Technology
X Financial Reports Second Quarter 2024 Unaudited Financial Results
Published
1 month agoon
By
SHENZHEN, China, Aug. 21, 2024 /PRNewswire/ — X Financial (NYSE: XYF) (the “Company” or “we”), a leading online personal finance company in China, today announced its unaudited financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Operational Highlights
Three Months Ended
June 30, 2023
Three Months Ended
March 31, 2024
Three Months Ended
June 30, 2024
QoQ
YoY
Total loan amount facilitated and
originated (RMB in million)
25,874
21,505
22,749
5.8 %
(12.1 %)
Number of active borrowers
1,474,930
1,369,410
1,642,605
19.9 %
11.4 %
The total loan amount facilitated and originated[1] in the second quarter of 2024 was RMB22,749 million, compared with RMB25,874 million in the same period of 2023.Total number of active borrowers[2] was 1,642,605 in the second quarter of 2024, compared with 1,474,930 in the same period of 2023.
As of June 30, 2023
As of March 31, 2024
As of June 30, 2024
Total outstanding loan balance (RMB in million)
45,071
43,812
41,804
Delinquency rates for all outstanding loans that are past
due for 31-60 days
0.96 %
1.61 %
1.29 %
Delinquency rates for all outstanding loans that are past
due for 91-180 days
2.50 %
4.37 %
4.38 %
The total outstanding loan balance[3] as of June 30, 2024 was RMB41,804 million, compared with RMB45,071 million as of June 30, 2023.The delinquency rate for all outstanding loans that are past due for 31-60 days[4] as of June 30, 2024 was 1.29%, compared with 0.96% as of June 30, 2023.The delinquency rate for all outstanding loans that are past due for 91-180 days[5] as of June 30, 2024 was 4.38%, compared with 2.50% as of June 30, 2023.
[1] Represents the total amount of loans that the Company facilitated and originated during the relevant period.
[2] Represents borrowers who made at least one transaction on the Company’s platform during the relevant period.
[3] Represents the total amount of loans outstanding for loans that the Company facilitated and originated at the end of the relevant period. Loans that are delinquent for more than 60 days are excluded in the outstanding loan balance, except for Xiaoying Housing Loans. As Xiaoying Housing Loans is a secured loan product and the Company is entitled to payment by exercising its rights to the collateral, the Company does not exclude Xiaoying Housing Loans delinquent for more than 60 days in the outstanding loan balance.
[4] Represents the balance of the outstanding principal and accrued outstanding interest for Xiaoying Credit Loans that were 31 to 60 days past due as a percentage of the total balance of outstanding principal and accrued outstanding interest for Xiaoying Credit Loans that the Company facilitated and originated as of a specific date. Xiaoying Credit Loans that are delinquent for more than 60 days are excluded when calculating the denominator. Starting from the first quarter of 2021, substantially all of the loans facilitated and provided by the Company have been Xiaoying Credit Loans.
[5] To make the delinquency rate by balance comparable to the peers, the Company also defines the delinquency rate as the balance of the outstanding principal and accrued outstanding interest for Xiaoying Credit Loans that were 91 to 180 days past due as a percentage of the total balance of outstanding principal and accrued outstanding interest for the Xiaoying Credit Loans that the Company facilitated and originated as of a specific date. Xiaoying Credit Loans that are delinquent for more than 180 days are excluded when calculating the denominator.
Second Quarter 2024 Financial Highlights
(In thousands, except for share and per share
data)
Three Months Ended
June 30, 2023
Three Months Ended
March 31, 2024
Three Months Ended
June 30, 2024
QoQ
YoY
RMB
RMB
RMB
Total net revenue
1,220,422
1,207,974
1,372,588
13.6 %
12.5 %
Total operating costs and expenses
(775,293)
(831,433)
(909,535)
9.4 %
17.3 %
Income from operations
445,129
376,541
463,053
23.0 %
4.0 %
Net income
366,292
363,139
415,303
14.4 %
13.4 %
Non-GAAP adjusted net income
364,885
322,205
374,661
16.3 %
2.7 %
Net income per ADS—basic
7.62
7.44
8.46
13.7 %
11.0 %
Net income per ADS—diluted
7.50
7.32
8.28
13.1 %
10.4 %
Non-GAAP adjusted net income per ADS—basic
7.62
6.60
7.62
15.5 %
0.0 %
Non-GAAP adjusted net income per ADS—diluted
7.44
6.54
7.50
14.7 %
0.8 %
Total net revenue in the second quarter of 2024 was RMB1,372.6 million (US$188.9 million), representing an increase of 12.5% from RMB1,220.4 million in the same period of 2023.Income from operations in the second quarter of 2024 was RMB463.1 million (US$63.7 million), compared with RMB445.1 million in the same period of 2023.Net income in the second quarter of 2024 was RMB415.3 million (US$57.1 million), compared with RMB366.3 million in the same period of 2023.Non-GAAP[6] adjusted net income in the second quarter of 2024 was RMB374.7 million (US$51.6 million), compared with RMB364.9 million in the same period of 2023.Net income per basic and diluted American depositary share (“ADS”) [7] in the second quarter of 2024 was RMB8.46 (US$1.16) and RMB8.28 (US$1.14), compared with RMB7.62 and RMB7.50, respectively, in the same period of 2023.Non-GAAP adjusted net income per basic and adjusted diluted ADS in the second quarter of 2024 was RMB7.62 (US$1.05) and RMB7.50 (US$1.03), compared with RMB7.62 and RMB7.44, respectively, in the same period of 2023.
