Technology

Industrial Shredders Market Set to Reach USD 1635.9 Million by 2030, Driven by Expanding Applications and Sustainability Initiatives | Credence Research Inc.

Published

4 hours ago

November 26, 2024

Industrial Shredders Market Size and Forecast

PUNE, India, Nov. 26, 2024 /PRNewswire/ — Industrial Shredders Market Overview
The global industrial shredders market has exhibited consistent growth, driven by the increasing demand across diverse industrial applications. Valued at USD 1154.9 million in 2022, the market’s steady expansion is attributed to the rising need for efficient waste management solutions, especially in sectors like construction, manufacturing, and recycling. Industrial shredders play a crucial role in processing large volumes of materials, reducing waste, and enabling material reuse, which aligns with the growing emphasis on sustainability and environmental conservation. Additionally, technological advancements in shredder designs, such as improved energy efficiency and enhanced automation features, are contributing to the market’s growth trajectory.

Market Size and Forecast
According to the report by Credence Research “Industrial Shredders Market By Number of Shafts (Single Shaft Shredder, Two Shaft Shredder, Three Shaft Shredder, Four Shaft Shredder) By Position of Shafts (Horizontal Shaft Shredder, Vertical Shaft Shredder) By Application (Municipal Solid Waste Recycling (MSW), Wood Waste Recycling, Waste Electronic and Electronic Equipment Recycling (WEE), Paper Reject Recycling, Others (Plastic, Metal, etc.))-Growth, Future Prospects & Competitive Analysis, 2016 – 2030″ the industrial shredders market is projected to reach USD 1635.9 million by 2030, reflecting a compound annual growth rate (CAGR) of 5.10% between 2023 and 2030. This robust growth is underpinned by expanding industrial activities in emerging economies and stricter regulations promoting sustainable waste management practices. Moreover, the adoption of shredders in innovative applications, such as data destruction and e-waste recycling, is anticipated to fuel demand further. The market’s evolution is also supported by increased investments in smart shredding solutions, offering improved operational efficiency and customization for various industries.

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Industrial Shredders Market Drivers

Rising Demand for Efficient Waste Management Solutions
The growing emphasis on sustainability and environmental conservation is a significant driver of the industrial shredders market. Industries such as manufacturing, construction, and recycling are increasingly adopting shredding technologies to manage waste efficiently and promote material reuse. For example, the global waste management industry generates approximately 2.01 billion tons of municipal solid waste annually, with at least 33% not managed in an environmentally safe manner. Regulatory mandates worldwide, aimed at reducing landfill usage and enhancing recycling rates, are pushing industries to invest in advanced shredding solutions. Countries like Germany and South Korea have achieved recycling rates of 47% and 54%, respectively, showcasing the effectiveness of stringent regulations.

Additionally, shredders’ ability to process diverse materials, including metal, plastic, and paper, positions them as vital tools in achieving zero-waste goals across multiple sectors. This versatility is crucial as industries strive to meet stringent environmental regulations and enhance their sustainability efforts. For instance, shredding one ton of paper can save 17 trees and significantly reduce greenhouse gas emissions.

Technological Advancements and Automation Integration
The integration of advanced technologies in shredding equipment is further propelling market growth. High-torque motors with over 90% efficiency are replacing traditional hydraulic systems, significantly improving energy management and reducing thermal waste. Smart sensors equipped with IO-Link connectivity and dynamic resolution of ±5.5 micrometers enable real-time monitoring and precise material handling, while arrays of up to 50 metal-cased sensors provide continuous detection across conveyor systems. Innovations such as AI-integrated systems and IoT technologies are enhancing operational efficiency and reducing downtime. These advancements not only lower operational costs but also provide precise material handling capabilities, making industrial shredders more versatile and reliable. The implementation of smart automation allows for precise control optimization, while advanced material sorting technologies, including metal detection and separation systems, improve recycling efficiency. Moreover, the rise of Industry 4.0 has driven demand for connected shredding systems that enable remote monitoring and predictive maintenance, with features like cloud-ready sensors providing real-time data monitoring and high-speed sensor-based decision-making capabilities, ensuring seamless operations in high-demand industries.

Increasing Adoption in Emerging Economies
Emerging economies are experiencing rapid industrialization, which is driving the adoption of industrial shredders. India’s urban population is expected to nearly double to 814 million by 2050, generating approximately 0.7 kg of waste per person daily by 2025, which is 4-6 times higher than in 1999. Growing construction activities, expanding manufacturing sectors, and rising urbanization contribute to increased waste generation, necessitating effective waste management solutions. Government initiatives in countries like India and China, aimed at improving recycling infrastructure and reducing environmental pollution, are further bolstering demand. In India, only 43 million tons of the 62 million tons of waste generated annually is collected, highlighting the urgent need for efficient waste management solutions. The implementation of initiatives like the Clean India Mission and stringent environmental regulations has spurred the growth of domestic recycling industries. Additionally, the affordability of shredding solutions, coupled with their long-term cost-saving benefits, makes them an attractive investment for industries in these regions, with companies investing in R&D achieving up to 25% higher efficiency.

