Technology

FinVolution Group Reports Second Quarter 2024 Unaudited Financial Results

Published

5 months ago

August 20, 2024

-H1 China Transaction Volume reached RMB92.5 billion, up 6.0% year-over-year-
-H1 International Transaction Volume reached RMB4.5 billion, up 32.4% year-over-year-
-H1 International Revenues increased to RMB1,157.7 million, up 21.9% year-over-year and contributing 18.3% of total net revenues-

SHANGHAI, Aug. 20, 2024 /PRNewswire/ — FinVolution Group (“FinVolution” or the “Company”) (NYSE: FINV), a leading fintech platform, today announced its unaudited financial results for the second quarter ended June 30, 2024.

For the Three Months Ended/As of

YoY

Change

June 30, 2023

June 30, 2024

Total Transaction Volume (RMB in billions)1

47.3

48.7

3.0 %

Transaction Volume (China’s Mainland)2

45.5

46.4

2.0 %

Transaction Volume (International)3

1.8

2.3

27.8 %

Total Outstanding Loan Balance (RMB in billions)

63.7

65.6

3.0 %

Outstanding Loan Balance (China’s Mainland)4

62.6

64.2

2.6 %

Outstanding Loan Balance (International)5

1.1

1.4

27.3 %

Second Quarter 2024 China Market Operational Highlights

Cumulative registered users6 reached 162.2 million as of June 30, 2024, an increase of 8.6% compared with June 30, 2023.Cumulative borrowers7 reached 25.9 million as of June 30, 2024, an increase of 6.1% compared with June 30, 2023.Number of unique borrowers8 for the second quarter of 2024 was 1.8 million, a decrease of 21.7% compared with the same period of 2023.Transaction volume2 reached RMB46.4 billion for the second quarter of 2024, an increase of 2.0% compared with the same period of 2023.Transaction volume facilitated for repeat individual borrowers9 for the second quarter of 2024 was RMB40.5 billion, an increase of 0.5% compared with the same period of 2023.Outstanding loan balance4 reached RMB64.2 billion as of June 30, 2024, an increase of 2.6% compared with June 30, 2023.Average loan size10 was RMB9,956 for the second quarter of 2024, compared with RMB7,816 for the same period of 2023.Average loan tenure11 was 8.0 months for the second quarter of 2024, compared with 8.4 months for the same period of 2023.90 day+ delinquency ratio12 was 2.65% as of June 30, 2024, compared with 1.68% as of June 30, 2023.

Second Quarter 2024 International Market Operational Highlights

Cumulative registered users13 reached 29.1 million as of June 30, 2024, an increase of 46.2% compared with June 30, 2023.Cumulative borrowers14 for the international market reached 5.6 million as of June 30, 2024, an increase of 40.0% compared with June 30, 2023.Number of unique borrowers15 for the second quarter of 2024 was 1.05 million, an increase of 32.9% compared with the same period of 2023.Number of new borrowers16 for the second quarter of 2024 was 0.47 million, an increase of 51.6% compared with the same period of 2023.Transaction volume3 reached RMB2.3 billion for the second quarter of 2024, an increase of 27.8% compared with the same period of 2023.Outstanding loan balance5 reached RMB1.4 billion as of June 30, 2024, an increase of 27.3% compared with June 30, 2023.International business revenue was RMB562.9 million (US$77.5 million) for the second quarter of 2024, an increase of 12.0% compared with the same period of 2023, representing 17.8% of total revenue for the second quarter of 2024.

Second Quarter 2024 Financial Highlights

Net revenue was RMB3,168.0 million (US$435.9 million) for the second quarter of 2024, compared with RMB3,075.7 million for the same period of 2023.Net profit was RMB551.0 million (US$75.8 million) for the second quarter of 2024, compared with RMB590.1 million for the same period of 2023.Non-GAAP adjusted operating income,17 which excludes share-based compensation expenses before tax, was RMB598.6 million (US$82.4 million) for the second quarter of 2024, compared with RMB606.9 million for the same period of 2023.Diluted net profit per American depositary share (“ADS”) was RMB2.07 (US$0.28) and diluted net profit per share was RMB0.41 (US$0.06) for the second quarter of 2024, compared with RMB1.95 and RMB0.39 for the same period of 2023 respectively.Non-GAAP diluted net profit per ADS was RMB2.22 (US$0.30) and non-GAAP diluted net profit per share was RMB0.44 (US$0.06) for the second quarter of 2024, compared with RMB2.06 and RMB0.41 for the same period of 2023 respectively. Each ADS of the Company represents five Class A ordinary shares of the Company.

1 Represents the total transaction volume facilitated in China’s Mainland and the international markets on the Company’s platforms during the period presented.

2 Represents our transaction volume facilitated in China’s Mainland during the period presented. During the second quarter, RMB9.8 billion were facilitated under the capital-light model, for which the Company does not bear principal risk.

3 Represents our transaction volume facilitated in markets outside China’s Mainland during the period presented.

4 Outstanding loan balance (China’s Mainland) as of any date refers to the balance of outstanding loans in China’s Mainland market excluding loans delinquent for more than 180 days from such date. As of June 30, 2024, RMB15.2 billion were facilitated under the capital-light model, for which the Company does not bear principal risk.

5 Outstanding loan balance (international) as of any date refers to the balance of outstanding loans in the international markets excluding loans delinquent for more than 30 days from such date.

6 On a cumulative basis, the total number of users in China’s Mainland market registered on the Company’s platform as of June 30, 2024.

7 On a cumulative basis, the total number of borrowers in China’s Mainland market registered on the Company’s platform as of June 30, 2024.

8 Represents the total number of borrowers in China’s Mainland who have successfully borrowed on the Company’s platform during the period presented.

9 Represents the transaction volume facilitated for repeat borrowers in China’s Mainland who successfully completed a transaction on the Company’s platform during the period presented.

