Technology
X Financial Reports Third Quarter 2024 Unaudited Financial Results
Published
2 hours agoon
By
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
RMB
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
As of September 30, 2024
RMB
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
207
29
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
2024
2023
2024
2024
RMB
RMB
USD
RMB
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
4
(449)
(64)
45
(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
285,857,203
287,412,729
291,622,784
291,622,784
Weighted average number of ordinary shares outstanding—diluted
297,114,127
292,339,641
292,339,641
291,209,263
298,036,305
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
RMB
RMB
Origination and servicing
811,078
402,939
(408,139)
Borrower acquisitions and marketing expenses
–
419,887
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
2024
2023
2024
2024
RMB
RMB
USD
RMB
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
285,857,203
287,412,729
291,622,784
291,622,784
Weighted average number of ordinary shares outstanding—diluted
297,114,127
292,339,641
292,339,641
291,209,263
298,036,305
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
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Technology
Automotive Radar Sensors Market to Grow by USD 6.51 Billion (2024-2028), High-Frequency Radar Sensors Drive Growth, Report on How AI Redefines Market Landscape – Technavio
Published
59 minutes agoon
November 26, 2024By
NEW YORK, Nov. 26, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global automotive radar sensors market size is estimated to grow by USD 6.51 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 14.01% during the forecast period. Availability of high-frequency radar sensors is driving market growth, with a trend towards increased accuracy in perceiving environment through sensor fusion technique. However, concerns associated with cybersecurity risks poses a challenge.Key market players include Acconeer AB, AISIN CORP., Arbe Robotics Ltd, AU Inc, Autoliv Inc., Banner Engineering Corp., DENSO Corp., Faurecia SE, Infineon Technologies AG, Tsien UK Ltd, MediaTek Inc., NXP Semiconductors NV, Renesas Electronics Corp., Robert Bosch GmbH, Rohde and Schwarz GmbH and Co. KG, S.m.s Smart Microwave Sensors GmbH, Schaeffler AG, Texas Instruments Inc., Valeo SA, Vayyar Imaging Ltd., and Eravant.
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Automotive Radar Sensors Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 14.01%
Market growth 2024-2028
USD 6.51 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
13.39
Regional analysis
Europe, North America, APAC, South America, and Middle East and Africa
Performing market contribution
Europe at 31%
Key countries
US, China, Japan, Germany, and UK
Key companies profiled
Acconeer AB, AISIN CORP., Arbe Robotics Ltd, AU Inc, Autoliv Inc., Banner Engineering Corp., DENSO Corp., Faurecia SE, Infineon Technologies AG, Tsien UK Ltd, MediaTek Inc., NXP Semiconductors NV, Renesas Electronics Corp., Robert Bosch GmbH, Rohde and Schwarz GmbH and Co. KG, S.m.s Smart Microwave Sensors GmbH, Schaeffler AG, Texas Instruments Inc., Valeo SA, Vayyar Imaging Ltd., and Eravant
Market Driver
The Automotive Radar Sensors market is experiencing significant growth due to the increasing demand for advanced safety features in both passenger and commercial vehicles. Radar sensors, including short-range and long-range, are crucial components of Advanced Driver-Assistance Systems (ADAS) and Autonomous Driving (AD) systems. Optical imaging, video, ultrasonic, infrared, LIDAR, and ultrasound are alternative technologies, but radar sensors offer superior detection capabilities and range. ADAS applications include Intelligent Park Assist, Lane Change Assistance, and Collision Prevention. Long-range radar sensors operate at 24 GHz, 77-GHz, and 79GHz frequencies, enabling high-resolution tracking and detection of objects at greater distances. Short-range radar sensors are used for parking assistance and collision mitigation. The autonomous car market is a major driver of the radar sensor industry, with companies like Tesla, Waymo, and NVIDIA investing heavily in this technology. Radar sensors are also used in security and surveillance, industrial applications, traffic monitoring, and infrastructure development. The future of the automotive radar sensor market lies in technology innovation, electrification, and mobility solutions.