Expanding Applications in Specialized Industries
The industrial shredders market is witnessing increased adoption in niche applications, such as data destruction and e-waste recycling. The growing need for secure disposal of sensitive information, evidenced by a 68% surge in reported data breaches with 1,862 incidents in 2022, is driving demand in these segments. The rising volume of discarded electronic devices, which reached 62 million tonnes in 2022 and is projected to increase to 82 million tonnes by 2030, has created urgent demand for efficient recycling solutions. Shredders equipped with specialized blades and features to handle unique materials are catering to the evolving needs of these industries, processing approximately 31 billion kg of metals and 17 billion kg of plastics from e-waste annually. Furthermore, the increasing global focus on circular economy principles is encouraging businesses to adopt shredding technologies to maximize resource recovery and minimize waste, particularly as current formal recycling rates remain low at 22.3% globally, leaving USD 62 billion worth of recoverable resources unaccounted for.

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Industrial Shredders Market Restraints

High Initial Costs and Maintenance Expenses
One of the primary challenges facing the industrial shredders market is the high upfront cost of purchasing and installing shredding equipment. Advanced shredders, equipped with modern technologies like automation and energy-efficient features, often require significant capital investment, which can be a deterrent for small- and medium-sized enterprises (SMEs). Additionally, ongoing maintenance and repair expenses, including the replacement of wear-and-tear components such as blades and motors, can further increase operational costs. These financial considerations may hinder widespread adoption, especially in cost-sensitive industries and emerging economies.

Limited Awareness and Skilled Workforce Challenges
The market also faces constraints due to limited awareness about the benefits of industrial shredders in certain regions, particularly in underdeveloped economies. Many industries in these areas continue to rely on traditional waste management practices, lacking the knowledge or resources to adopt shredding technologies. Moreover, the operation of industrial shredders often requires skilled personnel to ensure optimal performance and safety. A shortage of trained operators and technicians can pose significant challenges to businesses, leading to inefficient use of shredding equipment and potential operational risks.

Regulatory and Environmental Compliance Issues
While regulations promoting waste recycling and sustainability are driving market growth, they can also pose challenges for manufacturers of shredding equipment. Compliance with stringent environmental and safety standards often requires continuous innovation and product development, increasing production costs for manufacturers. Furthermore, improper disposal of shredded waste, particularly hazardous materials, can lead to legal complications for end-users. These factors may deter some industries from adopting shredding technologies or limit their usage to specific applications.

Raw Material Price Volatility and Supply Chain Disruptions
The cost and availability of raw materials required for manufacturing shredding equipment, such as steel and electronic components, can significantly impact the market. Price volatility and supply chain disruptions, often caused by geopolitical tensions or economic instability, can increase production costs and delay deliveries. These issues not only affect manufacturers but also lead to higher prices for end-users, potentially limiting market growth in regions with constrained budgets or uncertain economic conditions.

Industrial Shredders Market Segmentation Analysis

By Number of Shafts
The market is segmented based on the number of shafts into single, two, three, and four shaft shredders. Single shaft shredders are primarily used for applications requiring precise shredding with minimal dust production, while two shaft shredders are widely adopted for heavy-duty tasks like metal and electronic waste recycling due to their higher torque and efficiency. Three and four shaft shredders, offering superior control over particle size and enhanced durability, are preferred in industries handling mixed and bulky materials, such as municipal solid waste and industrial recycling.

By Position of Shafts
Industrial shredders are classified into horizontal and vertical shaft shredders based on the shaft position. Horizontal shaft shredders dominate the market due to their versatility in handling diverse materials like wood, metal, and plastic. They are widely utilized in high-volume applications such as municipal solid waste recycling. Vertical shaft shredders, while less common, are gaining traction in niche applications requiring fine particle shredding, especially in industries dealing with compact or lightweight materials.

By Application
The application segmentation includes municipal solid waste recycling (MSW), wood waste recycling, waste electronic and electronic equipment recycling (WEEE), paper reject recycling, and others. The MSW segment holds the largest share due to increasing urbanization and stringent regulations promoting sustainable waste management. WEEE recycling is rapidly growing as the volume of discarded electronic devices increases globally, while wood waste and paper reject recycling are driven by the need for resource recovery in construction and packaging industries. Other applications, including plastic and metal shredding, cater to diverse industrial needs.

By Price
Based on price, industrial shredders are categorized into low, medium, and high-cost segments. Low-cost shredders are popular among small-scale industries for basic applications, whereas medium-priced shredders cater to mid-sized businesses requiring enhanced efficiency and durability. High-cost shredders, featuring advanced automation and customization options, are preferred by large industries and specialized recycling units dealing with complex materials.

