Technology
Lufax Reports Second Quarter 2024 Financial Results
Published
1 month agoon
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SHANGHAI, Aug. 21, 2024 /PRNewswire/ — Lufax Holding Ltd (“Lufax” or the “Company”) (NYSE: LU and HKEX: 6623), a leading financial services enabler for small business owners in China, today announced its unaudited financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 & First Half 2024 Financial Highlights
Total income was RMB5,976 million (US$822 million) in the second quarter of 2024, compared to RMB9,270 million in the same period of 2023.Net loss was RMB730 million (US$100 million) in the second quarter of 2024, compared to net profit of RMB1,004 million in the same period of 2023.
(In millions except percentages, unaudited)
Three Months Ended June 30,
2023
2024
YoY
RMB
RMB
USD
Total income
9,270
5,976
822
(35.5 %)
Total expenses
(7,957)
(6,341)
(873)
(20.3 %)
Total expenses excluding credit
impairment losses, finance costs and
other (gains)/losses
(4,954)
(3,485)
(480)
(29.7 %)
Credit impairment losses, finance costs and
other (gains)/losses
(3,003)
(2,856)
(393)
(4.9 %)
Net profit/(loss)
1,004
(730)
(100)
(172.7 %)
(In millions except percentages, unaudited)
Six Months Ended June 30,
2023
2024
YoY
RMB
RMB
USD
Total income
19,348
12,940
1,781
(33.1 %)
Total expenses
(16,920)
(12,857)
(1,769)
(24.0 %)
Total expenses excluding credit
impairment losses, finance costs and
other (gains)/losses
(10,639)
(7,065)
(972)
(33.6 %)
Credit impairment losses, finance costs and
other (gains)/losses
(6,281)
(5,792)
(797)
(7.8 %)
Net profit
1,736
(1,560)
(215)
(189.9 %)
Second Quarter 2024 Operational Highlights
Total outstanding balance of loans was RMB235.2 billion as of June 30, 2024 compared to RMB426.4 billion as of June 30, 2023, representing a decrease of 44.8%, among which the outstanding balance of consumer finance loans was RMB42.0 billion as of June 30, 2024, compared to RMB32.8 billion as of June 30, 2023, representing an increase of 27.9%.Total new loans enabled were RMB45.2 billion in the second quarter of 2024, compared to RMB53.5 billion in the same period of 2023, representing a decrease of 15.5%, among which new consumer finance loans were RMB22.1 billion in the second quarter of 2024, compared to RMB17.9 billion in the same period of 2023, representing an increase of 23.6%.Cumulative number of borrowers increased by 17.4% to approximately 23.2 million as of June 30, 2024 from approximately 19.7 million as of June 30, 2023.As of June 30, 2024, including the consumer finance subsidiary, the Company bore risk on 56.7% of its outstanding balance, up from 27.5% as of June 30, 2023. Credit enhancement partners bore risk on the other 42.2% of the outstanding balance, among which Ping An Property & Casualty Insurance Company of China, Ltd. accounted for a majority.As of June 30, 2024, excluding the consumer finance subsidiary, the Company bore risk on 49.9% of its outstanding balance, up from 22.4% as of June 30, 2023.For the second quarter of 2024, the Company’s retail credit enablement business take rate[1] based on loan balance was 9.3%, as compared to 7.0% for the second quarter of 2023.C-M3 flow rate[2] for the total loans the Company had enabled, excluding the consumer finance subsidiary, was 0.9% in the second quarter of 2024, compared to 1.0% in the first quarter of 2024. Flow rates for the general unsecured loans and secured loans the Company had enabled were 0.9% and 0.7% respectively in the second quarter of 2024, as compared to 1.0% and 0.7% respectively in the first quarter of 2024.Days past due (“DPD”) 30+ delinquency rate[3] for the total loans the Company had enabled, excluding the consumer finance subsidiary, was 5.4% as of June 30, 2024, as compared to 6.6% as of March 31, 2024. DPD 30+ delinquency rate for general unsecured loans was 5.8% as of June 30, 2024, as compared to 7.4% as of March 31, 2024. DPD 30+ delinquency rate for secured loans was 4.1% as of June 30, 2024, as compared to 4.5% as of March 31, 2024.DPD 90+ delinquency rate[4] for total loans enabled, excluding the consumer finance subsidiary, was 3.4% as of June 30, 2024, as compared to 4.4% as of March 31, 2024. DPD 90+ delinquency rate for general unsecured loans was 3.7% as of June 30, 2024, as compared to 5.0% as of March 31, 2024. DPD 90+ delinquency rate for secured loans was 2.5% as of June 30, 2024, as compared to 2.6% as of March 31, 2024.As of June 30, 2024, the non-performing loan (NPL) ratio[5] for consumer finance loans was 1.4% as compared to 1.6% as of March 31, 2024.
