Investors and analysts, good evening. Welcome to the Yixin Group 2024 Interim Results Conference. Our conference is held in the form of online streaming plus teleconference. Please allow me to give the introduction of the management team of the group who present this interim results conference. They are Mr. Zhang Xu, the Chairman and the CEO of the company, Mr. Gao Zhi, the Co-CEO of the group, and Mr. Yang Xiaoguang, the CFO. In this conference, we will first welcome Mr. Zhang Xu, the CEO and Chairman of the group, to give the remarks. Welcome.
Okay, thank you, moderator. Distinguished investors as well as investors' friends, good evening. I'm Zhang Xu, I'm the Chairman and the CEO of Yixin Group, and I'd like to welcome all of you to Yixin Group 2024 interim results conference.
On behalf of the company, I'd like to extend my heartfelt thanks to all of you for your concerns and support. Today's session is divided into the following sections. First, I will give the introduction of the company's prospects and development of the industry, and then Mr. Gao Zhi, the President, will give the introduction of the highlights of the business in the first half. And then we'll have Mr. Yang Xiaoguang, our CFO, to introduce the company's financial performance of the half year of 2024. Then I would like to introduce some of our plans and thoughts about the future development. And finally, we will also leave some time for Q&A and for the exchanges. So let's go to slide 4. I'd like to give the introduction of our group.
The company has been deeply cultivating the penetration in the field of the auto field industry for 10 years, and, it's, we had already our tenth anniversary. We are a pioneer in China's auto finance ecosystem. The company's main business coverage, new cars, second-hand cars, new energy vehicles, finance and financial technology, FinTech, as the current key areas of the development. We have more than 36,000 partners across all provinces in mainland China. On the funding side, we've partnered with more than 100 financial institutions, including banks and trusts, financial leasing companies, and so on. Tencent and Didi are two of our major shareholders. The company continues to collaborate with them on data technology and other aspects. It's a comprehensive competitive advantage formed in various aspects at the most of the company's development.
Next, I'd like to talk about the major development history of the company, and it's mainly about our penetration in the auto industry. It's worth mentioning that in November 2023, the cumulative auto financing transaction volume exceeded CNY 300 billion, and auto finance transaction volume has exceeded 4 million units by May 2024, which demonstrated our top stance in this industry. In terms of the industry, let's first look at the development of the new energy vehicles. First, this field in the first half of 2024 maintains a high performance growth. According to China Passenger Car Association, in the first half of 2024, the sales of the NEV is about 4.11 million units, increased by 33%. By June 2024, the unit new energy terminal retail penetration rate has been close to 50%.
With increasing penetration, new energy vehicles have gradually taken over the leading role in China's automotive industry. The industry has been boosted by a wide range of supportive policies and several policies, continuous improving infrastructures. In terms of for the first half, a new energy vehicle continues to get policy support, ensuring new energy vehicles in rural areas and other favorable policies stimulate further the rate of consumption potential. The new energy supporting infrastructure, mainly consisting of charging piles and the battery swapping stations, has been continuously grow. As of June 2024, the number of charging piles in China reached 10.24 million, number of battery swapping stations reached 3,722 nationwide. The trend has built the largest number, widest range of surveys, and the most complete variety of the complementary energy infrastructure system.
As a guidance of the policy, the future of the automobile industry will accelerate the transformation of electrification. Next, let's talk about the new and the used car market in general. According to the CAAM, sales of new passenger cars in the first half of 2024 is about 11.98 million units, increased by 6.3%, and the number of the new passenger cars sold in the first half of 2024 increased by 6.3% year-on-year. According to the Automobile Dealers Association, 2024 first half secondhand passenger vehicles transaction amounted 7.53 million units, increased by 6.9%. We can see the first half, the domestic demand growth is relatively slow. Auto industry as a whole is under pressure, and the price war continues to this year.