By Distribution Channel
The distribution channel segmentation includes direct and indirect sales. Direct sales dominate the market, as manufacturers often establish direct relationships with end-users to offer customized solutions and technical support. Indirect channels, including distributors and resellers, cater to smaller businesses and emerging markets, providing access to shredding equipment in regions where direct sales networks are less established. This dual-channel strategy ensures a broader market reach and enhanced customer support.

Segmentation of Global Industrial Shredders Market-

Segmentation

By Number of ShaftsSingle Shaft ShredderTwo Shaft ShredderThree Shaft ShredderFour Shaft ShredderBy Position of ShaftsHorizontal Shaft ShredderVertical Shaft ShredderBy ApplicationMunicipal Solid Waste Recycling (MSW)Wood Waste RecyclingWaste Electronic and Electronic Equipment Recycling (WEE)Paper Reject RecyclingOthers (Plastic, Metal, etc.)By PriceLowMediumHighBy Distribution ChannelDirectIndirectBy RegionNorth AmericaU.SCanadaMexicoEuropeGermanyFranceU.K.ItalySpainRest of EuropeAsia PacificChinaJapanIndiaSouth KoreaSouth-east AsiaRest of Asia PacificLatin AmericaBrazilArgentinaRest of Latin AmericaMiddle East & AfricaGCC CountriesSouth AfricaRest of Middle East and Africa

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Regional Analysis

North America
North America holds a significant share of the industrial shredders market, driven by stringent environmental regulations and advanced recycling infrastructure. The United States leads the region, with high adoption rates in municipal solid waste recycling and electronic waste management. Increasing investments in sustainable waste management practices and innovations in shredding technologies, such as smart shredders and automation integration, further boost market growth. Canada also contributes significantly, with its growing emphasis on resource recovery and the circular economy.

Europe
Europe is a key market for industrial shredders, supported by strict regulatory frameworks like the European Green Deal and the Waste Framework Directive. Countries such as Germany, the UK, and France are leading adopters of shredding technologies for municipal waste, electronic waste, and industrial recycling. The region’s focus on reducing landfill dependency and achieving higher recycling targets is driving demand for advanced shredding solutions. Additionally, the presence of established manufacturers and ongoing technological advancements contribute to market expansion in this region.

Asia-Pacific
The Asia-Pacific region is witnessing rapid growth in the industrial shredders market, fueled by industrialization, urbanization, and increasing waste generation in countries like China, India, and Japan. Rising government initiatives to improve waste management infrastructure and promote recycling are key growth drivers. China leads the market with large-scale adoption of shredding equipment in municipal waste management and e-waste recycling. India is emerging as a significant market, supported by government campaigns for clean cities and efficient waste handling systems.

Middle East & Africa
The industrial shredders market in the Middle East & Africa is growing steadily, with demand primarily driven by urbanization and industrial expansion in countries like Saudi Arabia, the UAE, and South Africa. Recycling initiatives and the need for effective waste management solutions in urban centers are promoting the adoption of shredders. However, challenges such as limited infrastructure and lack of awareness in underdeveloped areas restrain growth. Investments in recycling technologies and collaborations with global players are expected to drive future growth in this region.

Top Companies –

Advance Hydrau-Tech Pvt. Ltd.ANDRITZ AGBCA IndustriesBrentwood Recycling SystemsECO Green Equipment, LLC.EcoStan India Private Limited.Hammermills InternationalMetso CorporationMOCO Maschinen- und Apparatebau GmbH & Co. KGRapid Granulator Inc.Servo InternationalSSI Shredding Systems, Inc.UNTHA Shredding Technology GmbHVecoplan AGWEIMA Maschinenbau GmbH

Competitive Landscape:

The industrial shredders market is characterized by the presence of several global and regional players competing to enhance their market share through technological advancements, strategic partnerships, and product innovations. Key players in the market focus on offering a diverse range of shredders tailored to specific industrial applications such as municipal solid waste management, e-waste recycling, and construction waste processing.

Global Leaders
Leading companies like Vecoplan LLC, SSI Shredding Systems, Inc., and UNTHA shredding technology GmbH dominate the market with their extensive product portfolios and established brand presence. These companies leverage advanced technologies such as automation, IoT-enabled shredders, and energy-efficient designs to cater to evolving customer demands. Their global distribution networks and strong after-sales support provide a competitive edge, particularly in mature markets like North America and Europe.

Regional and Emerging Players
Regional players, such as ARJES GmbH in Europe and China’s Harden Machinery Ltd., focus on cost-effective solutions to cater to local industries. These companies often excel in meeting specific regional requirements, such as compliance with local regulations and customization for niche applications. Emerging players in Asia-Pacific and Latin America are increasingly entering the market, driven by growing industrialization and demand for efficient waste management solutions. Competitive pricing and collaborations with local governments and industries help these players establish a foothold in the market.