[6] The Company uses in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, (iii) adjusted net income (loss) per diluted ADS, (iv) adjusted net income per basic share, and (v) adjusted net income per diluted share, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments and impairment losses on long-term investments. For more information on non-GAAP financial measure, please see the section of “Use of Non-GAAP Financial Measures Statement” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
[7] Each American depositary share (“ADS”) represents six Class A ordinary shares.
Mr. Kent Li, President of the Company, commented, “We are very pleased to report another solid quarter as we made further progress in improving our profitability. Our proactive management of loan volumes based on asset quality dynamics continued to bear fruit in the second quarter. As a result, while loan volume declined year-on-year, our net income for the quarter grew significantly and reached a record high.”
“The total loan amount facilitated and originated decreased by 12% year-on-year but increased 6% sequentially to RMB23 billion. Our total outstanding loan balance was RMB42 billion at the end of June 2024. Delinquency rates for outstanding loans past due for 31-60 days and 91-180 days were 1.29% and 4.38%, respectively, at the end of the quarter, compared to 1.61% and 4.37% a quarter ago and 0.96% and 2.50% a year ago. As we have seen an improvement in our asset quality, we have decided to ease our strict controls on loan volumes, and we expect our loan volumes to gradually recover on a year-on-year basis in the second half of the year. Meanwhile, we will continue to strengthen and refine our risk management system to improve asset quality. Our focus remains on sustainable profitability, and we employ flexible tactics to adapt to evolving market conditions to achieve this and, as always, to increase shareholder value.”
Mr. Frank Fuya Zheng, Chief Financial Officer of the Company, added, “We delivered strong financial results this quarter. Total net revenue was RMB1.4 billion, up 12.5% year-on-year and 14% sequentially. We continued to focus on cost control and improved asset quality and, as a result, our net income grew 13% year-on-year and 14% sequentially to RMB415 million, a record high in our history. In May 2024, we announced a new US$20 million share repurchase program. In June 2024, we initiated a tender offer to purchase 2 million ADSs, which was completed in July 2024. We are pleased to have executed this ADS buyback, which provided liquidity to shareholders seeking an exit at a premium price and, at the same time, increased remaining shareholders’ stakes in the Company. We are committed to profitable growth while exploring various avenues to further increase returns for our shareholders.”
Second Quarter 2024 Financial Results
Total net revenue in the second quarter of 2024 increased by 12.5% to RMB1,372.6 million (US$188.9 million) from RMB1,220.4 million in the same period of 2023, primarily due to growth in various disaggregated revenue items compared with the same period of 2023. Please refer to the analysis of disaggregation of revenue below.
Three Months Ended June 30,
(In thousands, except for share and per share data)
2023
2024
YoY
RMB
% of Revenue
RMB
% of Revenue
Loan facilitation service
715,503
58.6 %
732,249
53.3 %
2.3 %
Post-origination service
140,317
11.5 %
154,669
11.3 %
10.2 %
Financing income
274,639
22.5 %
351,012
25.6 %
27.8 %
Guarantee income
–
0.0 %
45,564
3.3 %
100.0 %
Other revenue
89,963
7.4 %
89,094
6.5 %
(1.0 %)
Total net revenue
1,220,422
100.0 %
1,372,588
100.0 %
12.5 %
Loan facilitation service fees in the second quarter of 2024 increased by 2.3% to RMB732.2 million (US$100.8 million) from RMB715.5 million in the same period of 2023, primarily due to a decrease in the expected prepayment rates this quarter compared with the same period of 2023.
Post-origination service fees in the second quarter of 2024 increased by 10.2% to RMB154.7 million (US$21.3 million) from RMB140.3 million in the same period of 2023, primarily due to the cumulative effect of increased volume of loans facilitated in the previous quarters. Revenues from post-origination services are recognized on a straight-line basis over the term of the underlying loans as the services are being provided.
