Good day, ladies and gentlemen. Thank you for standing by. And welcome to the Jiayin Group's Second Quarter 2022 Earnings Conference Call. Currently, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time. I will now turn the call over to Mr. Shawn Zhang from Investor Relations of Jiayin Group. Please proceed.

Good day, everyone. Thank you all for joining us on today's conference call to discuss Jiayin Group's financial results for the second quarter of 2022. We released the results earlier today. The press release is available on the company's website, as well as from Newswire services. On the call with me today are Mr. Yan Dinggui, Chief Executive Officer; Mr. Fan Chun Lin, Chief Financial Officer; and Ms. Xu Yifang, Chief Risk Officer. Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today. Further information regarding these and other risks and uncertainties is included in the company's public filings with the SEC. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Also, please note that unless otherwise stated, all figures mentioned during the conference call are in Chinese renminbi. With that, let me now turn the call over to our CEO, Mr. Yan Dinggui. Mr. Yan will deliver his remarks in Chinese, and I will follow up with corresponding English translations. Please go ahead, Mr. Yan.

[Foreign Language] Hello, everyone. Thank you for joining our second quarter 2022 earnings conference call. [Foreign Language] In the second quarter, we delivered excellent financial and operational results, despite a global and fragile economic environment. Notably, our loan origination volume grew by 138.4% year-over-year, while our net revenues increased by 64.9% year-over-year in the quarter. We committed to refining our operational efficiency. As such, on a year-over-year basis, our income from operations and net income grew by 130.3% and [100.2%] [ph] respectively. [Foreign Language] Such strong performance was able to be made on the foundation of our network of partner financial institutions, technology innovation commitment, asset quality optimizations, and risk management capabilities. [Foreign Language] During the quarter, we actively expanded our partnerships with licensed financial institutions. In addition, we further diversified our funding sources and refined our partnership models and portfolio structures. As of June 30, 2022, we have forged partnerships with 46 financial institutions and we are currently in discussion with another 45. Notably, national financial institutions in our partnership network contributed to over 70% of our total loan origination volume in the second quarter. Moreover, we continue to implement our new collaboration model to further empower financial institutions through technology. Currently, we have enabled three financial institutions to leverage our integrated platform and intelligent solutions to accelerate their business digitization under the new partnership model. We are also in active discussion with another six institutions to expand our partnership network. [Foreign Language] As we have emphasized before, technology innovation has always been at the core of our operations. To date, we have launched nine major intelligent platforms that we develop in-house covering [phone management] [ph], risk management, intelligent marketing, customer services, and other operation process. These intelligent platforms have driven our digitization capabilities to a new milestone [as…

Thank you, Mr. Yan, and thanks everyone for joining our call today. I will now review our financial highlights for the quarter. Please note that unless stated otherwise, all numbers quoted are in RMB and the potential changes refer to year over year comparisons. As Mr. Yan mentioned earlier, we once again delivered outstanding financial results in the second quarter, highlighted by robust revenue growth. Net revenue was 811.6 million, up 64.9%. Revenue growth was primarily driven by the significant growth in loan origination volume, which increased 138.4% to 13.5 billion. Other revenue increased to 69 million, driven by the increase in revenues from individual investor referral services. The increase was partially offset by ongoing restructuring of the company's overseas business. Moving on to costs. Origination and servicing expenses were 128.3 million, up 54.2%, driven by the increase in our loan origination volume, allowance for receivables, and contract assets reduced by 46.2% to 7 million, mainly as a result of the ongoing restructuring of the company's overseas business during the second quarter of 2022. Sales and marketing expenses were 235 million, up 34.9%, reflecting higher borrower acquisition expenses in this quarter. G&A expense was 42.6 million, up 21%, primarily driven by expenditures in compensation and the related benefits in the quarter. R&A expense was 54.1 million, up 69.6%. We recorded a higher employee compensation and benefit costs as well as increased fees for professional services in the quarter. Consequently, our net income more than doubled to 253.8 million from 126.8 million in the same period of last year. We ended this quarter with 213.9 million in cash and cash equivalents, compared with 170.3 million as of March 31, 2022. Moving to our guidance. We expect our loan origination volume in the third quarter of 2022 to be between RMB14 billion and RMB15 billion. In addition, we are revising our full-year 2022 loan origination guidance to RMB43 billion, up from the original RMB36 billion outlook we provided previously. With that, we can open the call for questions. Ms. Xu, our Chief Risk Officer and I will answer questions. Operator, please go ahead.

Thank you, operator, and thank you all for participating on today's call and thank you for your support. We appreciate your interest and look forward to reporting to you again next quarter on our progress.

This concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please standby.