31-60 days and 61-90 days past due as a percentage of the total performing outstanding principal balance of loans as of a specific date. Loans originating outside mainland China are not included in the calculation. We define a performing loan as one that is being repaid according to the agreed terms and has not become delinquent for more than 90 days.
Dividend Policy
Under the Company’s semi-annual dividend policy, the Company distributed cash dividends in October 2024, representing a payout ratio of 14% of earnings for the first half of 2024.
Update on Share Repurchase
In the third quarter of 2024, the Company allocated US$3.0 million to repurchase shares in the public market. As of September 30, 2024, the Company had in aggregate purchased approximately 5.0 million ADSs in the open market for a total amount of approximately US$16.5 million (exclusive of commissions) under the 2022 share repurchase program.
Business Outlook
Based on the Company’s preliminary assessment of business and market conditions, the Company projects the total revenue in the fourth quarter of 2024 to be between RMB1.3 billion to RMB1.5 billion, with a healthy net profit margin.
This is the Company’s current and preliminary view, which is subject to changes and uncertainties.
Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See “Operating Highlights and Reconciliation of GAAP to Non-GAAP measures” at the end of this press release.
Currency Conversion
This announcement contains currency conversions of certain RMB amounts into US$ 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 RMB7.0176 to US$1.00, the effective noon buying rate on September 30, 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 7:00 a.m. U.S. Eastern Time on November 20, 2024 (or 8:00 p.m. Beijing/Hong Kong Time on November 20, 2024).
Participants who wish to join the call should register online in advance of the conference at:
https://dpregister.com/sreg/10194517/fdfac17402
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=MvArF4tV
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.
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 Nine Months Ended
September 30,
2023
June 30,
2024
September 30,
2024
September 30,
2024
September 30,
2023
September 30,
2024
September 30,
2024
RMB
RMB
RMB
USD
RMB
RMB
USD
Net revenue:
Loan facilitation services
586,883
695,532
600,899
85,627
1,518,401
1,972,726
281,111
Post-origination services
984
1,290
1,421
203
12,573
4,483
639
Insurance brokerage services
264,611
91,526
85,530
12,188
865,664
301,982
43,032
Financing services
9,937
19,574
31,448
4,481
47,410
61,688
8,790
Electronic commerce services
350,635
523,641
546,366
77,856
881,218
1,572,943
224,143
Guarantee services
30,173
68,934
136,746
19,486
42,275
222,533
31,711
Others
67,551
96,039
76,678
10,927
253,782
217,353
30,972
Total net revenue
1,310,774
1,496,536
1,479,088
210,768
3,621,323
4,353,708
620,398
Operating costs and expenses:
Sales and marketing
195,714
285,101
335,647
47,829
450,873
897,971
127,960
Origination,servicing and other operating costs
245,360
246,542
205,913
29,342
791,472
685,725
97,715
Research and development
38,981
55,812
150,840
21,495
101,168
247,173
35,222
General and administrative
53,519
68,670
80,097
11,413
180,623
232,441
33,123
Allowance for contract assets, receivables and others
72,652
123,285
94,913
13,525
160,923
320,532
45,675
Provision for contingent liabilities
11,104
278,925
272,406
38,818
28,578
618,589
88,148
Total operating costs and expenses
617,330
1,058,335
1,139,816
162,422
1,713,637
3,002,431