Financing income in the second quarter of 2024 increased by 27.8% to RMB351.0 million (US$48.3 million) from RMB274.6 million in the same period of 2023, due to an increase in average loan balances held by the Company compared with the same period of 2023.
Guarantee income in the second quarter of 2024 was RMB45.6 million (US$6.3 million), due to an increase in guarantee income arising from financing guarantee business operated by a subsidiary which holds the financing guarantee license and commenced the financing guarantee business in second half of 2023.
Other revenue in the second quarter of 2024 decreased by 1.0% to RMB89.1 million (US$12.3 million), compared with RMB90.0 million in the same period of 2023.
Origination and servicing expenses in the second quarter of 2024 increased by 19.1% to RMB415.1 million (US$57.1 million) from RMB348.6 million in the same period of 2023, primarily due to the increase in collection expenses resulting from the cumulative effect of increased volume of loans facilitated and provided in the previous quarters compared with the same period of 2023.
Borrower acquisitions and marketing expenses in the second quarter of 2024 decreased by 2.6% to RMB323.6 million (US$44.5 million) from RMB332.1 million in the same period of 2023.
Provision for loans receivable in the second quarter of 2024 was RMB95.9 million (US$13.2 million), compared with RMB55.4 million in the same period of 2023, primarily due to an increase in loans receivable held by the Company as a result of the cumulative effect of increased volume of loans facilitated and provided in the previous quarters compared with the same period of 2023.
Provision for contingent guarantee liabilities in the second quarter of 2024 was RMB21.4 million (US$2.9 million), due to increase in the guarantee liability arising from financing guarantee business operated by a subsidiary which holds the financing guarantee license and commenced the financing guarantee business in second half of 2023.
Income from operations in the second quarter of 2024 was RMB463.1 million (US$63.7 million), compared with RMB445.1 million in the same period of 2023.
Income before income taxes and gain from equity in affiliates in the second quarter of 2024 was RMB504.0 million (US$69.4 million), compared with RMB443.9 million in the same period of 2023.
Income tax expense in the second quarter of 2024 was RMB89.6 million (US$12.3 million), compared with RMB87.0 million in the same period of 2023.
Net income in the second quarter of 2024 was RMB415.3 million (US$57.1 million), compared with RMB366.3 million in the same period of 2023.
Non-GAAP adjusted net income in the second quarter of 2024 was RMB374.7 million (US$51.6 million), compared with RMB364.9 million in the same period of 2023.
Net income per basic and diluted ADS in the second quarter of 2024 was RMB8.46 (US$1.16), and RMB8.28 (US$1.14), compared with RMB7.62 and RMB7.50, respectively, in the same period of 2023.
Non-GAAP adjusted net income per basic and diluted ADS in the second quarter of 2024 was RMB7.62 (US$1.05), and RMB7.50 (US$1.03), compared with RMB7.62 and RMB7.44 respectively, in the same period of 2023.
Cash and cash equivalents was RMB1,612.2 million (US$221.8 million) as of June 30, 2024, compared with RMB1,413.1 million as of March 31, 2024.
Recent Development
Share Repurchase Plan
On May 30, 2024, the Company announced that its board of directors authorized a new US$20 million share repurchase program, effective through November 30, 2025. On June 5, 2024, the Company announced that it had commenced a tender offer under the share repurchase program to purchase up to 2 million ADSs at a price of $4.52 per ADS. On July 15, 2024, the Company announced the results of the tender offer. A total of 2,026,640 ADSs were validly tendered and not withdrawn. The total repurchase amount of the tender offer was approximately US$9.2 million. Following the completion of the tender offer, the Company has about US$10.8 million left for potential repurchases under its new US$20 million plan. Additionally, approximately US$5.5 million remains under our US$30 million plan which is effective until the end of September 2024.
Declaration of Semi-Annual Dividend
In March 2024, the Company approved a semi-annual dividend policy. Pursuant to the semi-annual dividend policy, the Board today approved the declaration and payment of a semi-annual dividend of US$0.17 per ADS (approximately US$0.028 per ordinary share) for the first half of 2024. The holders of the Company’s ordinary shares shown on the Company’s record at the close of trading on September 4, 2024 (U.S. Eastern Daylight Time) will be entitled to the semi-annual dividend. These shareholders, including the Bank of New York Mellon, the depositary of our ADS program (the “Depositary”), will receive the payments of dividends on or about September 27, 2024. Dividends to the Company’s ADS holders will be paid by the Depositary on or after September 27, 2024, and the precise timing of receipt will vary based on the processing efficiency of the respective holding brokerage.