As a pillar industry of the national economy, the automobile industry get a lot of resource support from the central and local government, and we made joint efforts in guiding the competition and encouraging the long-term consumption. At central level, the city council and the various departments have taken serious consideration and various measures to introduce a series of policies to stimulate the automobile consumption centers on treating, focusing on the whole life cycle of automobiles, such as new cars, second-hand vehicles, and after-market, and local governments actively promote the implementation of various support policy, and such as the first half of 2024 in Nanjing and other places launched the trade-in activities, as well as the other series of activities to promote development.
With the first realization of the policy effect, the first release of consumer potential, the second half of the industry pressure may be eased to certain extent by the second half, and overall sales will maintain a moderate growth. Next, let's look at the auto finance, the Fintech market in general. First of all, the auto finance industry. China's auto finance industry is generally in a healthy stage of development. Government has continued to pay attention to the development of this sector, and in the first half, as the policies encourage financial institutions to provide more credit support for automobile industry and adopting policies such as adjusting the ratio of both automobile loans. The current financial penetration rate of China's automobile market is still a big gap compared with the mature market.
With the gradual correction of both supply and demand, the penetration rate of automobile finance will return to the upward track, and there is still a broad space of the development in the future. In Fintech, as an important tool for the high quality development of the financial industry, Fintech can help promote the release of the consumer potential and empower the development of the new productivity. This area is also supported by policy. The People's Bank of China encourage the integration of the digital elements into entire process of finance service to realize the empowerment of technology in the entire chain of financial services. According to the third-party data, the Fintech market size will reach about CNY 700 billion in 2024, close to CNY 900 billion next year.
With the development of the digital transformation of financial institutions, Fintech has been utilized in more scenarios. The actual business needs has driven the development of the related technology products and bringing convenience to more financial institutions. Next, let's welcome Mr. Gao to introduce the company's business development in the first half of 2024. The floor is yours, Mr. Gao.
Okay, good evening, everyone. I'd like to give you introduction about our business situation in the first half. In the first half of 2024, in the face of the complex external environment, Yixin Group demonstrated the top level performance in strength. As a top-level player in the industry, the company's business skill maintained growth, and the income of each segment continues to improve. Profitability is significantly enhanced. The main highlights of the company's operation are as follows: firstly, our core business is developing steadily.
We are seeing structural growth opportunities. The first half of 2024, the amount of automobile financing reached CNY 31.5 billion, reached an increase by 4% YOY. Amount of financing, amount of the new energy vehicles grow rapidly. Compared with the period of last year, it increased by 63%. Whatever, our Fintech business realized explosive growth, with the financing skill facilitated in the first half of 2024, reaching CNY 9.7 billion. Second, value-added services revenue continued to rise, up 18% YOY to CNY 123 million. Thirdly, the asset quality continued to improve, with 90+ days past due ratio down three BP to 1.86% compared with the end of 2023. Next, I'd like to give you a detailed introduction of some of the company's business development.
First, the core business of the company, the mobile financing service. The first half of the year, the company's total auto finance transaction volume of 329,000 units, up by 5% YOY. As for the new car, the volume of transaction in first half 2024 totaled 175,000 units, and the financing amount reached CNY 17.5 billion, and a slight decrease of 3% YOY. It's mainly due to our tendency to focus, to reshape our focus and focus more on the profitable financing business. We will focus more on the business with a better profitability. In the first half of the year, against the backdrop of a more enhanced competition, Yixin first optimized our cooperation with OEMs by upgrading and transforming standardized business process and interfaces, improved the efficiency and flexibility of our service.
For example, the intelligent interest rate function can automatically calculate the amount of interest rates according to the manufacturer's policy, helping the front end to source parts more efficiently. In terms of the secondhand vehicles, the transaction volume in the first half amounted to 154,000 units. Financing amount was CNY 13.9 billion, with a growth of 13%. Company will maintain a balanced asset structure, and in the long run, the used car business will always be a key business area of our company. Through our experience and a dedicated team and strict channel management, we'll adjust our strategy in time to capture market share while ensuring asset quality. Now I'd like to introduce the new energy vehicle segment. It's a very important driver of our growth.