427,843
Other income/(expenses):
Interest income, net
25,815
24,668
21,877
3,117
50,869
74,258
10,582
Fair value adjustments related to Consolidated ABFE
(8,104)
38,706
36,423
5,190
(36,777)
90,597
12,910
Others, net
5,177
(11)
2,535
362
11,496
3,201
456
Total other income/(expenses)
22,888
63,363
60,835
8,669
25,588
168,056
23,948
Income before provision for income taxes
716,332
501,564
400,107
57,015
1,933,274
1,519,333
216,503
Income tax expense
161,917
92,036
44,665
6,365
424,345
268,480
38,258
Net income
554,415
409,528
355,442
50,650
1,508,929
1,250,853
178,245
Weighted average number of ordinary shares outstanding,
basic
176,866,653
172,831,722
175,018,644
175,018,644
177,189,206
173,557,082
173,557,082
Basic income per share
3.1346
2.3695
2.0309
0.2894
8.5159
7.2072
1.0270
Basic income per ADS
6.2692
4.7390
4.0618
0.5788
17.0318
14.4144
2.0540
Weighted average number of ordinary shares outstanding,
diluted
178,366,565
174,711,554
176,035,324
176,035,324
179,220,434
175,457,062
175,457,062
Diluted income per share
3.1083
2.3440
2.0192
0.2877
8.4194
7.1291
1.0159
Diluted income per ADS
6.2166
4.6880
4.0384
0.5754
16.8388
14.2582
2.0318
Unaudited Condensed Consolidated Cash Flow Data
Net cash generated from operating activities
645,416
368,908
50,393
7,181
1,753,781
1,051,044
149,773
Net cash (used in)/provided by investing activities
(393,919)
(536,883)
(1,859,587)
(264,989)
360,376
(3,080,167)
(438,920)
Net cash used in financing activities
(502,636)
(125,884)
(22,227)
(3,167)
(901,587)
(162,885)
(23,211)
Effect of foreign exchange rate changes
2,395
(896)
(6,252)
(891)
2,543
(5,808)
(828)
Net (decrease)/increase in cash, cash equivalents and
restricted cash
(248,744)
(294,755)
(1,837,673)
(261,866)
1,215,113
(2,197,816)
(313,186)
Cash, cash equivalents and restricted cash, beginning of period
5,824,552
5,993,216
5,698,461
812,024
4,360,695
6,058,604
863,344
Cash, cash equivalents and restricted cash, end of period
5,575,808
5,698,461
3,860,788
550,158
5,575,808
3,860,788
550,158
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
As of
December 31,
2023
June 30,
2024
September 30,
2024
September 30,
2024
RMB
RMB
RMB
USD
Cash and cash equivalents
5,791,333
5,496,932
3,705,866
528,082
Restricted cash
267,271
201,529
154,922
22,076
Trading securities
76,053
83,889
63,276
9,017
Accounts receivable
499,027
654,698
668,757
95,297
Guarantee receivable
2,890
260,759
391,547
55,795
Contract assets, net
978,051
962,482
916,543
130,606
Contract cost
32
206
279
40
Prepaid expenses and other assets
423,621
1,662,654
2,291,397
326,521
Loans at fair value
677,835
473,311
414,803
59,109
Financing receivables
116,164
30,501
28,672
4,086
Amounts due from related parties
820,181
1,509,651
3,338,868
475,785
Held-to-maturity investments
10,420
5,087
5,087
725
Available-for-sale investments
438,084
329,829
321,550
45,820
Equity investments
–
2,500
7,105
1,012
Property, equipment and software, net
79,158
77,970
80,224
11,432
Deferred tax assets
73,414
44,309
54,595
7,780
Right-of-use assets
23,382
19,462
14,454
2,060
Total assets
10,276,916
11,815,769
12,457,945
1,775,243
Accounts payable
30,902
43,710
42,712
6,085
Amounts due to related parties
14,414
2,485
96,498
13,751
Guarantee liabilities-stand ready
8,802
278,656
449,759
64,090
Guarantee liabilities-contingent
28,351
336,190
512,004
72,960
Deferred revenue
54,044
38,843
18,348
2,615
Payable to investors at fair value
445,762
350,000
350,000
49,875
Accrued expenses and other liabilities
1,463,369
1,727,182
1,672,111
238,274
Deferred tax liabilities
122,075
