[Performance Summary](index=1&type=section&id=Interim%20Results%20Announcement%20For%20The%20Six%20Months%20Ended%2030%20June%202024) In H1 2024, the company experienced a 15.8% revenue decline, shifting from operating profit to a significant net loss, with adjusted Non-IFRS net loss reaching RMB 34.10 million [Financial Highlights](index=1&type=section&id=Financial%20Highlights) In H1 2024, the company's total revenue decreased by 15.8% to RMB 117 million year-on-year, resulting in an operating loss of RMB 34.08 million and a net loss of RMB 48.13 million, with adjusted Non-IFRS net loss at RMB 34.10 million Financial Performance Summary | Metric | H1 2024 (RMB '000) | H1 2023 (RMB '000) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | 116,568 | 138,465 | -15.8% | | **Operating (Loss)/Profit** | (34,084) | 7,725 | N/A | | **Net Loss for the Period** | (48,129) | (6,211) | +674.9% | | **Adjusted Operating (Loss)/Profit (Non-IFRS)** | (31,549) | 9,226 | N/A | | **Adjusted Net (Loss)/Profit (Non-IFRS)** | (34,102) | 3,898 | N/A | - The Board decided not to declare any interim dividend for the six months ended June 30, 2024[3](index=3&type=chunk) [Management Discussion & Analysis](index=3&type=section&id=Management%20Discussion%20%26%20Analysis) The company's H1 2024 performance was challenged by declining camping and credit facilitation revenues, while the Xiaolanben SaaS business showed significant growth and profitability [Business Review](index=3&type=section&id=Business%20Review) In H1 2024, the company faced overall business challenges, with significant revenue declines in camping services and active scale control in credit facilitation, while the To B SaaS business achieved notable growth - As of June 30, 2024, core product “51 Credit Card Manager” had approximately **88.8 million** registered users and managed **151.7 million** credit cards, while “Xiaolanben” had approximately **6.9 million** registered users[4](index=4&type=chunk) - Xiaolanben's To B SaaS business achieved nearly **doubled growth** in sales team size, per-person efficiency, and monthly sales compared to end-2023, maintaining continuous profitability[4](index=4&type=chunk) [Credit Facilitation Services](index=5&type=section&id=1.%20Credit%20Facilitation%20Services) In H1 2024, credit facilitation volume decreased by 35.2% to RMB 586 million due to strategic adjustments, yet the average net fee rate increased by 19.1%, with asset quality remaining stable Credit Facilitation Services Performance | Metric | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | **Total Credit Facilitation Volume** | Approx. RMB 586 million | Approx. RMB 904 million | -35.2% | | **Average Net Fee Rate** | - | - | +19.1% | | **First-Day Delinquency Rate** | < 4.0% | Consistent with prior year | - | | **30-Day Collection Ratio** | Approx. 79.64% | Approx. 81.0% | - | | **Average Loan Amount** | Approx. RMB 7,596 | Approx. RMB 7,700 | Slight decrease | [SaaS Business](index=5&type=section&id=2.%20SaaS%20Business) SaaS business revenue declined by 12.0% to RMB 46.03 million year-on-year, primarily due to reduced income from banking operations management services, encompassing Xiaolanben, smart retail, and banking operations management - SaaS business revenue decreased from **RMB 52.30 million** in the prior period to **RMB 46.00 million**, mainly due to a decline in revenue from banking operations management services[8](index=8&type=chunk) [Camping Business](index=6&type=section&id=3.%20Camping%20Business) Camping business revenue significantly decreased by 53.4% to RMB 8.62 million, primarily due to the fading post-pandemic camping trend and the company's proactive closure of underperforming campsites - As the post-pandemic camping craze faded, the company's camping business revenue showed a clear downward trend, with optimization adjustments leading to the closure of underperforming campsites, resulting in revenue decreasing from **RMB 18.50 million** in the prior period to **RMB 8.60 million**[9](index=9&type=chunk) [Outlook](index=6&type=section&id=Outlook) The company plans to focus on new business development, seeking new credit facilitation partnerships, deepening SaaS data analysis, and exploring new urban lifestyle concepts for camping - Credit Facilitation Business: Continue to seek new cooperation institutions and models while ensuring compliance[10](index=10&type=chunk) - SaaS Business (Xiaolanben): Utilize big data and AI technologies to deeply analyze industry pain points, develop and iterate products, and help clients improve sales conversion rates[10](index=10&type=chunk)[11](index=11&type=chunk) - Camping Business: Close inefficient campsites, retain urban and boutique campsites, and