The first half opportunity for the trading volume of the new energy vehicle, which is 70,000 units, up by 78% YOY. Financing amount to CNY 2.1 billion, up by 63% YOY. Company's new energy business continues to grow at a high rate due to the following two factors. First, a wide range of the brand partnership. We've been working with OEMs in the new energy sector in depth, and including cooperation with more than 10 new energy forces to enhance the influence in the industry. And secondly, we emphasize the product innovation to adapt to the changing market. For example, we have introduced a 0% down payment in the long-term product to provide more options for new energy vehicle owners.
The share of the new energy in our new energy vehicle business continues to climb, and with financing for new energy vehicle already accounting for 35% among new vehicles in the first half of 2024. Rapid growth of the NEV ownership has also brought opportunities to the secondhand new energy vehicles market. In 2024, the first half of the proportion of the used car transaction volume in Yixin Group, the new energy business has already grown to 12.4%. And, in the new energy automobile industry, due to the relatively shallow degree of the financial binding of the host factors, third-party institutions like Yixin can better utilize their advantage and strength to provide customers with more comprehensive automobile financial services, and also help improve the financial penetration rates in the industry.
Next, I'd like to talk about the Fintech business. Since we formally launched our Fintech business from 2022, the segment has been growing rapidly. There's four major highlights in the first half of the year. In terms of the cooperation and expansion, the number of Fintech signing institutions further increased to more than 50. The number of the newly launched cooperation projects reached 7 projects, including the cooperation with Bank of Beijing and Shengjing Bank. The financing transaction scale continues to rise. Financing transaction facilitated by Fintech amounted to CNY 9.7 billion, up by 264% YOY. The revenues realized continued explosive growth. The Fintech revenue reached CNY 835 million, up by 867% YOY. Firstly, captures industry trend through a new model.
The penetration rate of the new energy in new vehicles and the model is about 46%. The company's financial technology service has gradually developed two business models. One is output of the pure technology product, and it's about the output of the technology solutions for the partners, that has the models, to help to screen high-quality customers and reduce the risk for fraud. The other is the output of technology plus the traffic service. That is the aggregation of transaction at the same time, but also to provide more technological empowerment. For example, in our cooperation with the Postal Savings Bank, we screen customers with auto finance needs for organization, and at the same time, empower them in terms of the product management, risk control management.
And these increased financial technology services will apply cutting-edge technology and adapt to more scenarios to provide technological empowerment for the automobile finance market and even more institutional partners in the financial field. The company expects that in 2024, the transaction scale facilitated by financial technology amount will exceed CNY 20 billion. Now let's look at our value-added service. It's mainly about focusing the customer's demand, providing car ride, supplementary insurance product. In the first half of 2024, value-added service achieved revenue of CNY 123 million, up by 18% YOY. The first half of the year, the transactions ride and interest package was 171,000, up by 13% YOY. Our Battery GAP business launched in May 2023, received really good feedback in the market.
In the first half of 2022, 22,000 units were completed, increase of 228% compared with the second half of 2023. The company has expanded Battery GAP product to the field of the new energy vehicle, and has solved the concerns of battery depreciation and residual value for more new energy owners. In addition to the B-end equity platform, Yixin also provided more convenient value-added services for C-end customers through the online equity mall. Stable institutional cooperation is a strong guarantee for the long-term development of our value-added services. Yixin will continue to explore with its partners to deeply tap customer value. Our core competitive advantage are concentrated in two aspects. The first, let's look at our scientific technological capabilities.
