Good morning. Welcome you to come to the 2023 interim results conference of Yixin. Our conference will be conducted both online and with the telephone conference. Please allow me to introduce the representatives of the company's leadership. That's Mr. Zhang Xuan, Chairman and CEO; Mr. Gao Zhi, Co-President; Mr. Yang Xiaoguang, CFO. For this meeting, we will first invite CEO and Chairman of the company, Mr. Zhang Xue'an, to give a speech. Now, let's welcome Mr. Zhang. Distinguished leaders and our hosts,
Hello, everybody, I am Zhang Xue'an. Welcome you to participate in this 2023 semiannual results conference. First of all, I would like to thank you for your concern and support for Yixin's development. Today's content is mainly divided into the following parts. First, I would like to introduce the general situation of the company and the development of the industry. Mr.
Gao Zhi, President, will introduce the highlights of the business, and we will also have Yang Xiaoguang, CFO, introduce the company's financial performance.
Now, I will first talk about this future development of Yixin, and then it's Q&A session. From 2014 until now, we can also see that Yixin has worked hard in the field of auto finance with the accumulated auto transaction volume, about 2.5 million. Now we have already got this overall transaction scale over RMB 280 billion. It is the leading internet auto finance company in China. On the asset side, we have over 36,000 partners, including different like OEMs, softwares, stores, and auto dealers, et cetera. We have also covered the entire provinces of China.
We have already cooperated with more than 100 financial institutions, including banks, trusts, and other companies, et cetera. We also have constantly lowered the cost of the capital. Yixin always provide customers with high-quality financial services. At the same time, we also continue to cooperate with our strategic shareholders, Tencent and JD.com in data and research and development. Except for this new car and the secondhand car financial business, so Yixin is also actively expanding with the two businesses of Fintech and other technologies of new energy vehicle. China's new energy automotive industry is developing very fastly. We are also maintaining a very faster growth, and we also have been invested in several financial technological developers and have empowered the large banks, OEMs, third-party technology companies, et cetera.
Our aftermarket services field is also developing well, steadily, and the revenue is growing healthily through the continuous introduction of new products. We have provided the customers with good experiences. We have first-class risk management and asset management capacities. As a leading auto finance trading platform, Yixin has established this intelligence and efficient risk control system for the whole process, so before, mid, and after this lending. It has already got a very strong moat for our company's business development. From the industry perspective, I would like to share with you this new energy vehicle development. In the first half of 2023, the new energy vehicle market continued to grow at a high speed, and the industrial structure accelerated, and the automobile industry also accelerated.
According to the data of this association, the sales volume of new energy vehicle has already improved by three hundred... 3.09 million, and it's a Y-o-Y increase of 38%, and the penetration of the rate is still, like, on the rise. Since the early days of this year, the national policy has continuously supported that. First of all, is the purchase tax reduction policy will further extended to 2027 to further promote the automotive industry consumption and further consolidate and expand the development advantages. Secondly, we also accelerate with the construction of new energy infrastructure. Until June of 2023, the number of charging posts have already reached 6.5 million, and we expect to have about 17.86 million by the end of 2025.
Charging from the original distribution of the public new energy, charging piles, the construction of the new energy infrastructure in the central and western regions, will also improve significantly in recent years. According to the strategic plan of the Ministry of Industry and Information Technology, China will achieve this strategic goal. We also will promote this, overall, like, a new energy going to this remote areas. This is in line with the national policy. With the gradual penetration of new energy vehicles into the third and fourth-tier cities and the continuous improvement of the charging infrastructure, this will also bring a lot incremental markets and business opportunities. Further, from this perspective, the whole year, based on this increase of, the Q2 market activity and the energy policy, we hope the sales could reach 8.5 million this year.