10 Represents the average loan size on the Company’s platform in China’s Mainland during the period presented.

11 Represents the average loan tenor on the Company’s platform in China’s Mainland during the period presented.

12 “90 day+ delinquency ratio” refers to the outstanding principal balance of loans, excluding loans facilitated under the capital-light model, that were 90 to 179 calendar days past due as a percentage of the total outstanding principal balance of loans, excluding loans facilitated under the capital-light model on the Company’s platform as of a specific date. Loans that originated outside China’s Mainland are not included in the calculation.

13 On a cumulative basis, the total number of users registered on the Company’s platforms outside China’s Mainland market as of June 30, 2024.

14 On a cumulative basis, the total number of borrowers on the Company’s platforms outside China’s Mainland market, as of June 30, 2024.

15 Represents the total number of borrowers outside China’s Mainland who have successfully borrowed on the Company platforms during the period presented.

16 Represents the total number of new borrowers outside China’s Mainland whose transactions were facilitated on the Company’s platforms during the period presented.

17 Please refer to “UNAUDITED Reconciliation of GAAP And Non-GAAP Results” for reconciliation between GAAP and Non-GAAP adjusted operating income.

Mr. Tiezheng Li, Chief Executive Officer of FinVolution, commented, “We ended the first half of 2024 on a positive note, driving progressive growth in the China market while maintaining faster growth momentum internationally through strong execution of our Local Excellence, Global Outlook Strategy.

“Cumulatively, we have served around 31.5 million borrowers across China, Indonesia and the Philippines as of June 30, 2024. During the first half of 2024, transaction volume for the China market reached RMB92.5 billion, up 6.0% year-over-year. Transaction volume for the international market continued to grow faster, soaring to RMB4.5 billion, up 32.4% year-over-year. In terms of outstanding balances, the China market reached RMB64.2 billion while our international market reached RMB1.4 billion, up 2.6% and 27.3% respectively year-over-year. This stellar performance stands as a testament to our strategy’s effectiveness,” concluded Mr. Li.

Mr. Jiayuan Xu, FinVolution’s Chief Financial Officer, continued, “Alongside solid operational metrics, our financial performance improved progressively with net revenues for the quarter reaching RMB3,168.0 million (US$435.9 million), up 3.0% year-over-year. Notably, contributions from international revenue grew to RMB562.9 million (US$77.5 million), up 12.0% year-over-year, and representing 17.8% of total revenue. Our total liquidity position remained healthy and robust at RMB8,138.8 million (US$1,119.9 million) as of June 30, 2024.

“As part of our ongoing consistent commitment to return value to shareholders, we deployed approximately US$29.6 million in the second quarter of 2024 to repurchase our shares on the secondary market. In the first half of 2024, we deployed approximately US$56.8 million to repurchase our shares on the secondary market. Since 2018, we have cumulatively returned a total of approximately US$661.8 million to our shareholders through our leading capital return program, underscoring our consistent and sustainable commitment to our shareholders,” concluded Mr. Xu.

Second Quarter 2024 Financial Results

Net revenue for the second quarter of 2024 was RMB3,168.0 million (US$435.9 million), compared with RMB3,075.7 million for the same period of 2023. This increase was primarily due to the increase in guarantee income and other revenue.

Loan facilitation service fees was RMB1,110.5 million (US$152.8 million) for the second quarter of 2024, compared with RMB1,115.0 million for the same period of 2023, remaining stable year-over-year.

Post-facilitation service fees was RMB389.2 million (US$53.6 million) for the second quarter of 2024, compared with RMB488.2 million for the same period of 2023. This decrease was primarily due to the rolling impact of deferred transaction fees.

Guarantee income was RMB1,298.9 million (US$178.7 million) for the second quarter of 2024, compared with RMB1,072.9 million for the same period of 2023. This increase was primarily due to the increased outstanding loan balance of off-balance sheet loans in the international markets, higher guarantee rates and the rolling impact of deferred guarantee income. The fair value of quality assurance commitment upon loan origination is released as guarantee income systematically over the term of the loans subject to quality assurance commitment.

Net interest income was RMB218.8 million (US$30.1 million) for the second quarter of 2024, compared with RMB263.0 million for the same period of 2023. This decrease was primarily due to the decrease in the average outstanding loan balances of on-balance sheet loans in the international markets.

Other revenue was RMB150.5 million (US$20.7 million) for the second quarter of 2024, compared with RMB136.5 million for the same period of 2023. This increase was primarily due to the increase in customer referral fees from the financial institutions along with our Company’s enhanced product and service offerings.

Origination, servicing expenses and other costs of revenue was RMB575.2 million (US$79.2 million) for the second quarter of 2024, compared with RMB516.0 million for the same period of 2023. This increase was primarily due to an increase in the facilitation costs as a result of the higher transaction volume in the international market and an increase in the loan collection expenses as a result of the higher outstanding loan balance.

Sales and marketing expenses was RMB473.3 million (US$65.1 million) for the second quarter of 2024, compared with RMB468.8 million for the same period of 2023, as a result of our more proactive customer acquisition efforts focusing on better quality borrowers, especially in the international markets.

Research and development expenses was RMB119.3 million (US$16.4 million) for the second quarter of 2024, compared with RMB124.6 million for the same period of 2023. This decrease was primarily due to the increase in technology development efficiency.

General and administrative expenses was RMB101.9 million (US$14.0 million) for the second quarter of 2024, compared with RMB90.8 million for the same period of 2023. This increase was primarily due to the increase in employee compensation.

Provision for accounts receivable and contract assets was RMB57.2 million (US$7.9 million) for the second quarter of 2024, compared with RMB67.5 million for the same period of 2023. This decrease was primarily due to the decrease in the outstanding loan balances for which the Company bears credit risks in the China market.