Modern vehicles incorporate numerous electronic systems, including radar, ultrasound, LIDAR, and cameras, to enhance Advanced Driver Assistance Systems (ADAS) features. Strict regulations and OEM differentiation drive the increasing demand for automotive radar sensors. However, these systems operate independently, limiting their effective and realistic functionality. Overcoming the shortcomings of each sensor type requires integration and information exchange among them, which is currently lacking. Thus, the market for automotive radar sensors continues to grow, addressing safety and regulatory requirements.
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Market Challenges
The Automotive Radar Sensors market is experiencing significant growth due to the increasing demand for advanced safety features in both passenger and commercial vehicles. Traditional sensors like Optical imaging, Video, Ultrasonic, and Infrared are being supplemented by newer technologies such as LIDAR, Short range radar, Mid range radar, and Long range radar. Automakers are integrating these sensors into Advanced Driver Assistance Systems (ADAS) and Autonomous Driving (AD) systems, including Intelligent Park Assist, Lane change assistance, and Collision prevention. Automotive radar sensors operate at various frequencies, including 24 GHz, and offer long-range detection capabilities. SAE-Level 3 automation and autonomous driving are driving the market, with technologies like DRIVE PILOT leading the way. The industry is also being influenced by trends such as Industry 4.0, electrification, and mobility. However, challenges remain, including the need for innovative packaging concepts and cutting-edge production processes for high-frequency components. The market is also impacted by competition from other sensors like cameras and ultrasound, as well as Moisture sensors and other technologies. The autonomous car market, consumer electronic devices, and infrastructure development are also key factors influencing the market. Long-range radar sensors, operating at 77-GHz and 79GHz frequencies, offer high-resolution tracking and detection capabilities, making them essential for collision mitigation (CM) and parking assistance (PA) systems. The market is expected to continue growing, driven by the increasing demand for safety features and the development of autonomous cars.Radar sensors in the automotive industry transmit signals between vehicles and roadside infrastructure, making them susceptible to eavesdropping attacks by malicious actors. These attacks can compromise vehicle privacy and expose sensitive information, such as location data, driving patterns, and vehicle telemetry. Cybercriminals may also launch denial-of-service (DoS) attacks against radar sensors or their communication networks, impairing sensor performance and disrupting safety-critical functions. Additionally, radar sensor systems are vulnerable to malware and ransomware attacks, which can inject malicious software into electronic control units (ECUs) or networked components, potentially causing significant harm to vehicle operations. It is essential for automotive companies to prioritize cybersecurity measures to protect against these threats and ensure the safe and reliable operation of radar sensors in vehicles.
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Segment Overview
This automotive radar sensors market report extensively covers market segmentation by
Type 1.1 Medium-range1.2 Long-range1.3 Short-rangeApplication 2.1 FCW2.2 AEBS2.3 ACC2.4 BCD and othersGeography 3.1 Europe3.2 North America3.3 APAC3.4 South America3.5 Middle East and Africa
1.1 Medium-range- The Automotive Radar Sensors Market is driven by the increasing adoption of advanced collision avoidance and prevention systems in both passenger and commercial vehicles. These systems utilize radar sensors to detect and alert drivers when their vehicle is approaching another at an unsafe distance. The systems offer various warning mechanisms, including alarm sounds, warning lights, or vibrations. The US National Highway Traffic Safety Administration (NHTSA) and New Car Assessment Programme (NCAP) in the EU, Japan, Korea, and China have mandated or encouraged the use of these systems in heavy vehicles and trucks. Tests have shown significant positive results in reducing crashes caused by driver distraction and other factors. Furthermore, these sensors are part of the bundled Advanced Driver-Assistance Systems (ADAS) offering, making them a standard fitment in the future. The global Automotive Radar Sensors Market is expected to grow significantly during the forecast period due to these factors.