55,520
16,434
2,342
Lease liabilities
23,648
19,280
15,226
2,170
Total liabilities
2,191,367
2,851,866
3,173,092
452,162
Ordinary shares
130
130
132
19
Additional paid-in capital
5,171,232
5,175,653
5,198,271
740,748
Treasury stock
(94,851)
(139,380)
(160,534)
(22,876)
Accumulated other comprehensive
income
23,669
47,798
21,226
3,024
Retained earnings
2,985,369
3,879,702
4,225,758
602,166
Total equity
8,085,549
8,963,903
9,284,853
1,323,081
Total liabilities and equity
10,276,916
11,815,769
12,457,945
1,775,243
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
For the Nine Months Ended
September 30,
2023
June 30,
2024
September 30,
2024
September 30,
2024
September 30,
2023
September 30,
2024
September 30,
2024
RMB
RMB
RMB
USD
RMB
RMB
USD
Operating Highlights
Amount of loans facilitated
9,814,359
12,936,017
13,392,676
1,908,441
24,390,773
38,239,060
5,449,022
Number of borrowers
1,204,012
1,491,756
1,498,020
1,498,020
2,128,924
3,365,960
3,365,960
Remaining principal of performing loans
15,090,800
21,827,634
22,768,555
3,244,493
15,090,800
22,768,555
3,244,493
Cumulative number of insurance clients
1,256,762
1,410,158
1,470,738
1,470,738
1,256,762
1,470,738
1,470,738
Number of insurance clients
123,693
88,766
82,291
82,291
293,254
226,191
226,191
Gross written premiums
1,428,484
1,060,885
1,351,311
192,560
3,684,325
3,324,627
473,756
First year premium
914,839
577,387
511,377
72,871
2,644,082
1,602,905
228,412
Renewal premium
513,645
483,498
839,934
119,689
1,040,243
1,721,722
245,344
Gross merchandise volume
563,224
554,574
507,585
72,330
1,267,611
1,687,280
240,435
Segment Information
Financial services business:
Revenue
667,966
851,031
836,193
119,157
1,733,813
2,425,341
345,608
Sales and marketing expenses
146,369
253,103
307,459
43,812
311,751
812,484
115,778
Origination, servicing and other operating
costs
59,300
113,234
119,706
17,058
145,870
318,727
45,418
Allowance for contract assets, receivables and
others
77,135
124,765
93,248
13,288
163,111
319,140
45,477
Provision for contingent liabilities
11,104
278,925
272,406
38,818
28,578
618,589
88,148
Insurance brokerage business:
Revenue
264,611
91,526
85,530
12,188
865,664
301,982
43,032
Sales and marketing expenses
3,175
4,263
3,545
505
9,309
11,373
1,621
Origination, servicing and other operating
costs
176,182
122,358
78,466
11,181
599,650
337,707
48,123
Allowance for contract assets, receivables and
others
(3,981)
(1,502)
(414)
(59)
(355)
(904)
(129)
Consumption & lifestyle business and others:
Revenue
378,197
553,979
557,365
79,423
1,021,846
1,626,385
231,758
Sales and marketing expenses
46,170
27,735
24,643
3,512
129,813
74,114
10,561
Origination, servicing and other operating
costs
9,878
10,950
7,741
1,103
45,952
29,291
4,174
Allowance for contract assets, receivables and
others
(313)
(11)
1,666
237
(1,545)
1,664
237
Reconciliation of Adjusted EBITDA
Net income
554,415
409,528
355,442
50,650
1,508,929
1,250,853
178,245
Interest income, net
(25,815)
(24,668)
(21,877)
(3,117)
(50,869)
(74,258)
(10,582)
Income tax expense
161,917
92,036
44,665
6,365
424,345
268,480
38,258
Depreciation and amortization
1,664
2,026
2,401
342
5,310
6,319
901
Share-based compensation
513
2,136
13,235
1,886
5,923
16,578
2,362
Adjusted EBITDA
692,694
481,058
393,866
56,126
1,893,638
1,467,972
209,184
Adjusted EBITDA margin
52.8 %
32.1 %
26.6 %
26.6 %
52.3 %
33.7 %
33.7 %
Delinquency Rates
1-30 days
31-60 days
61-90 days
December 31, 2019
2.1 %
1.2 %
0.9 %
December 31, 2020
1.3 %
0.7 %
0.6 %
December 31, 2021
2.0 %
1.5 %
1.2 %
December 31, 2022
1.7 %
1.2 %