Provision for loans receivable was RMB92.0 million (US$12.7 million) for the second quarter of 2024, compared with RMB159.2 million for the same period of 2023. This decrease was primarily due to the decreases in the loan volume and the outstanding loan balances of on-balance sheet loans in the international markets.

Credit losses for quality assurance commitment was RMB1,190.6 million (US$163.8 million) for the second quarter of 2024, compared with RMB1,073.5 million for the same period of 2023. The increase was primarily due to the growth in the loan volume and the outstanding loan balances of off-balance sheet loans in the international markets.

Operating profit was RMB558.5 million (US$76.9 million) for the second quarter of 2024, compared with RMB575.4 million for the same period of 2023.

Non-GAAP adjusted operating income, which excludes share-based compensation expenses before tax, was RMB598.6 million (US$82.4 million) for the second quarter of 2024, compared with RMB606.9 million for the same period of 2023.

Other income was RMB67.7 million (US$9.3 million) for the second quarter of 2024, compared with RMB119.9 million for the same period of 2023. This decrease was mainly due to the decrease in government subsidies.

Income tax expense was RMB75.2 million (US$10.3 million) for the second quarter of 2024, compared with RMB105.2 million for the same period of 2023. This decrease was mainly due to the decrease in pre-tax profit and the change in the estimated annual effective tax rate.

Net profit was RMB551.0 million (US$75.8 million) for the second quarter of 2024, compared with RMB590.1 million for the same period of 2023.

Net profit attributable to ordinary shareholders of the Company was RMB551.1 million (US$75.8 million) for the second quarter of 2024, compared with RMB554.4 million for the same period of 2023.

Diluted net profit per ADS was RMB2.07 (US$0.28) and diluted net profit per share was RMB0.41 (US$0.06) for the second quarter of 2024, compared with RMB1.95 and RMB0.39 for the same period of 2023 respectively.

Non-GAAP diluted net profit per ADS was RMB2.22 (US$0.30) and non-GAAP diluted net profit per share was RMB0.44 (US$0.06) for the second quarter of 2024, compared with RMB2.06 and RMB0.41 for the same period of 2023 respectively. Each ADS represents five Class A ordinary shares of the Company.

As of June 30, 2024, the Company had cash and cash equivalents of RMB5,705.9 million (US$785.2 million) and short-term investments, mainly in wealth management products and term deposit, of RMB2,432.8 million (US$334.8 million).

The following chart shows the historical cumulative 30-day plus past due delinquency rates by loan origination vintage for loan products facilitated through the Company’s platform in China’s Mainland as of June 30, 2024. Loans facilitated under the capital-light model, for which the Company does not bear principal risk, are excluded from the chart.

Click here to view the chart

Shares Repurchase Update

For the second quarter of 2024, the Company deployed approximately US$29.6 million to repurchase its own Class A ordinary shares in the form of ADSs in the market. During the first half of 2024, the Company has deployed approximately US$56.8 million to repurchase its own Class A ordinary shares in the form of ADSs in the market. As of June 30, 2024, in combination with the Company’s historical and existing share repurchase programs, the Company had cumulatively repurchased its own Class A ordinary shares in the form of ADSs with a total aggregate value of approximately US$336.8 million since 2018.

Business Outlook

While the macroeconomic recovery continued to gain traction with pockets of improvement since the beginning of 2024, uncertainties persist in the markets in which we operate. The Company has observed encouraging signs of recovery and will continue to closely monitor macro conditions across all the markets in which we operate and remain prudent in our business operations. The Company reiterates its full-year 2024 transaction volume guidance for the China market in the range of RMB195.7 billion to RMB205.0 billion, representing year-over-year growth of approximately 5.0% to 10.0%. At the same time, the Company expects its 2024 transaction volume for the international markets to be in the range of RMB9.4 billion to RMB11.0 billion, representing year-over-year growth of approximately 20.0% to 40.0%.

The above forecast is based on the current market conditions and reflects the Company’s current preliminary views and expectations on market and operational conditions and the regulatory and operating environment, as well as customers’ and institutional partners’ demands, all of which are subject to change.

Conference Call

The Company’s management will host an earnings conference call at 8:30 PM U.S. Eastern Time on August 20, 2024 (8:30AM Beijing/Hong Kong Time on August 21, 2024).

Dial-in details for the earnings conference call are as follows:

United States (toll free):

+1-888-346-8982

Canada (toll free):

+1-855-669-9657

International:

+1-412-902-4272

Hong Kong, China (toll free):

800-905-945

Hong Kong, China:

+852-3018-4992

Mainland, China:

400-120-1203

Participants should dial in at least five minutes before the scheduled start time and ask to be connected to the call for “FinVolution Group.”

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.finvgroup.com.

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until August 27, 2024, by dialing the following telephone numbers:

United States (toll free):

+1-877-344-7529

Canada (toll free):

+1-855-669-9658

International:

+1-412-317-0088

Replay Access Code:

5663537

About FinVolution Group

FinVolution Group is a leading fintech platform with strong brand recognition in China and the international markets connecting borrowers of the young generation with financial institutions. Established in 2007, the Company is a pioneer in China’s online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company’s platforms, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of June 30, 2024, the Company had over 191.3 million cumulative registered users across China, Indonesia and the Philippines.

For more information, please visit https://ir.finvgroup.com

Use of Non-GAAP Financial Measures

We use non-GAAP adjusted operating income, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. We believe that these non-GAAP financial measures help identify underlying trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Non-GAAP adjusted operating income, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider it in isolation, or as a substitute for net income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review our financial information in its entirety and not rely on a single financial measure.