In the mid and long term, with the innovation and the iteration of smart EV, we also hope that the penetration rate by 2025, we expect to reach about 46%, and the sales volume will exceed like 11 million. Now let's see this overall development of the new and the secondhand vehicle in the first half of 2023, with the beginning of this year, as the economy and the society have gradually resumed into normal operation. Generally speaking, in Q1, we have already got some pressure based on all the different assets went down 7% YOY since April. We also have, like, there's a series of policy to stimulate the consumption, including the subsidy of this, the purchase of the new cars implement. There's a 1 license for all, for all the registration of the secondhand cars.
Compared with the same time of last year, in H1, we have already got quite good increase cumulatively. In the end, we have about CNY 11.27 million, up by 8.9% YOY, and it also has included this X worldwide. For the transaction volume of secondhand passenger car reached a CNY 7.04 million, up by 15.5% YOY. Looking forward to the second half of the year, the moderate recovery of the macro economy will also be gradually transmitted to this automotive market. Then with the continuous emergence of a policy effect, we also can see the automobile market would also be further released. We also can see that the endogenous motivation of the domestic economy is also not very strong.
Therefore, this overall market is actually having quite a slack and weak growth. But the secondhand car will also show a higher YOY growth under this low utility in 2022. In the mid and the long term, China's automotive industry is of course, currently in a period of transformation and change. Then with the compound innovation of the companies, we are also expected to have with a better increase. In 2025, the sales volume of the new cars is expected to reach 25 million. At the same time, we also consider the continuous improvement of the car ownership. Consumers acceptance is also on the rise of the secondhand cars. For example, we also have some new policies, for example, like the canceling of the restriction, et cetera.
We expect to have this exclusive market of that. In 2025, we hope to exceed the 21 million of that. However, it doesn't include exports. When it comes to auto finance industry, we can also see that the role of that is actually being continuously seen. Recently, with this complete improvement of China's credit information and the encouragement of the domestic cycle, so we have already crossed this overall gold age of the development. Thanks to the increase of the demand of the replacement, the prosperity of the market segment, and the increase of the penetration rate, we expect that the market scale will reach CNY 3.8 trillion by 2026. In the past few years, the China's consumers acceptance of our auto finance service has also gradually increased, it has already reached about 58%.
We also can see that compared with, like, America and the European automotive industry, we think the penetration of this auto finance will reach 80%. There is still great potential for growth. With the standardization of the industry and the continuous innovation of products, China's auto finance market, we definitely have a good faith in that. Next, let's invite Mr. Gao to introduce this business in H1. Hello, everybody. I'm Gao Zhi. Now I am talking about this overall business in H1 2023. Yixin has assured our strength as the market leader. The transaction volume continued to grow, the income of various sectors increased as well. The profitability was also significantly enhanced, and we have several different highlights. First, is the auto finance.
The transaction volume has reached the 21% YOY, which is RMB 30.4 billion. Second, the quantity and the quality of the assets continue to improve. Compared with the end of last year, our M3+ overdue rate dropped by 1 basis point to 1.91%. Third, the market service, after-market service income also increased significantly, reaching RMB 104 million. The company's two main strategic businesses, our new energy trading volume increased rapidly, up to 136% compared with the same time last year. FinTech, since the H1 2022 and H1 2023, the income increased rapidly to reach a very high level, to RMB 86 million, a YOY increase of 101%.
I can say that the continuous improvement of our advantages of Yixin, continuous optimization of our main business, and then in H1 of this year, the total transaction volume is 312,000 units, up 17% YOY, and we reached a record high. Reaching RMB 30.4 billion in the financing amount of our auto finance transactions. We also can see that in the past three years, the average financial amount of the growth has been increasing continuously, and the quality of our customers have also been continuously improved. In H1 2023, the transaction volume of new cars was 180,000 units, a YOY increase of 55%. We also can see the overall amount of the financing has reached RMB 18.1 billion, a YOY increase of 66%.