Business Outlook
The Company expects the total loan amount facilitated and originated for the third quarter of 2024 to be between RMB26.0 billion and RMB27.5 billion.
This forecast reflects the Company’s current and preliminary views, which are subject to changes.
Conference Call
X Financial’s management team will host an earnings conference call at 7:00 AM U.S. Eastern Time on August 22, 2024 (7:00 PM Beijing / Hong Kong Time on August 22, 2024).
Dial-in details for the earnings conference call are as follows:
United States:
1-888-346-8982
Hong Kong:
852-301-84992
Mainland China:
4001-201203
International:
1-412-902-4272
Passcode:
X Financial
Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the following numbers until August 29, 2024:
United States:
1-877-344-7529
International:
1-412-317-0088
Passcode:
3590885
Additionally, a live and archived webcast of the conference call will be available at http://ir.xiaoyinggroup.com.
About X Financial
X Financial (NYSE: XYF) (the “Company”) is a leading online personal finance company in China. The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitate and originate loans to prime borrowers under a risk assessment and control system.
For more information, please visit: http://ir.xiaoyinggroup.com.
Use of Non-GAAP Financial Measures Statement
In evaluating our business, we consider and use non-GAAP measures as supplemental measures to review and assess our operating performance. We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We believe that the use of the non-GAAP financial measures facilitates investors’ assessment of our operating performance and help investors to identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income (loss) from operations and net income (loss). We also believe that the non-GAAP measures provide useful information about our core 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.
We use in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, (iii) adjusted net income (loss) per diluted ADS, (iv) adjusted net income per basic share, and (v) adjusted net income per diluted share, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments and impairment losses on long-term investments. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, investors should not consider them in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.
We mitigate these limitations by reconciling the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.
For more information on these non-GAAP financial measures, 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 specified rates 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 7.2672 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of June 28, 2024.
Disclaimer
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the followings: the Company’s goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China; the demand for and market acceptance of its marketplace’s products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law.
Use of Projections
This announcement also contains certain financial forecasts (or guidance) with respect to the Company’s projected financial results. The Company’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections or guidance for the purpose of their inclusion in this announcement, and accordingly, they did not express an opinion or provide any other form assurance with respect thereto for the purpose of this announcement. This guidance should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company, or that actual results will not diff materially from those set forth in the prospective financial information. Inclusion of the prospective financial information in this announcement should not be regarded as a representation by any person that the results contained in the prospective financial information will actually be achieved. You should review this information together with the Company’s historical information.
For more information, please contact:
X Financial
Mr. Frank Fuya Zheng
E-mail: ir@xiaoying.com
Christensen IR
In China
Mr. Rene Vanguestaine
Phone: +86-178-1749 0483
E-mail: rene.vanguestaine@christensencomms.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
X Financial
Unaudited Condensed Consolidated Balance Sheets
(In thousands, except for share and per share data)
As of December 31, 2023
As of June 30, 2024
As of June 30, 2024
RMB
RMB
USD
ASSETS
Cash and cash equivalents
1,195,352
1,612,200
221,846
Restricted cash, net
749,070
590,210
81,216
Accounts receivable and contract assets, net
1,659,588
1,510,866
207,902
Loans receivable from Xiaoying Credit Loans and other loans, net
4,947,833
5,080,810
699,143
Deposits to institutional cooperators, net
1,702,472
1,589,195
218,681
Prepaid expenses and other current assets, net
48,767
34,878
4,799
Deferred tax assets, net
135,958
192,391
26,474
Long-term investments
493,411
497,278
68,428
Property and equipment, net
8,642
10,423
1,434
Intangible assets, net
36,810
36,504
5,023
Loan receivable from Xiaoying Housing Loans, net
8,657
6,494
894
Financial investments
608,198
756,323
104,074
Other non-current assets
55,265
57,655
7,934
TOTAL ASSETS
11,650,023
11,975,227
1,647,848
LIABILITIES
Payable to investors and institutional funding partners at amortized cost