The Titan Cloud platform developed within the group applies AI to all business things through quality inspection robots. This review robots, the call robots, approval robots, and assistant robots to help improve the operational efficiency. Actually, our Titan Cloud platform already helped a lot of our partners and banks to bring values and extra values to them. Our quality inspection robot can automatically monitor the compliance of the agent's behavior. The first review robots can help improve the accuracy of the review in contract review and other scenarios. Approved application robots in risk control scenarios can help improve for automatic pass rates of risk control, which will reach 64.2% in the first half of 2024. The assistant robot is used in the customer service system to help solve customers' doubts.
In the future, we'll apply digital and AI capabilities to more fields to reduce labor costs and improve management efficiency, and lead industry to transformation into a data-driven development model. Another important core competitive advantage is our integrated risk management system. Yixin risk management system covers the whole process of the business, and it can effectively control the risk before, during, and after the financing. In the anti-fraud segment, we applied AI technology in public opinion monitoring and car price assessment to reduce the risk of fraud due to inflated car prices. The first half of 2024, the Pujiang Program amounts reached hundreds of millions of dollars and won government awards. In the credit assessment process, we leverage our self-developed credit assessment system to conduct multi-dimensional credit assessment based on our huge data assets and precise algorithm model.
In the post-loan collection process, our asset center in Shanghai conducts full lifetime management of assets, and to review assets dynamically in a timely manner. Through the collection strategy engine, we propose solutions for assets at different stages in the different state. In addition, we've set up a asset auction platform to optimize the value recovery of the assets. Next, we will have Mr. Yang to talk about the financial performance.
Okay. Hello, everyone. Good evening. Now, it's my turn to give you introduction about the financial results and performance of the first half. First, I'd like to talk about the financial highlights of the company, and the assets under management continue to grow, reaching CNY 99.6 billion at the end of the year, and also increased our operating income and rapid growth, reaching CNY 4.47 billion in the first half, up by 57%. The operating expense ratio continued to decline. The ratio of marketing management research expenses to revenue dropped to 22% from 28%. The net profit continued to increase, reaching CNY 410 million in first half 2024, up by 54% year-on-year. Next year, we will present, we can see as adjusted net, net profit growth by over 20%.
In terms of the asset management amount, and compared with the first, the previous year, now by the end of June, the assets under management reached CNY 99.6 billion at the end of June 2024, up by 29%. It's worth mentioning because the scenario business grew really quickly, so there is CNY 600 million of the assets under management, and these are about our well-controlled assets and the risky assets. So this is a really significant improvement of us. Next, I'd like to talk about the performance in detail. Overall revenue, as I just mentioned, CNY 4.47 billion. Now look at the revenue structure. We can see that the loan account for 42%, and when we look at the pie chart, we have pretty diversified the structure of the revenue.
The loan facilitation accounts for a big part, and especially for the Fintech. The amount is about CNY 835 million, really nearly 20%. So this is a fast growth compared with last year, because last year the shares were really limited. So we can see that this part, the proportion, will further increase in the future. For the self-supporting revenue and the self-operated leasing business, also reaches revenue of CNY 900 million, and compared with last year, it also grew largely. And for the other platform revenue, about CNY 812 million, also accounted for nearly 20%. And our value-added services, as well as custody business, as well as battery business, also grow largely in the first half.
We can see that, our revenue structure is more diversified, which can better support our profit and PNL, to make sure we deliver, 50% over growth of our revenue. Now, let's look at the gross profit growth of the company. Next slide. For the self-operated business service provided through finance leasing, interest income recognized per period, we can see the net interest spread of the leased assets declined year-over-year. It's mainly due to, firstly, about the structural change. Although in the first half of the year, the second-hand vehicle grows substantially, but the self-operated business is mainly about the new car business. So that's reason why the net interest spread declined a little bit. But actually, our revenue remained at a really stable situation. And, at the same time, our capital cost for several years have been declined step by step.
