PPDAI Group Inc. Reports First Quarter 2019 Unaudited Financial Results

SHANGHAI,May 15,2019 -- PPDAI Group Inc. ("PPDAI," "Paipaidai," or the "Company") (NYSE: PPDF),a leading online consumer finance marketplace in China,today announced its unaudited financial results for the first quarter ended March 31,2019.

As of

March31,2018

December 31,2018

March 31,2019

Cumulative registered users[1]('000)

71,424

88,930

93,864

Cumulative number of borrowers[2]('000)

11,282

14,440

15,433

Cumulative number of individual investors[3]

581,977

667,738

689,688

For Three Months Ended

YoY Change

March 31,2019

Number of unique borrowers[4]('000)

2,501

3,246

29.8%

Loan origination volume[5]

(RMB,million)

12,349

19,080

54.5%

Repeat borrowing rate[6] (%)

78.7%

75.3%

-4.3%

Average loan size[7] (RMB)

3,066

3,387

10.5%

First Quarter 2019Financial and Operational Highlights

Net profit increased by 60.7% to RMB703.1 million (US$104.8 million) in the first quarter of 2019 from RMB437.6 million in the first quarter of 2018.

Operating revenues[8] increased by 52.6% to RMB1,458.3 million (US$217.3 million) in the first quarter of 2019,from RMB955.4 million in the same period of 2018.

Loan facilitation service fees increased by 51.2% to RMB938.6 million (US$139.9 million) in the first quarter of 2019,from RMB620.8 million in the same period of 2018.

Operating income was RMB794.8 million (US$118.4 million) for the first quarter of 2019,representing an increase of 98.7% from RMB400.1 million in the same period of 2018.

Non-GAAP adjusted operating income,which excludes share-based compensation expenses before tax,was RMB807.0 million (US$120.2million) for the first quarter of 2019,representing an increase of 94.6% from RMB414.7 million in the same period of 2018.

Cumulative registered users[1] reached approximately 93.9 million as of March 31,2019.

Cumulative number of borrowers[2] reached 15.4 million as of March 31,2019.

Cumulative number of individual investors[3] reached 689,688 as of March 31,2019.

Number of unique borrowers[4] was approximately 3.3 million for the first quarter of 2019,representing an increase of 29.8% from the same period of 2018.

Loan origination volume[5] was RMB19.1 billion for the first quarter of 2019,representing an increase of 54.5% from the same period of 2018.

The proportion of total loan origination volume funded by institutional funding partners was 30.9% for the first quarter of 2019.

Average loan tenure[9] was 9.6 months for the first quarter of 2019.

[1]On a cumulative basis,number of users registered on PPDAI platform as of March 31,2019.

[2]On a cumulative basis,number of borrowers whose loans were funded on or prior to March31,2019.

[3]On a cumulative basis,number of individual investors who have made at least one investment in loans on or prior to March31,2019.

[4]Represents the total number of borrowers whose loans on PPDAI platform were funded during the period presented.

[5]Represents the loan origination volume generated during the period presented.

[6]Represents percentage of loan volume generated by repeat borrowers who have successfully borrowed on PPDAI platform before.

[7]Represents the average loan size on PPDAI platform during the period presented.

[8]As the Company's cooperation with institutional funding partners through trust arrangement continues to grow,the Company has included the net interest income/(expenses) and loan provision losses in the operating revenues starting from the first quarter of 2019. The comparative financial information was adjusted accordingly.

[9] Represents the average loan tenure period on PPDAI platform during the period presented.

Mr. Jun Zhang,Chairman and Co-Chief Executive Officer of PPDAI,commented,"We are pleased to deliver solid performance in the first quarter of 2019 amidst an evolving market environment,as highlighted by a robust 60.7% increase in net profit to RMB703.1 million from RMB437.6 million. We steadily grew loan origination volume,which increased by 54.5% year-over-year to RMB19.1 billion. The growth in loan origination volume shows that the demand for technology-driven consumer lending services remains strong. We look forward to a strengthened regulatory framework around online consumer lending; as an industry leader PPDAI is well positioned to benefit from industry consolidation and the huge opportunity in China's consumer lending industry."

Mr. Feng Zhang,Co-Chief Executive Officer of PPDAI,said,"In the first quarter of 2019,we continued to diversify our funding sources and expand our base of institutional funding partners. The proportion of total loan origination volume funded by institutional funding partners in the first quarter increased to 30.9% from 20.4% in the fourth quarter of 2018. Looking forward,we remain confident in our ability to achieve further diversification in funding sources and drive business growth."

Mr. Simon Ho,Chief Financial Officer of PPDAI,"We are delighted to report solid financial results for the first quarter which underscores the strength of our markets and the near-term growth trajectory of our business.In particular,we achieved significant improvement in operating profitability and efficiency as demonstrated by a 94.6% year-over-year increase in our non-GAAP operating income and non-GAAP operating margin of 55.3%. Our balance sheet remained solid with approximately RMB3.4 billion of cash and short-term liquidity. Notably,our quality assurance fund remains sufficiently funded with a total balance of RMB5.3 billion,equivalent to 23.4% of the total outstanding loans protected by the quality assurance fund."

Mr. Jun Zhang concluded,"Our result highlights the strength and resilience of our business model and our capability in navigating the dynamic industry landscape. We will maintain focus on our strategy and deliver shareholder value by expanding our loan services,enhancing our brand recognition,continuing to invest in technology and our core capabilities,and seeking new growth opportunities."

First Quarter 2019 Financial Results

Operating revenuesfor the first quarter of 2019 increasedby 52.6% to RMB1,458.3 million (US$217.3 million) from RMB955.4 million in the same period of 2018,primarily due tothe increase in loan facilitation service fees and interest income from loans invested mainly through trusts.

Loan facilitation service feesincreased by 51.2% to RMB938.6 million (US$139.9 million) for the first quarter of 2019 from RMB620.8 million in the same period of 2018,primarily due tothe increase in loan origination volume.

Post-facilitation service feesincreased by 35.6% to RMB308.1 million (US$45.9 million) for the first quarter of 2019 from RMB227.2 million in the same period of 2018,primarily due to the increase in loan origination volume and the rolling impact of deferred transaction fees.

Net interest income/(expenses)andloan provision lossesfor the first quarter of 2019 were an income of RMB133.3 million (US$19.9 million),compared to an income of RMB38.6million in the same period of 2018,mainly due to the increased interest income from the expansion in the number of consolidated trusts established.

Other revenueincreased by 13.9% to RMB78.3 million (US$11.7 million) for the first quarter of 2019 from RMB68.8 million in the same period of 2018,primarily due to an increase in management fees from investment programs that invest in loans protected by the quality assurance fund and an increase in loan collection fees

Origination and servicing expensesincreased by 6.8% to RMB264.0 million (US$39.3 million) for the first quarter of 2019from RMB247.1 million in the same period of 2018,primarily due to an increase in fees paid to third party providers for loan collection services and an increase in referral fees paid to third parties for successful loan originations.

Sales and marketing expensesdecreased by 4.6% to RMB144.2 million (US$21.5million) for the first quarter of 2019from RMB151.1million in the same period of 2018,primarily due to the decline in online customer acquisition expenses.

General and administrative expensesincreased by 51.1%to RMB107.2million (US$16.0 million) for the first quarter of 2019from RMB70.9 million in the same period of 2018,primarily due to an increase in fees paid to third-parties for trust and otherservices. General and administrative expenses for the period included share-based compensation of RMB12.1 million(US$1.8 million).

Research and development expensesincreased by 17.6% to RMB87.7 million (US$13.1 million) for the first quarter of 2019 from RMB74.6 million in the same period of 2018 primarily due to increased investments in technology.

Provision for doubtful accountsincreased by 419.1% to RMB60.4 million (US$9.0 million) for the first quarter of 2019 from RMB11.6 million in the same period of 2018 due to the increase in loan origination volume.

Operating incomeincreased by 98.7% to RMB794.8million (US$118.4 million) for the first quarter of 2019 fromRMB400.1 million in the same period of 2018.

Non-GAAP adjusted operating income,was RMB807.0 million (US$120.2 million) for the first quarter of 2019,representing an increase of 94.6% from RMB414.7 million in the same period of 2018.

Other income was RMB49.6million (US$7.4million) for the first quarter of 2019,compared with other income of RMB132.1 million in the same period of 2018. Other income primarily consisted of (1) a gain of RMB34.1 million (US$5.1million) from the quality assurance fund and(2) arealized loss of RMB10.1 million (US$1.5 million) from financial guarantee derivatives due to the amount of investment programs maturing during the period.The Company re-evaluates the fair value of outstanding financial guarantee derivatives at each balance sheet date to reflect the views of market participants on the expected default rate based on the latest market changes. For the first quarter of 2019,RMB15.6 billion of loans facilitated on the Company's platform were protected by the quality assurance fund.

Income tax expenses were RMB141.3 million (US$21.1million) for the first quarter of 2019,compared with income tax expenses of RMB94.6million in the same period of 2018.

Net profitincreased by 60.7% to RMB703.1million (US$104.8million) for the first quarter of 2019,from RMB437.6 million in the same period of 2018.

Net profit attributable to ordinary shareholders of the Companyincreased by 60.2% to RMB703.2million (US$104.8million) for the first quarter of 2019,from RMB439.0 million in the same period of 2018.

As ofMarch31,2019,the Company had cash and cash equivalents of RMB1,907.3 million (US$284.2million) and short-term investments mainly in wealth management products of RMB1,444.1 million (US$215.2million).

The total balance of the quality assurance fund,which includes restricted cash of RMB2,810.0 million(US$418.7million) and the quality assurance fund receivable of RMB2,475.3 million (US$368.8million),was equivalent to 23.4% of the total outstanding loans protected by the quality assurance fund.

The following table provides the delinquency rates for all outstanding loans on the Company's platform as of the respective dates indicated.

As of

15-29

days

30-59

days

60-89

days

90-119 days

120-149 days

150-179 days

March 31,2015

0.79%

1.75%

1.10%

1.01%

0.87%

0.67%

June 30,2015

0.88%

1.06%

0.67%

0.54%

0.89%

0.67%

September 30,2015

0.67%

0.89%

0.61%

0.54%

0.44%

0.35%

December 31,2015

0.80%

0.93%

0.51%

0.49%

0.39%

0.32%

March 31,2016

0.62%

0.93%

0.72%

0.61%

0.48%

0.32%

June 30,2016

0.82%

1.01%

0.63%

0.43%

0.47%

0.44%

September 30,2016

0.83%

1.11%

0.80%

0.63%

0.49%

0.39%

December 31,2016

0.63%

0.91%

0.75%

0.79%

0.69%

0.57%

March 31,2017

0.57%

0.95%

0.79%

0.59%

0.54%

0.51%

June 30,2017

0.86%

1.11%

0.79%

0.51%

0.55%

0.52%

September 30,2017

0.89%

1.40%

1.15%

1.02%

0.79%

0.60%

December 31,2017

2.27%

2.21%

1.72%

1.63%

1.36%

1.20%

March 31,2018

0.87%

2.11%

2.43%

3.83%

2.29%

1.89%

June 30,2018

0.83%

1.21%

1.05%

0.98%

1.60%

2.03%

September 30,2018

1.03%

1.77%

1.49%

1.29%

1.06%

1.02%

December 31,2018

0.92%

1.63%

1.41%

1.45%

1.44%

1.34%

March 31,2019

0.80%

1.61%

1.45%

1.29%

1.31%

1.20%

The following chart and table display the historical cumulative 30-day plus past due delinquency rates by loan origination vintage for all continuing loan products facilitated through the Company's online marketplace:

Click here to view the chart.

Month on Book

Vintage

2nd

3rd

4th

5th

6th

7th

8th

9th

10th

11th

12th

2015Q1 . . . .

1.95%

2.75%

3.46%

3.98%

4.36%

4.58%

4.67%

4.69%

4.73%

4.76%

4.74%

2015Q2 . . . .

1.74%

2.66%

3.38%

3.75%

4.02%

4.15%

4.30%

4.38%

4.45%

4.46%

4.46%

2015Q3 . . . .

1.46%

2.13%

2.70%

3.15%

3.47%

3.68%

3.77%

3.85%

3.93%

4.01%

4.02%

2015Q4 . . . .

1.54%

2.27%

2.88%

3.17%

3.53%

3.77%

3.97%

4.12%

4.26%

4.32%

4.33%

2016Q1 . . . .

1.00%

1.57%

2.21%

2.82%

3.33%

3.77%

4.09%

4.33%

4.45%

4.57%

4.59%

2016Q2 . . . .

1.75%

2.49%

3.21%

3.77%

4.17%

4.39%

4.59%

4.76%

4.88%

4.94%

4.96%

2016Q3 . . . .

1.67%

2.45%

2.96%

3.47%

3.87%

4.11%

4.27%

4.44%

4.59%

4.70%

4.77%

2016Q4 . . . .

1.29%

2.07%

2.66%

3.15%

3.59%

3.97%

4.32%

4.62%

4.88%

5.07%

5.18%

2017Q1 . . . .

1.20%

2.01%

2.68%

3.32%

3.87%

4.33%

4.68%

4.98%

5.33%

5.61%

5.80%

2017Q2 . . . .

1.72%

2.89%

3.81%

4.55%

5.14%

5.78%

6.32%

6.79%

7.05%

7.19%

7.24%

2017Q3. . . .

1.82%

2.93%

4.08%

5.16%

6.13%

6.64%

6.88%

7.04%

7.16%

7.22%

7.26%

2017Q4. . . .

2.51%

4.12%

5.16%

5.68%

5.97%

6.18%

6.29%

6.39%

6.47%

6.50%

6.50%

2018Q1. . . .

1.35%

2.18%

2.97%

3.65%

4.30%

4.85%

5.22%

5.50%

5.66%

5.74%

5.77%

2018Q2. . . .

1.75%

3.08%

4.35%

5.43%

6.31%

6.97%

7.45%

7.79%

2018Q3……

1.42%

2.48%

3.50%

4.36%

5.07%

2018Q4. . . .

1.42%

2.48%

Changes in Board of Directors

The Board of Directors of the Company (the "Board") has approved the resignation of Mr. Kai Deng,a member of the Board and a member of the compensation committee of the Board,effective on April 18,2019. Mr. Kai Deng's resignation was due to his own personal reasons.

Conference Call

The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on May 15,2019 (8:00 PM Beijing/Hong Kong time on May 15,2019).

Dial-in details for the earnings conference call are as follows:

United States (toll free):

1-888-346-8982

International:

1-412-902-4272

Hong Kong (toll free):

800-905-945

Hong Kong:

852-3018-4992

China:

400-120-1203

Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for "PPDAI Group."

Additionally,a live and archived webcast of the conference call will be available on the Company's investor relations website athttp://ir.ppdai.com.

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until May 22,by dialing the following telephone numbers:

United States (toll free):

1-877-344-7529

International:

1-412-317-0088

Replay Access Code:

10131331

About PPDAI Group Inc.

PPDAI is a leading online consumer finance marketplace in China with strong brand recognition. Launched in 2007,the Company is the first online consumer finance marketplace in China connecting borrowers and investors. As a pioneer in China's online consumer finance marketplace,the Company benefits from both its early-mover advantages and the invaluable data and experience accumulated throughout multiple complete loan lifecycles. The Company's platform,empowered by its proprietary,cutting-edge technologies,features a highly automated loan transaction process,which enables a superior user experience,as evidenced by the rapid growth of the Company's user base and loan origination volume. As of March31,the Company had over 93.9million cumulative registered users.

For more information,please visit http://ir.ppdai.com.

Use of Non-GAAP Financial Measures

We use Non-GAAP operating income,a Non-GAAP financial measure,in evaluating our operating results and for financial and operational decision-making purposes. We believe that adjusted operating income help identify underlying trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that adjusted operating income provide useful information about our operating results,enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Non-GAAP adjusted operating income is not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. This Non-GAAP financial measure has limitations as analytical tools,and when assessing our operating performance,cash flows or our liquidity,investors should not consider them in isolation,or as a substitute for net (loss)/income,cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review our financial information in its entirety and not rely on a single financial measure.

For more information on this Non-GAAP financial measure,please see the table captioned "Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader.Unless otherwise noted,all translations from RMB to U.S. dollars are made at a rate of RMB 6.7112 to US$1.00,the rate in effect as of March 29,2019 as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934,as amended,and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions,and relate to events that involve known or unknown risks,uncertainties and other factors,all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve risks,uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include,but are not limited to,uncertainties as to the Company's ability to attract and retain borrowers and investors on its marketplace,its ability to increase volume of loans facilitated through the Company's marketplace,its ability to introduce new loan products and platform enhancements,its ability to compete effectively,laws,regulations and governmental policies relating to the online consumer finance industry in China,general economic conditions in China,and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the NYSE,including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks,uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release,and PPDAI does not undertake any obligation to update any forward-looking statement as a result of new information,future events or otherwise,except as required under applicable law.

For investor and media inquiries,please contact:

In China:

PPDAI Group Inc.

Head of Investor Relations

Jimmy Tan

Tel: +86 (21) 8030 3200-8601

E-mail:ir@ppdai.com

The Piacente Group,Inc.

Ross Warner

Tel: +86 (10) 5730-6200

E-mail: paipaidai@tpg-ir.com

In the United States:

The Piacente Group,Inc.

Brandi Piacente

Tel: +1-212-481-2050

E-mail: paipaidai@tpg-ir.com

PPDAI GROUP INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands,except share data,or otherwise noted)

As of December 31,

As of March31,

2018

2019

RMB

RMB

USD

Assets

Cash and cash equivalents

1,616,164

1,907,265

284,191

Restricted cash

3,677,557

4,160,791

619,977

Short-term investments

1,694,660

1,444,120

215,181

Investments

167,501

170,312

25,377

Quality assurance receivable

2,064,366

2,475,318

368,834

Intangible assets

68,880

68,880

10,263

Property,equipment and software,net

144,002

138,203

20,593

Loans and receivables,net of provision for loan losses

2,331,108

3,041,424

453,186

Accounts receivable

812,042

964,055

143,649

Deferred tax assets

122,763

122,840

18,304

Financial guarantee derivative assets

56,287

55,504

8,271

Contract assets

112,103

108,845

16,218

Right of use assets[1]

-

127,066

18,933

Prepaid expenses and other assets

224,623

319,524

47,609

Goodwill

50,411

50,411

7,511

Total assets

13,142,467

15,154,558

2,258,097

Liabilities and Shareholders' Equity

Payable to platform customers

905,034

782,713

116,628

Quality assurance payable

3,819,379

4,597,044

684,981

Payroll and welfare payable

188,254

128,409

19,134

Taxes payable

225,101

183,146

27,290

Short-term borrowings

25,000

25,000

3,725

Funds payable to investors of consolidated trusts

1,505,909

2,141,121

319,037

Contract liabilities

165,469

153,272

22,838

Deferred tax liabilities

100,064

99,865

14,880

Accrued expenses and other liabilities

222,519

212,544

31,670

Leasing liabilities

-

118,420

17,645

Dividends payable

-

390,716

58,218

Total liabilities

7,156,729

8,832,250

1,316,046

Commitments and contingencies

PPDai Group Inc. Shareholder's deficit

Class A ordinary shares

58

59

8

Class B ordinary shares

44

44

7

Additional paid-in capital

5,896,017

5,607,375

835,525

Treasury stock

(332,121)

(5,231)

(779)