3,584,041
3,134,236
431,285
Guarantee liabilities
61,907
82,838
11,399
Deferred guarantee income
46,597
84,566
11,637
Short-term borrowings
565,000
474,500
65,293
Accrued payroll and welfare
86,771
58,757
8,086
Other tax payable
289,819
268,198
36,905
Income tax payable
446,500
472,584
65,030
Accrued expenses and other current liabilities
595,427
674,731
92,846
Dividend payable
59,226
–
–
Other non-current liabilities
37,571
35,359
4,866
Deferred tax liabilities
30,040
35,137
4,835
TOTAL LIABILITIES
5,802,899
5,320,906
732,182
Commitments and Contingencies
Equity:
Common shares
207
207
28
Treasury stock
(111,520)
(101,788)
(14,006)
Additional paid-in capital
3,196,942
3,206,740
441,262
Retained earnings
2,692,018
3,469,948
477,481
Other comprehensive income
69,477
79,214
10,901
Total X Financial shareholders’ equity
5,847,124
6,654,321
915,666
Non-controlling interests
–
–
–
TOTAL EQUITY
5,847,124
6,654,321
915,666
TOTAL LIABILITIES AND EQUITY
11,650,023
11,975,227
1,647,848
X Financial
Unaudited Condensed Consolidated Statements of Comprehensive Income
Three Months Ended June 30,
Six Months Ended June 30,
(In thousands, except for share and per share data)
2023
2024
2024
2023
2024
2024
RMB
RMB
USD
RMB
RMB
USD
Net revenues
Loan facilitation service
715,503
732,249
100,761
1,296,107
1,346,399
185,271
Post-origination service
140,317
154,669
21,283
261,590
307,411
42,301
Financing income
274,639
351,012
48,301
528,695
685,640
94,347
Guarantee income
–
45,564
6,270
–
78,490
10,801
Other revenue
89,963
89,094
12,260
138,964
162,622
22,378
Total net revenue
1,220,422
1,372,588
188,875
2,225,356
2,580,562
355,098
Operating costs and expenses:
Origination and servicing1
348,604
415,071
57,116
720,088
841,618
115,811
Borrower acquisitions and marketing1
332,119
323,636
44,534
604,061
572,010
78,711
General and administrative1
36,566
39,073
5,377
74,633
77,547
10,671
Provision for accounts receivable and contract assets
3,175
9,016
1,241
2,235
17,671
2,432
Provision for loans receivable
55,449
95,865
13,192
75,826
157,405
21,660
Provision for contingent guarantee liabilities
–
21,376
2,941
–
69,269
9,532
Change in fair value of financial guarantee derivative2
(667)
–
–
(24,966)
–
–
Fair value adjustments related to Consolidated Trusts2
247
–
–
800
–
–
(Reversal of) provision for credit losses for deposits and other financial assets
(200)
5,498
757
(234)
5,448
750
Total operating costs and expenses
775,293
909,535
125,158
1,452,443
1,740,968
239,567
Income from operations
445,129
463,053
63,717
772,913
839,594
115,531
Interest expenses, net
(8,457)
(1,818)
(250)
(10,455)
(6,109)
(841)
Foreign exchange loss
(11,798)
(7,807)
(1,074)
(8,781)
(8,231)
(1,133)
Income from financial investments
12,093
51,276
7,056
2,579
101,522
13,970
Other income (loss), net
6,932
(657)
(90)
18,263
3,388
466
Income before income taxes and gain from equity in affiliates
443,899
504,047
69,359
774,519
930,164
127,993
Income tax expense
(87,043)
(89,568)
(12,325)
(139,607)
(154,593)
(21,273)
Gain from equity in affiliates, net of tax
9,436
824
113
15,725
2,869
395
Net income
366,292
415,303
57,147
650,637
778,440
107,115
Less: net income attributable to non-controlling interests
–
–
–
–
–
–
Net income attributable to X Financial shareholders
366,292
415,303
57,147
650,637
778,440
107,115
Net income
366,292
415,303
57,147
650,637
778,440
107,115
Other comprehensive income, net of tax of nil:
Gain from equity in affiliates
40
–
–
42
30
4
Income from financial investments
–
2,294
316
–
4,519
622
Foreign currency translation adjustments
27,186
3,970
546
19,925
5,188
714
Comprehensive income
393,518
421,567
58,009
670,604
788,177
108,455
Less: comprehensive income attributable to non-controlling interests
–
–
–
–
–
–
Comprehensive income attributable to X Financial shareholders
393,518
421,567
58,009
670,604
788,177
108,455
Net income per share—basic
1.27
1.41
0.19
2.26
2.65
0.36
Net income per share—diluted
1.25
1.38
0.19
2.21
2.60
0.36
Net income per ADS—basic
7.62
8.46
1.16
13.56
15.90
2.19
Net income per ADS—diluted
7.50
8.28
1.14
13.26
15.60
2.15
Weighted average number of ordinary shares outstanding—basic
287,607,857
293,914,248
293,914,248
287,955,066
294,224,447
294,224,447
Weighted average number of ordinary shares outstanding—diluted
293,863,323
300,458,575
300,458,575
294,078,329
299,681,672
299,681,672
1 Starting in the first quarter of 2024, management has concluded to separate expenses related to borrower acquisitions from origination and servicing expenses and indirect expenses of the borrower acquisitions from
general and administrative expenses to a single line item as theses expenses become more and more significant and thus deemed to be useful to financial statement users. Furtherly, management has determined to embed
the sales and marketing expenses, which is not considered as material, in other line item. In conclusion, management has decided to combine these two line items into one captioned borrower acquisitions and marketing
expenses. Management has correspondingly conformed prior period presentation to current period presentation to enhance comparability. This change in presentation does not affect any subtotal line on the face of
consolidated statements of comprehensive income.