Then later, I will give you a detailed introduction about the fund raising. For the facilitation loan business, we had a stable growth. While speaking for the gross profit, it dropped by 2% compared with the previous year, which is 48%. And as Mr. Gao mentioned, due to the market competition, which impacted also our profit, and for the auto finance, that it's actually easy to be impacted by the national banks, as well as the financial market impact, and the customer acquisition costs will also increase. So that's the reason why we have a slight drop, but it's still remain a really healthy level, and the gross profit is about CNY 22.13 billion, with a worldwide growth of 13%.
About the operating expenses, our expenses have been reduced from 28% of last year to 22%, and this is really substantial optimization. It means that our operational efficiency as well as our skill economy have been well showed up. In the future, this trend will continue in our business and continue to reflect the benefit to our business. In the future, for the long run R&D direction, we will have more exploration, for example, Jinke, as well as AI technology. So I think that the efficiency in the future will be further increased, and with the foreseeable future, we can further improve our efficiency. We can see that this is about the first time we exclude the credit loss of about 14.7%. And refer to the market upgrade, it's a really healthy status.
Last, for the net profit, with the worldwide growth of 56% and the company's profitability continued to change with rapid growth over the last year. The first half, the net profit reached of CNY 410 million, with a net profit margin of 9.2%. Taking into account the adjustments for non-cash items, the non-IFRS profit reached CNY 507 million, with adjusted net margin of 11.4%. Now let's talk about the assets and liability. The first half of the year in fundraising, we've received a really good result, and we've further expanded our partners to work with. Also at the same time, we further issue a lot of products, standardized products in the open market.
For example, by end of June 2024, there are more than 100 financial institutions cooperating with us, more than 50 banks with securitization investors, among which there are nearly 10 foreign institutional investors. We will also do the issues of PPN as ultra short-term financing bonds, SCP and other credit bond varieties, continue to protect the diversified financing channels, and our SCP subscription multiple capped with a low interest rate of 3.5%. In the future in terms of financing will further explore the new channels, new modes and tools. For the asset management, it's about CNY 99.6 billion compared with the last year. There's a huge growth, as I just mentioned, and for the Fintech business, under the asset under management of the Yixin Group, but it will not result in risk for us.
So for this part of business, it accounts for a higher percentage among our assets. At the same time, it gets non-performing rate, and, it's about 1.86% compared with the last year, 1.91%. It's much lower. The provision coverage ratio also reached a historical high of 186% at the end of the period, up from the same period last year. This is a good basis for us to cope with various potential uncertainties in the future. For the company's liquidity situation, the company's cash and cash equivalents are relatively abundant, about CNY 4.5 billion at the end of the period. Compared with the same period in 2023, it has increased largely. Also, moderate cash reserves is a strong guarantee for the company to forge ahead.
That's basically about all for me for the financial performance. I'd like to give the floor back to Andy to give us an introduction about the strategic consideration of Yixin Group. Okay, I'd like to give you a brief sharing about our strategy in the future, some of our considerations, as well as our surveys in the industry. In terms of the strategy, in this industry, we know that in recent years, China's automobile industry chain has a lot of activities that are going global, and the vehicle exports showed a substantial growth. According to the China Association of Automobile Manufacturers data, in the first half of 2024, China's cumulative exports of automobiles reached 2.79 million, increased by 31% worldwide.
In addition, with the further improvement of China's automobile value chain overseas, the quality of China's automobile enterprise is also being continuously constructed. The wave of automobile industry chain going overseas, and Yixin has the following advantages. The first one is about the know-how, know-how of the industry. We have a very experienced team and abundant database. We have over partnership with over 100 auto brands. We work with them for over 10 years. In terms of the technology, we have a high technical innovation capability, and we can have some capability of self-passed localization. And over the past 1 year, we also accumulated lots of AI-related technology. Another one is about the, the cooperation with banks. We've been working with over 100 financial institutions for the long term, especially 10%-20% of them are foreign banks and foreign investors.
So these foreign institutions not only work with us in our domestic business, but they are also willing to support our overseas footprint to conduct cooperation with us in overseas market. At present, we've been steadily developing in the overseas market, mainly in the Southeast Asia. We've made a lot of explorations, and in the future, we'll continue to make a service investigations of other overseas markets. And also to analyze the difference and the special unique features of each market respectively, and to also leverage our advantage to further help with going global under this trend.
