-H1 China Transaction Volume reached RMB92.5 billion, up 6.0% year-over-year-
-H1 International Transaction Volume reached RMB4.5 billion, up 32.4% year-over-year-
-H1 International Revenues increased to RMB1,157.7 million, up 21.9% year-over-year and
contributing 18.3% of total net revenues-
SHANGHAI, Aug. 20,
2024 /PRNewswire/ -- FinVolution Group
("FinVolution" or the "Company") (NYSE: FINV), a leading fintech
platform, today announced its unaudited financial results for the
second quarter ended June 30,
2024.
|
For the
Three Months Ended/As of
|
YoY
Change
|
|
June
30, 2023
|
June
30, 2024
|
|
Total Transaction
Volume (RMB in
billions)1
|
47.3
|
48.7
|
3.0 %
|
|
Transaction Volume
(China's Mainland)2
|
45.5
|
46.4
|
2.0 %
|
|
Transaction Volume
(International)3
|
1.8
|
2.3
|
27.8 %
|
|
Total Outstanding
Loan Balance (RMB in billions)
|
63.7
|
65.6
|
3.0 %
|
|
Outstanding Loan
Balance (China's Mainland)4
|
62.6
|
64.2
|
2.6 %
|
|
Outstanding Loan
Balance (International)5
|
1.1
|
1.4
|
27.3 %
|
Second Quarter 2024 China Market Operational
Highlights
- Cumulative registered users6 reached 162.2 million
as of June 30, 2024, an increase of
8.6% compared with June 30,
2023.
- Cumulative borrowers7 reached 25.9 million as of
June 30, 2024, an increase of 6.1%
compared with June 30, 2023.
- Number of unique borrowers8 for the second quarter
of 2024 was 1.8 million, a decrease of 21.7% compared with the same
period of 2023.
- Transaction volume2 reached RMB46.4 billion for the second quarter of 2024,
an increase of 2.0% compared with the same period of 2023.
- Transaction volume facilitated for repeat individual
borrowers9 for the second quarter of 2024 was
RMB40.5 billion, an increase of 0.5%
compared with the same period of 2023.
- Outstanding loan balance4 reached RMB64.2 billion as of June
30, 2024, an increase of 2.6% compared with June 30, 2023.
- Average loan size10 was RMB9,956 for the second quarter of 2024, compared
with RMB7,816 for the same period of
2023.
- Average loan tenure11 was 8.0 months for the second
quarter of 2024, compared with 8.4 months for the same period of
2023.
- 90 day+ delinquency ratio12 was 2.65% as of
June 30, 2024, compared with 1.68% as
of June 30, 2023.
Second Quarter 2024 International Market Operational
Highlights
- Cumulative registered users13 reached 29.1 million
as of June 30, 2024, an increase of
46.2% compared with June 30,
2023.
- Cumulative borrowers14 for the international market
reached 5.6 million as of June 30,
2024, an increase of 40.0% compared with June 30, 2023.
- Number of unique borrowers15 for the second quarter
of 2024 was 1.05 million, an increase of 32.9% compared with the
same period of 2023.
- Number of new borrowers16 for the second quarter of
2024 was 0.47 million, an increase of 51.6% compared with the same
period of 2023.
- Transaction volume3 reached RMB2.3 billion for the second quarter of 2024, an
increase of 27.8% compared with the same period of 2023.
- Outstanding loan balance5 reached RMB1.4 billion as of June
30, 2024, an increase of 27.3% compared with June 30, 2023.
- International business revenue was RMB562.9 million (US$77.5
million) for the second quarter of 2024, an increase of
12.0% compared with the same period of 2023, representing 17.8% of
total revenue for the second quarter of 2024.
Second Quarter 2024 Financial Highlights
- Net revenue was RMB3,168.0
million (US$435.9 million) for
the second quarter of 2024, compared with RMB3,075.7 million for the same period of
2023.
- Net profit was RMB551.0 million
(US$75.8 million) for the second
quarter of 2024, compared with RMB590.1
million for the same period of 2023.
- Non-GAAP adjusted operating income,17 which excludes
share-based compensation expenses before tax, was RMB598.6 million (US$82.4
million) for the second quarter of 2024, compared with
RMB606.9 million for the same period
of 2023.