For more information on this non-GAAP financial measure, please see the table captioned “Reconciliations of GAAP and Non-GAAP results” set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the rate in effect as of June 28, 2024 as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company’s ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company’s marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company’s ability to meet the standards necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For investor and media inquiries, please contact:

FinVolution Group
Head of Investor Relations
Jimmy Tan, IRC
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: ir@xinye.com

Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: finv@tpg-ir.com

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share data, or otherwise noted)

As of December 31,

As of June 30,

2023

2024

RMB

USD

Assets

Cash and cash equivalents

4,969,319

5,705,919

785,161

Restricted cash

1,800,071

1,770,810

243,672

Short-term investments

2,960,821

2,432,848

334,771

Investments

1,135,133

1,157,891

159,331

Quality assurance receivable, net of credit loss allowance for
quality assurance receivable of RMB529,392 and
RMB508,429 as of December 31, 2023 and June 30, 2024,
respectively

1,755,615

1,788,655

246,127

Intangible assets

98,692

137,298

18,893

Property, equipment and software, net

140,933

641,800

88,315

Loans receivable, net of credit loss allowance for loans receivable
of RMB214,550 and RMB215,148 as of December 31, 2023 and
June 30, 2024, respectively

1,127,388

1,657,087

228,023

Accounts receivable and contract assets, net of credit loss
allowance for accounts receivable and contract assets of
RMB310,394 and RMB273,328 as of December 31, 2023 and
June 30, 2024, respectively

2,208,538

2,376,816

327,061

Deferred tax assets

1,624,325

2,177,877

299,686

Right of use assets

38,110

28,740

3,955

Prepaid expenses and other assets

3,384,317

2,027,796

279,034

Goodwill

50,411

6,937

Total assets

21,293,673

21,953,948

3,020,966

Liabilities and Shareholders’ Equity

Deferred guarantee income

1,882,036

1,709,242

235,200

Liability from quality assurance commitment

3,306,132

3,051,660

419,922

Payroll and welfare payable

261,528

202,035

27,801

Taxes payable

207,477

489,970

67,422

Short-term borrowings

5,756

5,468

752

Funds payable to investors of consolidated trusts

436,352

509,356

70,090

Contract liability

5,109

703

Deferred tax liabilities

340,608

368,209

50,667

Accrued expenses and other liabilities

941,899

1,206,821

166,064

Leasing liabilities

35,878

30,839

4,244

Total liabilities

7,422,775

7,578,709

1,042,865

Commitments and contingencies

FinVolution Group Shareholders’ equity

Ordinary shares

103

Additional paid-in capital

5,748,734

5,773,446

794,453

Treasury stock

(1,199,683)

(1,558,855)

(214,506)

Statutory reserves

762,472

104,920

Accumulated other comprehensive income

80,006

43,215

5,948

Retained Earnings

8,357,153

8,994,668

1,237,708

Total FinVolution Group shareholders’ equity

13,748,785

14,015,049

1,928,537

Non-controlling interest

122,113

360,190

49,564

Total shareholders’ equity

13,870,898

14,375,239

1,978,101

Total liabilities and shareholders’ equity

21,293,673

21,953,948

3,020,966

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME

(All amounts in thousands, except share data, or otherwise noted)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2023

2024

2023

2024

RMB

USD

RMB

USD

Operating revenue:

Loan facilitation service fees

1,115,041

1,110,528

152,814

2,283,294

2,096,468

288,484

Post-facilitation service fees

488,187

389,236

53,561

975,358

854,428

117,573

Guarantee income

1,072,913

1,298,927

178,738

2,059,433

2,645,042

363,970

Net interest income

263,047

218,803

30,108

548,679

450,110

61,937

Other Revenue

136,490

150,506

20,710

259,557

287,033

39,497

Net revenue

3,075,678

3,168,000

435,931

6,126,321

6,333,081

871,461

Operating expenses:

Origination, servicing expenses and other cost of
revenue

(515,960)

(575,231)

(79,154)

(1,028,388)

(1,114,786)

(153,400)

Sales and marketing expenses

(468,833)

(473,295)

(65,128)

(865,951)

(922,504)

(126,941)

Research and development expenses

(124,577)

(119,252)

(16,410)

(250,793)

(239,747)

(32,990)

General and administrative expenses

(90,770)

(101,892)

(14,021)

(176,172)

(184,219)

(25,349)

Provision for accounts receivable and contract assets

(67,451)

(57,237)

(7,876)

(130,651)

(122,899)

(16,911)

Provision for loans receivable

(159,189)

(91,988)

(12,658)

(302,505)

(173,273)

(23,843)

Credit losses for quality assurance commitment

(1,073,451)

(1,190,572)

(163,828)

(2,054,134)

(2,388,671)

(328,692)

Total operating expenses

(2,500,231)

(2,609,467)

(359,075)

(4,808,594)

(5,146,099)

(708,126)

Operating profit

575,447

558,533

76,856

1,317,727

1,186,982

163,335

Other income, net

119,901

67,657

9,310

202,678

98,661

13,576

Profit before income tax expense

695,348

626,190

86,166

1,520,405

1,285,643

176,911

Income tax expenses

(105,230)

(75,152)

(10,341)

(240,467)

(202,629)

(27,883)

Net profit

590,118

551,038

75,825

1,279,938

1,083,014

149,028

Net profit attributable to non-controlling interest
shareholders

35,684

(107)

(15)

29,620

4,168

574

Net profit attributable to FinVolution Group

554,434

551,145

75,840

1,250,318

1,078,846

148,454

Foreign currency translation adjustment, net of nil tax

80,703

(47,923)

(6,594)

51,535

(36,791)

(5,063)