1.1 %
December 31, 2023
2.0 %
1.4 %
1.2 %
March 31, 2024
2.1 %
1.6 %
1.4 %
June 30, 2024
1.9 %
1.4 %
1.5 %
September 30, 2024
1.8 %
1.2 %
1.2 %
30+ Days Delinquency Rates by Vintage[1]
Loan Issued Period
Month on Book
2
4
6
8
10
12
14
16
18
20
22
24
2019Q1
0.0 %
0.5 %
1.6 %
2.3 %
3.3 %
4.4 %
5.9 %
6.1 %
6.4 %
6.9 %
6.9 %
6.9 %
2019Q2
0.3 %
1.4 %
2.8 %
5.0 %
7.8 %
8.9 %
9.5 %
10.0 %
10.3 %
10.7 %
10.9 %
11.2 %
2019Q3
0.3 %
2.0 %
5.1 %
7.6 %
9.1 %
10.4 %
11.3 %
12.4 %
13.3 %
14.1 %
14.7 %
15.2 %
2019Q4
0.7 %
3.0 %
4.4 %
5.7 %
6.6 %
7.3 %
8.1 %
8.5 %
9.0 %
9.4 %
9.7 %
10.3 %
2020Q1
0.8 %
2.0 %
3.4 %
4.5 %
5.4 %
5.9 %
6.5 %
6.8 %
7.1 %
7.5 %
8.1 %
8.5 %
2020Q2
0.6 %
2.0 %
3.3 %
4.5 %
5.3 %
6.0 %
6.4 %
6.9 %
7.4 %
8.0 %
8.6 %
8.8 %
2020Q3
1.3 %
2.8 %
4.3 %
5.4 %
6.3 %
6.9 %
7.5 %
8.2 %
8.9 %
9.3 %
9.5 %
9.5 %
2020Q4
0.3 %
1.4 %
2.4 %
3.4 %
4.3 %
5.4 %
6.4 %
7.3 %
7.7 %
8.0 %
8.2 %
8.3 %
2021Q1
0.5 %
1.8 %
3.0 %
4.2 %
5.3 %
6.3 %
7.1 %
7.3 %
7.5 %
7.7 %
7.8 %
7.9 %
2021Q2
0.5 %
2.1 %
3.8 %
5.5 %
6.8 %
7.5 %
7.7 %
7.9 %
8.1 %
8.3 %
8.2 %
8.2 %
2021Q3
0.6 %
2.5 %
4.2 %
5.4 %
6.1 %
6.5 %
6.7 %
6.9 %
6.9 %
6.9 %
6.9 %
6.8 %
2021Q4
0.8 %
2.7 %
4.1 %
4.9 %
5.4 %
5.8 %
5.8 %
5.8 %
5.7 %
5.6 %
5.6 %
5.5 %
2022Q1
0.7 %
2.1 %
3.2 %
4.0 %
4.6 %
4.8 %
4.7 %
4.6 %
4.6 %
4.5 %
4.5 %
4.4 %
2022Q2
0.5 %
1.8 %
2.9 %
3.8 %
4.3 %
4.5 %
4.4 %
4.3 %
4.3 %
4.2 %
4.2 %
4.1 %
2022Q3
0.6 %
2.2 %
3.5 %
4.3 %
4.8 %
5.0 %
5.0 %
4.9 %
4.9 %
4.8 %
4.7 %
4.7 %
2022Q4
0.7 %
2.5 %
3.9 %
4.9 %
5.6 %
5.9 %
5.8 %
5.8 %
5.7 %
5.6 %
5.5 %
2023Q1
0.6 %
2.4 %
4.0 %
5.2 %
5.9 %
6.2 %
6.1 %
6.0 %
5.9 %
5.5 %
2023Q2
0.7 %
3.0 %
4.9 %
6.3 %
7.0 %
7.3 %
7.2 %
6.9 %
2023Q3
0.9 %
3.7 %
5.8 %
7.1 %
7.9 %
8.1 %
7.8 %
2023Q4
0.8 %
3.6 %
5.8 %
7.0 %
7.6 %
2024Q1
0.7 %
3.2 %
5.0 %
6.4 %
2024Q2
0.6 %
2.7 %
2024Q3
0.6 %
[1]The 30+ days delinquency rate by vintage refers to the outstanding principal balance of loans facilitated over a specified period that are more than 30 days past due,
as a percentage of the total loans facilitated during that same period. Loans originating outside mainland China are excluded from the calculation.
View original content:https://www.prnewswire.com/news-releases/yiren-digital-reports-third-quarter-2024-financial-results-302312773.html
SOURCE Yiren Digital
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Wenge AI Launches ScienceOra on Tencent WorkBuddy, Making Specialized Research AI More Accessible
Published
60 minutes agoon
October 27, 2026By
BEIJING, Oct. 27, 2026 /PRNewswire/ — Wenge AI launched ScienceOra, its research and decision-support platform, on Tencent WorkBuddy, making more than 30 specialist research agents and skills available to users. The initial offering supports literature analysis, hypothesis development, study design, modeling and simulation, validation, and research communication. Users can access ScienceOra through WorkBuddy’s app discovery section for support across the research process, from exploring a new field to conducting advanced research and making informed scientific decisions.
ScienceOra is powered by the ScienceOne Scientific Foundation Model, which was developed as part of a Chinese Academy of Sciences (CAS)-coordinated initiative. Building on that foundation and on Wenge AI’s long-standing work in scientific data, research tools, and decision AI, ScienceOra brings specialized research knowledge, tools, and agent capabilities into one system, extending AI from knowledge retrieval and content generation to the execution of complex research tasks and support for scientific decision-making.
