Xu Yifang: Mr. Yao. This is Yifang Xu. I will just add on a little bit on your question to the answer to your question in addition to what Mr. Yan has provided so far. On your first part of your question, you asked about overall outlook. As just Mr. Yan has mentioned in his opening remarks, there are several factors pointing us towards. We will remain positive and healthy expectation throughout 2023. These couple of factors, including on the regulatory front, we are seeing positive developments as well as the official endorsement towards the partnerships between Internet platforms like us and financial institutions. This €“ while such improvement of warrants in financial institutions to pursue further interest or deepen their partnership with us, therefore, to guarantee our healthy funding sources going into 2023 and forward.
Similarly, on the consumer demand side, we are seeing the growth on the consumer loans on the nationwide as well as the request and standing resource supplies from the partners, from the institutions that we are already in partner with. In addition to that, you have asked about our adjusted percentage growth rate in 2023. But let’s first go back looking at the absolute numbers, or looking at these numbers in absolute terms. In 2021, overall transactions is around RMB22 billion. In 2022, this number we just reported is RMB55.5 billion. So, with a little over RMB30 billion growth primarily coming from Jiayin has been in this market for over 10 years. We have harvested low-hanging fruits in 2022 by focusing on our repeated borrowers. We are focused on exploring and maximizing their potential €“ their borrowing needs and having their needs to match with competitive products offered through our platforms in partnership with our financial institutions.
Going pretty much in the fourth quarter of 2022, we have changing gears into more of organic growth. As you probably have noticed, in Q4 2022, our total transaction is around RMB18 billion and our outlook for Q1 2023 is slightly improved to RMB19 billion. So, we are focusing on organic growth at this point by introducing and €“ introducing and higher quality €“ credit quality customers through a more competitive acquisition channels and bundled with more competitive product offerings through these channels to these new customers in helping that to grow our overall customer portfolios as well as to deliver a healthy risk factor €“ risk metrics. So with that, then you were looking at our growth in €˜23 outlook. It’s going to be from RMB55 billion to RMB70 billion so far.
But as you can also notice that RMB70 billion is relatively conservative view by considering the seasonality change and slightly uncertainties in the second half of 2023 regarding to the overall landscape in this industry, we are pretty confident in developing such numbers, but we also have the flexibility adjusting upwards when the time we saw is comfortable to do so. Hope we answered your question, Mr. Yao.
Unidentified Analyst: Okay. Thank you.
Shawn Zhang: Okay. So operator, I think we can move to the next participant who want to ask a question.
Operator: Thank you. One moment please. Your next question comes from the line of Sam Lee, who is an individual investor.
Sam Lee: I will translate for myself as well. Thank you for taking my questions. My first question is that you have recorded a higher net margin in Q4 compared to some of your peers. Would you like to share some possible reasons for that? Thank you.
Fan Chunlin:
