6-K

UNITED STATES

SECURITIES AND EXCHANGECOMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATEISSUER

PURSUANT TO RULE 13a-16 OR 15d-16UNDER

THE SECURITIES EXCHANGEACT OF 1934

For the month of June2023

Commission File Number: 001-37657

YIREN DIGITAL LTD.

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28/F, China MerchantsBureau Building, 118 Jianguo Road

Chaoyang District,Beijing 100022

The People’sRepublic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  x            Form 40-F  ¨

ExhibitIndex

Exhibit No.	Description
99.1	Yiren Digital Reports First Quarter 2023 Financial Results

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Yiren Digital Ltd.
By:	/s/ Na Mei
	Name:	Na Mei
	Title:	Chief Financial Officer

Date: June 12, 2023

Exhibit 99.1

Yiren Digital Reports First Quarter 2023 FinancialResults

BEIJING –June 9, 2023 /PRNewswire/ – Yiren Digital Ltd. (NYSE: YRD) (“Yiren Digital” or the “Company”), a leading digital personal financial management platform in China, today announced its unaudited financial results for the quarter ended March 31, 2023.

First Quarter 2023 Operational Highlights

Insurance Brokerage Business

●	Cumulative number of insurance clients<br> served reached 1,007,238 as of March 31, 2023, representing an increase of 8.9% from<br> 924,824 as of December 31, 2022 and compared to 633,431 as of March 31, 2022.
●	Number of insurance clients served in<br> the first quarter of 2023 was 80,856, representing a decrease of 5.2% from 85,314 in the<br> fourth quarter of 2022 and compared to 120,968 in the same period of 2022. The decrease was<br> mainly due to our strategic realignment, with a focus on serving insurance product clients<br> that yield higher profitability.
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●	Gross written premiums in the first quarter of 2023 were RMB923.4<br> million (US$134.5 million), representing a decrease of 30.9% from RMB1,335.5 million in the<br> fourth quarter of 2022 and compared to RMB806.4 million in the same period of 2022. The quarter-over-quarter<br> decrease was mainly attributed to the nature of the fourth quarter being a peak season for<br> insurance sales, with a larger base of policy renewals.
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Credit-tech Business

●	Total loans facilitated in the first<br> quarter of 2023 reached RMB6.4 billion (US$0.9 billion), representing a decrease of 5.4%<br> from RMB6.8 billion in the fourth quarter of 2022 and compared to RMB4.6 billion in the same<br> period of 2022. The decline was primarily due to proactive adjustments in small business<br> loans business, which were offset by continued growth in the small revolving loan business.
●	Cumulative number of borrowers served<br> reached 7,582,435 as of March 31, 2023, representing an increase of 4.2% compared to<br> 7,277,627 as of December 31, 2022 and compared to 6,324,705 as of March 31, 2022.
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●	Number of borrowers served in the first<br> quarter of 2023 was 872,235 representing an increase of 1.2% from 862,226 in the fourth quarter<br> of 2022 and compared to 508,746 in the same period of 2022.<br> The increase was driven by the strong demand for our small revolving loan products.
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●	Outstanding balance of performing loans<br> facilitated reached RMB11,129.2 million (US$1,620.5 million) as of March 31, 2023, representing<br> a decrease of 1.2% from RMB11,259.8 million as of December 31, 2022 and compared to<br> RMB12,421.0 million as of March 31, 2022.<br> The decrease was due to the scale back of our secured loan business as part of our<br> business optimization process.
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Others

●	Total gross merchandise volume generated<br> through our e-commerce platform and “Yiren Select” channel reached RMB308.6 million<br> (US$44.9 million) in the first quarter of 2023, representing an increase of 5.6% from RMB292.1<br> million in the fourth quarter of 2022 and compared to RMB59.0 million in the same period<br> of 2022.

“Against the backdrop of a modest recovery in the macro economy, we achieved a healthy growth momentum this quarter, exceeding our internal guidance on revenue and profitability,” said Mr. Ning Tang, Chairman and Chief Executive Officer. “For the first quarter, total gross written premiums reached RMB 923 million, up 15% year-on-year while revenue from our insurance brokerage business increased 27% year-over-year to RMB 196 million. On the credit side, total loans facilitated this quarter reached RMB 6.4 billion, representing an increase of 39% year-over-year.”

“I am also excited to announce that we have recently established an AI lab and will focus on enhancing operational efficiency and driving technological innovations and business expansion across all business sectors in 2023.”

“For the first quarter of 2023, total revenue increased by 40% year-over-year to RMB 986.3 million and net income reached RMB 427 million, representing a year-over-year increase of 131% and a strong net income margin of 43.3%,” Ms. Na Mei, Chief Financial Officer, commented. “As of quarter end, our total cash and cash equivalents was approximately RMB 5.1 billion. Looking ahead, we remain committed to delivering growth and our strong cash position will provide us with the flexibility and stability to navigate evolving markets and capitalize on untapped potentials.”