Covering core scenarios across disciplines
Scientific research involves a great deal of specialized work at every stage, from reviewing the literature and formulating hypotheses to designing experiments, analyzing data, validating findings, and publishing papers. Researchers everywhere face the same questions: how to spot valuable leads in a vast body of literature, how to synthesize scientific evidence and carry complex projects forward, and how to make sound scientific judgments between competing options. ScienceOra on WorkBuddy addresses both general research needs and discipline-specific work, organized around three levels of support — getting started, advanced research, and expert decision-making — for users across disciplines and at different stages of their work.
Getting started in research
At the first level, ScienceOra helps researchers turn a mass of information into a structured understanding of a field. Its agents cover academic literature research, comparative literature analysis, in-depth paper analysis, and literature review mapping; its skills cover literature search, multi-paper comparison, and structured close reading. Together they help researchers trace how a field has developed, compare the core arguments and methods of different studies, and identify research gaps. Beyond finding and summarizing literature, the AI can examine the evidence, conclusions, and limitations of different studies around a specific scientific question, offering reference points for further work.
Advanced research
For advanced research, ScienceOra helps researchers move from analyzing existing knowledge to carrying out specialized tasks. It supports evidence synthesis, study design, and domain-specific data analysis in areas such as systematic reviews and meta-analyses, molecular biology and multi-omics, and drug developability assessment.
In drug development, for example, researchers assessing a candidate molecule’s developability can work with specialist agents to plan experiments, molecular modeling, and simulations, then draw on experimental data to explore validation strategies and opportunities for optimization. ScienceOra also offers manuscript editing, manuscript formatting to meet journal requirements, and research slide deck generation, helping researchers organize, communicate, and present their findings.
Expert decisions
To support expert decision-making, ScienceOra helps researchers weigh scientific evidence and evaluate competing options in rice breeding, materials science, drug development, and research evaluation. Its agents include the Yuandao Siyuan AI breeding scientist, a materials characterization and validation scientist, and an alloy thermodynamics and phase-field simulation scientist.
Yuandao Siyuan is a specialized ScienceOra application for rice breeding. The agent is built on the Yuandao Siyuan intelligent breeding platform, jointly developed by the Hunan Academy of Agricultural Sciences, the Institute of Automation of the Chinese Academy of Sciences, and Wenge AI, and launched this month at the Yuelu Mountain Laboratory in Changsha. The name pays tribute to hybrid-rice pioneer Yuan Longping and evokes the Chinese saying “When drinking water, remember its source.” Drawing on dedicated breeding resources and a knowledge graph, it supports searches for variety approval records and germplasm resources, pedigree tracing, and the tracing of research literature to its sources.
In new materials development, researchers can draw on X-ray diffraction (XRD) phase analysis, structural characterization, and published evidence to compare candidate materials in terms of properties, structural stability, fabrication costs, and potential risks, informing materials selection and subsequent experimental validation.
For research evaluation, a general-purpose reviewer agent and a range of peer-review simulation skills help assess the quality of a study, including its originality, performance against existing benchmarks, methodological rigor, and experimental design. These capabilities help researchers efficiently identify key scientific questions and promising avenues for innovation, supporting the choice of research topics and the evaluation of technical approaches.
Extending decision AI into research workflows
By combining domain knowledge, scientific data, research tools, and agent capabilities, ScienceOra extends research AI beyond question answering and content generation to complex research tasks and decision support. This brings AI into day-to-day research workflows, helping researchers work more efficiently.
This integration with Tencent WorkBuddy is another step in Wenge AI’s effort to make specialized research AI available to more users. Through the WorkBuddy app ecosystem, ScienceOra brings its agents and skills into everyday workflows, giving researchers, university faculty and students, and other learners more convenient access to research AI tools.
Going forward, Wenge AI will continue to expand ScienceOra’s research capabilities and deepen the integration of decision AI into research settings, making scientific knowledge easier to access, research more efficient, and professional decisions better grounded in evidence.