With different methods, we can adapt it to the markets of different regions, and then not only through the financial service and basic service, but also with the high-tech service, as well as a fleet and management or operation experience, as well as our business model to help us to help us find more overseas opportunities. The company will take into account differences and uniqueness of each country's market, and to have a flexible approach, and in the future, with the third and the second, the third growth curve to further explore the overseas market. Next, we will open the floor for Q&A, and we welcome all the investors to exchange ideas with us.
Okay, thank you. Thank you for the excellent sharing. Next, we will proceed to the Q&A session, and welcome all the investors to ask questions. For the joined online, please type your question in the chat box, and for the joined by phone, please click the star key and then click one, and wait for the signal. And, after you hear the signal, you can start with your question. Thank you. Now I'd like to welcome the first question, who is the investor joined by phone. Nikki from Gaoyu Capital , the floor is yours.
Hello, everyone, I'm Nikki from Gaoyu Capital , and I would like to say thank you for the management team for the presentation. I have a small question. It's about the Fintech, the SaaS of the company. It developed really fast in the recent years. So this year, how will you manage to reach your plan and target?
H ello, I'm Gao. So I'd like to answer this question. From the data we shared, you can see already that in the fintech, it's about our target is about CNY 20 billion. The first half, we reached half of that. Among these, CNY 9.7 billion, we can see that our growth rate is faster and faster. So we actually are quite confident that by this year, we will manage to reach more than CNY 220 billion. We have more and more partners with us. We have lots of big players who will join us and to receive our fintech service. So I believe there's no problem for us to reach our target.
What I'd like to add is about there are strong demand in the market, and when we look at our own situation, we are quite ready for the development of the business. When we look at the current time point, compared with one year and a half ago, we just started to make survey in the market to understand the demand of the customer. And then now, we've already had a really stable demand and a mature market situation. And the next step, we will work with more financial partners to run out the business. And we also deliver a round of service, so we will more open-minded to enter the next stage. And the company has a really clear strategy that fintech will be the focus in the future.
So I believe that we've already had the market, we already have the mature product and a strong demand in the market. I believe that in terms of the daily operation, we can accelerate to reach target. Okay. What I'd like to add is that for the Fintech business, it's more like a to-be business. And in terms of the cycle from the negotiation to the finish of the project, localization of the products, it normally takes 3-5 months. So when we look at our commercial pipelines and the current situation, we are confident that by the first half, we've already had a lot of accumulation orders. So we are confident that by the end of the year, we can see that our CNY 20 billion target is set for the year. Okay?
Next, I would like to welcome the second investor to ask question. And, the second, question is from Jimmy from China Renaissance. Please start with your question.
Hello, everyone. Thank you for the sharing management team. I'm Jimmy from China Renaissance. My question is about the impact of the reduction of the interest rate to compensate the profit and revenue, and, what's the coping strategy for that? So what do you mean? Is the interest rate or the profit rate?
Okay. Okay, I've got it. For the interest rates, indeed, in China now, overall speaking, we have, abundant, capital in the market. And the drop of this interest rate and the really favorable environment have a several impact on us. The first is, it actually help with reducing the capital cost of us. In this way, it can help us to further control the expenses, and it will actually help us and be more conducive to help us to expand our profit. In terms of the price, reversely, the impact will be more and more banks would like to work with us. We are more pro to the Fintech and our automobile finance market and asset. And they are more interested in our business, so they will.
Some of the companies, some of the banks will also have their automobile finance business directly, or some of the bank will choose to partner with the companies like us. So on one hand, we may have a competition between the two firms, and no matter where the pricing or the customer acquisition cost, it will leave some pressure on us. And secondly, it'll also actually be conducive to us because we have really a good development of our fintech business. So I think there are both opportunities and the risks for this, but, we take a more positive attitude towards it.