First Quarter 2023 Financial Results

Total net revenue in the first quarter of 2023 was RMB986.3 million (US$143.6 million), representing an increase of 40.0% from RMB704.8 million in the first quarter of 2022. Particularly, in the first quarter of 2023, revenue from credit-tech business was RMB483.9 million (US$70.5 million), representing an increase of 23.9% from RMB390.5 million in the same period of 2022. The increase was due to an increase of our small revolving loan products amid strong demand for consumption. Revenue from insurance brokerage business was RMB196.4 million (US$28.6 million), representing an increase of 26.5% from RMB155.2 million in the first quarter of 2022. The increase was due to the expansion of our insurance brokerage business.

Sales and marketing expenses in the first quarter of 2023 were RMB106.2 million (US$15.5 million), compared to RMB176.2 million in the same period of 2022. The decrease was primarily due to the optimization of the cost structure for our offline business.

Origination, servicing and other operatingcosts in the first quarter of 2023 were RMB199.7 million (US$29.1 million), compared to RMB152.9 million in the same period of 2022. The increase was due to the expanding insurance brokerage business.

General and administrative expenses in the first quarter of 2023 were RMB92.6 million (US$13.5 million), compared to RMB116.5 million in the same period of 2022. The decrease was primarily a result of optimizing the company’s offline business operations and achieving overall cost-efficiency improvements.

Allowance for contract assets, receivablesand others in the first quarter of 2023 was RMB44.9 million (US$6.5 million), compared to RMB31.8 million in the same period of 2022. The increase was primarily driven by the increase of loan volume facilitated.

Income tax expense in the first quarter of 2023 was RMB122.7 million (US$17.9 million).

Net income in the first quarter of 2023 was RMB427.2 million (US$62.2 million), as compared to RMB184.8 million in the same period in 2022. The increase was primarily due to the recovery of business volume and optimization of our business structure. Net income margin increased to 43.3% in the first quarter of 2023 from 26.2% in the same period of 2022 due to improved cost efficiency.

Adjusted EBITDA^1^(non-GAAP) in the first quarter of 2023 was RMB539.3 million (US$78.5 million), compared to RMB247.2 million in the same period of 2022.

Basic and diluted income per ADS in the first quarter of 2023 was RMB4.8 (US$0.7) and RMB4.7 (US$0.7), compared to a basic per ADS of RMB2.2 and a diluted per ADS of RMB2.2 in the same period of 2022.

Net cash generated from operating activitiesin the first quarter of 2023 was RMB390.3 million (US$56.8 million), compared to RMB367.8 million in the same period of 2022.

Net cash provided by investing activitiesin the first quarter of 2023 was RMB774.3 million (US$112.7 million), compared to RMB348.8 million in the same period of 2022.

As of March 31, 2023, cash and cash equivalents were RMB5,077.2 million (US$739.3 million), compared to RMB4,271.9 million as of December 31, 2022. As of March 31, 2023, the balance of held-to-maturity investments was RMB3.3 million (US$0.5 million), compared to RMB2.7 million as of December 31, 2022, the balance of available-for-sale investments was RMB250.8 million (US$36.5 million), compared to RMB972.7 million as of December 31, 2022.

Delinquency rates. As of March 31, 2023, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 0.6%, 1.2% and 1.2% respectively, compared to 0.7%, 1.3% and 1.1% respectively as of December 31, 2022.

Cumulative M3+ net charge-**off rates.**As of March 31, 2023, the cumulative M3+ net charge-off rates for loans originated in 2020, 2021 and 2022 were 8.1%, 6.6% and 2.6% respectively, as compared to 8.1%, 6.5% and 2.0% respectively as of December 31, 2022.

Business Outlook

Based on the Company’s preliminary assessment of business and market conditions, the Company projects the total revenue in the second quarter of 2023 to be between RMB0.9 billion to RMB1.0 billion, with net profit margin expected to remain stable.

This is the Company’s current and preliminary view, which is subject to changes and uncertainties.

^^

^1^ “Adjusted EBITDA” is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of “Operating Highlights and Reconciliations of GAAP to Non-GAAP Measures” and the table captioned “Reconciliations of Adjusted EBITDA” set forth at the end of this press release.

Recent Development

Management Change

In order to better mobilize the Company’s internal human resources and better serve the future business development strategy, Ms. Bin Yang has been appointed as the Chief Human Resources Officer of the Company, effective immediately. Ms. Yang initially joined the company in 2015 as the head of the human resources department and possesses over 10 years of experience in human resource management. Prior to joining the company, she held the position of head of human resources at JUPITER, C2MICRO, and 360.

Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See “Operating Highlights and Reconciliation of GAAP to Non-GAAP measures” at the end of this press release.

Currency Conversion

This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.8676 to US$1.00, the effective noon buying rate on March 31, 2023, as set forth in the H.10 statistical release of the Federal Reserve Board.

Conference Call

Yiren Digital’s management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on June 9, 2023 (or 8:00 p.m. Beijing/Hong Kong Time on June 9, 2023).

Participants who wish to join the call should register online in advance of the conference at:

https://s1.c-conf.com/diamondpass/10031315-v76cyb.html

Once registration is completed, participants will receive the dial-in details for the conference call.

Additionally, a live and archived webcast of the conference call will be available at https://edge.media-server.com/mmc/p/dzdrbbjc.

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 Yiren Digital’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 Yiren Digital’s ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yiren Digital’s ability to meet the standards necessary to maintain the listing of its ADSs on the NYSE or other stock exchange, 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 Yiren Digital’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 Yiren Digital 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.

About Yiren Digital

Yiren Digital Ltd. is a leading digital personal financial management platform in China. The Company provides customized, asset allocation-based holistic wealth solutions to China’s mass affluent population as well as provides retail credit facilitation services to individual borrowers and small business owners.

For investor and media inquiries, please contact:

Yiren Digital

Investor Relations

Email: ir@Yirendai.com

Unaudited Condensed Consolidated Statements of Operations  (in thousands, except for share, per share and per ADS data, and percentages)

	For the Three Months<br> Ended
	March 31,<br><br> 2022			March 31, <br><br> 2023			March 31,  <br> 2023
	RMB			RMB
Net revenue:
Loan facilitation services		229,661			417,165
Post-origination services		36,976			6,316
Insurance brokerage services		155,181			196,358
Financing services		109,611			22,577
Electronic commerce services		49,811			242,858
Others		123,525			101,069
Total net revenue		704,765			986,343
Operating costs and expenses:
Sales and marketing		176,183			106,212
Origination,servicing and other operating costs		152,941			199,745
General and administrative		116,548			92,550
Allowance for contract assets, receivables<br> and others		31,827			44,905
Total operating costs and expenses		477,499			443,412
Other (expenses)/income:
Interest (expense)/income, net		(25,573	)		14,519
Fair value adjustments related to Consolidated ABFE		4,765			(11,203	)		)
Others, net		7,414			3,589
Total other (expenses)/income		(13,394	)		6,905
Income before provision for income taxes		213,872			549,836
Income tax expense		29,044			122,670
Net income		184,828			427,166
Weighted average number of ordinary shares outstanding, basic		170,001,178			177,782,059
Basic income per share		1.0872			2.4028
Basic income per ADS		2.1744			4.8056
Weighted average number of ordinary shares outstanding, diluted		171,071,430			180,180,975
Diluted income per share		1.0804			2.3708
Diluted income per ADS		2.1608			4.7416
Unaudited Condensed Consolidated Cash Flow Data
Net cash generated from operating activities		367,751			390,307
Net cash  provided by investing activities		348,785			774,283
Net cash used in financing activities		(108,208	)		(392,831	)		)
Effect of foreign exchange rate changes		(272	)		(181	)		)
Net increase in cash, cash equivalents and restricted cash		608,056			771,578
Cash, cash equivalents and restricted cash, beginning of period		2,945,344			4,360,695
Cash, cash equivalents and restricted cash, end of period		3,553,400			5,132,273

All values are in US Dollars.

Unaudited Condensed Consolidated Balance Sheets (in thousands)

	As of
	December 31,<br> <br> 2022			March 31, <br><br>2023			March 31,<br> 2023
	RMB			RMB
Cash and cash equivalents		4,271,899			5,077,211
Restricted cash		88,796			55,062
Accounts receivable		221,004			320,440
Contract assets, net		626,739			609,969
Contract cost		787			480
Prepaid expenses and other assets		321,411			258,786
Loans at fair value		54,049			175,411
Financing receivables		514,388			371,196
Amounts due from related parties		1,266,232			1,281,348
Held-to-maturity investments		2,700			3,320
Available-for-sale investments		972,738			250,788
Property, equipment and software, net		77,256			75,726
Deferred tax assets		84,187			90,855
Right-of-use assets		33,909			29,606
Total assets		8,536,095			8,600,198
Accounts payable		14,144			19,887
Amounts due to related parties		227,724			247,717
Deferred revenue		65,539			36,555
Accrued expenses and other liabilities		1,315,006			1,342,251
Secured borrowings		767,900			392,100
Deferred tax liabilities		79,740			84,824
Lease liabilities		35,229			30,274
Total liabilities		2,505,282			2,153,608
Ordinary shares		129			129
Additional paid-in capital		5,160,783			5,164,104
Treasury stock		(46,734	)		(61,046	)		)
Accumulated other comprehensive income		7,765			8,599
Accumulated deficit		908,870			1,334,804
Total equity		6,030,813			6,446,590
Total liabilities and equity		8,536,095			8,600,198

All values are in US Dollars.

Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures (in thousands, except for number of  borrowers, number of investors and percentages)

	For the Three Months<br> Ended
	March 31, <br><br>2022			March 31, <br><br>2023			March 31,<br> 2023
	RMB			RMB
Operating Highlights
Gross written premiums		806,355			923,382
First year premium		540,043			627,314
Renewal premium		266,313			296,068
Number of insurance clients		120,968			80,856
Cumulative number of insurance clients		633,431			1,007,238
Amount of loans facilitated		4,606,889			6,420,213
Number of borrowers		508,746			872,235
Remaining principal of performing loans		12,421,001			11,129,221
Gross merchandise volume		59,021			308,567
Segment Information
Insurance  Brokerage:
Revenue		155,181			196,358
Sales and marketing expenses		5,172			2,289
Origination,servicing and other operating costs		93,190			133,617
Consumer credit:
Revenue		390,473			483,873
Sales and marketing expenses		137,559			62,218
Origination,servicing and other operating costs		39,670			47,609
Others:
Revenue		159,111			306,112
Sales and marketing expenses		33,452			41,705
Origination,servicing and other operating costs		20,081			18,519
Reconciliation of Adjusted EBITDA
Net income		184,828			427,166
Interest expense/(income), net		25,573			(14,519	)		)
Income tax expense		29,044			122,670
Depreciation and amortization		6,260			1,868
Share-based compensation		1,500			2,089
Adjusted EBITDA		247,205			539,274
Adjusted EBITDA margin		35.1	%		54.7	%		%

All values are in US Dollars.

Delinquency Rates
	15-29 days			30-59 days			60-89 days
December 31, 2019		0.8	%		1.3	%		1.0	%
December 31, 2020		0.5	%		0.7	%		0.6	%
December 31, 2021		0.9	%		1.5	%		1.2	%
December 31, 2022		0.7	%		1.3	%		1.1	%
March 31, 2023		0.6	%		1.2	%		1.2	%
Net Charge-Off Rate
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Loan Issued Period	Amount of Loans Facilitated<br> <br> During the Period		Accumulated M3+ Net<br> Charge-Off <br> as of March 31, 2023		Total Net Charge-Off<br> Rate <br> as of March 31, 2023
	(in RMB thousands)		(in RMB thousands)
2019		3,431,443		395,872		11.5	%
2020		9,614,819		778,668		8.1	%
2021		23,195,224		1,537,956		6.6	%
2022		22,623,101		598,837		2.6	%
M3+ Net Charge-Off<br> Rate
---	---	---	---	---	---	---	---	---	---	---	---
Loan Issued Period	Month on Book
	4	7	10	13	16	19	22	25	28	31	34
2019Q1	0.0%	0.8%	2.0%	3.4%	5.3%	5.9%	6.3%	6.3%	6.3%	6.3%	6.3%
2019Q2	0.1%	1.5%	4.5%	7.5%	8.8%	9.2%	9.9%	10.3%	10.6%	10.6%	10.6%
2019Q3	0.2%	2.9%	6.8%	9.0%	10.4%	12.0%	13.2%	13.8%	14.4%	14.6%	14.6%
2019Q4	0.4%	3.1%	4.9%	6.3%	7.2%	7.9%	8.4%	8.9%	9.5%	9.8%	9.8%
2020Q1	0.6%	2.3%	4.1%	5.2%	6.0%	6.2%	6.6%	7.2%	7.7%	7.8%	7.9%
2020Q2	0.5%	2.5%	4.2%	5.3%	6.1%	6.7%	7.5%	8.1%	8.2%	8.2%
2020Q3	1.1%	3.3%	5.1%	6.3%	7.1%	8.1%	8.7%	8.8%	8.9%
2020Q4	0.3%	1.8%	3.2%	4.6%	6.0%	7.0%	7.4%	7.6%
2021Q1	0.4%	2.3%	3.9%	5.5%	6.6%	6.9%	7.2%
2021Q2	0.4%	2.4%	4.5%	5.9%	6.4%	6.7%
2021Q3	0.5%	3.1%	5.0%	5.9%	6.2%
2021Q4	0.6%	3.2%	4.6%	5.3%
2022Q1	0.6%	2.5%	3.8%
2022Q2	0.4%	2.2%
2022Q3	0.5%