(In thousands, except for share and per share data)
Three Months Ended June 30, 2023
Changes
before re-grouping
after re-grouping
RMB
RMB
RMB
Origination and servicing
669,720
348,604
(321,116)
Borrower acquisitions and marketing expenses
–
332,119
332,119
Sales and marketing
3,431
–
(3,431)
General and administrative
44,138
36,566
(7,572)
2 Starting in the first quarter of 2024, management has considered the facts that fair value change related to financial guarantee services and Consolidated Trusts are generated from ordinary course of businesses, and has
concluded to reclass the amount to captions above total operating costs and expenses. Prior to the reclassification, management classified all amount of fair value changes to captions below total operating costs and
expenses. This reclassification does not have impact on net income for any prior periods presented.
X Financial
Unaudited Reconciliations of GAAP and Non-GAAP Results
Three Months Ended June 30,
Six Months Ended June 30,
(In thousands, except for share and per share data)
2023
2024
2024
2023
2024
2024
RMB
RMB
USD
RMB
RMB
USD
GAAP net income
366,292
415,303
57,147
650,637
778,440
107,115
Less: Income (loss) from financial investments (net of tax of nil)
12,093
51,276
7,056
2,579
101,522
13,970
Less: Impairment losses on financial investments (net of tax of nil)
–
–
–
–
–
–
Less: Impairment losses on long-term investments (net of tax)
–
–
–
–
–
–
Add: Share-based compensation expenses (net of tax of nil)
10,686
10,634
1,463
23,351
19,946
2,745
Non-GAAP adjusted net income
364,885
374,661
51,554
671,409
696,864
95,890
Non-GAAP adjusted net income per share—basic
1.27
1.27
0.17
2.33
2.37
0.33
Non-GAAP adjusted net income per share—diluted
1.24
1.25
0.17
2.28
2.33
0.32
Non-GAAP adjusted net income per ADS—basic
7.62
7.62
1.05
13.98
14.22
1.96
Non-GAAP adjusted net income per ADS—diluted
7.44
7.50
1.03
13.68
13.98
1.92
Weighted average number of ordinary shares outstanding—basic
287,607,857
293,914,248
293,914,248
287,955,066
294,224,447
294,224,447
Weighted average number of ordinary shares outstanding—diluted
293,863,323
300,458,575
300,458,575
294,078,329
299,681,672
299,681,672
View original content:https://www.prnewswire.com/news-releases/x-financial-reports-second-quarter-2024-unaudited-financial-results-302227496.html
SOURCE X Financial
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Technology
KM Malta Airlines, the Maltese Islands’ New National Carrier, Implements CellPoint Digital’s Payment Orchestration Solution
Published
52 mins agoon
September 23, 2024By
The partnership will enable KM Malta Airlines to provide passengers with a seamless payment experience and access to their preferred payment methods.
LONDON, Sept. 23, 2024 /CNW/ — CellPoint Digital, a global pioneer in Payment Orchestration, is proud to announce it has partnered with KM Malta Airlines to support the airline’s payment processes across multiple sales channels, including on its website and App, allowing passengers in future to pay with key alternative payment methods (APMs) like Apple Pay.
From the start of operations on March 31, 2024, CellPoint Digital was entrusted to support KM Malta Airlines’ payment processes across. Using CellPoint Digital’s Payment Orchestration platform, KM Malta Airlines launched the service with optimised payment processes, a cost-effective payment strategy, and a customer-centric payment model. This partnership reflects the airline’s commitment to providing its passengers with a seamless, convenient payment experience and the airline’s recognition of CellPoint Digital as a valued payment solution provider.
Through its partnership with CellPoint Digital, KM Malta Airlines gains access to a network of acquirer connections, including its newly introduced partner, Shift4 (formerly Finaro), to support its growth strategy. This allows the airline to optimise transaction routing, reduce payment costs, and settle in its preferred currency.
“It’s not often that we get to be present at the inception of one of Europe’s next great airlines, but that’s the opportunity we have with this partnership,” said Kristian Gjerding, CEO of CellPoint Digital. “By prioritising its payment strategy as a cornerstone of its launch strategy, KM Malta Airlines demonstrates that it cares about providing passengers with the best possible booking experience and setting itself up for future success.”