Mr. YongSuk Cho, Chairman and Chief Executive Officer of Lufax, commented, “During the second quarter, our focus on quality over quantity yielded notable improvements of asset quality across both our Puhui and consumer finance portfolios. Loan quality trended higher within both segments, demonstrating the efficacy of our strategic approach. As our Puhui loan balance increasingly represents loans enabled under the 100% guarantee model, we anticipate the ongoing shift will drive further enhancements to our take rate going forward. Furthermore, as we continue to execute our strategy of obtaining and utilizing strong licenses to bolster our business, we expect our licenses will help us improve our funding costs, product diversity, and capital management efficiency. Looking ahead, we will seek to deepen our synergies with Ping An Group, leveraging their brand reputation, technological resources, and extensive network to strengthen our market position. These initiatives, combined with our direct sales force and ongoing emphasis on operational caution, uniquely position us to support China’s small and micro enterprise economy. We are encouraged by our progress to date, and remain committed to drive persistent, high-quality growth for our customers and our shareholders.”
Mr. Gregory Gibb, Co-Chief Executive Officer of Lufax, commented, “Our ongoing emphasis on operational refinements helped us strengthen our business during the second quarter. Our disciplined approach to credit standards led to enhancements in asset quality, with the C-M3 flow rate of Puhui loans improving to 0.9% and the NPL ratio for consumer finance loans decreasing to 1.4%. Meanwhile, the implementation of our 100% guarantee model for Puhui loans has positively impacted the take rate on our outstanding balance, which reached 9.3% this quarter. Our consumer finance segment also continued to grow, with a 23.6% year-over-year increase in new loan sales, representing 49% of total new loan sales in the quarter. Our prudent approach and ongoing operational refinements will be key as we pursue sustainable future growth.”
Mr. Alston Peiqing Zhu, Chief Financial Officer of Lufax, commented, “During the second quarter, our leverage remained low, and our two main operating entities have maintained their strong capital positions. Our guarantee subsidiary’s leverage ratio is stable at 2.4x, still comfortably below the 10x regulatory limit. At the same time, our consumer finance company has a healthy 14.7% capital adequacy ratio, surpassing the 10.5% regulatory requirement. Amidst a complex economic environment, we are seeing positive trends in asset quality and notable growth in consumer finance. We remain steadfast in our disciplined approach, aiming to construct a resilient platform for enduring success and shareholder value creation.”
Second Quarter 2024 & First Half 2024 Financial Results
TOTAL INCOME
Total income was RMB5,976 million (US$822 million) in the second quarter of 2024, compared to RMB9,270 million in the same period of 2023, representing a decrease of 36%.
Three Months Ended June 30,
(In millions except percentages,
unaudited)
2023
2024
YoY
RMB
% of income
RMB
% of income
Technology platform-based income
4,076
44.0 %
1,999
33.4 %
(51.0 %)
Net interest income
3,367
36.3 %
2,716
45.4 %
(19.3 %)
Guarantee income
1,149
12.4 %
850
14.2 %
(26.0 %)
Other income
310
3.3 %
318
5.3 %
2.4 %
Investment income
370
4.0 %
94
1.6 %
(74.6 %)
Share of net profits of investments
accounted for using the equity method
(1)
(0.0 %)
–
–
100.0 %
Total income
9,270
100.0 %
5,976
100.0 %
(35.5 %)
Six Months Ended June 30,
(In millions except percentages,
unaudited)
2023
2024
YoY
RMB
% of income
RMB
% of income
Technology platform-based income
9,086
47.0 %
4,552
35.2 %
(49.9 %)
Net interest income
6,716
34.7 %
5,561
43.0 %
(17.2 %)
Guarantee income
2,565
13.3 %
1,775
13.7 %
(30.8 %)
Other income
538
2.8 %
637
4.9 %
18.4 %
Investment income
445
2.3 %
416
3.2 %
(6.6 %)
Share of net profits of investments
accounted for using the equity method
(2)
(0.0 %)
(1)
(0.0 %)
56.5 %
Total income
19,348
100.0 %
12,940
100.0 %
(33.1 %)
Technology platform-based income was RMB1,999 million (US$275 million) in the second quarter of 2024, compared to RMB4,076 million in the same period of 2023, representing a decrease of 51.0%, due to 1) the decrease of retail credit service fees due to the decrease in loan balance and 2) the decrease of referral and other technology platform-based income due to the Company’s exit from the Lujintong[6] business that it had previously conducted.Net interest income was RMB2,716 million (US$374 million) in the second quarter of 2024, compared to RMB3,367 million in the same period of 2023, representing a decrease of 19.3%, mainly due to the decrease in loan balance, partially offset by the increase of net interest income from the Company’s consumer finance business.Guarantee income was RMB850 million (US$117 million) in the second quarter of 2024, compared to RMB1,149 million in the same period of 2023, representing a decrease of 26.0%, primarily due to the decrease in loan balance and a lower average fee rate.Other income was RMB318 million (US$44 million) in the second quarter of 2024, compared to other income of RMB310 million in the same period of 2023. The increase was mainly due to the increased account management fees driven by improved collection performance.Investment income was RMB94 million (US$13 million) in the second quarter of 2024, compared to RMB370 million in the same period of 2023, mainly due to the increased losses associated with certain investment assets.