- Diluted net profit per American depositary share ("ADS") was
RMB2.07 (US$0.28) and diluted net profit per share was
RMB0.41 (US$0.06) for the second quarter of 2024,
compared with RMB1.95 and
RMB0.39 for the same period of 2023
respectively.
- Non-GAAP diluted net profit per ADS was RMB2.22 (US$0.30)
and non-GAAP diluted net profit per share was RMB0.44 (US$0.06)
for the second quarter of 2024, compared with RMB2.06 and RMB0.41
for the same period of 2023 respectively. Each ADS of the Company
represents five Class A ordinary shares of the Company.
|
1 Represents the total
transaction volume facilitated in China's Mainland and the
international markets on the Company's platforms during the period
presented.
|
|
2 Represents our transaction volume
facilitated in China's Mainland during the period presented. During
the second quarter, RMB9.8 billion were facilitated under the
capital-light model, for which the Company does not bear principal
risk.
|
|
3 Represents
our transaction volume facilitated in markets outside China's
Mainland during the period presented.
|
|
4 Outstanding loan balance (China's
Mainland) as of any date refers to the balance of outstanding loans
in China's Mainland market excluding loans delinquent for more than
180 days from such date. As of June 30,
2024, RMB15.2 billion were facilitated under the capital-light
model, for which the Company does not bear principal
risk.
|
|
5
Outstanding loan balance (international) as of any date refers to
the balance of outstanding loans in the international markets
excluding loans delinquent for more than 30 days from such
date.
|
|
6 On a
cumulative basis, the total number of users in China's Mainland
market registered on the Company's platform as of June 30,
2024.
|
|
7 On a
cumulative basis, the total number of borrowers in China's Mainland
market registered on the Company's platform as of June 30,
2024.
|
|
8 Represents
the total number of borrowers in China's Mainland who have
successfully borrowed on the Company's platform during the period
presented.
|
|
9 Represents
the transaction volume facilitated for repeat borrowers in China's
Mainland who successfully completed a transaction on the Company's
platform during the period presented.
|
|
10
Represents the average loan size on the Company's platform in
China's Mainland during the period presented.
|
|
11
Represents the average loan tenor on the Company's platform in
China's Mainland during the period presented.
|
|
12 "90
day+ delinquency ratio" refers to the outstanding principal balance
of loans, excluding loans facilitated under the capital-light
model, that were 90 to 179 calendar days past due as a percentage
of the total outstanding principal balance of loans, excluding
loans facilitated under the capital-light model on the Company's
platform as of a specific date. Loans that originated outside
China's Mainland are not included in the calculation.
|
|
13 On a
cumulative basis, the total number of users registered on the
Company's platforms outside China's Mainland market as of June 30,
2024.
|
|
14 On a
cumulative basis, the total number of borrowers on the Company's
platforms outside China's Mainland market, as of June 30,
2024.
|
|
15
Represents the total number of borrowers outside China's Mainland
who have successfully borrowed on the Company platforms during the
period presented.
|
|
16
Represents the total number of new borrowers outside China's
Mainland whose transactions were facilitated on the Company's
platforms during the period presented.
|
|
17 Please
refer to "UNAUDITED Reconciliation of GAAP And Non-GAAP Results"
for reconciliation between GAAP and Non-GAAP adjusted operating
income.
|
Mr. Tiezheng Li, Chief Executive
Officer of FinVolution, commented, "We ended the first half of 2024
on a positive note, driving progressive growth in the China market while
maintaining faster growth momentum internationally through strong
execution of our Local Excellence, Global Outlook Strategy.
"Cumulatively, we have served
around 31.5 million borrowers across China, Indonesia and the
Philippines as of June 30,
2024. During the first half of 2024, transaction volume for
the China market reached
RMB92.5 billion, up 6.0%
year-over-year. Transaction volume for the international market
continued to grow faster, soaring to RMB4.5
billion, up 32.4%
year-over-year. In terms of outstanding balances, the China market reached RMB64.2 billion while our international market
reached RMB1.4 billion, up 2.6% and
27.3% respectively year-over-year. This stellar performance stands
as a testament to our strategy's effectiveness," concluded Mr. Li.