Roy Kinnear, CCO of KM Malta Airlines, stated, “A highly optimised, cost-efficient payment strategy is important to the success of our airline. That’s why we partnered with experts in aviation payments to deliver a comprehensive platform tailored to our passengers’ needs and allowing us to expand our offering of customer choice payment mechanisms.”
The Advantage of Day-One Payment Orchestration
Payment Orchestration is a concept that describes the end-to-end management of all components of a payment, from authorisation to routing to settlement to reporting, allowing airlines to boost conversions in direct and indirect sales channels at lower transaction costs. CellPoint Digital’s Payment Orchestration Platform, which KM Malta Airlines will implement, routes transactions intelligently to increase acceptance, simplifies and centralises back-end reconciliation, integrates various payment methods like Apple Pay, and easily accommodates multiple PSPs and acquirers, including KM Malta Airline’s preferred acquiring partner, Shift4.
For more information about the CellPoint Digital partnership with KM Malta Airlines or to speak with company executives, please get in touch with Steven Osei at steven.osei@cellpointdigital.com
About CellPoint Digital
CellPoint Digital is a fintech leader in payment orchestration and optimisation. CellPoint Digital’s main solution is a powerful Payment Orchestration Platform that optimises digital payment transactions from cards or alternative payment methods and accelerates the deployment of new payment options. Merchants can easily scale their own payment ecosystem across the world, unify the customer payment experience across their website, mobile apps and other channels, optimise the routing of each transaction, increase conversion rates and minimise payment costs. CellPoint Digital has offices in Copenhagen, Dallas, Dubai, London, Miami, Pune and Singapore. Visit www.cellpointdigital.com to learn more.
About KM Malta Airlines
The KM Malta Airlines schedule serves 17 airports across 15 key European cities, namely, Amsterdam, Berlin, Brussels, Catania, Dusseldorf, London Gatwick, London Heathrow, Lyon, Madrid, Milan, Munich, Paris Charles de Gaulle, Paris Orly, Prague, Rome, Vienna and Zurich.
Bookings can be made on kmmaltairlines.com
Contact: media@kmmaltairlines.com
View original content:https://www.prnewswire.com/news-releases/km-malta-airlines-the-maltese-islands-new-national-carrier-implements-cellpoint-digitals-payment-orchestration-solution-302254685.html
SOURCE CellPoint Digital
Technology
Advantech Unveils Expanded Singapore Office to Boost ASEAN Presence and Support AIoT Innovations with Strategic Partnerships
Published
52 mins agoon
September 23, 2024By
SINGAPORE, Sept. 23, 2024 /PRNewswire/ — Advantech (TWSE: 2395), a global leader in industrial IoT and embedded computing solutions, has officially inaugurated its expanded regional office in Singapore. This strategic investment is set to enhance Advantech’s core competencies within the ASEAN region. Located at 7002 Ang Mo Kio Avenue 5, the new office will double the company’s current facility space, enhancing its infrastructure to meet the rising demand for high-technology solutions, particularly in the semiconductor sector. The expansion underscores Advantech’s commitment to collaborating with silicon and ecosystem partners and investing in local talent development through industry-academia partnerships. The new office will also support Advantech’s Configure-To-Order Service (CTOS), reinforcing its strategic goal of deepening and localising industry presence while advancing a comprehensive AIoT industry development strategy.
Vincent Chang, Managing Director of Asia and Intercontinental Region at Advantech, stated, “The relocation to our new premises marks a significant milestone in Advantech’s nearly 30 years of growth in Singapore. Established in 1995, Advantech Singapore has grown to become a pivotal hub in the ASEAN region, leading to the creation of Advantech Malaysia, Thailand, Indonesia, and Vietnam as key regional business units. Advantech envisions Singapore evolving into a Corporate Development Core Competency hub, focusing on business intelligence, strategic planning, and advancing branding, public relations, and ESG programmes across the ASEAN region.”
Advantech is also excited to launch the second year of its AIoT Innowork programme with Singapore Polytechnic (SP). This year’s projects will focus on sustainable development, net-zero emissions, and generative AI. Students will use Advantech’s WISE-PaaS, a cloud-based platform, to develop AIoT solutions, including a smart outdoor agriculture proof-of-concept within SP’s campus. Additionally, the programme will advance intelligent EV charging and parking space monitoring with Advantech’s LoRaWAN gateway and generative AI, featuring a dashboard for carpark occupancy and an assistive chatbot for availability queries.