plan to integrate with new businesses like RVs to create distinctive business segments[11](index=11&type=chunk) [Financial Review](index=7&type=section&id=Financial%20Information) The company recorded a net loss of RMB 48.13 million in H1 2024, with total assets decreasing to RMB 1.095 billion and total liabilities significantly reducing to RMB 333 million, indicating a shift in financial structure [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) The financial statements show a net loss of RMB 48.13 million in H1 2024, compared to a loss of RMB 6.21 million in the prior period, with total assets decreasing and total liabilities significantly reducing [Condensed Consolidated Interim Statement of Comprehensive Loss](index=8&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Loss) In H1 2024, total revenue was RMB 117 million, a 15.8% decrease year-on-year, leading to an operating loss of RMB 34.08 million and a net loss of RMB 48.13 million, with basic loss per share at 3.45 cents Condensed Consolidated Interim Statement of Comprehensive Loss | Item | H1 2024 (RMB '000) | H1 2023 (RMB '000) | | :--- | :--- | :--- | | **Total Revenue** | 116,568 | 138,465 | | **Total Operating Expenses** | (150,652) | (130,740) | | **Operating (Loss)/Profit** | (34,084) | 7,725 | | **Loss Before Income Tax** | (44,972) | (10,218) | | **Loss for the Period** | (48,129) | (6,211) | | **Basic Loss Per Share Attributable to Owners of the Company (RMB cents)** | (3.45) | 0.01 | [Condensed Consolidated Interim Statement of Financial Position](index=10&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) As of June 30, 2024, total assets were RMB 1.095 billion, a decrease from end-2023, while total liabilities significantly reduced to RMB 333 million, primarily due to lower bank and other borrowings, and total equity increased to RMB 762 million Condensed Consolidated Interim Statement of Financial Position | Item | June 30, 2024 (RMB '000) | December 31, 2023 (RMB '000) | | :--- | :--- | :--- | | **Total Assets** | 1,095,176 | 1,164,966 | | Non-current Assets | 316,764 | 282,997 | | Current Assets | 778,412 | 881,969 | | **Total Liabilities** | 332,995 | 455,396 | | Non-current Liabilities | 26,408 | 87,198 | | Current Liabilities | 306,587 | 368,198 | | **Total Equity** | 762,181 | 709,570 | [Segment Information](index=12&type=section&id=3.%20Segment%20Information) In H1 2024, credit facilitation and tech services generated RMB 19.52 million in segment profit, SaaS business RMB 4.39 million, while camping services recorded a significant loss of RMB 47.07 million, being the primary driver of the group's overall loss Segment Performance (H1 2024) | H1 2024 (RMB '000) | Revenue from External Customers | Segment Profit/(Loss) | | :--- | :--- | :--- | | **Credit Facilitation and Technology Services** | 38,702 | 19,519 | | **SaaS Business** | 46,687 | 4,387 | | **Camping Services** | 12,963 | (47,066) | | **Others** | 18,216 | (11,273) | | **Total** | 116,568 | (34,433) | [Financial Item Analysis](index=26&type=section&id=Financial%20Review) In H1 2024, financial performance was impacted by revenue declines across key segments, a 15.3% increase in operating expenses driven by a 194.7% surge in R&D for new RV business, a shift to expected credit loss, and a significant increase in other net income from overdue asset recovery - Total revenue decreased by **15.8%** year-on-year, primarily due to declines in credit facilitation and service fees (**-20.3%**), SaaS service fees (**-12.0%**), credit card technology service fees (**-89.7%**), and camping service fees (**-53.5%**)[52](index=52&type=chunk) - Total operating expenses increased by **15.3%** year-on-year, with R&D expenses surging by **194.7%** from RMB 9.50 million to **RMB 28.00 million** due to investments in the RV business[53](index=53&type=chunk) - Expected credit (loss)/gain shifted from a gain of **RMB 39.30 million** in the prior period to a loss of **RMB 33.70 million** in the current period, mainly due to the deterioration of expected credit conditions related to quality assurance deposits[53](index=53&type=chunk) - Other net income significantly increased from **RMB 1.20 million** in the prior period to **RMB 65.90 million**, primarily due to the successful recovery of approximately **RMB 68.60 million** in overdue assets from credit facilitation business[54](index=54&type=chunk) [Non-IFRS Financial Measures](index=29&type=section&id=Non-IFRS%20Financial%20Measures) Excluding non-operating items like share-based payments and fair value changes, the company's H1 2024 adjusted operating loss was RMB 31.55 million and adjusted net loss was RMB 34.10 million, both shifting from profits in the prior