Strategic Initiatives
Market participants are actively engaging in mergers and acquisitions to expand their geographic presence and enhance their technological capabilities. For instance, collaborations with recycling firms and partnerships with governments to develop sustainable waste management solutions are common strategies. Additionally, investments in research and development to introduce innovative products, such as shredders with enhanced automation and AI-driven efficiency, highlight the competitive intensity in the market.

Latest Developments:

In October 2024 Ecostan has developed a Dual Shaft Shredder, which is a heavy-duty machine designed for shredding a variety of materials efficiently. It features multiple shredding blades and a program control panel, ensuring automatic operation and including functions like auto-reverse to prevent overfeeding. This development focuses on enhancing the performance and usability of their industrial shredders.In August 2023 Advance Hydrau Tech Pvt. Ltd. announced the launch of its highly anticipated new product catalogue, showcasing the latest products in the scrap processing industry, including industrial shredders.In Nov 2023 ANDRITZ has received an order from Krones AG to supply six ADuro S shredders for a polypropylene recycling plant in the Southeast United States. These shredders will be operational in 2024 and provide a dry shredding solution that minimizes fines and extends wear part life.In Nov 2023 BCA Industries announced the PD1000 IO X tire shredder, designed to enhance productivity by overcoming bottlenecks in loading and unloading materials before and after shredding. This system allows for efficient use of open-top walking floor semi-trailers, which are common in the recycling industry.

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Technology

X Financial Reports Third Quarter 2024 Unaudited Financial Results

Published

3 minutes ago

November 26, 2024

SHENZHEN, China, Nov. 26, 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 third quarter ended September 30, 2024.

Third Quarter 2024 Operational Highlights

Three Months Ended
September 30, 2023

Three Months Ended
June 30, 2024

Three Months Ended
September 30, 2024

QoQ

YoY

Total loan amount facilitated and
originated (RMB in million)

29,462

22,749

28,338

24.6 %

(3.8 %)

Number of active borrowers

1,809,815

1,642,605

1,965,248

19.6 %

8.6 %

The total loan amount facilitated and originated[1] in the third quarter of 2024 was RMB28,338 million, compared with RMB29,462 million in the same period of 2023.Total number of active borrowers[2] was 1,965,248 in the third quarter of 2024, compared with 1,809,815 in the same period of 2023.

As of September 30, 2023

As of June 30, 2024

As of September 30, 2024

Total outstanding loan balance (RMB in million)

49,685

41,804

45,766

Delinquency rates for all outstanding loans that are past
due for 31-60 days

1.11 %

1.29 %

1.02 %

Delinquency rates for all outstanding loans that are past
due for 91-180 days

2.50 %

4.38 %

3.22 %

The total outstanding loan balance[3] as of September 30, 2024 was RMB45,766 million, compared with RMB49,685 million as of September 30, 2023.The delinquency rate for all outstanding loans that are past due for 31-60 days[4] as of September 30, 2024 was 1.02%, compared with 1.11% as of September 30, 2023.The delinquency rate for all outstanding loans that are past due for 91-180 days[5] as of September 30, 2024 was 3.22%, compared with 2.50% as of September 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 originated 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.

Third Quarter 2024 Financial Highlights

(In thousands, except for share and per share data)

Three Months Ended
September 30, 2023

Three Months Ended
June 30, 2024

Three Months Ended
September 30, 2024

QoQ

YoY

RMB

Total net revenue

1,396,864

1,372,588

1,582,497

15.3 %

13.3 %

Total operating costs and expenses

(961,852)

(909,535)

(1,073,533)

18.0 %

11.6 %

Income from operations

435,012

463,053

508,964

9.9 %

17.0 %

Net income

347,190

415,303

375,840

(9.5 %)

8.3 %

Non-GAAP adjusted net income

374,507

374,661

433,625

15.7 %

15.8 %

Net income per ADS—basic

7.26

8.46

7.86

(7.1 %)

8.3 %

Net income per ADS—diluted

7.02

8.28

7.74

(6.5 %)

10.3 %

Non-GAAP adjusted net income per ADS—basic

7.80

7.62

9.12

19.7 %

16.9 %

Non-GAAP adjusted net income per ADS—diluted

7.56

7.50

8.88

18.4 %

17.5 %

Total net revenue in the third quarter of 2024 was RMB1,582.5 million (US$225.5 million), representing an increase of 13.3% from RMB1,396.9 million in the same period of 2023.Income from operations in the third quarter of 2024 was RMB509.0 million (US$72.5 million), compared with RMB435.0 million in the same period of 2023.Net income in the third quarter of 2024 was RMB375.8 million (US$53.6 million), compared with RMB347.2 million in the same period of 2023.Non-GAAP[6] adjusted net income in the third quarter of 2024 was RMB433.6 million (US$61.8 million), compared with RMB374.5 million in the same period of 2023.Net income per basic and diluted American depositary share (“ADS”) [7] in the third quarter of 2024 was RMB7.86 (US$1.12) and RMB7.74 (US$1.10), compared with RMB7.26 and RMB7.02, respectively, in the same period of 2023.Non-GAAP adjusted net income per basic and diluted ADS in the third quarter of 2024 was RMB9.12 (US$1.30) and RMB8.88 (US$1.27), compared with RMB7.80 and RMB7.56, 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 pleased to report another strong quarter, with loan volumes exceeding our forecast and a significant sequential improvement in asset quality. In the third quarter, we continued to promptly adjust loan volumes based on risk levels. As asset quality improved, we further intensified our borrower acquisition efforts, which have yielded very positive results. Both the top and bottom lines continued to grow year-over-year. Non-GAAP adjusted net income reached a new record high.”