Okay, thank you.
Thank you. I don't know whether I can address your question quite well.
Yes. Yes, please.
Thank you. And next, I would like to welcome the third question. And, the third question is, from Becky Lee of Citigroup.
Thank you. Good evening. Thank you for taking my question. Thank you, and congratulations for your performance. And, in Tier 3, Tier 4 cities, what are the buying behaviors of the consumers in the lower-tier cities? And, what about their repayment situation in such a macro environment? What's your policies and strategies in the future? The second question, I've noticed, your strong performance, so how will you think about the contribution impacted to the profit rate of our company?
I'd like to have Mr. Gao to answer the question firstly, and I will add a few things afterwards. The first is about the tier three, tier four cities, and what are the buying behaviors, to the users?
Yes, I believe that with the favorable policies, there are strong demand in lower-tier cities in China. And the automobile transaction, the favorable policies play an even more positive role. To give you example, we had a policy to support to buy the vehicles in rural areas and the trading for car replacement, including the new energy vehicle. In the past, we thought that for NEV, it mainly will be accepted by tier one, tier two cities. But during the market survey, we found out a lot of lower-tier cities, there are some small compact of NEVs. Actually, they are more popular in the tier three to tier five cities because the using frequency is very high, and for tier three to tier five cities, these are group of consumers.
They will be the mainstream of the NEV consumption in the future. And for tier one, tier two cities, it's mainly about buying new cars and second car and the replacement. Now, for new purchase management, the mainstream is about tier three to tier five cities. And for us, we are more penetrated to lower-tier cities, because in the traditional OEM, when they build the channels of the four SS stores, if we join it, we are just a complementary, we will not be a mainstream in this mainstream link in this network.
But in tier three to tier five cities, Yixin's power is really strong, and become a mainstream in our work. So relatively speaking, it's a really conducive and the good news for Yixin Group. And for the repayment situation, whether it's the trend to have advanced repayment. And for the prepayment in advance? And now with the market situation and fierce competition, we can see that compared with the past, more people prefer to have the repayment in advance, and the ratios of those are increased.
And whether and how will it impact Yixin Group? Because in terms of the new cars, we mainly work on the loan facilitation, and we can see that the new car percentage is lower. It's not because we can't do the new cars, it's because actually for the new vehicles, many of them, the profit is really limited. So we intentionally shift our gear to more secondhand vehicles products. So for the prepayment in advance, which is actually more of a problem for the new vehicles. So for us, currently, it's not a big pressure for us, because we don't have that part of business quite large. And so actually, the pressure of the early prepayment is mainly on the banks, not on us. So I think that their banks, as well as financial institutions, may face bigger risks, but not a Fintech company.
So overall speaking, the as quite limited, because actually the prepayment in advance for secondhand vehicle is quite limited, because actually there is not the interest subsidy for this part, so they will not have the strong demand to repay in early in advance, in advance. So I would actually add a point. In this part, our idea is about for stock business, for Yixin Group, we explore the added business, incremental business. So firstly, we don't think it will damage our profit rate. And secondly, from the company value, it will definitely increase the value of us, because especially under the current macro environment, with a lot of uncertainties, I think that in the long run, for Yixin Group, it's more like a strength for us to have a positive impact on us.
For the repayment in advance, we can see that we have a higher and higher deposit of the people. Many people have the willingness to repay the loan in advance. And that's also a reason why we have a continuously decline of the non-performing rate. So actually, they do have some impact on us, but overall speaking, it's not a bad news for Yixin Group.
Okay. Thank you all the investors for your questions, and thank you, management team, for answering the questions. Here's the end of the interim results conference. If you'd like to know more of this information, please contact us through the IR column of our official website or by email. Thank you again for participating in the Yixin Group 2024 Interim Results Conference, and see you next time. Thank you, everyone, and thank you all the investors. See you next time.