period, reflecting a decline in core operating performance Non-IFRS Financial Measures | Item (RMB '000) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | **Operating (Loss)/Profit** | (34,084) | 7,725 | | **Adjusted Operating (Loss)/Profit** | (31,549) | 9,226 | | **Net Loss** | (48,129) | (6,211) | | **Adjusted Net (Loss)/Profit** | (34,102) | 3,898 | [Liquidity and Financial Resources](index=31&type=section&id=Liquidity%20and%20Financial%20Resources%20and%20Gearing%20Ratio) As of June 30, 2024, the group maintained a net cash position of RMB 192 million, a decrease from the prior year, while the gearing ratio improved from 15.3% to 7.2%, indicating a more robust financial structure, despite net cash outflows from operating, investing, and financing activities during the period Liquidity and Financial Resources | Metric | June 30, 2024 | June 30, 2023 | | :--- | :--- | :--- | | **Net Cash (RMB million)** | 192 | 182 | | **Gearing Ratio** | Approx. 7.2% | Approx. 15.3% | - In H1 2024, the group recorded a net cash outflow of approximately **RMB 82.60 million**, including **RMB 19 million** from operating activities, **RMB 56.30 million** from investing activities, and **RMB 7.30 million** from financing activities[62](index=62&type=chunk) [Other Information](index=33&type=section&id=Other%20Information) This section covers corporate governance practices, employee and remuneration policies, and the interim dividend policy, highlighting compliance deviations and key HR metrics [Corporate Governance](index=33&type=section&id=Corporate%20Governance%20Practices) The company largely complied with corporate governance codes, with two deviations: the Chairman and CEO roles are held by the same person for efficiency, and one non-executive director missed two shareholder meetings due to other commitments - The company deviates from corporate governance codes as the roles of Chairman and CEO are concurrently held by Mr. Sun Haitao, which the Board believes enhances decision-making and execution efficiency[70](index=70&type=chunk) - Non-executive Director Ms. Zou Yunli was unable to attend the extraordinary general meeting and annual general meeting during the reporting period due to other business commitments[71](index=71&type=chunk) [Employees and Remuneration Policies](index=34&type=section&id=Employees%20and%20Remuneration%20Policies) As of June 30, 2024, the group's employee count decreased to 367, with total staff costs also reducing from RMB 67.30 million to RMB 52.70 million, reflecting a performance-linked remuneration system Employee and Staff Cost Overview | Metric | June 30, 2024 | June 30, 2023 | | :--- | :--- | :--- | | **Number of Employees** | Approx. 367 | Approx. 459 | | **Total Staff Costs (RMB million)** | Approx. 52.7 | Approx. 67.3 | [Interim Dividend Policy](index=33&type=section&id=Interim%20Dividend) The Board decided not to declare any interim dividend for the six months ended June 30, 2024 - The Board decided not to declare any interim dividend for the six months ended June 30, 2024[67](index=67&type=chunk)

User Growth and Engagement - As of December 31, 2023, the number of registered users of the 51 Credit Card Manager was approximately 88.9 million, an increase from 88.7 million in 2022, representing a growth of 0.2%[20] - The cumulative number of credit cards managed by the Group reached approximately 151.9 million as of December 31, 2023, up from 151.2 million in 2022, indicating a growth of 0.5%[20] - The Little Blue Book App had approximately 6.9 million registered users as of December 31, 2023, an increase from 6.7 million in 2022, reflecting a growth of 3%[20] - The registered user count for the 51 Credit Card Manager app increased from approximately 88.7 million to approximately 88.9 million, while the number of managed credit cards rose from approximately 151.2 million to approximately 151.9 million[24] - The registered user count for the Little Blue Book app increased from approximately 6.7 million to approximately 6.9 million[24] Financial Performance - For the year ended December 31, 2023, the company's revenue was approximately RMB 217.2 million, a decrease of approximately 45.1% from RMB 395.7 million for the year ended December 31, 2022[23] - The operating profit for the year was approximately RMB 22.6 million, compared to an operating loss of approximately RMB 40.7 million for the previous year[23] - The net loss for the year was approximately RMB 3.1 million, representing a decrease of approximately 96.8% from RMB 97.6 million for the year ended December 31, 2022[23] - Total revenue decreased by approximately 45.1% from approximately RMB395.7 million for the year ended December 31, 2022, to approximately RMB217.2 