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    Steve Chan

    Research Analyst at Haitong International

    Steve Chan is an Equity Analyst at Haitong International, specializing in the coverage of leading companies across the technology and consumer sectors. He is recognized for his in-depth research on firms such as Tencent, Alibaba, Meituan, and JD.com, consistently delivering actionable insights that have achieved strong performance metrics, including top decile rankings on research platforms and investor polls. Chan began his analyst career in the mid-2010s, previously holding positions at leading investment banks before joining Haitong International, where he has contributed to the firm's reputation for rigorous equity analysis. He holds a valid securities license and maintains professional credentials that include FINRA registration and relevant industry certifications.

    Steve Chan's questions to Qudian (QD) leadership

    Steve Chan's questions to Qudian (QD) leadership • Q1 2021

    Question

    Steve Chan of Haitong International asked if the conservative approach to the credit business implies a medium-term transformation into an early education company. He also requested clarification on how Wanlimu Kids' revenue and expenses are reported on the P&L and what the target revenue or return is for the next three years.

    Answer

    Sissi Zhu, VP of Investor Relations, clarified that the credit business remains highly profitable and will be maintained as long as it generates profit. However, resources will be allocated to Wanlimu Kids if it demonstrates a better return, especially given its safer regulatory profile. For Q1, she noted that Wanlimu's financial impact was minimal and included within other income and cost lines. Looking ahead two to three years, she anticipates the unit economics for the kids' business will be very attractive and superior to the 10-20% net profit margins seen in comparable offline education and catering businesses.

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