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    Yun-Yin (Cindy) Wang

    Director and equity analyst at China Renaissance

    Yun-Yin (Cindy) Wang is a Director and equity analyst at China Renaissance, specializing in research coverage of the Financials and Consumer Discretionary sectors with a particular focus on companies such as Qifu Technology Inc., Futu Holdings, UP Fintech Holding, and NIKE. Wang’s analyst calls have demonstrated a 100% success rate and an average return of 36.48% based on published ratings and rankings among over 4,700 analysts. She began her career as a Research Associate at ROTH Capital Partners in 2012, progressing through firms including Seven Voyagers Capital, CLSA, and DBS Bank before joining China Renaissance in December 2021. Holding an MBA in Finance/Investment from UC San Diego and a Bachelor of Science in International Trade and Finance from Fu Jen Catholic University, Wang is recognized for her expertise in capital markets research and has participated in multiple company earnings calls.

    Yun-Yin (Cindy) Wang's questions to Qfin Holdings (QFIN) leadership

    Yun-Yin (Cindy) Wang's questions to Qfin Holdings (QFIN) leadership • Q1 2025

    Question

    Yun-Yin (Cindy) Wang from China Renaissance asked about the reasons for the sequential decline in new users and the increase in customer acquisition cost (CAC) in Q1, and how trade tensions might affect new borrower quality and acquisition strategy.

    Answer

    An executive explained that the higher CAC was driven by a business mix change, with increased volume from API channels and higher spending on in-feed marketing to attract better quality users. They emphasized a focus on overall efficiency, noting the conversion rate from new credit line users to new borrowers improved significantly to 74%. The company will continue to monitor the macro environment and adjust its acquisition pace and channel mix accordingly.

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