Statutory reserves

256,006

256,006

38,146

Accumulated other comprehensive income

58,210

44,129

6,573

Retained earnings

45,668

358,132

53,363

Total PPDai Group Inc. shareholders' equity

5,923,882

6,260,514

932,843

Non-controlling interest

61,856

61,794

9,208

Total shareholders' equity

5,985,738

6,322,308

942,051

Total liabilities and shareholders' equity

13,097

[1] We have adopted ASU No. 2016-02,"Leases," beginning January 1,2019 and elected to utilize a modified retrospective approach which allowed

us to initially apply the new lease standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained

earnings of 2019,with no adjustments to prior periods presented. No cumulative effect adjustment to the opening balance of retained earnings

were made. The adoption of the new guidance did not have a material effect on our results of operations,financial condition or liquidity.

PPDAI GROUP INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE

INCOME/(LOSS)

(All amounts in thousands,or otherwise noted)

For the Three Months Ended March 31,

2018

2019

RMB

RMB

USD

Operating revenue:

Loan facilitation service fees

620,809

938,611

139,857

Post-facilitation service fees

227,164

308,078

45,905

Net interest income and loan provision losses

38,620

133,307

19,863

Other Revenue

68,807

78,341

11,673

Total operating revenues

955,400

1,458,337

217,298

Operating expenses:

Origination and servicing expenses

(247,099)

(264,012)

(39,339)

Sales and marketing expenses

(151,063)

(144,182)

(21,484)

General and administrative expenses

(70,933)

(107,214)

(15,975)

Research and development expenses

(74,606)

(87,721)

(13,071)

Provision for doubtful accounts

(11,629)

(60,361)

(8,994)

Total operating expenses

(555,330)

(663,490)

(98,863)

Other income (expenses)

Gain from quality assurance

59,743

34,127

5,085

Realized loss from financial guarantee derivatives

(45,222)

(10,122)

(1,508)

Fair value change of financial guarantee derivatives

71,530

(783)

(117)

Other income,net

46,028

26,349

3,926

Profit before income tax expenses

532,149

844,418

125,821

Income tax expenses

(94,585)

(141,300)

(21,054)

Net profit

437,564

703,118

104,767

Less: net loss attributable to non-controlling

interest shareholders

(1,482)

(62)

(9)

Net profit attributable to PPDAI Group Inc.

439,046

703,180

104,776

Foreign currency translation adjustment,net of nil tax

(41,296)

(14,081)

(2,098)

Total comprehensive income attributable

to PPDAI Group Inc.

397,750

689,099

102,678

Weighted average number of ordinary shares

used in computing net loss per share

Basic

1,503,034,952

1,493,783,054

1,054

Diluted

1,623,915,472

1,558,982,909

1,909

Income per share -Basic

0.2921

0.4707

0.0701

Income per ADS-Basic

1.4605

2.3537

0.3507

Income per share -Diluted

0.2704

0.4511

0.0672

Income per ADS-Diluted

1.3518

2.2553

0.3360

PPDAI GROUP INC.

UNAUDITED Reconciliation of GAAP And Non-GAAP Results

(All amounts in thousands,

2018

2019

RMB

RMB

USD

Total operating revenue

955,298

Less: total operating expenses

(555,863)

Operating Income

400,070

794,847

118,435

Add: share-based compensation expenses

14,678

12,122

1,806

Non-GAAP adjusted operating income

414,748

806,969

120,241

PPDAI GROUP INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(All amounts in thousands,or otherwise noted)

For the Three Months Ended March 31

2018

2019

RMB

RMB

USD

Net cash provided by operating activities

88,090

474,869

70,758

Net cash used in investing activities

(226,749)

(269,947)

(40,224)

Net cash provided by (used in) financing activities

(63,972)

584,593

87,107

Effect of exchange rate changes

on cash and cash equivalents

(41,128)

(15,180)

(2,262)

Net increase (decrease) in cash,cash

equivalent and restricted cash

(243,759)

774,335

115,379

Cash,cash equivalent and restricted

cash at beginning of period

4,283,704

5,293,721

788,789

Cash,cash equivalent and restricted

cash at end of period

4,039,945

6,068,056

904,168

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