The growth of our new car this year mainly comes from three assets. We directly use, like, a price drop and a discount instead of the previous discount model, which makes us stand out on the same standing points. We also can see this has also made us Yixin with great benefit, Yixin as a third-party leading enterprise. Second, we continuously expand and deepen our cooperation with a number of different partners, like OEMs and et cetera. We also actively expand the scope of our risk preferences and serve more new car buyers. In H1 of this year, the transaction volume was 132,000 units, and then the financial amount of RMB 12.3 billion, drop of 13% down year-over-year.
In the past few quarters, we have appropriately reduced the risk exposure of user cars, mainly consider the risk tolerance of second-hand cars is more susceptible to the relatively decreased and the depressed macroeconomic environment. Second-hand business is Yixin's the key business. We believe with our high quality of service and with the continuous expansion of this second-hand car market, we definitely will have this increasingly more important position in this industry. We also can see in H1 this year, our new energy vehicle finance business have also achieved remarkable growth, with the total transaction volume reaching 39,000 units, up by 236% year-over-year, and the financing amount reached CNY 4.35 billion, up by 267% year-over-year.
The sustainable growth of our new energy business is mainly driven by the following three factors. First of all, we also can see like, for some overall exposure, et cetera, like, Chang'an, Dongfeng, and Toyota, we also have a jointly cooperate with them to seek win-win cooperation. The fourth is we have, like, formulated this exclusive financial plan for new energy vehicles, they actually require better risk control and the product design of that. Consumers group also have special portraits for that. Then for new energy vehicle financing, Yixin has also developed exclusive financial plans, such as the Kaixin Loan New Energy, and the Wenxin Loan, et cetera. To have this great market opportunity to be seized by us for this new energy vehicle.
For the second hand, vehicles for new energy are also gradually emerging, and we are also starting to see several arrangements for that. Third, Yixin has adopted a new way of digital operation, different from this offline trading platforms. We also have this online and offline marketing, and we could also have this whole process touch point for our products to our consumers. We could also guarantee this, for example, some application registration to the approval, completely online, so which has created a very good information process and a closed loop online. In recent years, we have already created a very good consumer satisfaction. Until June 2023, we have already reached 29% of the penetration of our new energy vehicle financing. This has also shown that the new energy business has also been recognized by the market from Yixin.
Now let's see FinTech. From H1 2022, we have already started to expand to there. We have already seen this steady development. We have, like, a different product like financing credit management, auto financing intelligence risk control, auto financing asset management, et cetera. We also have this financial technology becomes completed, and to have a better modular, standardized, and expandable SaaS services. In H1 2023, the financial technology business completed the financial scale of more than CNY 2 billion, achieving the overall income increase of CNY 86 million, a year-over-year increase of 101%. During the period of report, the company continued to expand different business in the following aspects. First of all, we established a cooperation relations with the different partners, including best cooperation with new energy brands, et cetera. For H1 2023, we penetrated...
Our penetration rate of new energy vehicle is about 36% in the new car transaction completed through SaaS model. Secondly, the SaaS model is extended to the field of second-hand vehicles, which provide a unique business for our financial institution and partners indeed. Finally, we also provide localized comprehensive solution for regional banks, taking digital intelligence needed for small and medium-sized banks as our footprint. The company exerts our industry experiences and efforts, technologies, to help them establish exclusive consumer acquisition channels, as risk control, et cetera. We also hope to use our effective expansion to help the industry to improve our digital level and greatly expand our potential market space. For risk management, Yixin has a comprehensive risk management system covering whole process of auto finance services.
In first half of 2023, we even have this credit increase of China was officially launched, which made our income information entry and risk control offline and online. Therefore, this product is actually having this information collected online and online authorization and verification, et cetera, to have this background quick check, which could effectively screen high quality consumers in a pre-trial stage. Now, the overall pass rate has reached 62%. Yixin itself developed a comprehensive credit evaluation system, System Yixin, is also constantly iterating. It's more like a credit system, and we evaluate it through multiple credit dimensions, including more machine learning, algorithm for data analysis, make credit decision in different scenarios.... and to jointly make this model with different partners, which makes the intelligence level of the model continuously to improve.