Total comprehensive income attributable

to FinVolution Group

635,137

503,222

69,246

1,301,853

1,042,055

143,391

Weighted average number of ordinary shares used in

computing net income per share

Basic

1,387,090,179

1,298,653,314

1,398,767,090

1,305,081,766

Diluted

1,423,975,798

1,334,219,839

1,430,367,809

1,337,706,499

Net profit per share attributable to FinVolution

Group’s ordinary shareholders

Basic

0.40

0.42

0.06

0.89

0.83

0.11

Diluted

0.39

0.41

0.06

0.87

0.81

0.11

Net profit per ADS attributable to FinVolution

Group’s ordinary shareholders (one ADS equal

five ordinary shares)

Basic

2.00

2.12

0.29

4.47

4.13

0.57

Diluted

1.95

2.07

0.28

4.37

4.03

0.55

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(All amounts in thousands, except share data, or otherwise noted)

Three Months Ended June 30,

Six Months Ended June 30,

2023

2024

2023

2024

RMB

USD

RMB

USD

Net cash provided by operating
activities

506,617

965,313

132,831

1,178,903

1,159,778

159,591

Net cash provided by/(used in)
investing activities

(880,715)

(577,516)

(79,469)

925,171

348,029

47,890

Net cash used in financing activities

(518,630)

(479,769)

(66,018)

(1,405,346)

(770,917)

(106,082)

Effect of exchange rate changes on
cash and cash equivalents

65,202

(21,347)

(2,936)

38,799

(29,551)

(4,065)

Net increase in cash, cash equivalent
and restricted cash

(827,526)

(113,319)

(15,592)

737,527

707,339

97,334

Cash, cash equivalent and restricted
cash at beginning of period

8,044,140

7,590,048

1,044,425

6,479,087

6,769,390

931,499

Cash, cash equivalent and restricted
cash at end of period

7,216,614

7,476,729

1,028,833

7,216,614

7,476,729

1,028,833

FinVolution Group

UNAUDITED Reconciliation of GAAP and Non-GAAP Results

(All amounts in thousands, except share data, or otherwise noted)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2023

2024

2023

2024

RMB

USD

RMB

USD

Net Revenues

3,075,678

3,168,000

435,931

6,126,321

6,333,081

871,461

Less: total operating expenses

(2,500,231)

(2,609,467)

(359,075)

(4,808,594)

(5,146,099)

(708,126)

Operating Income

575,447

558,533

76,856

1,317,727

1,186,982

163,335

Add: share-based compensation expenses

31,457

40,100

5,518

51,816

70,389

9,686

Non-GAAP adjusted operating income

606,904

598,633

82,374

1,369,543

1,257,371

173,021

Operating Margin

18.7 %

17.6 %

21.5 %

18.7 %

Non-GAAP operating margin

19.7 %

18.9 %

22.4 %

19.9 %

Non-GAAP adjusted operating income

606,904

598,633

82,374

1,369,543

1,257,371

173,021

Add: other income, net

119,901

67,657

9,310

202,678

98,661

13,576

Less: income tax expenses

(105,230)

(75,152)

(10,341)

(240,467)

(202,629)

(27,883)

Non-GAAP net profit

621,575

591,138

81,343

1,331,754

1,153,403

158,714

Net profit attributable to non-controlling interest

shareholders

35,684

(107)

(15)

29,620

4,168

574

Non-GAAP net profit attributable to FinVolution
Group

585,891

591,245

81,358

1,302,134

1,149,235

158,140

Weighted average number of ordinary shares used in
computing net income per share

Basic

1,387,090,179

1,298,653,314

1,398,767,090

1,305,081,766

Diluted

1,423,975,798

1,334,219,839

1,430,367,809

1,337,706,499

Non-GAAP net profit per share attributable to
FinVolution Group’s ordinary shareholders

Basic

0.42

0.46

0.06

0.93

0.88

0.12

Diluted

0.41

0.44

0.06

0.91

0.86

0.12

Non-GAAP net profit per ADS attributable to
FinVolution Group’s ordinary shareholders (one ADS
equal five ordinary shares)

Basic

2.11

2.28

0.31

4.65

4.40

0.61

Diluted

2.06

2.22

0.30

4.55

4.30

0.59

View original content:https://www.prnewswire.com/news-releases/finvolution-group-reports-second-quarter-2024-unaudited-financial-results-302226436.html

SOURCE FinVolution Group

Technology

Equipboard Unveils Sleek Redesign to Enhance Music Gear Discovery for Musicians Worldwide

Published

2 hours ago

January 11, 2025

Redesign Introduces Modern Features, Streamlined Navigation, and Richer Content to Inspire and Support Music Makers Globally

AUSTIN, Texas, Jan. 11, 2025 /PRNewswire-PRWeb/ — Equipboard, the leading online community for musicians and gear enthusiasts, announces the launch of its newly redesigned website. With a modern look, streamlined navigation, and powerful new features, the redesign sets a new standard for connecting artists, producers, and hobbyists with the tools they need to create music.

Since its inception in 2013, Equipboard has grown into the world’s largest database of music gear used by professionals and amateurs alike. The redesign reflects the platform’s commitment to fostering creativity, offering transparent information, and making gear discovery and purchasing easier and more enjoyable for its global user base.

What’s New?

Equipboard’s redesign is more than just a fresh coat of paint. It introduces a host of improvements aimed at elevating the way users explore, share, and connect over their favorite gear:

Modernized Design: A sleek, responsive layout ensures a seamless experience across all devices, with improved readability and accessibility. Enhanced Navigation: Faster, more intuitive browsing helps users discover gear, artists, and inspiration effortlessly. Whether searching for a guitarist’s pedalboard or a producer’s go-to synth, the information is now at their fingertips. Richer Content: Equipboard now features in-depth guides, expert-curated collections, and a revamped artist gear section to inspire and inform users at all levels of their musical journey. Personalized Experience: Registered users can now enjoy a more tailored interface, saving their favorite gear and creating wishlists for their next creative adventure. Price Comparisons Across Leading Retailers: Equipboard helps musicians make informed decisions by comparing prices on music gear from top retailers, ensuring they get the best value for their investment. Community-Focused Features: New tools make it easier for users to contribute to Equipboard’s ever-growing database, ensuring the platform remains the most trusted source for music gear information.