—————————
[1] The take rate of retail credit enablement business is calculated by dividing the aggregated amount of loan enablement service fees, post-origination service fees, net interest income (excluding revenue from PAObank and LUAN credit subsidiaries), guarantee income and the penalty fees and account management fees by the average outstanding balance of loans enabled for each period.
[2] C-M3 flow rate estimates the percentage of current loans that will become non-performing at the end of three months, and is defined as the product of (i) the loan balance that is overdue from 1 to 29 days as a percentage of the total current loan balance of the previous month, (ii) the loan balance that is overdue from 30 to 59 days as a percentage of the loan balance that was overdue from 1 to 29 days in the previous month, and (iii) the loan balance that is overdue from 60 to 89 days as a percentage of the loan balance that was overdue from 30 days to 59 days in the previous month. Loans from legacy products and consumer finance subsidiary are excluded from the flow rate calculation.
[3] DPD 30+ delinquency rate refers to the outstanding balance of loans for which any payment is 30 to 179 calendar days past due divided by the outstanding balance of loans. Loans from legacy products and consumer finance subsidiary are excluded from the calculation.
[4] DPD 90+ delinquency rate refers to the outstanding balance of loans for which any payment is 90 to 179 calendar days past due divided by the outstanding balance of loans. Loans from legacy products and consumer finance subsidiary are excluded from the calculation.
[5] Non-performing loan ratio for consumer finance loans is calculated by using the outstanding balance of consumer finance loans for which any payment is 91 or more calendar days past due and not written off, and certain restructured loans, divided by the outstanding balance of consumer finance loans.
[6] Lujintong was a platform the company launched in 2019, aiming to help its financial institution partners to acquire borrowers directly through dispersed sourcing nationwide. The company downscaled the operations of Lujintong in 2023 and ceased its operation by the end of April 2024.
TOTAL EXPENSES
Total expenses decreased by 20% to RMB6,341 million (US$873 million) in the second quarter of 2024 from RMB7,957 million in the same period of 2023. This decrease was mainly due to the decrease in sales and marketing expenses by 46% to RMB1,372 million (US$189 million) in the second quarter of 2024 from RMB2,540 million in the same period of 2023. Total expenses excluding credit impairment losses, finance costs and other (gains)/losses decreased by 30% to RMB3,485 million (US$480 million) in the second quarter of 2024 from RMB4,954 million in the same period of 2023.