ScienceOra Website: https://www.scienceone.ai/portal/
Website: https://www.wenge.com/
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/wenge-ai-launches-scienceora-on-tencent-workbuddy-making-specialized-research-ai-more-accessible-302920264.html
SOURCE Wenge AI
Technology
Visa and Marina Bay Precinct Partners – Marina Bay Sands, UOB and Singapore Tourism Board – Present ‘A Moment to Savour’, Bringing International Restaurant Collaborations to Singapore
Published
60 minutes agoon
October 27, 2026By
A series of restaurant collaborations across Marina Bay will bring together celebrated culinary talents and restaurants from Singapore and around the world from November 2026 through March 2027
SINGAPORE, Oct. 27, 2026 /PRNewswire/ — Visa and the Marina Bay precinct partners – Marina Bay Sands, UOB and Singapore Tourism Board (STB) – today announced ‘A Moment to Savour’, a new premium dining programme showcasing Singapore’s vibrant culinary scene through an exclusive series of restaurant collaborations. Launching under the Visa Destinations platform, the collaborations will run from November 2026 to March 2027, pairing renowned restaurants and chefs, from both Marina Bay and around the world, to create distinctive, limited-time dining experiences in the Marina Bay area.
The programme aims to showcase Singapore’s position as a leading global gastronomy hub, while creating compelling new culinary experiences for both visitors and locals to savour, reflecting the city’s diverse and world-class food scene. This experience will be offered to Visa cardholders globally, with pre-sales available to all UOB Visa cardholders and Visa Infinite cardholders.
‘A Moment to Savour’ is launching in Marina Bay as the precinct brings together the full spectrum of Singapore’s visitor appeal – from iconic attractions and world-class dining to premium shopping and entertainment, making it a natural setting to showcase distinctive culinary experiences that can be enjoyed as part of a broader destination journey.
The series will make its debut at Marina Bay Sands with an exclusive two-night dinner, underscoring the integrated resort’s position as a leading culinary destination and platform for world-class collaborations. The experience will bring together the team from one-Michelin-starred Waku Ghin and two-Michelin-starred MOSU Seoul, helmed by Chef Anh Sung Jae, who also served as a head judge on Netflix’s Culinary Class Wars.
The full list of dining collaborations over the period include:
November 2026
Waku Ghin (Marina Bay Sands) and MOSU Seoul, Chef Anh Sung-Jae
December 2026
Jin Ting Wan 金蜓湾 (Marina Bay Sands), Chef Albert Li and Jing Xi Hui (菁禧荟), Chef Du Jianqing
黑珍珠 The Black Pearl (Odeon 333), Chef Dee Chan with seven guest chefs from leading restaurants across China (16-hands collaboration)
Labyrinth (Esplanade Mall), Chef Han Li Guang and Masque, Chef Varun Totlani
January 2027
Saint Pierre (One Fullerton), Chef Emmanuel Stroobant and Taian Table, Chef Christiaan Stoop
February 2027
Peach Blossoms (PARKROYAL COLLECTION, Marina Bay, Singapore), Chef Edward Chong with
Nusara, Chef Thitid “Ton” Tassanakajohn and Asia’s Best Pastry Chef 2025, Chef Dej Kewkacha (six-hands collaboration)
March 2027
JAAN by Kirk Westaway (Swissôtel The Stamford Singapore), Chef Kirk Westaway and NOBUO, Chef Nobu Lee
Odette (National Gallery Singapore), Chef Julien Royer and L’air du Temps, Chef San Degeimbre
1887 by André (Raffles Singapore), Chef André Chiang and visiting chef to be confirmed
UOB Visa cardholders in Singapore and across Southeast Asia will receive exclusive priority presale access to all ‘A Moment to Savour’ dining experiences, followed by a presale for all Visa Infinite cards and general sales for Visa cardholders globally. Bookings for the November and December sessions open from 28 October 2026, with limited seats that are subject to availability.
UOB Reserve and Visa Infinite Presale: 28 October 2026, 10am to 4pmUOB Visa Cards Presale: 28 October 2026, 6pm to 29 October 2026, 10amAll global Visa Infinite Cards Presale: 29 October 2026, 12pm to 30 October 2026, 12pmAll global Visa Cards: From 30 October 2026, 2pm onwards
All timings are in SGT.
With exclusive privileges across hotels, dining and attractions as part of the Marina Bay precinct partnership, UOB cardholders can pair their moments to savour with exceptional entertainment and destination propositions only available in the Bay, extending their adventures beyond the dining table to create unforgettable experiences in the precinct. As Visa’s largest card issuer in Southeast Asia[1], this latest partnership also reinforces UOB’s leadership position in the lifestyle and dining space, while leveraging the Bank’s extensive presence and deep customer base in the region especially among the affluent, to drive inbound tourism into Singapore.
