Sissi Zhu
谢谢Min，大家早上好、晚上好。正如Min提到的，鉴于2020年受到全球经济疲软和复杂在线借贷市场动态的影响，我们一直通过实施严格的新交易信用风险评估，在贷款业务中保持谨慎和保守的经营。因此，我们的贷款账簿交易量在第四季度较上一季度略微下降了2%。同时，我们的开放平台贷款交易量环比下降了50%。为了应对复杂的市场动态，我们在第四季度继续坚持严格的信贷审批标准。特别是，新贷款发放主要面向信用状况良好的借款人。我们的逾期率继续呈下降趋势，与上一季度相比，首日逾期率从第三季度末的约17%降至第四季度末的约11%，这证明了这一点。我们将继续密切关注可能影响我们业务的因素，包括在线借贷领域不断演变的监管环境，并会积极采取迅速措施应对快速变化的环境。我们相信，我们深思熟虑的经营策略，加上我们坚实的基础，将帮助我们为所有利益相关者创造长期价值。此外，我想提一下，我们正在逐步缩减奢侈品电商业务。现在，让我与大家分享一些关键的财务业绩。为了节省时间，我不会逐行详细说明。关于我们2020年第四季度和全年业绩的更详细讨论，请参阅我们的财报新闻稿。我们第四季度的总收入为7.14亿元人民币，较2019年第四季度下降53%。我们的融资收入总计4.12亿元人民币，较2019年第四季度下降43%，原因是表内贷款平均余额减少。我们的贷款便利收入及其他相关收入较2019年第四季度下降78%至1.03亿元人民币，原因是本季度表外贷款交易量减少。我们的销售收入较2019年第四季度增加至1.62亿元人民币，主要得益于与奢侈品电商平台相关的销售，部分被大白汽车业务缩减所抵消。营收成本较2019年第四季度增长35%至2.02亿元人民币，主要原因是与奢侈品电商平台相关的商品销售成本增加，部分被表内贷款账簿业务相关资金成本下降以及大白汽车业务成本减少所抵消。我们的应收款项及其他资产拨备转为负7,600万元人民币，而2019年第四季度为正7.07亿元人民币，主要原因是与2019年第四季度相比，表内逾期未偿还本金应收款项减少。归属于趣店股东的净利润为6.74亿元人民币，非GAAP净利润为6.84亿元人民币。我的准备发言到此结束。我们现在将开放电话会议进行提问。主持人，请继续。
Sissi Zhu
Thank you, Min, and good morning and good evening, everyone. As Min mentioned, given that 2020 saw the impact from a weakened global economy and intricate online lending market dynamics, we have been maintaining cautious and conservative operation in our loan business by implementing strict credit risk assessments for new transactions. As a result, our loan book transaction volume slightly decreased by 2% in the fourth quarter from the prior quarter. Meanwhile, our open platform loan transaction volumes declined 50% sequentially. In order to navigate intricate market dynamics, we continue to uphold rigorous standards for credit approvals in the fourth quarter. In particular, new loans origination was focused on borrowers with strong credit profiles. Our delinquencies continued trending downwards compared to the prior quarter as evidenced by a decrease in our Day-1 delinquency rate, which fell to approximately 11% at the end of the fourth quarter from around 17% at the end of the third quarter. We will continue to closely monitor factors that may impact our business, including the evolving regulatory regime in the online lending landscape, and we’ll proactively take swift measures in response to the rapidly changing environment. We believe that our thoughtful operating strategy, along with our solid fundamentals will help us deliver long-term value to all our stakeholders. Besides, I'd like to mention that we're gradually winding down our luxury e-commerce business. Now, let me share with you some key financial results. In the interest of time, I will not go over them line-by-line. For a more detailed discussion of our fourth quarter and full year 2020 results, please refer to our earnings press release. Our total revenues for the fourth quarter were RMB714 million, representing a decrease of 53% from the fourth quarter of 2019. Our financing income totaled RMB412 million, representing a decrease of 43% from the fourth quarter of 2019 as a result of a decrease in the average on-balance sheet loan balance. Our loan facilitation income and other related income decreased by 78% to RMB103 million from the fourth quarter of 2019, as a result of the reduction in transaction volume of off-balance sheet loans during this quarter. Our sales income increased to RMB162 million from the fourth quarter of 2019, mainly due to sales related to the luxury e-commerce platform, partially offset by the winding down of the Dabai Auto business. Cost of revenues increased by 35% to RMB202 million from the fourth quarter of 2019, primarily due to the increase in cost of goods sold related to the luxury e-commerce platform, partially offset by the decrease in funding costs associated with the on-balance sheet loan book business, and the decrease in costs of the Dabai Auto business. Our provisions for receivables and other assets reversed to negative RMB76 million compared to a positive RMB707million for the fourth quarter of 2019, mainly due to the decrease in the past-due on-balance sheet outstanding principal receivables compared to the fourth quarter of 2019. Our net income attributable to Qudian's shareholders was RMB674 million and our non-GAAP net income was RMB684. With that, I will conclude my prepared remarks. We will now open the call to questions. Operator, please continue.