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Research Analysis
The Automotive Radar Sensors market is a rapidly growing segment in the automotive industry, driven by the increasing demand for advanced safety features and autonomous driving technologies. Radar sensors use radio waves to detect objects and measure their distance, velocity, and size. They offer several advantages over other sensing technologies such as optical imaging, video, ultrasonic, and infrared. Radar sensors come in various ranges, including short, mid, and long-range, catering to different applications in Advanced Driver Assistance Systems (ADAS) and Autonomous Driving (AD) systems. These systems enhance automation and mobility, providing features like lane change assistance, collision prevention, and safety enhancements. Industry 4.0 and electrification are also influencing the market, as radar sensors play a crucial role in optimizing vehicle performance and ensuring safety in these advanced technologies. With the increasing number of registered cars and the growing focus on mobility solutions, the Automotive Radar Sensors market is poised for significant growth in the coming years. Technology innovation continues to drive the market, with high-frequency components and advanced signal processing algorithms enabling improved accuracy and reliability. The market is expected to expand across passenger vehicles and commercial vehicles, catering to the diverse needs of the automotive industry.
Market Research Overview
Automotive Radar Sensors are an essential component of Advanced Driver-Assistance Systems (ADAS) and Autonomous Driving (AD) systems in modern vehicles. These sensors use radio waves to detect objects in the vehicle’s surroundings, providing real-time information on range, velocity, and angle. Unlike Optical imaging, Video, Ultrasonic, Infrared, and LIDAR sensors, Automotive Radar Sensors operate using radio waves in various frequency bands, including Short Range Radar (SRR), Mid Range Radar (MRR), and Long Range Radar (LRR). Radar sensors play a crucial role in various ADAS features, such as Lane Change Assistance, Collision Prevention, and Automation. They come in different frequency bands, with 24 GHz being commonly used for short-range applications, and 77-GHz and 79GHz frequencies for long-range detection. The Automotive Radar Sensors market is growing rapidly due to the increasing demand for safety features in passenger cars and commercial vehicles. The market is also driven by the trend towards autonomous driving and Industry 4.0, which requires high-resolution tracking and detection capabilities. The market for Automotive Radar Sensors is expected to grow significantly in the coming years, driven by the increasing number of registered cars, the adoption of SAE-Level 3 and higher automation, and the expanding use cases in areas such as security and surveillance, industrial applications, and traffic monitoring. The development of Automotive Radar Sensors involves cutting-edge production processes and innovative packaging concepts to ensure high-frequency components perform optimally. The market is also witnessing technology innovation in areas such as electrification, mobility, and safety features, making radar sensors an essential component of the future of transportation.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
TypeMedium-rangeLong-rangeShort-rangeApplicationFCWAEBSACCBCD And OthersGeographyEuropeNorth AmericaAPACSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
Technology
Give the Gift of Movies at Regal this Holiday Season
Published
59 minutes agoon
November 26, 2024By
Enjoy $10 off every $50 in gift cards Black Friday through Cyber Monday
KNOXVILLE, Tenn., Nov. 26, 2024 /PRNewswire/ — After enjoying the company of family and friends on Thanksgiving, Regal wants to help holiday shoppers get into the Black Friday spirit with a new online gift card offer. From Friday, Nov. 29 through Monday, Dec. 2, online customers at REGmovies.com will save $10 on every $50 in gift cards, which includes Regal Unlimited eCards.
“Regal wants to make the season of giving an easy choice for the movie lovers on holiday shopping lists,” said Matt Willard, Head of Business Development at Regal. “Our gift cards never expire and can be used to purchase tickets, concessions, and collectible merch at any Regal location across the country.”
With popular end-of-year releases like Kraven the Hunter, Mufasa: The Lion King, Nosferatu, and Sonic the Hedgehog 3, gift givers should not miss this limited time online offer from Black Friday through Cyber Monday. Savvy shoppers who want to save $10 on every $50 in gift cards need to visit the Regal promotions page on REGmovies.com or the offers section of the mobile app.