“Equipboard has always been about empowering musicians by connecting them with the tools and insights they need,” said Michael Pierce, Co-Founder. “This redesign reflects our commitment to innovation and community, creating an experience that’s as inspiring as the gear our users discover. From in-depth artist insights to real-time price comparisons, we’re excited to see how these improvements help musicians worldwide make better gear choices and create amazing music.”

About Equipboard

Equipboard is the ultimate online resource for musicians and gear enthusiasts. With a mission to provide transparent, community-driven information about the gear used by artists and professionals, Equipboard has become a trusted destination for millions of music creators. The platform also simplifies the buying process with its innovative price comparison tool, helping users find the best deals from leading retailers. From electric guitars to studio monitors, Equipboard’s extensive database helps users make informed decisions about their music-making journey.

The redesigned Equipboard is now live at https://equipboard.com, offering a fresh look and enhanced tools to support music creators in exploring the gear behind their favorite artists’ sound.

Media Contact

Michael Pierce, Equipboard, 888-888-8888, contact@equipboard.com, https://equipboard.com/

View original content to download multimedia:https://www.prweb.com/releases/equipboard-unveils-sleek-redesign-to-enhance-music-gear-discovery-for-musicians-worldwide-302348502.html

SOURCE Equipboard

Technology

CES 2025: The Global Stage for Innovation, Connecting the World, Creating the Future

Published

7 hours ago

January 11, 2025

Where Technology Meets Humanity to Create Extraordinary Possibilities

LAS VEGAS, Jan. 10, 2025 /PRNewswire/ — CES® 2025, the most powerful tech event in the world, welcomed over 141,000 attendees from around the globe. With more than 4500 exhibitors, including 1400 startups, and more than 6000 media attendees, CES highlights the innovation and technology trends addressing global challenges and shaping the future.

“CES is where innovation comes to life,” said Gary Shapiro, CEO and Vice Chair, Consumer Technology Association (CTA)®, owner and producer of CES. “From the largest companies to trailblazing startups, the entire tech ecosystem is at the show. CES is the stage for groundbreaking product launches, transformative partnerships, and serendipitous business moments that define the future of technology.”

CES 2025 by the Numbers*

4500+ exhibitors, including 1400 startups141,000+ attendees, of which 40% were international from over 150 countries, regions, and territories6000+ global media, content creators, and industry analystsOver 60% of Fortune 500 companies300+ conference sessions with 1200+ speakers27,000+ news stories and content

*pre-audit figures

“From groundbreaking innovations that improve lives to transformative ideas that redefine industries, CES is a celebration of the art of the possible, showcasing how technology enriches our world and inspires a brighter future for all,” said Kinsey Fabrizio, President, CTA. “The evolution of CES has surged at this year’s show, where creativity, connectivity, and innovation inspire with visionary keynotes, thought-provoking conference sessions, and mind-blowing exhibits.”

As one of the most transparent trade shows, CES adheres to rigorous auditing standards established by UFI, The Global Association of the Exhibition Industry. To maintain the integrity of its reports, CES engages independent auditors, fostering trust among stakeholders.

“CES reaffirms its status as the largest audited annual business event,” said Fabrizio. “We look forward to releasing third-party confirmation in the spring, because at CTA we believe auditing is not just a nice-to-have, but the gold standard for global business events.”

Catch all the highlights and announcements from CES 2025 – including all conference programming—via CES YouTube and the CES Tech Talk Podcast. Watch the CES 2025 State of the Industry Address here.

CES 2025 Highlights

Artificial Intelligence – CES 2025 connected the dots between humanity and AI through powerful exhibits and programming. From AI-driven productivity tools to breakthroughs in medical advancements, products and services on the show floor demonstrated that artificial intelligence is not just a technology trend but a transformative force improving lives worldwide.
Exhibitors included: AMD, Hisense, LG, NVIDIA, Qualcomm, Samsung, Siemens, TCL

Digital Health – This year, CES 2025 saw tremendous energy at the Venetian where attendees witnessed the category’s seamless alignment with the smart living experience. CES has cemented itself as a premier convenor for the healthcare industry, bringing together trailblazers to explore biotechnology, telehealth, and wellness advancements that enhance patient care and longevity. Attendees celebrated the vibrant and dynamic environment that underscored how technology is transforming everyday life, particularly in health and wellness.
Exhibitors & Sponsors included: AARP, Abbott, Eyebot, FlowBeams, Lumia Health, OnMed, Panasonic, ResMed, Withings

Energy Transition – With the growth of high-power demand technologies like AI, cloud, and other data center innovations, the energy transition to zero carbon sources was a significant focus at CES 2025. Experimental energy solutions including battery and energy storage technologies, emerging energy sources like green hydrogen, and small modular nuclear reactors were highlights on the show floor.
Exhibitors included: Eaton, Jackery, Otrera, SK, Sony Honda Mobility

Mobility – Mobility innovation spanned construction, agriculture, marine tech, and advanced air travel. At CES 2025, self-driving and electric technologies enhanced planes and boats, and EV market growth brought new models from global OEMs to the show. Automation in construction and industry enhanced safety and addressed workforce gaps in labor-intensive roles.
Exhibitors included: Aptera Motors, BMW, Bosch, Brunswick, Caterpillar, Daedong, Garmin, Honda, Invo Station, John Deere, Kubota, Mobileye, Oshkosh, Scout Motors, Sumitomo Rubber, Scout Motors, Suzuki, Waymo, Xpeng AeroHT, Zeekr