Three Months Ended June 30,
(In millions except percentages, unaudited)
2023
2024
YoY
RMB
% of income
RMB
% of income
Sales and marketing expenses
2,540
27.4 %
1,372
22.9 %
(46.0 %)
General and administrative expenses
493
5.3 %
511
8.5 %
3.5 %
Operation and servicing expenses
1,576
17.0 %
1,327
22.2 %
(15.8 %)
Technology and analytics expenses
344
3.7 %
275
4.6 %
(20.0 %)
Credit impairment losses
2,998
32.3 %
2,560
42.8 %
(14.6 %)
Finance costs
136
1.5 %
13
0.2 %
(90.2 %)
Other (gains)/losses – net
(130)
(1.4 %)
282
4.7 %
316.6 %
Total expenses
7,957
85.8 %
6,341
106.1 %
(20.3 %)
Six Months Ended June 30,
(In millions except percentages, unaudited)
2023
2024
YoY
RMB
% of income
RMB
% of income
Sales and marketing expenses
5,570
28.8 %
2,890
22.3 %
(48.1 %)
General and administrative expenses
1,249
6.5 %
993
7.7 %
(20.5 %)
Operation and servicing expenses
3,134
16.2 %
2,655
20.5 %
(15.3 %)
Technology and analytics expenses
686
3.5 %
528
4.1 %
(23.0 %)
Credit impairment losses
6,130
31.7 %
5,422
41.9 %
(11.5 %)
Finance costs
324
1.7 %
71
0.6 %
(78.0 %)
Other (gains)/losses – net
(173)
(0.9 %)
299
2.3 %
273.0 %
Total expenses
16,920
87.5 %
12,857
99.4 %
(24.0 %)
Sales and marketing expenses decreased by 46.0% to RMB1,372 million (US$189 million) in the second quarter of 2024 from RMB2,540 million in the same period of 2023. The decrease was mainly due to 1) the decreased loan-related expenses as a result of the decrease in loan balance and 2) decreased retention expenses and referral expenses from platform service attributable to the Company’s exit from the Lujintong business that it had previously conducted.General and administrative expenses increased by 3.5% to RMB511 million (US$70 million) in the second quarter of 2024 from RMB493 million in the same period of 2023, mainly due to the increased investment in newly acquired businesses.Operation and servicing expenses decreased by 15.8% to RMB1,327 million (US$183 million) in the second quarter of 2024 from RMB1,576 million in the same period of 2023, due to the Company’s expense control measures and decrease of loan balance, partially offset by increased commission associated with improved collection performance.Technology and analytics expenses decreased by 20.0% to RMB275 million (US$38 million) in the second quarter of 2024 from RMB344 million in the same period of 2023, primarily due to the Company’s expense control measures.Credit impairment losses decreased by 14.6% to RMB2,560 million (US$352 million) in the second quarter of 2024 from RMB2,998 million in the same period of 2023, mainly due to the decrease in actual losses of loans as a result of the improvement of credit performance, partially offset by the upfront provision from loans under the 100% guarantee model.Finance costs decreased by 90.2% to RMB13 million (US$2 million) in the second quarter of 2024 from RMB136 million in the same period of 2023, mainly due to the decrease of interest expenses as a result of repayment of C-Round Convertible Promissory Notes and other debts, partially offset by the decrease of interest income from bank deposits.Other losses were RMB282 million (US$39 million) in the second quarter of 2024, compared to other gains of RMB130 million in the same period of 2023, mainly due to the increase of foreign exchange losses and losses associated with certain risk assets.
NET LOSS
Net loss was RMB730 million (US$100 million) in the second quarter of 2024, compared to a net profit of RMB1,004 million in the same period of 2023, as a result of the aforementioned factors.
LOSS PER ADS
Basic and diluted loss per American Depositary Share (“ADS”) were both RMB1.38 (US$0.19) in the second quarter of 2024. Each one ADS represents two ordinary shares.
BALANCE SHEET
The Company had RMB37,114 million (US$5,107 million) in cash at bank as of June 30, 2024, as compared to RMB39,599 million as of December 31, 2023. Net assets of the Company amounted to RMB82,676 million (US$11,377 million) as of June 30, 2024, as compared to RMB93,684 million as of December 31, 2023.
SEMI-ANNUAL DIVIDEND
In light of the net loss recorded for the six months ended June 30, 2024, the board of directors of the Company has determined that no semi-annual dividend shall be paid at this time.
Conference Call Information
The Company’s management will hold an earnings conference call at 9:00 P.M. U.S. Eastern Time on Wednesday, August 21, 2024 (9:00 A.M. Beijing Time on Thursday, August 22, 2024) to discuss the financial results. For participants who wish to join the call, please complete online registration using the link provided below in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the event passcode, and a unique access PIN, which can be used to join the conference call.
Registration Link: https://dpregister.com/sreg/10191825/fd49d1bf63
A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.lufaxholding.com.
The replay will be accessible through August 28, 2024, by dialing the following numbers:
United States:
1-877-344-7529
International:
1-412-317-0088
Conference ID:
8154019
About Lufax
Lufax is a leading financial services enabler for small business owners in China. The Company offers financing products designed principally to address the needs of small business owners. In doing so, the Company has established relationships with 85 financial institutions in China as funding partners, many of which have worked with the Company for over three years.