Mr. Jiayuan Xu, FinVolution's
Chief Financial Officer, continued, "Alongside solid operational
metrics, our financial performance improved progressively with net
revenues for the quarter reaching RMB3,168.0
million (US$435.9 million), up
3.0% year-over-year. Notably, contributions from international
revenue grew to RMB562.9 million
(US$77.5 million), up 12.0%
year-over-year, and representing 17.8% of total revenue. Our total
liquidity position remained healthy and robust at RMB8,138.8 million (US$1,119.9 million) as of June 30, 2024.
"As part of our ongoing consistent commitment to return value to
shareholders, we deployed approximately US$29.6 million in the second quarter of 2024 to
repurchase our shares on the secondary market. In the first half of
2024, we deployed approximately US$56.8
million to repurchase our shares on the secondary market.
Since 2018, we have cumulatively returned a total of approximately
US$661.8 million to our shareholders
through our leading capital return program, underscoring our
consistent and sustainable commitment to our shareholders,"
concluded Mr. Xu.
Second Quarter 2024 Financial Results
Net revenue for the second quarter of 2024 was
RMB3,168.0 million (US$435.9 million), compared with RMB3,075.7 million for the same period of 2023.
This increase was primarily due to the increase in guarantee income and other
revenue.
Loan facilitation service
fees was RMB1,110.5 million (US$152.8 million) for the second quarter of
2024, compared with RMB1,115.0
million for the same period of 2023, remaining stable
year-over-year.
Post-facilitation service
fees was RMB389.2 million (US$53.6 million) for the second quarter of
2024, compared with RMB488.2 million for the same period of
2023. This decrease was primarily due to the rolling impact of
deferred transaction fees.
Guarantee income was RMB1,298.9
million (US$178.7 million) for
the second quarter of 2024, compared with RMB1,072.9 million for the same period of 2023.
This increase was primarily due to the increased outstanding loan
balance of off-balance sheet loans in the international markets,
higher guarantee rates and the
rolling impact of deferred guarantee income. The fair value of
quality assurance commitment upon loan origination is released as
guarantee income systematically over the term of the loans subject
to quality assurance commitment.
Net interest income was RMB218.8 million
(US$30.1 million) for the second
quarter of 2024, compared with RMB263.0 million for the same
period of 2023. This decrease was
primarily due to the decrease in the average outstanding loan
balances of on-balance sheet loans in the international
markets.
Other revenue was RMB150.5 million
(US$20.7 million) for the second
quarter of 2024, compared with RMB136.5 million for the
same period of 2023. This increase was primarily due to the
increase in customer referral fees from the financial institutions
along with our Company's enhanced product and service
offerings.
Origination, servicing expenses and other costs of
revenue was RMB575.2 million (US$79.2 million) for the second quarter of
2024, compared with RMB516.0 million for the same period of
2023. This increase was primarily due to an increase in the
facilitation costs as a result of the higher transaction volume in
the international market and an increase in the loan collection
expenses as a result of the higher outstanding loan balance.
Sales and marketing expenses was RMB473.3
million (US$65.1 million) for
the second quarter of 2024, compared with RMB468.8 million for the same period of 2023, as
a result of our more proactive customer acquisition efforts
focusing on better quality borrowers, especially in the
international markets.
Research and development expenses was RMB119.3 million (US$16.4
million) for the second quarter of 2024, compared with
RMB124.6 million for the same period
of 2023. This decrease was primarily due to the increase in technology development efficiency.
General and administrative
expenses was RMB101.9 million (US$14.0 million) for the second quarter of
2024, compared with RMB90.8 million
for the same period of 2023. This increase was primarily due
to the increase in employee compensation.
Provision for accounts receivable and contract assets was
RMB57.2 million (US$7.9 million) for the second quarter of 2024,
compared with RMB67.5 million for the
same period of 2023. This decrease was primarily due to the
decrease in the outstanding loan balances for which the Company bears credit risks in
the China market.
Provision for loans
receivable was RMB92.0 million (US$12.7 million) for the second quarter of
2024, compared with RMB159.2 million for the same period of
2023. This decrease was primarily due to the decreases in the loan
volume and the outstanding loan balances of on-balance sheet loans
in the international markets.
Credit losses for quality assurance
commitment was RMB1,190.6 million (US$163.8 million) for the second quarter of
2024, compared with RMB1,073.5
million for the same period of 2023. The increase was
primarily due to the growth in the loan volume and the outstanding
loan balances of off-balance sheet loans in the international
markets.