In response to the government’s focus on future workforce development, a student team from SP is set to create a proof of concept for a “Generative AI-powered Virtual Sales Agent.” This innovative project aims to transform customer interactions by enhancing sales and engagement through cutting-edge AI technology. SP envisions this technology revolutionising customer engagement, enhancing service support, and improving operational efficiency.
Advantech Singapore is dedicated to advancing the “MySkillsFuture” programme, a key initiative by the Singapore government to support lifelong learning. Advantech aims to build a collaborative value chain that fosters a sustainable and thriving IoT ecosystem by partnering with ecosystem players, academic institutions, and industry leaders. Additionally, through academic collaboration, Advantech seeks to cultivate industry growth and align with its social responsibility objectives by producing and distributing urban farming products to underserved communities. These strategic partnerships are poised to drive long-term industry success and reinforce Advantech’s commitment to its ESG goals.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/advantech-unveils-expanded-singapore-office-to-boost-asean-presence-and-support-aiot-innovations-with-strategic-partnerships-302255164.html
SOURCE Advantech Co. Singapore Pte Ltd
Technology
Estonia Strengthens Smart Mobility Networking and Strategic Partnerships in the Gulf
Published
52 mins agoon
September 23, 2024By
DUBAI, UAE, Sept. 23, 2024 /PRNewswire/ — Trade Estonia, part of Enterprise Estonia, is concluding its participation at the ITS World Congress 2024 in Dubai, further asserting its leadership in intelligent transport systems (ITS) and smart mobility. Estonia, known for being the first country to allow testing autonomous vehicles on public roads since 2017, showcased its innovative technologies that are setting new benchmarks in smart mobility and ITS.
At the exhibition, Trade Estonia displayed pioneering solutions, including Bamboo Apps’ cutting-edge dispatch system for autonomous shuttles, enabling remote monitoring of unmanned vehicles to enhance safety and efficiency. e-Pavement integrates sensors within road surfaces to improve safety and traffic management, while Auve Tech’s autonomous shuttles seamlessly integrate with public transport, offering efficient and eco-friendly urban mobility solutions. Metrosert is enhancing the precision of smart infrastructure, and Digilogistika Keskus is optimising logistics through advanced digital platforms, boosting supply chain efficiency in smart cities.
H.E. The Ambassador of Estonia to the UAE Maria Belovas stated, “Estonia’s footprint in integrating cutting-edge technology is pivotal in enhancing transportation safety, efficiency, and mobility. Our innovations are designed to meet the evolving needs of global smart cities and ensure a sustainable future for transportation.”
These advancements exemplify Estonia’s commitment to developing intelligent, sustainable, and efficient transport solutions that address both urban and rural mobility needs, and solidifying its global network.
In addition to presenting its technological progress at the ITS World Congress, Estonia focused on building meaningful connections and exploring new avenues for collaboration.
Forging Strategic Global Partnerships
Estonia is dedicated to expanding its international impact by building strategic partnerships, particularly in the Gulf region.
A recent networking event, hosted by H.E. The Ambassador of Finland, Ms. Tuula Yrjölä, and H.E. The Ambassador of Estonia, Ms. Maria Belovas, brought together Finnish and Estonian business delegations to cultivate global connections in smart mobility. The event also facilitated valuable discussions on future collaborations, reflecting Trade Estonia’s ongoing mission to support global innovation and sustainability in transport.
Ms. Maria Belovas highlighted the importance of these international connections in advancing the organisation’s strategic goals and enriching global collaborative efforts.
Building on this momentum, Trade Estonia is gearing up for its next significant engagement at GITEX Global 2024. This upcoming event will serve as a new stage for Estonia to underline their technological advancements and explore new avenues for collaboration with global technology leaders.
About Trade Estonia
Trade Estonia is part of Enterprise Estonia. As a state organisation, Trade Estonia helps Estonian companies to establish themselves in international markets. With a focus on future technologies and pioneering projects, Trade Estonia provides Estonian companies with access to market analysis and marketing strategies and creates the conditions for them to operate successfully on a global scale. Trade Estonia not only promotes the development of new business areas and the establishment of strategic partnerships, but also facilitates access to international networks, thus contributing to the global competitiveness of Estonian companies.
Photo: https://mma.prnewswire.com/media/2512077/Maria_Belovas.jpg
View original content:https://www.prnewswire.co.uk/news-releases/estonia-strengthens-smart-mobility-networking-and-strategic-partnerships-in-the-gulf-302255186.html
KM Malta Airlines, the Maltese Islands’ New National Carrier, Implements CellPoint Digital’s Payment Orchestration Solution
Advantech Unveils Expanded Singapore Office to Boost ASEAN Presence and Support AIoT Innovations with Strategic Partnerships
Estonia Strengthens Smart Mobility Networking and Strategic Partnerships in the Gulf
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