Quantum – CES 2025 featured the latest innovations in quantum technologies, offering a glimpse into the future. Quantum technology uses properties of quantum mechanics to enable three distinct disciplines: improved networking, computing, and sensing. Innovations at the show demonstrated how quantum computing, working alongside AI, will allow for breakthroughs in research and computing for finance, chemistry, materials, logistics, and more.
Exhibitors included: Integrated Quantum Photonic, IonQ, QSIMPLUS, Quandela, SK

Sustainability – Sustainability is a crucial trend shaping technology innovation, especially in the context of energy transition. CES featured key advancements including new battery technologies, alternative material development like graphene, and off-grid renewable energy solutions. The show also put a spotlight on innovations such as synthetic microbes, bioplastics, and self-healing concrete that will contribute to sustainable construction.
Exhibitors included: Hydrific, Lyten, Melliens, Panasonic

Startups – Eureka Park was completely full, with 1400 startups from 39 countries including country pavilions representing Africa, European Union (EU), France, Italy, Israel, Japan, Korea, Netherlands, Switzerland, and Ukraine. Eureka Park is where innovators, investors, and the media meet to highlight and get hands-on with the technologies that will shape our collective future in core areas including accessibility, AI, digital health, and sustainability.

Keynotes

NVIDIA
NVIDIA founder and CEO Jensen Huang on Monday drew 6300 attendees to unveil the GeForce RTX 50, surpassing the RTX 4090 in performance, and introduced Agentic AI, a real-time assistant to streamline consumer workflows. Huang also showcased the Cosmos World Foundation Model and generative AI tools to advance robotics navigation. Highlighting AI-driven innovation, Huang announced a partnership with Toyota to develop next-gen autonomous vehicles using the safety-certified NVIDIA DriveOS.

Panasonic Holdings Corporation
Panasonic Holdings Group CEO Yuki Kusumi shared Panasonic Group’s vision for sustainability, artificial intelligence, and the health of future generations. DJ and record producer Steve Aoki jump-started the keynote with a performance before Mr. Kusumi, joined on stage by Marvel actor Anthony Mackie and other Panasonic Group leaders, delivered Panasonic’s “Well Into the Future” message. As an extension of the current Panasonic Well portfolio, Panasonic announced Umi, a holistic digital family wellness platform and coach.

SiriusXM
Jennifer Witz, CEO, SiriusXM, joined Ashley Flowers, #1 female podcaster in the U.S. and host of the hit podcast Crime Junkie, on the C Space stage to deliver a keynote on the intersection of technology, creativity, and storytelling in audio. The conversation covered the importance of authenticity, how AI is changing the creative landscape, and adapting consumer interests.

X Corp.
Linda Yaccarino, CEO, X Corp., spoke with award-winning journalist Catherine Herridge about how the company is defining the future of digital communication. The conversation focused on X’s transformational work to create a “global newsroom in your pocket.” Yaccarino highlighted the significance of Meta’s announcement that the company will follow X’s lead in adopting a community notes approach to content moderation.

Delta Air Lines at Sphere
The first keynote at Sphere in CES history wowed over 8000 attendees! The immersive experience spotlighted Delta Air Lines’ innovations in seamless travel, onboard experiences, and the future of flight. Ed Bastian, CEO, Delta Air Lines, announced Delta Concierge and partnerships with Airbus, DraftKings, Joby, Uber, and YouTube. Special guests included actress Viola Davis, football legend Tom Brady, and GRAMMY-winning icon Lenny Kravitz.

Volvo Group
Martin Lundstedt, President and CEO, Volvo Group, emphasized the company’s commitment to building a safer, more sustainable, and more productive future. He called on policymakers and industry leaders to accelerate the transition to zero emission vehicles and discussed the company’s partnership with Aurora, aimed at advancing the development of safer, self-driving vehicles.

Accenture
Julie Sweet, Chair and CEO, Accenture, discussed how data, AI, and new ways of working are transforming industries and addressing global challenges with Julia Boorstin, CNBC senior media & tech correspondent. Sweet emphasized the need for businesses to build trust in AI technologies, especially as AI becomes increasingly autonomous in a society where trust is scarce. She also highlighted Accenture’s 25th annual Tech Vision, which explores the paths leaders can take when AI is ubiquitous.

Waymo
Tekedra Mawakana, co-CEO, Waymo, spoke with Bloomberg Technology’s Ed Ludlow on the company’s progress in developing its self-driving technology, Waymo Driver. Mawakana emphasized safety and expanding its autonomous ride-hailing service to new cities while showcasing advancements in technology and outlining a vision for a safer and more accessible future.

Conference Programming
CES 2025 offered more than 300 conference sessions, exploring how tech solves some of the world’s greatest challenges.

C Space – C Space at ARIA brought together thousands of senior-level marketing professionals to explore the intersection of technology, media, and branding. Attendees heard from leading industry innovators from brands like Reddit, NBCUniversal, and Microsoft Advertising about how technology is shaping the future of storytelling, consumer engagement, and brand strategy. C Space sessions emphasized the importance of creativity and authenticity in navigating the ever-evolving digital landscape.CES Creator Space – The first-ever CES Creator Space, presented by Sony, gathered storytellers to network, create content, and relax in between visiting exhibitors. Sessions led by industry experts helped creators elevate their craft, featuring discussions on storytelling, content monetization, brand partnerships, rights and ownership, and more.Digital Health Summit brought together the entire health ecosystem to learn, network, and explore the role technology plays in advancing and reforming medicine, healthcare, and consumer wellness.Great Minds series explored the intersection of technology and humanity. Speakers included C-Suite executives, philanthropists, influencers, government leaders, entrepreneurs, venture capitalists, and more.Innovation for All Track included dedicated programming focused on ensuring all voices are represented in technology and innovation, bringing together thought leaders for a series of engagement opportunities, dynamic session content, and networking events.Innovation Policy Summit advanced CTA’s Innovation Agenda. CES brought together policymakers and government guests from around the world to discuss domestic and global tech policy issues including AI, privacy, trade, competition, and more. Conference sessions featured high-level government speakers from the White House, Department of Commerce, Department of Homeland Security, Department of Transportation, Federal Communications Commission, Federal Maritime Commission, Federal Trade Commission, and more.Mobility Stage made its debut in West Hall, exploring the future of mobility tech on the CES show floor. Topics included AI, connected vehicles, software, supply chain, and more.Quantum Means Business, a multi-session conference track developed with Quantum World Congress, gathered some of the brightest quantum minds, showcasing breakthroughs that were once confined to science fiction. Industry leaders from IBM, Microsoft, and beyond shared insights into how quantum, paired with advancements in AI and machine learning, creates unparalleled opportunities across industries.Startup Stage in Eureka Park brought together visionaries to discuss AI, health, startup funding, and more.