Operating profit was RMB558.5 million
(US$76.9 million) for the second
quarter of 2024, compared with RMB575.4 million for the same
period of 2023.
Non-GAAP adjusted operating income, which excludes
share-based compensation expenses before tax, was RMB598.6 million (US$82.4 million) for the second quarter of 2024,
compared with RMB606.9 million for
the same period of 2023.
Other income was RMB67.7
million (US$9.3 million) for
the second quarter of 2024, compared with RMB119.9 million for the same period of 2023.
This decrease was mainly due to the decrease in government subsidies.
Income tax expense was RMB75.2
million (US$10.3 million) for
the second quarter of 2024, compared with RMB105.2 million for the same period of 2023.
This decrease was mainly due to the decrease in pre-tax profit and the change in the
estimated annual effective tax rate.
Net profit was RMB551.0 million (US$75.8 million) for the second quarter of
2024, compared with RMB590.1 million
for the same period of 2023.
Net profit attributable to ordinary shareholders of the
Company was RMB551.1 million (US$75.8 million) for the second quarter of
2024, compared with RMB554.4 million
for the same period of 2023.
Diluted net profit per ADS was RMB2.07 (US$0.28) and diluted net profit
per share was RMB0.41 (US$0.06) for the second quarter of
2024, compared with RMB1.95 and
RMB0.39 for the same period of 2023
respectively.
Non-GAAP diluted net profit per ADS was RMB2.22 (US$0.30) and non-GAAP diluted
net profit per share was RMB0.44 (US$0.06) for the second quarter of
2024, compared with RMB2.06 and
RMB0.41 for the same period of
2023 respectively. Each ADS represents five Class A ordinary
shares of the Company.
As of June 30, 2024, the Company
had cash and cash equivalents of RMB5,705.9 million (US$785.2 million) and short-term
investments, mainly in wealth management products and term deposit,
of RMB2,432.8 million
(US$334.8 million).
The following chart shows the historical cumulative 30-day plus
past due delinquency rates by loan origination vintage for loan
products facilitated through the Company's platform in China's Mainland as of June 30, 2024. Loans facilitated under the
capital-light model, for which the Company does not bear principal
risk, are excluded from the chart.
Click here to view the chart
Shares Repurchase Update
For the second quarter of 2024, the Company deployed
approximately US$29.6 million to repurchase its own Class
A ordinary shares in the form of ADSs in the market. During
the first half of 2024, the Company has deployed approximately
US$56.8 million to repurchase its own
Class A ordinary shares in the form of ADSs in the market. As
of June 30, 2024, in combination with the Company's historical
and existing share repurchase programs, the Company had
cumulatively repurchased its own Class A ordinary shares in the
form of ADSs with a total aggregate value of approximately
US$336.8 million since 2018.
Business Outlook
While the macroeconomic recovery continued to gain traction with
pockets of improvement since the beginning of 2024,
uncertainties persist in the markets in which we operate. The
Company has observed encouraging signs of recovery and will
continue to closely monitor macro conditions across all the markets
in which we operate and remain prudent in our business
operations. The Company reiterates its full-year
2024 transaction volume guidance for
the China market in the range
of RMB195.7 billion to RMB205.0 billion, representing year-over-year
growth of approximately 5.0% to 10.0%. At the same time, the
Company expects its 2024 transaction volume for
the international markets to be in the range of
RMB9.4 billion to RMB11.0 billion, representing year-over-year
growth of approximately 20.0% to 40.0%.
The above forecast is based on the current market conditions and
reflects the Company's current preliminary views and expectations
on market and operational conditions and the regulatory and
operating environment, as well as customers' and institutional
partners' demands, all of which are subject to change.
Conference Call
The Company's management will host an earnings conference call
at 8:30 PM U.S. Eastern Time on August
20, 2024 (8:30AM Beijing/Hong Kong Time on August 21, 2024).
Dial-in details for the earnings conference call are as
follows:
|
United States (toll
free):
|
+1-888-346-8982
|
|
Canada (toll
free):
|
+1-855-669-9657
|
|
International:
|
+1-412-902-4272
|
|
Hong Kong, China (toll
free):
|
800-905-945
|
|
Hong Kong,
China:
|
+852-3018-4992
|
|
Mainland,
China:
|
400-120-1203
|
Participants should dial in at least five minutes before the
scheduled start time and ask to be connected to the call for
"FinVolution Group."