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 30, 2024, as certified for customs purposes by the Federal Reserve Bank of New York.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States 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” and similar statements. Statements that are not historical facts, including statements about Lufax’ s beliefs and expectations, are forward-looking statements. Lufax has based these forward-looking statements largely on its current expectations and projections about future events and financial trends, which 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. These forward-looking statements include, but are not limited to, statements about Lufax’ s goals and strategies; Lufax’ s future business development, financial condition and results of operations; expected changes in Lufax’ s income, expenses or expenditures; expected growth of the retail credit enablement; Lufax’ s expectations regarding demand for, and market acceptance of, its services; Lufax’s expectations regarding its relationship with borrowers, platform investors, funding sources, product providers and other business partners; general economic and business conditions; and government policies and regulations relating to the industry Lufax operates in. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Lufax’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 Lufax does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
Lufax Holding Ltd
Email: Investor_Relations@lu.com
ICR, LLC
Robin Yang
Tel: +1 (646) 308-0546
Email: lufax.ir@icrinc.com
LUFAX HOLDING LTD
UNAUDITED INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS
(All amounts in thousands, except share data, or otherwise noted)
Three Months Ended June 30,
Six Months Ended June 30,
2023
2024
2023
2024
RMB
RMB
USD
RMB
RMB
USD
Technology platform-based income
4,075,697
1,998,817
275,046
9,086,070
4,551,892
626,361
Net interest income
3,366,917
2,715,749
373,699
6,715,547
5,560,940
765,211
Guarantee income
1,148,646
850,152
116,985
2,565,405
1,775,400
244,303
Other income
310,170
317,600
43,703
537,632
636,783
87,624
Investment income
370,043
93,899
12,921
445,007
415,657
57,196
Share of net profits of investments accounted for using
the equity method
(1,151)
–
–
(1,587)
(691)
(95)
Total income
9,270,322
5,976,217
822,355
19,348,074
12,939,981
1,780,601
Sales and marketing expenses
(2,540,067)
(1,371,539)
(188,730)
(5,570,120)
(2,889,635)
(397,627)
General and administrative
expenses
(493,345)
(510,695)
(70,274)
(1,249,416)
(993,199)
(136,669)
Operation and servicing expenses
(1,576,137)
(1,327,251)
(182,636)
(3,134,026)
(2,654,672)
(365,295)
Technology and analytics
expenses
(344,131)
(275,395)
(37,896)
(685,616)
(527,733)
(72,618)
Credit impairment losses
(2,997,706)
(2,560,088)
(352,280)
(6,129,506)
(5,421,572)
(746,033)
Finance costs
(135,649)
(13,249)
(1,823)
(324,288)
(71,405)
(9,826)
Other gains/(losses) – net
130,444
(282,488)
(38,872)
172,856
(298,990)
(41,142)
Total expenses
(7,956,591)
(6,340,705)
(872,510)
(16,920,116)
(12,857,206)
(1,769,210)
Profit before income tax
expenses
1,313,731
(364,488)
(50,155)
2,427,958
82,775
11,390
Income tax expenses
(310,113)
(365,503)
(50,295)
(691,970)
(1,642,727)
(226,047)
Net profit/(loss) for the period
1,003,618
(729,991)
(100,450)
1,735,988
(1,559,952)
(214,657)
Net profit/(loss) attributable to:
Owners of the Group
965,349
(792,072)
(108,993)
1,637,325
(1,662,535)
(228,772)
Non-controlling interests
38,269
62,081
8,543
98,663
102,583
14,116
Net profit/(loss) for the period
1,003,618
(729,991)
(100,450)
1,735,988
(1,559,952)
(214,657)
Earnings per share
-Basic earnings/(loss) per share
0.84
(0.69)
(0.09)
1.43
(1.45)
(0.20)
-Diluted earnings/(loss) per share
0.84
(0.69)
(0.09)
1.43
(1.45)
(0.20)
-Basic earnings/(loss) per ADS
1.68
(1.38)
(0.19)
2.86
(2.90)
(0.40)
-Diluted earnings/(loss) per ADS
1.68
(1.38)
(0.19)
2.86
(2.90)
(0.40)
LUFAX HOLDING LTD
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(All amounts in thousands, except share data, or otherwise noted)
As of December 31,
As of June 30,
2023
2024
RMB
RMB
USD
Assets
Cash at bank
39,598,785
37,113,898
5,107,042
Restricted cash
11,145,838
10,683,924
1,470,157
Financial assets at fair value through profit or loss