Regal Unlimited eCards are also included in this online offer to gift someone three or twelve months of the industry’s best moviegoing subscription. Regal Unlimited subscribers can enjoy as many movies as they want, whenever they want, and receive 10% off all food and non-alcoholic drink purchases.
About Regal
Regal operates one of the largest and most geographically diverse theatre circuits in the United States, consisting of 5,729 screens in 421 theatres in 41 states along with the District of Columbia and Guam as of October 31, 2024. Regal is focused on delivering the best moviegoing experience by providing our guests with the largest selection of premium large formats (including 4DX, IMAX, RPX, and ScreenX), the only unlimited subscription program, and enhanced food and beverage offerings to make every visit to the theatre a truly memorable experience. Additional information is available online at REGmovies.com.
Media Contact
Richard M. Grover
Head of Marketing, Regal
(865) 925-9539
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SOURCE Regal
Technology
Voice Evacuation Systems Market to Grow by USD 1.1 Billion (2024-2028), Real Estate and Construction Boosts Growth, AI Impact on Trends – Technavio
Published
59 minutes agoon
November 26, 2024By
NEW YORK, Nov. 26, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global voice evacuation systems market size is estimated to grow by USD 1.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 16.84% during the forecast period. Growth of real estate and construction industry is driving market growth, with a trend towards adoption of lot in building control systems. However, high initial cost of installation of voice sounder and loudspeakers poses a challenge. Key market players include 4EVAC Hacousto Holland BV, ABB Ltd., Ambient System SP ZOO, ATEIS International SA, Audico Systems Oy, Baldwin Boxall Communications Ltd., Cofem SA, Eaton Corp. Plc, Hochiki America Corp., Honeywell International Inc., Johnson Controls International Plc, Mircom Group of Companies, NAFFCO FZCO, OPTIMUS SA, ORR Protection Systems Inc., Protec Fire and Security Group Ltd., Robert Bosch GmbH, Siemens AG, TOA Corp., and Zeta Alarms Ltd..
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF
Voice Evacuation Systems Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 16.84%
Market growth 2024-2028
USD 1100 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
16.05
Regional analysis
APAC, North America, Europe, Middle East and Africa, and South America
Performing market contribution
APAC at 40%
Key countries
US, China, India, Germany, and Russia
Key companies profiled
4EVAC Hacousto Holland BV, ABB Ltd., Ambient System SP ZOO, ATEIS International SA, Audico Systems Oy, Baldwin Boxall Communications Ltd., Cofem SA, Eaton Corp. Plc, Hochiki America Corp., Honeywell International Inc., Johnson Controls International Plc, Mircom Group of Companies, NAFFCO FZCO, OPTIMUS SA, ORR Protection Systems Inc., Protec Fire and Security Group Ltd., Robert Bosch GmbH, Siemens AG, TOA Corp., and Zeta Alarms Ltd.
Market Driver
Voice evacuation systems, also known as voice alarm systems, are becoming increasingly popular for emergency communication in public facilities, commercial buildings, industrial sites, educational institutions, and healthcare facilities. These systems use spoken messages to alert individuals of potential risks, such as fire breakouts, in a calm and clear manner. This trend is driven by the need for safe evacuation during unprecedented events, ensuring the safety and awareness of individuals in secure environments. Traditional fire alarm systems have limitations, such as the use of horns or chimes which can cause panic. Voice evacuation systems offer a more effective solution by providing customized messages and clear instructions. The initial financial investment for voice evacuation systems can be higher than traditional systems due to necessary equipment, customization, and professional installation services. However, the long-term benefits, including cost savings from retrofitting existing buildings and seamless communication with building automation systems, make it a worthwhile investment. The decision-making process for potential clients includes considering the building size, complex zoning, and existing building technologies. Voice evacuation systems offer interoperability with smart building technologies, elevators, and real-time monitoring, making them a converging solution for safety and security. With the industry shift towards innovative technologies, compatibility challenges with existing building technologies and communication protocols are being addressed. Safety and wellbeing are top priorities for private buildings, residential areas, public sector undertakings, industrial units, governments, and corporations. Voice evacuation systems are an essential part of safety solutions, ensuring social consideration for individuals with disabilities, impairments, and an ageing population. These systems offer a critical infrastructure for emergency communication, providing effective solution for evacuation during fire incidents.
