Technology

Yiren Digital Reports Third Quarter 2024 Financial Results

Published

1 year ago

November 21, 2024

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,
2023

September 30,
2024

RMB

USD

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

177,189,206

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

179,220,434

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

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

206

279

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

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

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

132

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,
2023

September 30,
2024

RMB

USD

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

2,128,924

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

1,256,762

1,470,738

Number of insurance clients

123,693

88,766

82,291

293,254

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 %

52.3 %

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 %

30+ Days Delinquency Rates by Vintage[1]

Loan Issued Period

Month on Book

2019Q1

0.0 %

0.5 %

1.6 %

2.3 %

3.3 %

4.4 %

5.9 %

6.1 %

6.4 %

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 %

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 %

2021Q3

0.6 %

2.5 %

4.2 %

5.4 %

6.1 %

6.5 %

6.7 %

6.9 %

6.8 %

2021Q4

0.8 %

2.7 %

4.1 %

4.9 %

5.4 %

5.8 %

5.7 %

5.6 %

5.5 %

2022Q1

0.7 %

2.1 %

3.2 %

4.0 %

4.6 %

4.8 %

4.7 %

4.6 %

4.5 %

4.4 %

2022Q2

0.5 %

1.8 %

2.9 %

3.8 %

4.3 %

4.5 %

4.4 %

4.3 %

4.2 %

4.1 %

2022Q3

0.6 %

2.2 %

3.5 %

4.3 %

4.8 %

5.0 %

4.9 %

4.8 %

4.7 %

2022Q4

0.7 %

2.5 %

3.9 %

4.9 %

5.6 %

5.9 %

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

Technology

Greater San Diego Science and Engineering Fair Students Win Big at the 75th California Science and Engineering Fair

Published

4 hours ago

April 26, 2026

SAN DIEGO, April 26, 2026 /PRNewswire/ — The 75th California Science and Engineering Fair (CSEF) took place April 11–12 at California Lutheran University in Thousand Oaks, bringing together 900 of the best of 1st place winners from regional competitions covering 58 counties across the state, including the Greater San Diego Science and Engineering Fair (GSDSEF). GSDSEF students earned 40 awards at the event, including two of only six highly coveted spots to the prestigious Regeneron International Science and Engineering Fair (ISEF). Seven students earned 1st Place awards in the categories of Biochemistry and Molecular Biology, Chemistry, Cognitive Science, Microbiology, Physics and Astronomy, and Zoology. In addition, one student won the Saban Family Foundation Scholar Prize, while another won the South Coast AQMD Air Quality Award and A&WMA Environmental Leadership Award. CSEF is the oldest science fair west of the Mississippi River and the highest level competition in the state.

Top winners were:

Arya Bhatt, Grade 7, Oak Valley Middle School, South Coast AQMD Air Quality Award, A&WMA Environmental Leadership Award, “Context Aware Real Time Air Quality Prediction Using Machine Learning”.

Joie Green, Grade 8, Muirlands Middle School, 1st Place, “Soon I will be Invisible: How to Direct Energy with Topological Metamaterials”.

Maggie Hao, Grade 10, The Bishop’s School, 1st Place, “Harnessing Tardigrade Genes to Enhance Bacterial Biosensors for Heavy Metal Pollutant Detection”.

Uma Kattamuri, Grade 7, Oak Valley Middle School, 1st Place, “Elevated CO2 During Kalanchoe pinnata Growth Reveals Enhanced Antiproliferative and Synergistic Therapies”.

Sonika Dhenuva Konda, Grade 11, Del Norte High School, Saban Family Foundation Scholar Prize, “Adaptive Swarm Coordination for Wildfire Control via Q-Learning Tuned PSO with Quantum-Inspired Coupling”.

Emma Liu, Grade 11, The Bishop’s School, ISEF Finalist, 1st Place, “Defining 3D Phenotypic Cell States of Polymorphonuclear Neutrophils via Novel Computational Pipeline”.

Sharvi Mahajan, Grade 8, Bernardo Heights Middle School, 1st Place, “Evaluating Predictive EEG Theta/Beta Features in Adult ADHD via Machine Learning”.

Sydney O’Donnell, Grade 8, The Rhoades School, 1st Place, TFJIC, “Effects of Marigold Versus Chlorella Supplementation on Yolk Lutein Content”.

Ihan Sung, Grade 11, Eastlake High School, ISEF Finalist, 1st Place, “Renewable Ammonia Electrochemical Synthesis by Glow Discharge with an Iron Based Catalyst”.

Full results and project showcase available online.