Celebrities at CES
Celebrity brand ambassadors like Alexis Ohanian, Denim Richards, Karlie Kloss, Maria Shriver, Mark Cuban, Martha Stewart, Meghan Trainor, Sophia Bush, Stevie Wonder, Terry Crews, Tim Meadows, Tunde Oyeneyin, and will.i.am attended the show. Read more about CES 2025 celebrity guest participation here.

Visit CES or the CES App, sponsored by Panasonic, for keynotes, sessions, and product announcements. View the high-res image gallery and download B-roll. Check out news from this week with CTA press releases including CTA’s U.S. Consumer Technology One-Year Industry Forecast, CES 2025 Green Grants, CTA 2025 Global Innovation Scorecard, CES 2025 Open, and a new investment in Quantum Word Congress.

We’ll DIVE IN again as CES returns to Las Vegas January 6-9, 2026.

About CES®:
CES is the most powerful tech event in the world – the proving ground for breakthrough technologies and global innovators. This is where the world’s biggest brands do business and meet new partners, and the sharpest innovators hit the stage. Owned and produced by the Consumer Technology Association (CTA) ®, CES features every aspect of the tech sector. CES 2025 takes place Jan. 7-10, 2025, in Las Vegas. Learn more at CES.tech and follow CES on social.

About Consumer Technology Association (CTA)®:
As North America’s largest technology trade association, CTA is the tech sector. Our members are the world’s leading innovators – from startups to global brands – helping support more than 18 million American jobs. CTA owns and produces CES® – the most powerful tech event in the world. Find us at CTA.tech. Follow us @CTAtech.

View original content to download multimedia:https://www.prnewswire.com/news-releases/ces-2025-the-global-stage-for-innovation-connecting-the-world-creating-the-future-302348495.html

SOURCE Consumer Technology Association

Technology

KNEX Technology CTO Gustavo Gonzalez Elected 2025 President-Elect of OATUG

Published

9 hours ago

January 11, 2025

Gustavo Gonzalez, KNEX Technology’s CTO, has been elected 2025 President-Elect of OATUG, emphasizing his dedication to Oracle innovation, collaboration, and leadership, including Ascend 2025’s strategic initiatives.

IRVINE, Calif., Jan. 10, 2025 /PRNewswire-PRWeb/ — KNEX Technology, a leading Oracle Cloud solutions provider, is proud to announce that its Chief Technology Officer, Gustavo Gonzalez, has been elected as the 2025 President-Elect of the Oracle Applications & Technology Users Group (OATUG). This esteemed appointment highlights Gonzalez’s longstanding commitment to advancing innovation and collaboration within the Oracle community.

OATUG has played a pivotal role in my professional growth, and it is a privilege to contribute to this community which has enriched my career. As President-Elect, I look forward to collaborating with my peers to strengthen the Oracle user community and further its impact on businesses worldwide.

In his new role, Gonzalez will work closely with the OATUG leadership team throughout 2025, preparing to serve as OATUG President in 2026. He will focus on empowering Oracle professionals worldwide by fostering knowledge-sharing, community engagement, and professional development. OATUG, a globally recognized organization, supports its members in overcoming challenges, enhancing the value of Oracle solutions, and driving organizational success.

“OATUG has played a pivotal role in my professional growth, and it is a privilege to contribute to this community which has enriched my career,” said Gustavo Gonzalez. “As President-Elect, I look forward to collaborating with my peers to strengthen the Oracle user community and further its impact on businesses worldwide.”

Gonzalez’s election underscores his dedication to giving back to the Oracle ecosystem. A key focus of his role will include shaping OATUG’s strategic initiatives, such as the annual Ascend Conference, which unites Oracle users, thought leaders, and technology innovators for unparalleled learning and networking opportunities.

The upcoming Ascend 2025 Conference, scheduled for June 8–11 in Orlando, Florida, promises to build on the success of the 2024 event, which attracted more than 1,800 attendees. With early bird registration now open, Gonzalez aims to ensure the conference continues to deliver transformative insights and experiences for the Oracle community.

About OATUG

The Oracle Applications & Technology Users Group (OATUG) is the premier global organization for Oracle users, providing year-round education, networking, and advocacy. OATUG empowers its members to unlock the full potential of Oracle solutions, fostering innovation and collaboration across industries.

About KNEX Technology

KNEX Technology is a trusted leader in Oracle Cloud solutions, delivering cutting-edge products and services to help businesses achieve their objectives. Through its innovative approach and customer-focused strategies, KNEX enables organizations to navigate the complexities of today’s technology landscape. For more information, visit www.knextech.com.

Media Contact

Husna Gyasi, KNEX Technology, 1 (949) 232-0786, husna.ghayaisi@knextech.com, https://knextech.com/

Twitter, LinkedIn

View original content:https://www.prweb.com/releases/knex-technology-cto-gustavo-gonzalez-elected-2025-president-elect-of-oatug-302347693.html

SOURCE KNEX Technology