At the same time, we also have independently developed an auto finance asset evaluation algorithm that can generate more than 1,000 different texts, which could also have an accurate prediction of the default rate and the number of transactions on the car, the loss rate, et cetera. This could also offer a proprietary auction disposal platform, which provide us with efficient and transparent channel to verify the assets. Let's look at this aftermarket business. In 2020, we started to do the aftermarket business, we hope to have, like, richer services and improve the experiences for our consumers. In H1 of 2023, our transaction volume of equity package was 151,000, up 24% YOY, the overall aftermarket service earned CNY 104 million, up by 17% YOY.
In terms of the product, the team is also committed to design diversified product series, and then we hope to be closer to the consumer's rights and demands. The next one is, in terms of product, we are also, like, helping the company to capture the value of their cars, and we also hope to have the seamless auto insurance services, experiences for contract consumers and existing consumers. Institutional cooperation, for example, we cooperate with like, Ping An, China Life Insurance, et cetera, to provide consumers with a more comprehensive insurance solutions and further strengthen our competitive edge. In the future, we will continue to innovate our products based on customers' needs in post-market, services, actively expand the cooperation with industrial ecological partners and tap the potential of the customers. Now, let's welcome CFO Yang, so, Mr.
Yang, to explain the company's financial highlights.
Now I'm going to report to you the main financial highlights achieved by Yixin in H1 this year. Generally speaking, we have several points. The first is the growth of asset management scale, and this is already reaching CNY 65.9 billion, increase of 25% compared to the same period last year. I can say that in this, very challenging macroeconomic market condition, with the different pressure, we still can grow. I think this is definitely worth mentioning, and this has also further, et cetera. We also can say that we have about, CNY 2.8 billion.
We also can see for our fee and sales and R&D, this is about like a decline by 13%, and this has already shown that for our growth of market management, at the same time, we are expanding our cost control and to reduce our overall cost and expense. We have about 25% of our net profit, reaching RMB 410 million. Now, let's discuss some important financial indicators. We also can see that for first half of this year, they have about 16% of the YOY increase. From the perspective of income structure, our platform income has taken about 75%, which is quite stable. This is also, like, the main part of our income composition. In the first half of the year, platform revenue increased by 14% YOY.
We also can see that FinTech for our SaaS, this is worth mentioning, this has expanded by 101 YOY, accounting for 3% of the total of revenue. We expect for this business, the future potential of growth is still huge, and Yixin also likes this market a lot, and we really like this market. At the same time, so we use the FinTech... We also can see... So we also could see that for this overall growth, this is recognized by us, and we also can say that for this major market, this is actually definitely, like, in line with that. This has already reaching about 8% of this core business income is reaching CNY 1.82 billion. Now let's talk about this capital side.
We continue to optimize the financing source, all the proportions of the working capital loans have further increased while maintaining the security of the stability of that. We also could say that... We have already done...for all the different ones. This is actually, on the one hand, it has already got this new demand for that. This is also our own responsibility, and it's our own, like, efforts, and it has already been recognized by that. This is actually quite good performance. For further, we have already got this dropped by 4.8% of this issue of ABS, including R1, 2022 Q4, the third in total. That we definitely would like to explore more on that.
From gross margin perspective, for our overall growth, it has all been improved. Indeed, for growth rate of you see, it has been low, but it's still above the 50%, and I think this is in line with 2021, and the main of that is actually being influenced by that. We also have certain good performances compared with this China current, like, the packed environment and for the mortgage. We also have, like, a de-leveraging. This is also what we have already seen for our consumers. The next thing is, they also have certain increase of that, and for all that, this is also with a certain decline. For the overall platform, this is also in line with that. The positive thing is, as I have already said to them...
You could also see that we have already got a further improvement of that. At the same time, this is also about like 50% of the overall base level. Now let's see our overall operation. We could also see that for overall lowering of the cost and improvement of the revenue, we could also see has already seen very good effects. In the last few years, in the last 3 years, we have seen this continuous improvement. We have already got this per capita revenue reaching RMB 0.69 million, especially the record high and all the different expenses. The absolute level has also taken, like, a continuous optimization. We also could say, for the sales management is for 2022, we also have a certain improvement. We also can say that this is also the overall performance.