The Internet of Things (IoT) has revolutionized building systems and safety equipment by enabling interconnected devices to exchange data over a network. Traditionally, voice evacuation systems operated independently. However, integrating IoT technology has significantly improved their functionality. This integration enhances data and control management, ensuring quick response and notification without human intervention. The development of mesh networks further supports connectivity, allowing every device to function as a node to a central location. This advancement in technology not only increases reliability but also eliminates redundancy, making voice evacuation systems more efficient and effective.
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Market Challenges
Voice evacuation systems are essential safety solutions for public facilities, commercial buildings, industrial facilities, educational institutions, and healthcare facilities. These systems deliver spoken messages during emergencies like fire breakouts, unprecedented events, or fire incidents. Traditional alarm systems using horns or chimes can cause panic and confusion. Voice evacuation systems provide clear instructions for safe evacuation, enhancing safety, awareness, and security. However, adopting voice evacuation systems comes with challenges. Cost is a significant factor, influenced by building size, necessary equipment, and professional installation services. Complex zoning, customization, and hardware costs add to the initial financial investment. Custom content and audio quality are essential considerations. Retrofitting existing buildings with voice evacuation systems can be complex due to interoperability issues with existing building technologies, communication protocols, and compatibility challenges. Critical infrastructure like airports, stadiums, and other public spaces require evacuation systems to ensure safety and wellbeing. Safety and social considerations, such as an ageing population, disabilities, and impairments, necessitate innovative technologies and assistance in understanding risks. The convergence of voice evacuation systems with smart building technologies, building management, real-time monitoring, and building automation systems offers seamless communication and evacuation processes. The industry shift towards voice evacuation systems underscores the importance of professional skills in installation and design, as well as the need for preloaded messages and custom content. The decision-making process for potential clients includes considering the potential risks, necessary equipment, and the benefits of voice evacuation systems over traditional alarm systems.Voice evacuation systems are essential safety features in residential, commercial, and industrial sectors. In small and mid-size buildings, the cost of deploying these systems includes hardware installation, which is the largest expense, and minimal service and maintenance costs. However, in large buildings and high-rise residential complexes, regulations mandate the installation of automated emergency alarms and voice evacuation systems, leading to higher procurement and setup costs. In the commercial sector, especially healthcare facilities, educational institutions, and hotels, the expense of installing multiple systems, including emergency alarm control systems, is significant. Overall, the cost of voice evacuation systems varies depending on the size and complexity of the building or facility.
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Segment Overview
This voice evacuation systems market report extensively covers market segmentation by
End-user 1.1 Commercial sector1.2 Industrial sector1.3 Residential sectorType 2.1 Voice sounders2.2 Loudspeakers2.3 Emergency microphones2.4 Networked and wireless systemGeography 3.1 APAC3.2 North America3.3 Europe3.4 Middle East and Africa3.5 South America
1.1 Commercial sector- The commercial sector is experiencing significant growth in the voice evacuation systems market due to increased regulations and safety awareness. This trend is driven by stringent government requirements and user education in various countries. The global market is also benefiting from rising foreign direct investment and construction activity in emerging economies. A major technological advancement is the integration of voice evacuation systems with fire alarms and security control systems. However, compatibility and interoperability challenges persist when integrating these systems with existing infrastructure. Mature markets like the US, Canada, and parts of Europe will primarily focus on replacement activities and software upgrades. In contrast, the Middle East and Africa (MEA) region, particularly Dammam in Saudi Arabia, is poised for substantial growth due to commercial hub development and expanding retail sectors. Key projects like the Al-Rehab project in Dammam are expected to boost market expansion during the forecast period.