million for the year ended December 31, 2023[45] - Credit facilitation and service fees decreased by approximately 38.3% from approximately RMB113.8 million for the year ended December 31, 2022, to approximately RMB70.2 million for the year ended December 31, 2023[46] - Payment service fees decreased from approximately RMB152.9 million for the year ended December 31, 2022, to nil for the year ended December 31, 2023, mainly due to the deconsolidation of the SK Group in August 2022[47] - SaaS service fees increased by approximately 13.2% from approximately RMB51.1 million for the year ended December 31, 2022, to approximately RMB57.8 million for the year ended December 31, 2023[48] - Subscription income from the Little Blue Book increased by 60.7% from approximately RMB14.5 million for the year ended December 31, 2022, to approximately RMB23.3 million for the year ended December 31, 2023[48] - Other revenue decreased by approximately 15.1% from approximately RMB39.1 million for the year ended 31 December 2022 to approximately RMB33.2 million for the year ended 31 December 2023, primarily due to a 37.0% decrease in referral service fees from loans referred to third-party partners[55] Credit Facilitation and Risk Management - The total volume of credit facilitation business was approximately RMB 1,938.7 million, a decrease of approximately 23.0% from RMB 2,519.4 million in the previous year[34] - The Day-1 delinquency rate for credit facilitation assets was lower than 4.5%, with a 30-day collection rate of overdue assets at approximately 79.0%[34] - The first-day overdue rate for credit facilitation business assets was below 4.5%, with a 30-day recovery rate of approximately 79.0%[37] - The average tenure of loans decreased to approximately 9.1 months in 2023 from approximately 9.5 months in 2022, and the average loan amount decreased to approximately RMB 7,500 from approximately RMB 9,200[34] - The Group's credit facilitation services model enhances borrower credit and facilitates loan matching with partnered financial institutions, generating service and guarantee fees[89] - The interest rates for loans under the credit facilitation model ranged from 4.37% to 10.66% for tenors of 6 to 12 months[96] - The Group's financial guarantee services are provided without requiring collateral from Target Borrowers, managing credit risk effectively[90] - The Group's credit facilitation business complies with relevant regulatory requirements in the PRC, ensuring sustainable operations[98] Operational Efficiency and Cost Management - Total operating expenses decreased by approximately 55.4% from approximately RMB436.5 million for the year ended 31 December 2022 to approximately RMB194.6 million for the year ended 31 December 2023[56] - Origination and servicing expenses decreased by approximately 38.6% from approximately RMB332.7 million for the year ended 31 December 2022 to approximately RMB204.3 million for the year ended 31 December 2023, with relevant fund transfer charges decreasing by 100% to nil[57] - Sales and marketing expenses decreased by approximately 13.3% from approximately RMB31.6 million for the year ended December 31, 2022 to approximately RMB27.4 million for the year ended December 31, 2023[58] - General and administrative expenses decreased by approximately 44.5% from approximately RMB95.4 million for the year ended December 31, 2022 to approximately RMB52.9 million for the year ended December 31, 2023, mainly due to a 68.6% decrease in employee benefit expenses[59] - Research and development expenses decreased by approximately 36.4% from approximately RMB28.8 million for the year ended December 31, 2022 to approximately RMB18.3 million for the year ended December 31, 2023[63] Strategic Initiatives and Future Outlook - The Group is exploring new business lines in conjunction with camping services, including recreational vehicles, to diversify camping travel options[15] - The Group plans to enhance product competitiveness by integrating AI technology into its offerings and collaborating with high-caliber users[14] - The Group aims to explore the value and commoditization opportunities of artificial intelligence technology to drive corporate growth through technological innovation[164] - The Group plans to continue optimizing its risk management model to ensure a smooth transition of financial technology business adjustments[163] - The camping services business will further enhance its presence in the domestic camping market throughout China[165] - The Group will continue to seek new revenue growth points across all business segments[163] Corporate Governance and Management - The Chairman expressed gratitude to shareholders for their support and