About the GSDSEF

Since 1955, the Greater San Diego Science and Engineering Fair (GSDSEF) has provided an inspiring experience in science and engineering for tens of thousands of San Diego and Imperial County students, motivating them to pursue careers in science, technology, engineering, and mathematics. This regional competition challenges students to go beyond classroom studies to do independent research – to ask compelling questions, to design and implement innovative solutions, and to present and defend results to judges who are professionals in their fields. The GSDSEF brings together 800 of the best middle and high school students, 400+ judges who are professionals in their fields and over 60 professional societies and organizations, with $40k in prizes awarded.

The GSDSEF fosters creativity and innovation through inquiry, celebrates students’ STEM achievements, and showcases how young minds can make an impact in the present and future. Many of these student scientists are conducting world-class research and conducting groundbreaking experiments in fields ranging from Astronomy to Zoology, such as the discovery of cures for diseases, formulations of new vaccines, cancer research, applying AI to enhance medical diagnoses, using biomimicry for water conservation, novel drone technology, advances in micro robotics and autonomous driving technology. The GSDSEF is the highest-level STEM competition in the region and one of the oldest, most respected and competitive in the world. The GSDSEF is a 501(c)(3) organization. Learn more at gsdsef.org and follow us on LinkedIn and Instagram.

Media Contact:
Sany Zakharia
sany.zakharia@gsdsef.org

View original content to download multimedia:https://www.prnewswire.com/news-releases/greater-san-diego-science-and-engineering-fair-students-win-big-at-the-75th-california-science-and-engineering-fair-302753744.html

SOURCE Greater San Diego Science and Engineering Fair

Technology

Innowise Named to 2026 CRN Tech Elite 250 List By The Channel Company

Published

7 hours ago

April 26, 2026

WARSAW, Poland, April 26, 2026 /PRNewswire-PRWeb/ — Innowise has officially secured a position on CRN’s 2026 Tech Elite 250. This annual ranking identifies IT solution providers across the US and Canada that have achieved top-tier status within the partner programs of the industry’s leading technology vendors. The inclusion follows a period of verified growth in technical proficiency and a focus on high-impact engineering.

“Innowise concentrates on creating scalable, resilient architectures that produce measurable benefits for our clients. The honor of being recognized by CRN highlights the commitment of our experts to maintain high standards in highly competitive markets,” said Dmitry Nazarevich, CTO at Innowise.

About the Tech Elite 250

The Tech Elite 250 is a directory of companies recognized as having the highest level of partnership and certifications within the global IT ecosystem. In order to reach the final list, the provider must hold the most advanced technical credentials from vendors like AWS, Cisco, Dell, HPE, IBM, Intel, Nutanix, and Nvidia.

This directory serves as a verified ledger for enterprise clients who need to orchestrate complex hardware and software stacks without letting legacy environments rot. Holding these certifications is mandatory to stop the cash bleed caused by inefficient infrastructure and unoptimized cloud usage.

About Innowise

Founded in 2007, Innowise is a global software engineering and IT consulting center. The company is focused on developing high-value technologies, including artificial intelligence, data engineering, and cloud computing. Innowise crafts technological solutions for companies across 40+ domains in order to assist them in updating, creating, and modernizing their digital ecosystems.

Innowise specializes in using established technologies and modular approaches to enable organizations to expand or shift their operations while retaining complete control over all their physical and intangible assets.

Media Contact

Lizaveta Piaskova, Innowise, 48 48 787 027 706, lizaveta.piaskova@innowise.com, innowise.com

View original content to download multimedia:https://www.prweb.com/releases/innowise-named-to-2026-crn-tech-elite-250-list-by-the-channel-company-302751951.html

SOURCE Innowise

Technology

Neusoft Showcases Full-Stack & Global Innovations at Auto China 2026

Published

10 hours ago

April 26, 2026

BEIJING, April 26, 2026 /PRNewswire/ — At Auto China 2026, Neusoft Corporation hosted a press conference on April 25th and announced three key strategic moves: the iteration of Neusoft OneCoreGo® Global In-Vehicle Intelligent Mobility Solution 7.0, the launch of Neusoft NAGIC.AI Cockpit Software Platform, and the strategic upgrade of its subsidiary, Neusoft Smart Go. By leveraging full-stack technology and a global ecosystem to drive innovation and empowerment, Neusoft is transforming vehicles into proactive, connected and collaborative mobile intelligent spaces.

OneCoreGo® Global In-Vehicle Intelligent Mobility Solution 7.0: An Evolved AI Companion for Global Intelligent Mobility

Intelligent mobility requires proactive perception, scenario integration, and global connectivity to meet personalized user needs and complex driving scenarios. Neusoft, whose products cover over 130 countries and regions worldwide, addresses these challenges with its OneCoreGo® Global In-Vehicle Intelligent Mobility Solution 7.0 through AI-driven innovation and global ecosystem collaboration. Powered by One Mate’s cross-agent collaboration and a sub-product matrix including One Map, One Sight, One Cloud, One Pay, One Store, One Link, and One Guard, the solution delivers full-link global mobility services spanning navigation, in-cabin AR, payment, app ecosystem services, connectivity and security. By breaking down functional silos, it streamlines multi-step operations into a single “depart” command, leveraging full-stack AI technology across perception, decision-making, interaction, and execution processes.