“Specifically on the operational front, our total loan amount facilitated and originated was down 4% year-on-year but up 25% sequentially to RMB28 billion, above the high end of our guidance. Delinquency rates for all outstanding loans past due for 31-60 days and 91-180 days were 1.02% and 3.22%, respectively, at the end of the quarter, compared to 1.29% and 4.38% a quarter ago and 1.11% and 2.50% a year ago. We are pleased with these improvements in asset quality and will continue to optimize our risk management system through advanced technology.”

“In September this year, the Chinese government unveiled a comprehensive stimulus package aimed at improving liquidity, boosting the property market, stabilizing financial markets and stimulating consumption. We expect this will provide a meaningful boost to the macroeconomic recovery. As an integral part of the economy, the personal finance market we serve should benefit from this upturn. We have already observed positive signs in the market and are committed to adjusting loan volumes in line with risk levels. As a result of this favorable environment, we are raising our guidance and expect our monthly loan volume to exceed RMB10 billion in the fourth quarter, setting a new record.”

Mr. Frank Fuya Zheng, Chief Financial Officer of the Company, added, “I’m pleased to report that our strategy of balancing business growth and profitability continued to pay off. Total net revenue was RMB1.6 billion, up 13% year-on-year and 15% sequentially, while non-GAAP adjusted net income reached a record high of RMB434 million, up 16% year-on-year and sequentially. As we continue to deliver strong profitability and execute on our proven strategy, we have full confidence in our future. We will continue to execute our semi-annual dividend policy and explore opportunities under our share repurchase program to return more value to our shareholders over the long term.”

Third Quarter 2024 Financial Results

Total net revenue in the third quarter of 2024 increased by 13.3% to RMB1,582.5 million (US$225.5 million) from RMB1,396.9 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 analysis of disaggregation of revenue below.

Three Months Ended September 30,

(In thousands, except for share and per share data)

2023

2024

YoY

RMB

% of Revenue

RMB

% of Revenue

Loan facilitation service

829,385

59.4 %

878,282

55.5 %

5.9 %

Post-origination service

168,186

12.0 %

186,109

11.8 %

10.7 %

Financing income

300,950

21.5 %

335,765

21.2 %

11.6 %

Guarantee income

7,920

0.6 %

53,576

3.4 %

576.5 %

Other revenue

90,423

6.5 %

128,765

8.1 %

42.4 %

Total net revenue

1,396,864

100.0 %

1,582,497

100.0 %

13.3 %

Loan facilitation service fees in the third quarter of 2024 increased by 5.9% to RMB878.3 million (US$125.2 million) from RMB829.4 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 third quarter of 2024 increased by 10.7% to RMB186.1 million (US$26.5 million) from RMB168.2 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 third quarter of 2024 increased by 11.6% to RMB335.8 million (US$47.8 million) from RMB301.0 million in the same period of 2023, primarily due to an increase in average loan receivables held by the Company compared with the same period of 2023.

Guarantee income in the third quarter of 2024 was RMB53.6 million (US$7.6 million), compared with RMB7.9 million in the same period of 2023, due to the cumulative effect of increased volume of loans facilitated covered by guarantee service in the previous quarters compared with the same period of 2023. Revenues from guarantee service are recognized systematically when the Company released from the underlying risk.

Other revenue in the third quarter of 2024 increased by 42.4% to RMB128.8 million (US$18.3 million), compared with RMB90.4 million in the same period of 2023, primarily due to an increase in referral service fee for introducing borrowers to other platforms.

Origination and servicing expenses in the third quarter of 2024 increased by 13.6% to RMB457.5 million (US$65.2 million) from RMB402.9 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 originated in the previous quarters compared with the same period of 2023.

Borrower acquisitions and marketing expenses in the third quarter of 2024 increased by 20.7% to RMB506.8 million (US$72.2 million) from RMB419.9 million in the same period of 2023, primarily due to intensified efforts in borrower acquisitions compared with the same period of 2023.

Reversal of provision for loans receivable in the third quarter of 2024 was RMB35 thousand (US$5 thousand), compared with provision for loans receivable of RMB53.9 million in the same period of 2023, primarily due to a decrease in the average estimated default rate compared with the same period of 2023, and partially offset by an increase in loans receivable held by the Company as a result of the cumulative effect of increased volume of loans facilitated and originated in the previous quarters compared with the same period of 2023.