acknowledged the dedication of staff in contributing to the Group's success[16] - The Board did not recommend the declaration of a final dividend for the year ended December 31, 2023, consistent with 2022[132][135] - The Group had no significant investments or capital asset acquisitions planned as of December 31, 2023, similar to the previous year[128] - The Group had no significant contingent liabilities as of December 31, 2023, unchanged from the previous year[130] - The auditor issued a qualified opinion on the Group's consolidated financial statements for the year ended December 31, 2023, due to issues related to the control over SK Group[141][146] - The Company aims to remove the Qualified Opinion from the Auditor as soon as practicable through active monitoring and communication[161] - The management remains open to exploring solutions and negotiating with Mr. Yang to resolve ongoing disputes[162] Employee and Organizational Changes - As of December 31, 2023, the Group had approximately 360 employees, a decrease from 469 employees in 2022, with total staff costs of approximately RMB 137.7 million, down from RMB 153.4 million in 2022[133][136] - Ms. Zou Yunli has been a non-executive Director since November 2017 and is a member of the Audit Committee[176] - Ms. Wu Shan has extensive experience in legal affairs and has been with the company since November 2014, serving as the Vice President[178] - Mr. Ye Xiang has been an independent non-executive Director since February 2018 and is the chairman of the Audit Committee and Remuneration Committee[184] - Mr. Xu Xuchu has been an independent non-executive Director since April 2020 and is a professor at Hangzhou Dianzi University[191] - Mr. Shou Jian has been an independent non-executive Director since May 2022 and has experience in corporate disciplinary supervision at Alibaba Group[193] - Ms. Jiang Chloe Cuicui has been a non-executive Director since April 2022 and is the president of Hangzhou Zhijiang New Industrial Investment Management Co., Ltd[181] - Ms. Gao Li has been a non-executive Director since April 2022 and has been the director of the securities affairs centre of Xinhu Zhongbao Co. Ltd since July 2010[182] - Mr. Lam Yu Hon served as the company secretary from January 1, 2023, to July 31, 2023, and was also the financial controller since July 2018 and CFO since September 2021[198] - Ms. Tsang Sin Man was appointed as the company secretary effective July 31, 2023, and has over 6 years of accounting and audit experience[199]

Financial Performance - The company's revenue for the year ended December 31, 2023, was approximately RMB 217.2 million, a decrease of about 45.1% compared to RMB 395.7 million for the year ended December 31, 2022[5]. - The operating profit for the year was approximately RMB 22.6 million, a significant improvement from an operating loss of approximately RMB 40.7 million in the previous year[9]. - The net loss for the year was approximately RMB 3.1 million, a decrease of about 96.8% from a net loss of approximately RMB 97.6 million in the previous year[9]. - Total revenue for the year ended December 31, 2023, was RMB 217.2 million, down from RMB 395.7 million for the year ended December 31, 2022[23]. - The annual loss for 2023 was RMB 3,148,000, compared to a loss of RMB 97,629,000 in 2022, representing a significant improvement[26]. - The company reported a basic and diluted loss per share of RMB 0.01 in 2023, an improvement from a loss of RMB 0.07 in 2022[28]. - The annual loss decreased by approximately 96.8% from about RMB 97.6 million for the year ended December 31, 2022, to about RMB 3.1 million for the year ended December 31, 2023, attributed to improved operational efficiency and satisfactory recovery of overdue assets[100]. Revenue Streams - The SaaS service revenue increased by 13.2% to approximately RMB 57.8 million, compared to RMB 51.1 million in the previous year[5]. - The camping service revenue saw a remarkable increase of 206.8%, rising to approximately RMB 33.9 million from RMB 11.1 million[5]. - The total revenue from credit facilitation services decreased to RMB 70,227,000 in 2023 from RMB 113,799,000 in 2022, reflecting a decline of approximately 38%[36]. - Credit facilitation and service fees decreased by approximately 38.3% from RMB 113.8 million to RMB 70.2 million, primarily due to a reduction in business volume resulting from strategic adjustments[85]. - Payment service fees dropped to zero from RMB 152.9 million, as the company ceased consolidation of Shouhui Group from August 2022[85]. - SaaS service fees increased by approximately 13.2% from RMB 51.1 million to RMB 57.8 million, driven by a 60.7% growth in subscription revenue from