Now, as the previous leaders have already said, for, for the... For example, like, for this, net profit is also on the rise. First half of the year, this is also after the adjustment. It's RMB 410 million for our net profit. It's up by 25%, as we said before, and in 2022 is the year when we have this continuous improvement of our revenue, and then to reverse our loss situation. This is also faced with very complicated environments. We have already got this a great result. Now let us see the indicators of this asset quality. We have more than 90% of the overdue rate continue to incline-- to decline. For the continuous, for 2.5 years, we improved that and controlled that.
Now we have about 1.91% of this 90% overdue. We also could see that. This is also very good. We also can say. We also. For all that, 2023, we have already got this 180%, and we also can say that. This is also like a quite cautious one. We could also see about this liability and the ratio, the debt ratio. This is also improved better than before, and we also can see this is healthier. This is also like this would influence our overall revenue. Now we have already got this better profitability. We think we still have like a further improvement opportunity.
At the end of last year, we still have, like, a better influence, and we also got a very good guarantee of that. We also would like to invite, like, Andy, to talk about the improvement and the consideration. Thank you, Xiaoguang. I think in the past few years, our overall business, including our core business, we have already achieved a quite good growth. For that, we also have several different reflections. The first is the new energy. For all this overall FinTech layout, we have already got this one-stop staff, and we have this overall FinTech platform. Including, like, asset management, et cetera.
We could also see that, like, our overall management and et cetera, we also have this whole lifecycle management with this continuous innovation and polishing of that. It has already got the overall continuous of debt. For this high-end, good quality, consumers are mainly covered by banks. We also have, for example, for all these ones could all be reached by that. This is further improved in that, and we could also see that, for this mid-range, we have this overall rise of that, and it has already reached CNY 1.5 billion. This is definitely like the number one in the industry.
With this RMB 1 trillion level market, for our overall efficiency is still quite limited, this is also we hope to use this as SaaS, as a light asset model to like tap it to a bigger one and then to open the ceiling of that. Now we could also see that with technology, we have this a more diversified one, to improve this overall digitalization level of the FinTech industry and to have some other things, including some, like, asset management and et cetera. We also can say that for this overall management is for all those standardized products. We could also see, like, for AI tools developed by us from the harvesting of the consumer and this credit evaluation and et cetera. This is about the 2.0 version.
Now let's talk about this, the overall new energy assets. We also can see the penetration rate is far exceeding our expectations. This is over like 35% of that. For this 50% of the penetration rate until 2025, it's even higher. We think for this explosive market, for small and medium-sized markets to be penetrated, we think this proportion means the overall new energy vehicle would have more lower Tier cities. We also can see that in Tier 3, Tier 4 or country level markets and for the infrastructure, as I said before, we will continuously optimize this overall infrastructure. This is also the national channel. I think this is like a very good. This is also like with a lot of big markets for all the Tier 3 and et cetera.
We have this very high experience staff. We also hope to do more layout of this lower tier market. We also can see that the overall trend is for all those different brands, they have already got this very healthy, very good market. For next stage, we also can see that for the new vehicle ones, we think is like a very good, strong potential for that, we believe. Then except for this ordinary fintech, for new energy vehicle aspect, we are also thinking. We also can see that this is actually in the midrun, it has something with the battery. For all that installation, et cetera, in 2022, we have already got this 480 GWh. We also hope we could actually have this better expansion.
For all the different ones, it has something to do with this, the FinTech and et cetera. For example, like, battery insurance, battery recycling, et cetera. For this engine battery is actually taking a big amount of the cost of new energy vehicles. At the same time, with the more volume existing in the market, we will also have this peak time of that. For a very important aspect of the recycling of the battery is also being developed, and we expect that. For all those different new energy vehicles and the business, with all those rich experiences, and for this overall supply chain, we could also have this corresponding matching business.