28,892,604
29,249,592
4,024,878
Financial assets at fair value through other comprehensive income
–
1,739,416
239,352
Financial assets at amortized cost
3,011,570
2,918,120
401,547
Accounts and other receivables and contract assets
7,293,671
5,410,456
744,504
Loans to customers
129,693,954
112,708,888
15,509,259
Deferred tax assets
5,572,042
5,476,280
753,561
Property and equipment
180,310
162,426
22,351
Investments accounted for using the equity method
2,609
–
–
Intangible assets
874,919
1,016,210
139,835
Right-of-use assets
400,900
349,884
48,146
Goodwill
8,911,445
9,171,729
1,262,072
Other assets
1,444,362
929,279
127,873
Total assets
237,023,009
216,930,102
29,850,575
Liabilities
Payable to platform users
985,761
781,083
107,481
Borrowings
38,823,284
41,002,213
5,642,092
Customer deposits
–
3,126,937
430,281
Current income tax liabilities
782,096
447,523
61,581
Accounts and other payables and contract liabilities
6,977,118
15,188,201
2,089,966
Payable to investors of consolidated structured entities
83,264,738
61,693,369
8,489,290
Financing guarantee liabilities
4,185,532
3,507,405
482,635
Deferred tax liabilities
524,064
427,332
58,803
Lease liabilities
386,694
342,671
47,153
Convertible promissory note payable
5,650,268
5,898,783
811,700
Other liabilities
1,759,672
1,838,182
252,942
Total liabilities
143,339,227
134,253,699
18,473,924
Equity
Share capital
75
75
10
Share premium
32,142,233
22,306,417
3,069,465
Treasury shares
(5,642,768)
(5,642,768)
(776,471)
Other reserves
155,849
544,621
74,942
Retained earnings
65,487,099
63,824,564
8,782,552
Total equity attributable to owners of the Company
92,142,488
81,032,909
11,150,499
Non-controlling interests
1,541,294
1,643,494
226,152
Total equity
93,683,782
82,676,403
11,376,652
Total liabilities and equity
237,023,009
216,930,102
29,850,575
LUFAX HOLDING LTD
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts in thousands, except share data, or otherwise noted)
Three Months Ended June 30,
Six Months Ended June 30
2023
2024
2023
2024
RMB
RMB
USD
RMB
RMB
USD
Net cash generated from/(used in)
operating activities
1,994,730
2,997,614
412,485
5,280,779
3,500,146
481,636
Net cash (used in)/generated from
investing activities
(339,249)
(224,994)
(30,960)
1,835,491
2,522,047
347,045
Net cash (used in) financing activities
(8,844,090)
(4,688,244)
(645,124)
(11,621,316)
(4,189,061)
(576,434)
Effects of exchange rate changes on
cash and cash equivalents
393,412
78,616
10,818
427,092
85,317
11,740
Net (decrease)/increase in cash and
cash equivalents
(6,795,197)
(1,837,008)
(252,781)
(4,077,954)
1,918,449
263,987
Cash and cash equivalents at the
beginning of the period
32,254,754
22,235,553
3,059,714
29,537,511
18,480,096
2,542,946
Cash and cash equivalents at the end of
the period
25,459,557
20,398,545
2,806,933
25,459,557
20,398,545
2,806,933
View original content:https://www.prnewswire.com/news-releases/lufax-reports-second-quarter-2024-financial-results-302227333.html
SOURCE Lufax Holding Ltd
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PolyAI partners with OpenTable to offer enterprise restaurants and diners reservation support using voice AI
Published
44 mins agoon
September 23, 2024By
LONDON and NEW YORK, Sept. 23, 2024 /PRNewswire/ — PolyAI, a pioneer in voice AI solutions for customer experience and service, today announced a partnership with OpenTable, a global leader in restaurant technology, expanding PolyAI’s guest-led voice assistants to enterprise restaurants. Locations that opt in will be able to take reservations over the phone, answer questions, gain visibility in customer trends, and deliver on-brand experiences – all while alleviating staff time and resources.
This alliance delivers PolyAI’s lifelike voice AI to help restaurants tackle challenges around staffing and provide consistent hospitality, even off premise. In a survey conducted by the National Restaurant Association, 62% of operators said their restaurants did not have enough employees to support existing demand. With onsite staff focused on in-house patrons, restaurant groups routinely miss between 30-60% of phone calls to their front of house (per PolyAI customer data) – meaning missed revenue opportunities and equally valuable customer touch points.