Xiaolanben[86]. - Camping service fees surged by approximately 206.8% from RMB 11.1 million to RMB 33.9 million, reflecting strong post-pandemic consumer demand[88]. Expenses and Cost Management - Operating expenses totaled RMB 194.6 million for the year ended December 31, 2023, compared to RMB 436.5 million for the year ended December 31, 2022[23]. - Total operating expenses decreased by approximately 55.4% from RMB 436.5 million to RMB 194.6 million[89]. - General and administrative expenses decreased by approximately 44.5% from RMB 95.4 million to RMB 52.9 million, largely due to a significant reduction in share-based compensation expenses[92]. - Research and development expenses decreased by approximately 36.4% from RMB 28.8 million to RMB 18.3 million, attributed to a reduction in R&D personnel due to business transformation[92]. - Employee benefits expenses decreased to RMB 137,707 thousand in 2023 from RMB 153,376 thousand in 2022, a reduction of approximately 10.9%[39]. - External technical service fees dropped significantly to RMB 79,942 thousand in 2023 from RMB 123,162 thousand in 2022, representing a decrease of about 35.0%[39]. - Total expenses for handling and services, general and administrative, R&D, and sales and marketing amounted to RMB 302,902 thousand in 2023, down from RMB 488,522 thousand in 2022, a decline of approximately 38.0%[39]. Assets and Liabilities - Non-current assets increased to RMB 282,997,000 in 2023 from RMB 264,478,000 in 2022, reflecting a growth of approximately 7%[30]. - Current assets totaled RMB 881,969,000 in 2023, slightly up from RMB 872,026,000 in 2022, indicating a marginal increase of about 1%[30]. - The total assets reached RMB 1,164,966,000 in 2023, compared to RMB 1,136,504,000 in 2022, marking an increase of approximately 2.5%[31]. - The company's equity attributable to owners increased to RMB 725,700,000 in 2023 from RMB 712,437,000 in 2022, showing a growth of about 1.8%[32]. - The total liabilities rose to RMB 455,396,000 in 2023, up from RMB 425,282,000 in 2022, which is an increase of approximately 7%[32]. - The company's debt-to-asset ratio decreased to 13.8% in 2023 from 15.8% in 2022[108]. - Total borrowings as of December 31, 2023, amounted to RMB 160,488,000, a reduction from RMB 179,857,000 in 2022[109]. Cash Flow and Financial Position - As of December 31, 2023, the company maintained a net cash position of RMB 189 million, down from RMB 197 million in 2022[107]. - The company reported a net cash outflow of approximately RMB 28.5 million for the year, primarily due to financing activities[108]. - The company has not entered into any foreign exchange forward contracts or hedging instruments as of December 31, 2023, to manage currency risk[111]. Corporate Governance and Compliance - The company has complied with all corporate governance codes except for the separation of the roles of Chairman and CEO, which are currently held by the same individual[124]. - The audit committee has reviewed the audited consolidated annual results and financial information for the year ending December 31, 2023[129]. - The independent auditor's report indicates a qualified opinion due to the inability to obtain sufficient appropriate audit evidence regarding the termination of consolidation of Shouhui Group[130]. Legal and Settlement Matters - The company has reached a settlement agreement with Tian Tu defendants, which includes a compensation of RMB 75 million, pending approval from independent shareholders[120]. - The settlement agreement is related to the arbitration proceedings concerning the acquisition of Shouhui Group, which the company has been pursuing since 2022[120]. - The company has taken legal actions to recover approximately RMB 101.43 million in loans from Shouhui Group[133]. Other Notable Points - The company did not declare or pay any dividends for the year ended December 31, 2023, consistent with the previous year[7]. - The company has not made any significant events or transactions from December 31, 2023, to the date of the announcement[121]. - The annual report will be sent to shareholders by April 30, 2024, and will be available on the company's website[139].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責 › 對其 準確性或完整性亦不發表任何聲明 ，並明確表示 ，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任 。 CREDIT CARD IN 51 信 用 卡 有 限 公 司 (於開曼群島註冊成立之有限公司) (股份代號：2051) 截至2022年12月31日止年度年報的 補充公告 茲提述51信用卡有限公司 (「本公司」，連同其附屬公司統稱「本集團」) 截至2022年12月 31日止年度的年報 (「2022年年報」) 。除本公告另有界定外，本公告所用詞彙與2022年年 報中所界定者具有相同涵義 。 除2022年年報所載資料外，董事會謹此提供管理層討論及分析章節中其業務回顧的補充 資料 ，特別是關於本集團信貸撮合業務 (「信貸撮合業務」) 的資料 。 信貸撮合業務的補充資料 概覧 截至2022年12月31日止年度 › 信貸撮合業務為本集團主要的收益來源之一 • 董事會認 為 目標客戶為在很大程度上缺乏傳統中國商業金融機構服務的借款人 ( [ 目標借款人] ) 。本 集團通過其線上平台 › 將被評為具有符合 ...