We also hope, like we have this afterwards of the ecology, we could have this cycle, and this is in the future, what we try to do. For the next aspect, this is about. We focus on this battery, et cetera. For all those intelligent transportation, intelligent ones would also be of more opportunities. We expect this is more like a 3.0 for the overall opportunities, and this is what we will continuously look forward to that. Then now, I will recommend everybody to be open-hearted and then discuss with us. Me will just communicate with everybody, and we welcome you to do this Q&A session. Welcome all the investors to do the Q&A session.
For all those online participants, you could just type your questions, and then if you want to propose the question, the telephone line, please, first press star and then press number one, and then start asking questions after hearing the tone. Thank you. The first one is, we will just have the first from the online one. Mr. Gao, Mr. Yang, and this is the question from me. I have two small questions. The first one is, just now we have already mentioned that for this, slack consumption and for this degrading, depressing macroeconomy, how do we view about this, lower half of the year, about this, the debt and et cetera? We also could say that, whether we also have some other transaction of that is also being very stable.
Can you share with me, like, for the current competition and environment, for example, for this used cars, do you have some special changes? For example, what is our latest idea about that?
Thank you, Vicky, for the question. I first answer the first question, and then for the second question, I would just invite Mr. Gao to answer that. For the first question is, for this overall environment, yes, for our H2, the debt and for all those expectations, because we think the Yixin market, this is actually one of this major consumption market. And we could also see the data is we have some weak consumption, and we expect that the market is still with a cheapest scale.
You can also see for each one, we still have this better growth, and the used to hand is also about CNY 10 million for Yixin. We expect we still have this further expansion of that. For H2, I expect that the cost and the revenue would still keep that, and this is also like keeping the same one, and we also have about, like, a 25% of this overall growth. We could also further improve and optimize that. This also comes from, I think this phase comes from several points. The first one is we could see-... We are not disclosing publicly, but here I would like to say that the for before M3, we have, like, for this time and everything, you could also be, like, down to M3+.
We also can see, like, structural wise, this is about 60%. I would just like to say this is what my answer. I have something to say, because for us, we could also say the first one, everything is actually supporting us to sell vehicles. The second one is we can also see about, like, millions of the cars hoping to be sold with the dozens of OEMs and brands. Everybody wants to sell more cars, and that's just for, like, selling more cars. The best is actually doing finance with Yixin. For financial dependency, it's even stronger than before.
I also would like to say it's about CNY 20 million of the new cars and then over CNY 10 million of this used cars related to us, it's about like a 2%-3% of the market. In this overall staff, and this is also like a very high profitability, and the OEM for all the financial companies, they are very willing to cooperate with us. This is also another reason why in the past 2 years, we've had this overall, like, presence, in that we have about over CNY 15 million, CNY 150 million-CNY 160 million, but what we have is actually limited. For this overall layout and for this, the size that could be penetrated is actually far exceeding my leverage.
For FinTech, this is could also help us to realize our top one. This is also gradually what we can see about the growth. We also can see that for Yixin, we are still quite positive, although this market is under pressure and consumption is under pressure, we still say that our penetration rate is still not that big. This is our only value could be offered. Maybe for our overall market share would be bigger and bigger. Okay?
The next question is about the used car, and then for the market, and for Yixin's expected policy.
We think that our idea is for used the car and for FinTech, for financial market, for that, we think for this second hand transaction is still on the rise, according to the association. For each one this year, there are many reasons.
Maybe we have like a declined demand or something. However, the overall volume is still on the rise, and we could also see that this is actually easier, and we also can see that for finance, when we do this, a new car, this is also exceeding my own expectations. This is also not very good, and we could also say that this is not just about like a price or some other third party. We can also say that for three months, and this is also for that, this is indeed like the competition is even worse than us. From last year, we can also say that from the previous data provided by me, this is also like improving the overall SaaS and...