Never miss another call, thanks to PolyAI and OpenTable
With this strategic partnership, OpenTable’s global network of restaurants will be able to integrate PolyAI voice assistants, built using generative AI and spoken language technologies, to assist their diners in seamlessly booking and managing reservations over the phone, during and outside of operating hours.
“We know how tightly restaurants manage their guest experience and this can be even more complex for our partners doing business at scale,” said Susan Lee, Chief Strategy Officer at OpenTable. “We have, and continue to invest in, technology that pushes boundaries and enhances hospitality and our integration with PolyAI is a new way we can drive efficiencies for our restaurants, and diners.”
For larger operators, this partnership enables numerous iterations of voice assistants to cater to the unique needs of multi-location and multi-brand portfolios, while providing PolyAI’s proven enterprise-grade assurances around availability, security and data protection.
“We have extensive experience deploying voice assistants to hundreds of locations for some of the largest restaurant groups in the world, helping operators resolve up to 70% of calls over the phone without the need for additional staff,” said Michael Chen, VP of Strategic Alliances at PolyAI. “This strong connection with the restaurant industry started right from the earliest days of PolyAI. We’re thrilled to deepen that further and work with OpenTable to help even more restaurant operators attract more diners, streamline operations and maximise revenue.”
The journey starts at the Integration Marketplace
OpenTable restaurants will be able to request an integration with PolyAI via its Integration Marketplace, which powers 150+ integrations among the most widely used restaurant software. Beyond managing reservations over the phone, PolyAI’s guest-led voice assistants also offer operators a powerful new channel for implementing consistent brand experiences that can deliver greater personalisation, more proactive revenue and upsell as well as offer new ways of collecting diner feedback and tracking customer satisfaction.
About PolyAI
PolyAI is a leading provider of AI-powered voice assistants. Their customer-led voice assistants are used across industries within global companies where B2C conversations are crucial, like Whitbread, Greene King, Caesars Entertainment and FedEx. PolyAI’s award-winning voice assistants have earned renown for their ability to understand natural language and provide quick, accurate and helpful responses. Hear more about what they’re bringing to the market by visiting poly.ai
About OpenTable
OpenTable, a global leader in restaurant tech and part of Booking Holdings, Inc. (NASDAQ:BKNG), helps more than 60,000 restaurants worldwide fill 1.7 billion seats a year. OpenTable’s world-class technology empowers restaurants to focus on what matters most – their team, their guests, and their bottom line – while enabling diners to discover and book the perfect restaurant for every occasion.
Logo – https://mma.prnewswire.com/media/1893052/PolyAI_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/polyai-partners-with-opentable-to-offer-enterprise-restaurants-and-diners-reservation-support-using-voice-ai-302254622.html
Technology
VeriPark Receives Microsoft Business Applications 2024/2025 Inner Circle Award and Joins Partner Advisory Council
Published
44 mins agoon
September 23, 2024By
LONDON, Sept. 23, 2024 /PRNewswire/ — VeriPark, a Microsoft Solutions Partner in the Financial Services Industry, has been selected for the Business Applications 2024-2025 Microsoft Inner Circle and the Microsoft Financial Services Partner Advisory Council.
Participation within Inner Circle is based on sales achievements that rank VeriPark in the top echelon of Microsoft’s Business Applications global network of partners. Inner Circle members are known for performing at a high-level by delivering innovative solutions that help organizations excel.
Ozkan Erener, CEO VeriPark: “We are honored to once again be recognized by Microsoft for our commitment to driving digital transformation for our clients. Partnering closely with Microsoft allows us to harness the latest technologies to revolutionize the Financial Services Industry. This recognition highlights the success of our collaborative strategy and execution.”
VeriPark first joined Microsoft’s Inner Circle in 2011 and has since provided innovative solutions that help financial institutions achieve a competitive advantage. By leveraging Microsoft’s platform, VeriPark continues to offer unparalleled services and solutions to its clients.
“Partners achieving the Inner Circle demonstrate an exceptional impact helping customers accelerate their AI and digital transformation with Dynamics 365 and Power Platform,” said Peter Jensen, Microsoft Business Application Partner Strategy Lead. “Microsoft AI Cloud Partner Program partners who achieve the Business Application Inner Circle distinction stand out for their deep AI, Cloud and Industry knowledge.”