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Research Analysis
Voice evacuation systems, also known as voice alarm systems, are essential components of modern public address (PA) systems designed to ensure safety and order during emergency situations. These systems use spoken messages to alert and guide people in buildings during unprecedented events such as fire breakouts. They are installed in various public facilities, including private buildings, residential areas, public sector undertakings, industrial units, government establishments, and new age constructions. The voice evacuation system is a crucial part of a building’s ecosystem, prioritizing safety and wellbeing, and is a matter of corporate social responsibility and strict safety laws. The system’s detectors trigger a preloaded message, which may include instructions on the nature of the emergency and the safest evacuation routes. The message can be delivered through a voice alarm or a combination of voice and horn or chime. The effective implementation of voice evacuation systems requires professional skills and adherence to industry standards.
Market Research Overview
Voice evacuation systems, also known as voice alarm systems, are essential safety solutions designed to ensure safe evacuation of individuals in public facilities and buildings during fire breakouts or unprecedented events. These systems use spoken messages instead of traditional alarm systems with horns or chimes to provide clear instructions and reduce panic. Public facilities, commercial buildings, industrial facilities, educational institutions, and healthcare facilities all benefit from voice evacuation systems, prioritizing safety, awareness, security, and the wellbeing of individuals. The adoption of voice evacuation systems is driven by potential risks such as fire incidents and the need for evacuation systems to protect assets. Traditional alarm systems may not provide adequate communication during emergencies, making voice evacuation systems a cost-effective and necessary investment for buildings of all sizes. Customization is a crucial factor, with prefabricated messages and custom content available to cater to specific building needs. Audio quality, initial financial investment, and necessary equipment are essential considerations in the decision-making process. Professional installation services ensure seamless communication and interoperability with existing building technologies, including building management systems, elevators, and smart building technologies. Voice evacuation systems are increasingly important in private buildings, residential areas, public sector undertakings, industrial units, government establishments, and new age buildings. The safety and wellbeing of individuals, corporate social responsibility, and strict safety laws are driving the industry shift towards voice evacuation systems. Existing buildings may require retrofitting with voice evacuation systems, posing challenges related to existing building technologies, communication protocols, and compatibility with proprietary technologies. Critical infrastructure and converging technologies, such as building automation systems, elevators, and real-time monitoring, are essential considerations in the adoption of voice evacuation systems. The voice evacuation system market is continually evolving, with innovative technologies addressing consumer requirements and addressing the unique needs of various sectors. Detectors, preloaded messages, and modern designs are essential components of voice evacuation systems, ensuring effective and efficient evacuation during emergencies. The understanding of risks, social considerations, and the ageing population, disabilities, and impairments are crucial factors in the design and implementation of voice evacuation systems.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
End-userCommercial SectorIndustrial SectorResidential SectorTypeVoice SoundersLoudspeakersEmergency MicrophonesNetworked And Wireless SystemGeographyAPACNorth AmericaEuropeMiddle East And AfricaSouth America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/voice-evacuation-systems-market-to-grow-by-usd-1-1-billion-2024-2028-real-estate-and-construction-boosts-growth-ai-impact-on-trends—technavio-302315573.html
SOURCE Technavio
Automotive Radar Sensors Market to Grow by USD 6.51 Billion (2024-2028), High-Frequency Radar Sensors Drive Growth, Report on How AI Redefines Market Landscape – Technavio
Give the Gift of Movies at Regal this Holiday Season
Voice Evacuation Systems Market to Grow by USD 1.1 Billion (2024-2028), Real Estate and Construction Boosts Growth, AI Impact on Trends – Technavio
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