Provision for contingent guarantee liabilities in the third quarter of 2024 was RMB56.4 million (US$8.0 million), compared with RMB41.6 million in the same period of 2023, primarily due to an increase in guarantee liabilities held by the Company as a result of the increased volume of loans facilitated covered by the guarantee service this quarter compared with the same period of 2023.

Income from operations in the third quarter of 2024 was RMB509.0 million (US$72.5 million), compared with RMB435.0 million in the same period of 2023.

Income before income taxes and gain from equity in affiliates in the third quarter of 2024 was RMB473.5 million (US$67.5 million), compared with RMB417.5 million in the same period of 2023.

Income tax expense in the third quarter of 2024 was RMB100.3 million (US$14.3 million), compared with RMB74.2 million in the same period of 2023.

Net income in the third quarter of 2024 was RMB375.8 million (US$53.6 million), compared with RMB347.2 million in the same period of 2023.

Non-GAAP adjusted net income in the third quarter of 2024 was RMB433.6 million (US$61.8 million), compared with RMB374.5 million in the same period of 2023.

Net income per basic and diluted ADS in the third quarter of 2024 was RMB7.86 (US$1.12), and RMB7.74 (US$1.10), compared with RMB7.26 and RMB7.02, respectively, in the same period of 2023.

Non-GAAP adjusted net income per basic and diluted ADS in the third quarter of 2024 was RMB9.12 (US$1.30), and RMB8.88 (US$1.27), compared with RMB7.80 and RMB7.56 respectively, in the same period of 2023.

Cash and cash equivalents was RMB1,044.1 million (US$148.8 million) as of September 30, 2024, compared with RMB1,612.2 million as of June 30, 2024.

Recent Development

Share Repurchase Plans

On September 4, 2024, the Company further extended the period of the US$30 million share repurchase program until March 31, 2026. In the third quarter of 2024, the Company repurchased an aggregate of 1,689,722 Class A ordinary shares with 10,038 Class A ordinary shares represented by ADSs for a total consideration of approximately US$1.3 million. The Company has approximately US$4.1 million remaining for potential repurchases under its US$30 million share repurchase plan.

As previously disclosed, on May 30, 2024, the Company announced that its board of directors authorized a new US$20 million share repurchase plan, effective through November 30, 2025. The Company completed a tender offer in July 2024 under the new share repurchase program, with a total repurchase amount of approximately US$9.2 million. The Company has approximately US$10.8 million remaining under its US$20 million plan.

Business Outlook

The Company expects the total loan amount facilitated and originated for the fourth quarter of 2024 to be between RMB30.0 billion and RMB31.0 billion. The total loan amount facilitated and originated for 2024 is expected to be between RMB102.6 billion and RMB103.6 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 November 27, 2024 (8:00 PM Beijing / Hong Kong Time on November 27, 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 December 4, 2024:

United States:

1-877-344-7529

International:

1-412-317-0088

Passcode:

3088426

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 7.0176 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 September 30, 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 differ 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 September 30, 2024

RMB

USD

ASSETS

Cash and cash equivalents

1,195,352

1,044,144

148,789

Restricted cash, net

749,070

489,372

69,735

Accounts receivable and contract assets, net

1,659,588

1,709,428

243,592

Loans receivable from Credit Loans and other loans, net

4,947,833

4,938,195

703,687

Deposits to institutional cooperators, net

1,702,472

1,739,539

247,882

Prepaid expenses and other current assets, net

48,767

40,824

5,817

Deferred tax assets, net

135,958

192,644

27,452

Long term investments

493,411

491,782

70,078

Property and equipment, net

8,642

11,566

1,648

Intangible assets, net

36,810

36,236

5,164

Loan receivable from Housing Loans, net

8,657

6,494

925

Financial investments

608,198

866,804

123,519

Other non-current assets

55,265

53,259

7,589

TOTAL ASSETS

11,650,023

11,620,287

1,655,877

LIABILITIES

Payable to investors and institutional funding partners at amortized cost

3,584,041

2,406,552

342,931

Guarantee liabilities

61,907

102,638

14,626

Deferred guarantee income

46,597

106,054

15,113

Short-term borrowings

565,000

433,500

61,773

Accrued payroll and welfare

86,771

93,047

13,259

Other tax payable

289,819

292,939

41,743

Income tax payable

446,500

496,489

70,749

Accrued expenses and other current liabilities

595,427

732,591

104,394

Dividend payable

59,226

–

Other non-current liabilities

37,571

30,915

4,405

Deferred tax liabilities

30,040

29,003

4,133

TOTAL LIABILITIES

5,802,899

4,723,728

673,126

Commitments and Contingencies

Equity:

Common shares

207

Treasury stock

(111,520)

(155,007)

(22,088)