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website at
https://ir.finvgroup.com.
A replay of the conference call will be accessible approximately
one hour after the conclusion of the live call until August 27, 2024, by dialing the following
telephone numbers:
|
United States (toll
free):
|
+1-877-344-7529
|
|
Canada (toll
free):
|
+1-855-669-9658
|
|
International:
|
+1-412-317-0088
|
|
Replay Access
Code:
|
5663537
|
About FinVolution Group
FinVolution Group is a leading fintech platform with strong
brand recognition in China and the
international markets connecting borrowers of the young generation
with financial institutions. Established in 2007, the Company is a
pioneer in China's online consumer
finance industry and has developed innovative technologies and has
accumulated in-depth experience in the core areas of credit risk
assessment, fraud detection, big data and artificial
intelligence. The Company's platforms, empowered by proprietary
cutting-edge technologies, features a highly automated loan
transaction process, which enables a superior user experience. As
of June 30, 2024, the Company had
over 191.3 million cumulative registered users across
China, Indonesia and the
Philippines.
For more information, please visit https://ir.finvgroup.com
Use of Non-GAAP Financial Measures
We use non-GAAP adjusted operating income, non-GAAP operating
margin, non-GAAP net profit, non-GAAP net profit attributable to
FinVolution Group, and non-GAAP basic and diluted net profit
per share and per ADS which are non-GAAP financial measures, in
evaluating our operating results and for financial and operational
decision-making purposes. We believe that these non-GAAP financial
measures help identify underlying trends in our business by
excluding the impact of share-based compensation expenses and
expected discretionary measures. We believe that non-GAAP financial
measures 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, non-GAAP operating margin,
non-GAAP net profit, non-GAAP net profit attributable to
FinVolution Group, and non-GAAP basic and diluted net profit per
share and per ADS are not defined under U.S. GAAP and are not
presented in accordance with U.S. GAAP. These non-GAAP financial
measures have limitations as analytical tool, and when assessing
our operating performance, cash flows or our liquidity, investors
should not consider it in isolation, or as a substitute for net
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 RMB7.2672 to US$1.00, the rate in effect as of June 28, 2024 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 FinVolution 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:
FinVolution Group
Head of Investor Relations
Jimmy Tan, IRC
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: ir@xinye.com
Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: finv@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com
|
FinVolution Group
UNAUDITED INTERIM
CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in
thousands, except share data, or otherwise noted)
|
|
|
|
|
|
As of December
31,
|
|
As of
June 30,
|
|
2023
|
|
2024
|
|
RMB
|
|
RMB
|
USD
|
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
4,969,319
|
|
5,705,919
|
785,161
|
|
Restricted
cash
|
1,800,071
|
|
1,770,810
|
243,672
|
|
Short-term
investments
|
2,960,821
|
|
2,432,848
|