“We recently announced the launch of Visa Destinations Singapore, a platform designed to bring together curated experiences and privileges that help visitors discover more of what the city has to offer,” said Adeline Kim, Group Country Manager for Regional Southeast Asia & SVP, Global Clients, Asia Pacific, Visa. “Presented as part of the initiatives under Visa Destinations, ‘A Moment to Savour’ reflects the importance of creating meaningful experiences around the passions that drive travel. With dining continuing to be a significant area of traveller spend and a powerful reason for people to explore a destination, this programme brings exceptional local and international culinary talent together to celebrate the flavours that make Singapore distinctive and strengthen its appeal as one of the world’s leading culinary destinations.”
“Marina Bay’s potential lies in the collective strength of the partners that contribute to its vibrancy. Through our continued partnership with the Singapore Tourism Board and UOB, and with Visa now joining us to elevate the Bay’s culinary offering, ‘A Moment to Savour’ marks another meaningful step in our shared ambition for the precinct,” said Irene Lin, Senior Vice President and Chief Marketing Officer, Resort Marketing at Marina Bay Sands. “By bringing celebrated local and international culinary talent to the Bay, we hope to create distinctive experiences that inspire visitors to discover Singapore’s dynamic dining scene, while strengthening Marina Bay’s position as a leading lifestyle destination on the global stage.”
“‘A Moment to Savour’ is the latest centrepiece of UOB’s feast of dining propositions, with our cardholders first in line to these eclectic and unprecedented experiences from the pinnacle of the gastronomic world. This collaboration with Visa not only reinforces UOB’s regional leadership in the lifestyle space, it also builds on the longstanding success of the Marina Bay precinct partnership to cement Singapore’s reputation as a seminal tourist destination globally. The programme also showcases our ability to bring together like-minded partners in collaborations that synergise the strengths of all parties to create unique and exceptional experiences for our more than eight million customers that money cannot buy,” said Jacquelyn Tan, Head, Group Personal Financial Services, UOB.
“Singapore has long been celebrated for its extraordinary food culture, and ‘A Moment to Savour’ is a wonderful reflection of what makes our culinary scene truly world-class – the ability to bring together the best of local and international talent in one destination. Programmes like this not only create memorable experiences for visitors and locals but also reinforce Singapore’s position as a destination where the world’s finest culinary experiences converge. We are delighted to partner with Visa, together with our precinct partners Marina Bay Sands and UOB to bring this series to life, and look forward to welcoming food lovers from around the world to the Marina Bay precinct,” said Kenneth Lim, Assistant Chief Executive, Marketing Group, Singapore Tourism Board.
For reservations and more details, visit destinations.visa.com/singapore. Details for the 2027 chef collaborations will be announced at a later date.
[1] Largest card issuer by total billings
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, sellers, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
About UOB
UOB is a leading Asian bank with a global network in Southeast Asia, Asia Pacific, Europe and North America. Operating through our head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, we have a global network of about 430 branches and offices in 19 markets.
Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. Today, UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings.
For more than nine decades, UOB has adopted a customer-centric approach to create long-term value by staying relevant through its enterprising spirit and doing right by its customers. UOB is focused on building the future of ASEAN – for the people and businesses within, and connecting with, ASEAN.
The Bank connects businesses to opportunities in the region with its unparalleled regional footprint and leverages data and insights to innovate and create personalised banking experiences and solutions catering to each customer’s unique needs and evolving preferences. UOB is also committed to help businesses forge a sustainable future, by fostering social inclusiveness, creating positive environmental impact and pursuing economic progress. UOB believes in being a responsible financial services provider and is steadfast in its support of education, children and art, doing right by its communities and stakeholders.
About Marina Bay Sands Pte Ltd
Since its opening in 2010, Marina Bay Sands has stood as an architectural marvel and the crown jewel in Singapore’s skyline. Home to the world’s most spectacular rooftop infinity pool and approximately 1,850 rooms and suites, the integrated resort offers exceptional dining, shopping, meeting and entertainment choices, complete with a year-round calendar of signature events.
Marina Bay Sands is dedicated to being a good corporate citizen to serve its people, communities and environment. It drives social impact through its community engagement programme, Sands Cares, and leads environmental stewardship through its global sustainability programme, Sands ECO360.
For more information, please visit www.marinabaysands.com.
About the Singapore Tourism Board
The Singapore Tourism Board (STB) is the lead development agency for tourism, one of Singapore’s key economic sectors. Together with industry partners and the community, we shape a dynamic Singapore tourism landscape. We bring the Passion Made Possible brand to life by differentiating Singapore as a vibrant destination that inspires people to share and deepen their passions.