Additional paid-in capital

3,196,942

3,194,909

455,271

Retained earnings

2,692,018

3,788,885

539,912

Other comprehensive income

69,477

67,568

9,628

Total X Financial shareholders’ equity

5,847,124

6,896,562

982,752

Non-controlling interests

–

TOTAL EQUITY

5,847,124

6,896,562

982,752

TOTAL LIABILITIES AND EQUITY

11,650,023

11,620,290

1,655,878

X Financial

Unaudited Condensed Consolidated Statements of Comprehensive Income

Three Months Ended September 30,

Nine Months Ended September 30,

(In thousands, except for share and per share data)

2023

2024

2023

2024

RMB

USD

RMB

USD

Net revenues

Loan facilitation service

829,385

878,282

125,154

2,125,492

2,224,681

317,015

Post-origination service

168,186

186,109

26,520

429,775

493,520

70,326

Financing income

300,950

335,765

47,846

829,645

1,021,405

145,549

Guarantee income

7,920

53,576

7,635

7,920

132,067

18,819

Other revenue

90,423

128,765

18,349

229,388

291,387

41,522

Total net revenue

1,396,864

1,582,497

225,504

3,622,220

4,163,060

593,231

Operating costs and expenses:

Origination and servicing[1]

402,939

457,545

65,200

1,123,027

1,299,164

185,129

Borrower acquisitions and marketing[1]

419,887

506,758

72,212

1,023,948

1,078,768

153,723

General and administrative[1]

40,200

49,499

7,054

114,833

127,047

18,104

Provision for accounts receivable and contract assets

3,748

4,799

684

5,983

22,470

3,202

(Reversal of) provision for loans receivable

53,946

(35)

(5)

129,772

157,370

22,425

Provision for contingent guarantee liabilities

41,594

56,366

8,032

41,594

125,635

17,903

Change in fair value of financial guarantee derivative[2]

–

(24,966)

–

Fair value adjustments related to Consolidated Trusts[2]

(268)

–

531

–

(Reversal of) provision for credit losses for deposits and other financial assets

(194)

(1,399)

(199)

(427)

4,049

577

Total operating costs and expenses

961,852

1,073,533

152,978

2,414,295

2,814,503

401,063

Income from operations

435,012

508,964

72,526

1,207,925

1,348,557

192,168

Interest income (expenses), net

(7,322)

1,211

173

(17,778)

(4,898)

(698)

Foreign exchange (gain) loss

1,526

4,881

696

(7,255)

(3,351)

(478)

Income (loss) from financial investments

(16,490)

(47,635)

(6,788)

(13,911)

53,887

7,679

Other income, net

4,742

6,048

862

23,005

9,437

1,345

Income before income taxes and gain from equity in affiliates

417,468

473,469

67,469

1,191,986

1,403,632

200,016

Income tax expense

(74,172)

(100,331)

(14,297)

(213,779)

(254,924)

(36,326)

Gain from equity in affiliates, net of tax

3,894

2,702

385

19,619

5,572

794

Net income

347,190

375,840

53,557

997,826

1,154,280

164,484

Less: net income attributable to non-controlling interests

–

Net income attributable to X Financial shareholders

347,190

375,840

53,557

997,826

1,154,280

164,484

Net income

347,190

375,840

53,557

997,826

1,154,280

164,484

Other comprehensive income, net of tax of nil:

Gain (loss) from equity in affiliates

(449)

(64)

(418)

(60)

Income from financial investments

–

1,580

225

–

6,100

869

Foreign currency translation adjustments

(6,301)

(12,778)

(1,821)

13,624

(7,590)

(1,082)

Comprehensive income

340,893

364,193

51,897

1,011,495

1,152,372

164,211

Less: comprehensive income attributable to non-controlling interests

–

Comprehensive income attributable to X Financial shareholders

340,893

364,193

51,897

1,011,495

1,152,372

164,211

Net income per share—basic

1.21

1.31

0.19

3.47

3.96

0.56

Net income per share—diluted

1.17

1.29

0.18

3.43

3.87

0.55

Net income per ADS—basic

7.26

7.86

1.12

20.82

23.76

3.39

Net income per ADS—diluted

7.02

7.74

1.10

20.58

23.22

3.31

Weighted average number of ordinary shares outstanding—basic

287,806,370

285,857,203

287,412,729

291,622,784

Weighted average number of ordinary shares outstanding—diluted

297,114,127

292,339,641

291,209,263

298,036,305

[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 September 30, 2023

Changes

before re-grouping

after re-grouping

RMB

Origination and servicing

811,078

402,939

(408,139)

Borrower acquisitions and marketing expenses

–

419,887

Sales and marketing

3,360

–

(3,360)

General and administrative

48,588

40,200

(8,388)

[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 September 30,

Nine Months Ended September 30,

(In thousands, except for share and per share data)