334,771
|
|
Investments
|
1,135,133
|
|
1,157,891
|
159,331
|
|
Quality assurance
receivable, net of credit loss allowance for
quality assurance receivable of RMB529,392 and
RMB508,429 as of December 31, 2023 and June 30, 2024,
respectively
|
1,755,615
|
|
1,788,655
|
246,127
|
|
Intangible
assets
|
98,692
|
|
137,298
|
18,893
|
|
Property, equipment
and software, net
|
140,933
|
|
641,800
|
88,315
|
|
Loans receivable, net
of credit loss allowance for loans receivable
of RMB214,550 and RMB215,148 as of December 31, 2023 and
June 30, 2024, respectively
|
1,127,388
|
|
1,657,087
|
228,023
|
|
Accounts receivable
and contract assets, net of credit loss
allowance for accounts receivable and contract assets of
RMB310,394 and RMB273,328 as of December 31, 2023 and
June 30, 2024, respectively
|
2,208,538
|
|
2,376,816
|
327,061
|
|
Deferred tax
assets
|
1,624,325
|
|
2,177,877
|
299,686
|
|
Right of use
assets
|
38,110
|
|
28,740
|
3,955
|
|
Prepaid expenses and
other assets
|
3,384,317
|
|
2,027,796
|
279,034
|
|
Goodwill
|
50,411
|
|
50,411
|
6,937
|
|
Total
assets
|
21,293,673
|
|
21,953,948
|
3,020,966
|
|
Liabilities and
Shareholders' Equity
|
|
|
Deferred guarantee
income
|
1,882,036
|
|
1,709,242
|
235,200
|
|
Liability from quality
assurance commitment
|
3,306,132
|
|
3,051,660
|
419,922
|
|
Payroll and welfare
payable
|
261,528
|
|
202,035
|
27,801
|
|
Taxes
payable
|
207,477
|
|
489,970
|
67,422
|
|
Short-term
borrowings
|
5,756
|
|
5,468
|
752
|
|
Funds payable to
investors of consolidated trusts
|
436,352
|
|
509,356
|
70,090
|
|
Contract
liability
|
5,109
|
|
5,109
|
703
|
|
Deferred tax
liabilities
|
340,608
|
|
368,209
|
50,667
|
|
Accrued expenses and
other liabilities
|
941,899
|
|
1,206,821
|
166,064
|
|
Leasing
liabilities
|
35,878
|
|
30,839
|
4,244
|
|
Total
liabilities
|
7,422,775
|
|
7,578,709
|
1,042,865
|
|
Commitments and
contingencies
|
|
|
|
|
|
FinVolution Group
Shareholders' equity
|
|
|
|
|
|
Ordinary
shares
|
103
|
|
103
|
14
|
|
Additional paid-in
capital
|
5,748,734
|
|
5,773,446
|
794,453
|
|
Treasury
stock
|
(1,199,683)
|
|
(1,558,855)
|
(214,506)
|
|
Statutory
reserves
|
762,472
|
|
762,472
|
104,920
|
|
Accumulated other
comprehensive income
|
80,006
|
|
43,215
|
5,948
|
|
Retained
Earnings
|
8,357,153
|
|
8,994,668
|
1,237,708
|
|
Total FinVolution
Group shareholders' equity
|
13,748,785
|
|
14,015,049
|
1,928,537
|
|
Non-controlling
interest
|
122,113
|
|
360,190
|
49,564
|
|
Total shareholders'
equity
|
13,870,898
|
|
14,375,239
|
1,978,101
|
|
Total liabilities
and shareholders' equity
|
21,293,673
|
|
21,953,948
|
3,020,966
|
|
FinVolution Group
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
(All amounts
in thousands, except share data, or otherwise noted)
|
|
|
|
|
|
For the Three Months
Ended June 30,
|
|
For the Six Months
Ended June 30,
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
RMB
|
|
RMB
|
USD
|
|
RMB
|
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenue:
|
|
|
|
|
|
|
|
|
|
|
Loan facilitation
service fees
|
1,115,041
|
|
1,110,528
|
152,814
|
|
2,283,294
|
|
2,096,468
|
288,484
|
|
Post-facilitation
service fees
|
488,187
|
|
389,236
|
53,561
|
|
975,358
|
|
854,428
|
117,573
|
|
Guarantee
income
|
1,072,913
|
|
1,298,927
|
178,738
|
|
2,059,433
|
|
2,645,042
|
363,970
|
|
Net
interest income
|
263,047
|
|
218,803
|