We could also see that first one is, generally speaking, for their overall risk tolerance, and they need to have that. We could also say that, we are constantly on the rise, and we also, like for the overall staff, et cetera, and this is still quite good. We also have, for example, we could do more. We can also say that for the sales, it's like, quite good. We could also do, like, a more high-end one. We could also do that, et cetera. For secondhand ones, we could also see this is quite hard. For the risk management, et cetera, and this is actually bigger than that. We also expect that because, you know, in conclusion, for financial asset, it actually you could just tolerate your risk in secondhand one.
We also could have, for example, like we could have some, like, secondhand ones, et cetera. We also have some different-- We also have, like, a better quality, et cetera. We also have about in the next 12 to 18 months. We got our own positioning, and maybe we also need to have our own change of our strategy. We also have, like, some different policies, and this is also like, helping us to participate in that. For this second-hand car market, we expect for consumption, it will just recover to the normal level. We think for this pain, no, like a financial institute, could tolerate that. Let's wait, okay?
Thank you so much for the answer. Just now, we got a question from that, from Asia Insurance.
Actually, like, a new market of H1 has already seen some fluctuation, but it's also picking up. How do you expect about this market of H2, and what about export? How do you think about it for new vehicles?
We also can see from the sales perspective, we expect, I have already judged that it's actually quite a small increase. Now for all the policies have all basically got all of them. We have already seen that for all the OEMs for their war on price, and I expect that this could keep like a similar size of last year, and we could also see it's about CNY 20 million. It's definitely good. It's definitely like up and down. We also can see for this export is quite good. We also have a lot of different ones.
We also have cooperated with that, and we have done some increase of our cooperation with that. This is about this export of this new energy vehicle. It's definitely very good. This is also like, for thousand one and the Japanese ones, we will go global and then to do this overall penetration. This is also like a high probability. Then for local market, I think, like the price will definitely on the rise. We also could say that we cannot see very good one, and we still would do this a very independent and very traditional or like OEM, including our staff, and we also have some other walls among them. Maybe until the end of this year, or maybe next year, we will still come back and, including for some other JV.
We could also see that from this overall, like, investment cycle and et cetera. Maybe for this overall cycle and for the price and for the options, we still have more. We also can see from our perspective, for the overall competition, except for price decline, finance is also like a very important, very important one. We also can see for this overall new market and the new musical ones. We could also, like, give full play to our own staff. Okay?
That's all. Next question. Next question is, we have this Chinese one from KDB Capital Limited of BO4. His question is, and for this bad loan, so clearing time, do you have some increase compared with before?
We also can see for that, you mean especially for the bad end or what? My expectation is. This clearing time is. We can also say that for the overall staff and for all that, the first one is. We could also see, like, for all this, the tokens and the arbitration, et cetera. For that, this is about this management and improvement, et cetera, including some, like, AI and the strategy and for M0 to M3. For all that, it's actually even higher. This is actually higher bad loan rate compared with before. That's all.
That's all for the question and answer. Because of the limited time, we will have the last question. It comes from Xingbao Security, for the state administration has already issued this management of car finance.
It's about this business range and openness to the outside. Will this influence the Yixin's business? How do you feel about that?
I think that, first of all, for this financial market is... We could also see, like, because from the management, this is... For the company, is actually being more standardized and being all managed. We could also help with the fiscal market and et cetera. We could also see that what we do is, we can do this car finance business and our partners or some other ones. We could also say that for all these, because Yixin is like, dealing with all the different help and the value for the industry is there.
From our own perspective, we think for the platform business and based on our previous experience, and now, because for our, like, 30+ financial system for our partners, we can also see, like yesterday, we also have, like, the overall health and et cetera. That's all for me.
Thank you so much. Thank you so much for all the questions, and we think that our interim results of the conference today is coming to an end. If you want to understand more about the company, you can contact us through the Investor Relations or like the email address in the description. Thank you so much for attending and looking forward to see you again next time. Thank you. Bye-bye. Bye-bye.