More: www.stb.gov.sg or www.visitsingapore.com | Follow us: STB LinkedIn, STB Facebook or STB Instagram
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SOURCE Visa
Technology
KaarTech Introduces KEOS to Help Enterprises Scale AI Across Business Operations
Published
60 minutes agoon
October 27, 2026By
KEOS combines enterprise intelligence and governed AI execution across four offerings: AI-led Transformation, Enterprise AI, Phygital and AI For Growth.
CHENNAI, India, Oct. 27, 2026 /PRNewswire/ — KaarTech today announced KEOS, an operating layer for enterprise intelligence designed to help organisations move beyond isolated AI initiatives and embed intelligence across their business. KEOS connects enterprise systems, knowledge and operational context to help organisations make informed decisions and deploy governed AI agents at scale.
As AI adoption expands, enterprises face a common challenge: disconnected systems and fragmented business knowledge prevent AI from understanding how the organisation works. KEOS addresses this by building a shared understanding of enterprise processes, data and assets, providing the context AI needs to support decisions and execute actions within defined controls.
KEOS brings together enterprise discovery, an ontology and knowledge graph, and a Context Lake that combines enterprise knowledge with operational memory. Together, these capabilities form an Enterprise Digital Twin, a living representation of how the organisation operates. An Agent Factory and Enterprise Agent OS build on this foundation to create, orchestrate and operate governed AI agents.
Ratnakumar Nagarajan, CAIO, KaarTech, said:
“Each part of the business has different requirements, but all need reliable context and clear controls. KEOS provides a common architecture that teams can extend to their domain. They can start with a defined use case, validate how agents perform and expand as they establish value.”
KEOS delivers this vision through four offerings:
AI-led Transformation: Embeds specialised AI agents across the SAP Activate lifecycle, from landscape discovery and AI readiness assessment to migration, testing and ongoing operations. The offering helps organisations accelerate transformation while maintaining visibility and control over agent activity.Enterprise AI: Brings enterprise data, AI infrastructure, security and governance together to support contextual AI across applications and operations. It helps organisations establish AI foundations aligned with their sovereignty, deployment and data requirements.Phygital: Connects physical assets and field operations with AI through sensor, operational and enterprise data. Applications include predictive maintenance, digital twins and connected-worker copilots that support maintenance and safety decisions.AI For Growth: Applies AI across marketing, sales and commercial operations, including forecasting, pricing, customer expansion and aftermarket services. It helps organisations connect fragmented workflows and use business intelligence to identify revenue opportunities and improve execution.
KaarTech supports KEOS adoption through its Forward Deployed Engineer (FDE) model, with more than 500 FDEs as of October 2026. The company plans to transition 100% of its employees into FDE roles by March 2027, extending this delivery model across its workforce.
Across these offerings, KEOS connects information from enterprise applications such as ERP, CRM and supply chain systems with operational technology, engineering models, documents and external intelligence. This shared business context allows organisations to extend AI across use cases without rebuilding enterprise understanding for each application.
Governance forms part of the KEOS architecture through a common control plane covering identity, access policies, data privacy, auditability and human approval. Evaluation and observability capabilities support oversight of AI behaviour and operating costs, helping organisations define what AI can access, which actions it can take and when people must remain involved.
Organisations can adopt KEOS within one business domain, establish enterprise understanding and initial governed agents, and then expand across additional workflows. Deployment options include customer-cloud environments, isolated air-gapped environments and region-pinned SaaS, selected according to customer policies and data requirements.
About KaarTech
KaarTech is a global AI-led enterprise transformation firm with more than two decades of experience helping organisations modernise their businesses. With over 3,000 professionals across 15 global locations, KaarTech has delivered more than 3,300 projects for 450+ customers across North America, Europe, APAC and the Middle East. The company helps enterprises embed AI into business processes, improve operations and unlock new growth opportunities, combining enterprise expertise, AI innovation and proven delivery capabilities.
For more information, visit www.kaartech.com.
Contact Details: Shrilaxmi N M | Email: nshrilaxmi@kaartech.com
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Wenge AI Launches ScienceOra on Tencent WorkBuddy, Making Specialized Research AI More Accessible
Visa and Marina Bay Precinct Partners – Marina Bay Sands, UOB and Singapore Tourism Board – Present ‘A Moment to Savour’, Bringing International Restaurant Collaborations to Singapore
KaarTech Introduces KEOS to Help Enterprises Scale AI Across Business Operations
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