30,108
|
|
548,679
|
|
450,110
|
61,937
|
|
Other
Revenue
|
136,490
|
|
150,506
|
20,710
|
|
259,557
|
|
287,033
|
39,497
|
|
Net
revenue
|
3,075,678
|
|
3,168,000
|
435,931
|
|
6,126,321
|
|
6,333,081
|
871,461
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Origination,
servicing expenses and other cost of
revenue
|
(515,960)
|
|
(575,231)
|
(79,154)
|
|
(1,028,388)
|
|
(1,114,786)
|
(153,400)
|
|
Sales and marketing
expenses
|
(468,833)
|
|
(473,295)
|
(65,128)
|
|
(865,951)
|
|
(922,504)
|
(126,941)
|
|
Research and
development expenses
|
(124,577)
|
|
(119,252)
|
(16,410)
|
|
(250,793)
|
|
(239,747)
|
(32,990)
|
|
General and
administrative expenses
|
(90,770)
|
|
(101,892)
|
(14,021)
|
|
(176,172)
|
|
(184,219)
|
(25,349)
|
|
Provision for accounts
receivable and contract assets
|
(67,451)
|
|
(57,237)
|
(7,876)
|
|
(130,651)
|
|
(122,899)
|
(16,911)
|
|
Provision for loans
receivable
|
(159,189)
|
|
(91,988)
|
(12,658)
|
|
(302,505)
|
|
(173,273)
|
(23,843)
|
|
Credit losses for
quality assurance commitment
|
(1,073,451)
|
|
(1,190,572)
|
(163,828)
|
|
(2,054,134)
|
|
(2,388,671)
|
(328,692)
|
|
Total operating
expenses
|
(2,500,231)
|
|
(2,609,467)
|
(359,075)
|
|
(4,808,594)
|
|
(5,146,099)
|
(708,126)
|
|
Operating
profit
|
575,447
|
|
558,533
|
76,856
|
|
1,317,727
|
|
1,186,982
|
163,335
|
|
Other income,
net
|
119,901
|
|
67,657
|
9,310
|
|
202,678
|
|
98,661
|
13,576
|
|
Profit before income
tax expense
|
695,348
|
|
626,190
|
86,166
|
|
1,520,405
|
|
1,285,643
|
176,911
|
|
Income tax
expenses
|
(105,230)
|
|
(75,152)
|
(10,341)
|
|
(240,467)
|
|
(202,629)
|
(27,883)
|
|
Net
profit
|
590,118
|
|
551,038
|
75,825
|
|
1,279,938
|
|
1,083,014
|
149,028
|
|
Net
profit attributable to non-controlling interest
shareholders
|
35,684
|
|
(107)
|
(15)
|
|
29,620
|
|
4,168
|
574
|
|
|
|
|
|
|
|
|
|
|
|
Net profit
attributable to FinVolution Group
|
554,434
|
|
551,145
|
75,840
|
|
1,250,318
|
|
1,078,846
|
148,454
|
|
Foreign currency
translation adjustment, net of nil tax
|
80,703
|
|
(47,923)
|
(6,594)
|
|
51,535
|
|
(36,791)
|
(5,063)
|
|
Total comprehensive
income attributable
to FinVolution
Group
|
635,137
|
|
503,222
|
69,246
|
|
1,301,853
|
|
1,042,055
|
143,391
|
|
Weighted average
number of ordinary shares used in
computing net income per share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
1,387,090,179
|
|
1,298,653,314
|
1,298,653,314
|
|
1,398,767,090
|
|
1,305,081,766
|
1,305,081,766
|
|
Diluted
|
1,423,975,798
|
|
1,334,219,839
|
1,334,219,839
|
|
1,430,367,809
|
|
1,337,706,499
|
1,337,706,499
|
|
Net profit per share
attributable to FinVolution
Group's
ordinary shareholders
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.40
|
|
0.42
|
0.06
|
|
0.89
|
|
0.83
|
0.11
|
|
Diluted
|
0.39
|
|
0.41
|
0.06
|
|
0.87
|
|
0.81
|
0.11
|
|
Net profit per ADS
attributable to FinVolution
Group's
ordinary shareholders (one ADS equal
five
ordinary shares)
|
|
|
|
|
|
|
|
|
|
|
Basic
|
2.00
|
|
2.12
|
0.29
|
|
4.47
|
|
4.13
|
0.57
|
|
Diluted
|
1.95
|
|
2.07
|
0.28
|
|
4.37
|
|
4.03
|
0.55
|
|
FinVolution Group
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts
in thousands, except share data, or otherwise noted)
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
Net cash provided by
operating
activities
|
506,617
|
|
965,313
|
|
132,831
|
|
1,178,903
|
|