Guan Xin, Vice President of Neusoft and General Manager of Neusoft Automotive Innovative Solutions Division, said, “Adhering to the core principles of AI and globalization, OneCoreGo® 7.0 keeps innovating, evolving into a globally intelligent mobility companion that truly understands user needs.”

To enhance driving safety and mobility efficiency, OneCoreGo® 7.0 has also comprehensively upgraded its sub-products: One Map Global Navigation newly introduces 3D city effects, 3D lane-level maps, and traffic light guidance, offering dedicated solutions for two-wheelers and commercial vehicles as well. One Sight AR For Car improves navigation display effects, reducing instances of taking wrong routes. One Pay In-Vehicle Payment achieves over 90% payment coverage for parking services across core European cities. Combined with One Cloud’s global compliance cloud monitoring platform and One Guard’s full-stack vehicle networking security services, it creates a truly comprehensive OneCoreGo® Global In-Vehicle Intelligent Mobility Solution.

Neusoft NAGIC.AI Cockpit Software Platform: Dual-track Architecture for AI Integration in Every Vehicle

Amid the AI-driven transformation of the automotive industry, the market faces two challenges: limited computing power in legacy vehicles and high adaptation difficulties for next-gen models. Neusoft’s NAGIC.AI Cockpit Software Platform adopts a flexible “distributed + centralized” dual-track architecture approach. For existing vehicle models, it introduces the AI BOX solution, rapidly boosting computing power via external AI computing units, significantly reducing upgrade costs and timelines. For new vehicle models built on next-gen central computing platforms, Neusoft provides a full-stack AI cockpit software product suite, meeting automakers’ stringent requirements for system stability, reliability, and full-domain control.

Pang Hongyan, Vice President of Neusoft and General Manager of the Automotive Intelligent Software Division, said, “Our dual-track architecture enables every vehicle to embrace AI and enjoy an intelligent future. Both existing models and new-generation vehicles can find the most suitable path to intelligentization.”

Moreover, Neusoft’s NAGIC.AI Cockpit Software Platform features scenario-based, human-centric AI Agents seamlessly integrating driving safety, occupant care services, intelligent assisted driving and in-cabin entertainment. Neusoft also collaborates with global ecosystem partners to drive intelligent upgrades of in-cabin interaction products, fostering a more open and dynamic intelligent cockpit ecosystem.

Strategic Upgrade of Neusoft Smart Go: A World-leading Provider of Full-Domain Upper-Body Electronics Solutions for Intelligent Vehicles

Aligning with the trend of E/E architecture evolution from distributed control to “central computing + zonal control”, Neusoft Smart Go, a subsidiary of Neusoft in the field of intelligent vehicle connectivity, has completed a strategic upgrade, aiming to become a global leader in full-domain upper-body electronics solutions for intelligent vehicles.

This strategic upgrade positions Neusoft Smart Go to focus on full-domain scenarios in upper-body electronics, building a product matrix covering full-category in-vehicle electronics solutions, including central computing platforms, cockpit-driving-parking integration, intelligent cockpits, intelligent communications, intelligent audio systems, and zonal control units, and pioneering the integration of large model algorithms.

Jian Guodong, Senior Vice President of Neusoft and CEO of Neusoft Smart Go, said, “This strategic upgrade represents a significant leap from partial focus to comprehensive layout. Through our dual-track strategy of high-end cutting-edge solutions and mature standardized products, we can flexibly meet the mass production needs of vehicle models across different regions and price segments worldwide.” Neusoft Smart Go will provide mass-producible, adaptable hardware-software integrated solutions, empowering global automakers in achieving intelligent transformation.

Neusoft’s President, Mr.Gai Longjia stated, “In the future, Neusoft Smart Go will create stronger synergy with Neusoft Corporation by sharing internal technologies and capabilities while responding jointly to external demands. This specialized yet collaborative model will preserve business unit’s agility and expertise while enhancing Neusoft’s full-stack technological advantages.”

As a trusted partner in a smarter world, Neusoft is committed to collaborating with global automakers and ecosystem partners to build an open and inclusive intelligent automotive community together for the future of global mobility.

For more information about Neusoft, please visit www.neusoft.com.

View original content:https://www.prnewswire.com/apac/news-releases/neusoft-showcases-full-stack–global-innovations-at-auto-china-2026-302753701.html

SOURCE Neusoft Corporation