2023

2024

2023

2024

RMB

USD

RMB

USD

GAAP net income

347,190

375,840

53,557

997,826

1,154,280

164,484

Less: Income (loss) from financial investments (net of tax of nil)

(16,490)

(47,635)

(6,788)

(13,911)

53,887

7,679

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)

10,827

10,150

1,446

34,178

30,096

4,289

Non-GAAP adjusted net income

374,507

433,625

61,791

1,045,915

1,130,489

161,094

Non-GAAP adjusted net income per share—basic

1.30

1.52

0.22

3.64

3.88

0.55

Non-GAAP adjusted net income per share—diluted

1.26

1.48

0.21

3.59

3.79

0.54

Non-GAAP adjusted net income per ADS—basic

7.80

9.12

1.30

21.84

23.28

3.32

Non-GAAP adjusted net income per ADS—diluted

7.56

8.88

1.27

21.54

22.74

3.24

Weighted average number of ordinary shares outstanding—basic

287,806,370

285,857,203

287,412,729

291,622,784

Weighted average number of ordinary shares outstanding—diluted

297,114,127

292,339,641

291,209,263

298,036,305

View original content:https://www.prnewswire.com/news-releases/x-financial-reports-third-quarter-2024-unaudited-financial-results-302316439.html

SOURCE X Financial

Technology

DealerFire explores strategies to help dealerships find the best keywords

Published

3 minutes ago

November 26, 2024

Dealerships can use these strategies to improve website SEO

WESTLAKE, Texas, Nov. 26, 2024 /PRNewswire-PRWeb/ — In today’s competitive automotive market, having the right keywords is essential for ensuring a dealership’s website ranks high in search results. DealerFire, a leader in dealership digital marketing solutions, explores strategies to help dealerships pinpoint the best keywords for their online presence. Whether a dealership is doing it themselves or leaning on professional support, there are various methods to achieve keyword success.

Keyword Research Tools for Dealerships

Investing in tools like SEMrush or AnswerThePublic can provide dealerships with valuable insights. These tools help identify high-traffic keywords, uncover niche search terms, and analyze competitors’ performance. By leveraging these platforms, dealerships can create a strong foundation for their SEO strategies.

Analyzing Current Website Data

Another effective strategy is to use Google Analytics to evaluate existing website performance. By identifying which pages are attracting the most traffic, dealerships can spot trends and refine their keyword focus to build on proven success.

Free Resources for Brainstorming Keywords

For dealerships looking for a budget-friendly option, Google’s search engine and AI tools offer great brainstorming opportunities. By typing in relevant terms and analyzing suggested search results, dealerships can generate keyword ideas tailored to their market.

Hiring an SEO Professional

While do-it-yourself methods can work, many dealerships prefer to partner with an expert. DealerFire offers professional SEO services that take the guesswork out of keyword research. With DealerFire’s team, dealerships can enjoy customized keyword strategies designed to drive more traffic and conversions.

Additional Tips for Keyword Success

Targeting terms like “car dealership near [City]” ensures that dealerships connect with their immediate audience.

Regularly analyzing keyword performance helps dealerships refine their approach to maintain and improve rankings.

For dealerships looking to grow their online presence, finding the right keywords is just the beginning. Whether through tools, free methods, or DealerFire’s SEO expertise, optimizing a website for search is an investment in long-term success.

Media Contact

DealerFire, Solera, 888-655-1435, Dealerfirecontent@gmail.com, https://www.dealerfire.com/blog

View original content to download multimedia:https://www.prweb.com/releases/dealerfire-explores-strategies-to-help-dealerships-find-the-best-keywords-302316779.html

SOURCE DealerFire

Technology

Danaher to Present at Evercore ISI HealthCONx Conference

Published

3 minutes ago

November 26, 2024

WASHINGTON, Nov. 26, 2024 /PRNewswire/ — Danaher Corporation (NYSE: DHR) announced that President and Chief Executive Officer, Rainer M. Blair, will be presenting at the Evercore ISI HealthCONx Conference in Coral Gables, Florida on Wednesday, December 4, 2024 at 3:25 p.m. ET. The event will be simultaneously webcast on www.danaher.com.

ABOUT DANAHER
Danaher is a leading global life sciences and diagnostics innovator, committed to accelerating the power of science and technology to improve human health. Our businesses partner closely with customers to solve many of the most important health challenges impacting patients around the world. Danaher’s advanced science and technology – and proven ability to innovate – help enable faster, more accurate diagnoses and help reduce the time and cost needed to sustainably discover, develop and deliver life-changing therapies. Focused on scientific excellence, innovation and continuous improvement, our approximately 63,000 associates worldwide help ensure that Danaher is improving quality of life for billions of people today, while setting the foundation for a healthier, more sustainable tomorrow. Explore more at www.danaher.com.

View original content:https://www.prnewswire.com/news-releases/danaher-to-present-at-evercore-isi-healthconx-conference-302316971.html

SOURCE Danaher Corporation