Additionally, VeriPark’s selection for the Financial Services Partner Advisory Council highlights its role in shaping Microsoft’s financial services strategies and product roadmaps. As a PAC member, VeriPark will provide feedback on Microsoft’s financial services solutions and gain early insights into future roadmaps.
VeriPark is a global solutions provider enabling financial institutions to become digital leaders by placing Customer Experience at the core of digital transformation. VeriPark’s Intelligent Customer Experience suite delivers world class customer journeys on digital and assisted channels.
With its main offices located in the United Kingdom, Europe, North America, Asia, Africa and the Middle East, VeriPark helps financial institutions to enhance customer acquisition, retention and cross-sell capabilities. Their proven, secure, and scalable solutions cover Customer Engagement, Omni-Channel Delivery, Branch Automation, and Loan Origination. VeriPark collaborates with clients, crafting innovative technology strategies and solutions, that impact millions of people daily, bringing the promise of digital transformation to life.
Logo – https://mma.prnewswire.com/media/2447880/VeriPark_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/veripark-receives-microsoft-business-applications-20242025-inner-circle-award-and-joins-partner-advisory-council-302253197.html
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Huawei Updates FTTO 2.0 and Releases New Scenario-based Products, Driving Campus Networks to Wi-Fi 7 Era
Published
45 mins agoon
September 23, 2024By
SHANGHAI, Sept. 23, 2024 /PRNewswire/ — During HUAWEI CONNECT 2024, Huawei updated fiber to the office (FTTO) 2.0 and launched a series of new scenario-based products for industries such as education, healthcare, and hospitality. The next-generation green 10G all-optical network oriented to Wi-Fi 7 accelerates fiber-in copper-out and contributes to campus intelligence.
“In the Wi-Fi 7 era, Fiber-in Copper-out is a must for campus networks, and FTTO 2.0 commercial use is accelerating. Huawei is willing to work with customers and partners to seize opportunities in optical business, achieving a win-win future for campus intelligence.” noted Gavin Gu, President of Enterprise Optical Business Domain, Huawei.
Huawei’s FTTO 2.0 solution achieves a simplified architecture with the number of network layers cut from three to two, active to passive transition, 30% lower energy consumption, and 80% less cabling. Based on XGS-PON Pro and Wi-Fi 7 technologies, this solution supports 12.5G/25Gbps to rooms, 10Gbps to APs, and 2.5Gbps to desktops. The hard slicing technology enables multiple services to be carried over one network, reducing the TCO by 30%. This helps enterprises build green, ultra-broadband, and simplified campus networks.
At the session, Huawei released a selection of FTTO 2.0 products for various scenarios and industries.
In the education industry, Huawei launched the industry’s first high-density ultra-10G optical terminal Huawei OptiXstar P884E for smart classrooms. Meeting the requirements of high-density and high-bandwidth access scenarios, this product implements 12.5G/25Gbps to classrooms and 2.5Gbps to desktops. For dormitories, Huawei launched the industry’s first 8-port Wi-Fi 7 optical AP OptiXstar W617E, which supports unified wired and wireless access for a room with 8 students. For education metro networks, Huawei launched the edge optical gateway Huawei OptiXstar E853E. Supporting remote PON port deployment, closed-loop local service forwarding, and flexible configuration, the Huawei OptiXstar E853E meets the access requirements of all services in campuses such as primary schools and kindergartens.
For hospital wards, Huawei launched the industry’s first 10G ceiling-mounted Wi-Fi 7 optical AP Huawei OptiXstar W817C, whose seamless roaming technology enables mobile ward rounds.
For hotels, Huawei launched the next-generation three-in-one Wi-Fi 7 optical AP Huawei OptiXstar W827E-3, which supports unified access of wired, wireless, and telephone services so that one ONT can carry all services in each guest room over one fiber. In this way, it provides ultimate Wi-Fi 7 network experience at a lower cost and improves the positive feedback rate of guests.
For factory workshops, Huawei launched the small-sized industrial optical terminal Huawei OptiXstar T602E, which supports guide rail installation and fiber to the machine without extra cabinets, allowing for flexible capacity expansion. By helping to build a reliable and flexible advanced industrial network for smart factories, the product improves the quality and efficiency of factory production.
Huawei’s FTTO solution has been put into commercial use in more than 9000 campuses around the world. In addition, Huawei’s 50G POL solution that supports hard slicing has also been put into commercial use.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/huawei-updates-ftto-2-0-and-releases-new-scenario-based-products-driving-campus-networks-to-wi-fi-7-era-302255376.html
SOURCE Huawei
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