1,159,778
|
|
159,591
|
|
Net cash provided
by/(used in)
investing activities
|
(880,715)
|
|
(577,516)
|
|
(79,469)
|
|
925,171
|
|
348,029
|
|
47,890
|
|
Net cash used in
financing activities
|
(518,630)
|
|
(479,769)
|
|
(66,018)
|
|
(1,405,346)
|
|
(770,917)
|
|
(106,082)
|
|
Effect of exchange rate
changes on
cash and cash equivalents
|
65,202
|
|
(21,347)
|
|
(2,936)
|
|
38,799
|
|
(29,551)
|
|
(4,065)
|
|
Net increase in cash,
cash equivalent
and restricted cash
|
(827,526)
|
|
(113,319)
|
|
(15,592)
|
|
737,527
|
|
707,339
|
|
97,334
|
|
Cash, cash equivalent
and restricted
cash at beginning of period
|
8,044,140
|
|
7,590,048
|
|
1,044,425
|
|
6,479,087
|
|
6,769,390
|
|
931,499
|
|
Cash, cash equivalent
and restricted
cash at end of period
|
7,216,614
|
|
7,476,729
|
|
1,028,833
|
|
7,216,614
|
|
7,476,729
|
|
1,028,833
|
|
FinVolution Group
UNAUDITED
Reconciliation of GAAP and Non-GAAP Results
(All amounts
in thousands, except share data, or otherwise noted)
|
|
|
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|
2023
|
2024
|
2023
|
2024
|
|
RMB
|
RMB
|
USD
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
Net
Revenues
|
3,075,678
|
3,168,000
|
435,931
|
6,126,321
|
6,333,081
|
871,461
|
|
Less: total operating
expenses
|
(2,500,231)
|
(2,609,467)
|
(359,075)
|
(4,808,594)
|
(5,146,099)
|
(708,126)
|
|
Operating
Income
|
575,447
|
558,533
|
76,856
|
1,317,727
|
1,186,982
|
163,335
|
|
Add: share-based
compensation expenses
|
31,457
|
40,100
|
5,518
|
51,816
|
70,389
|
9,686
|
|
Non-GAAP adjusted
operating income
|
606,904
|
598,633
|
82,374
|
1,369,543
|
1,257,371
|
173,021
|
|
|
|
|
|
|
|
|
Operating
Margin
|
18.7 %
|
17.6 %
|
17.6 %
|
21.5 %
|
18.7 %
|
18.7 %
|
|
Non-GAAP operating
margin
|
19.7 %
|
18.9 %
|
18.9 %
|
22.4 %
|
19.9 %
|
19.9 %
|
|
Non-GAAP adjusted
operating income
|
606,904
|
598,633
|
82,374
|
1,369,543
|
1,257,371
|
173,021
|
|
Add: other income,
net
|
119,901
|
67,657
|
9,310
|
202,678
|
98,661
|
13,576
|
|
Less: income tax
expenses
|
(105,230)
|
(75,152)
|
(10,341)
|
(240,467)
|
(202,629)
|
(27,883)
|
|
Non-GAAP net
profit
|
621,575
|
591,138
|
81,343
|
1,331,754
|
1,153,403
|
158,714
|
|
Net profit attributable
to non-controlling interest
shareholders
|
35,684
|
(107)
|
(15)
|
29,620
|
4,168
|
574
|
|
Non-GAAP net profit
attributable to FinVolution
Group
|
585,891
|
591,245
|
81,358
|
1,302,134
|
1,149,235
|
158,140
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in
computing net income per share
|
|
|
|
|
|
|
|
Basic
|
1,387,090,179
|
1,298,653,314
|
1,298,653,314
|
1,398,767,090
|
1,305,081,766
|
1,305,081,766
|
|
Diluted
|
1,423,975,798
|
1,334,219,839
|
1,334,219,839
|
1,430,367,809
|
1,337,706,499
|
1,337,706,499
|
|
Non-GAAP net profit
per share attributable to
FinVolution Group's ordinary shareholders
|
|
|
|
|
|
|
|
Basic
|
0.42
|
0.46
|
0.06
|
0.93
|
0.88
|
0.12
|
|
Diluted
|
0.41
|
0.44
|
0.06
|
0.91
|
0.86
|
0.12
|
|
Non-GAAP net profit
per ADS attributable to
FinVolution Group's ordinary shareholders (one ADS
equal five ordinary shares)
|
|
|
|
|
|
|
|
Basic
|
2.11
|
2.28
|
0.31
|
4.65
|
4.40
|
0.61
|
|
Diluted
|
2.06
|
2.22
|
0.30
|
4.55
|
4.30
|
0.59
|
View original
content:https://www.prnewswire.com/news-releases/finvolution-group-reports-second-quarter-2024-unaudited-financial-results-302226436.html
SOURCE FinVolution Group