User Metrics - As of June 30, 2023, the number of registered users of the 51 Credit Card Manager was approximately 88.8 million, and the cumulative number of managed credit cards was approximately 151.6 million[4]. Revenue Performance - For the six months ended June 30, 2023, the revenue was approximately RMB 138.5 million, representing a decrease of approximately 47.1% compared to approximately RMB 261.9 million for the same period in 2022[7]. - Total revenue decreased by approximately 47.1% from approximately RMB 261.9 million for the six months ended June 30, 2022, to approximately RMB 138.5 million for the six months ended June 30, 2023[26]. - Credit facilitation and service fee decreased by approximately 51.6% from approximately RMB 76.3 million for the six months ended June 30, 2022, to approximately RMB 36.9 million for the six months ended June 30, 2023[27]. - Payment service fee decreased from approximately RMB 133.9 million for the six months ended June 30, 2022, to nil for the six months ended June 30, 2023, mainly due to the deconsolidation of SK Group[28]. - SaaS service fee revenue increased significantly to RMB 52.3 million, representing a growth of approximately 263.4% compared to RMB 14.4 million in the same period of 2022[14]. - Camping service fee revenue surged to RMB 18.5 million, reflecting an increase of approximately 2,601.5% compared to RMB 0.7 million in the same period of 2022[14]. Profitability - The operating profit for the same period was approximately RMB 7.7 million, a significant improvement from an operating loss of approximately RMB 10.7 million in the corresponding period of 2022[7]. - The net loss for the period was approximately RMB 6.2 million, a decrease of approximately 69.4% compared to approximately RMB 20.3 million for the same period in 2022[7]. - The adjusted operating profit for the six months ended June 30, 2023, was RMB 9.226 million, compared to RMB 14.874 million for the same period in 2022[66]. - The adjusted net profit for the six months ended June 30, 2023, was RMB 3.898 million, down from RMB 4.920 million in the same period last year[66]. - Loss for the period decreased by approximately 69.4% from approximately RMB 20.3 million for the six months ended June 30, 2022, to approximately RMB 6.2 million for the six months ended June 30, 2023[53]. Expenses - Total operating expenses decreased by approximately 52.0% from approximately RMB 272.6 million for the six months ended June 30, 2022, to approximately RMB 130.7 million for the six months ended June 30, 2023[35]. - Origination and servicing expenses decreased by approximately 37.2% from approximately RMB 197.3 million for the six months ended June 30, 2022, to approximately RMB 124.0 million for the six months ended June 30, 2023[36]. - Fund transfer charges decreased by approximately 98.2% from approximately RMB 116.7 million for the six months ended June 30, 2022, to approximately RMB 2.1 million for the six months ended June 30, 2023[36]. - Sales and marketing expenses decreased by approximately 36.1% from approximately RMB 19.1 million for the six months ended June 30, 2022, to approximately RMB 12.2 million for the six months ended June 30, 2023[37]. - General and administrative expenses decreased by approximately 50.7% from approximately RMB 51.8 million for the six months ended June 30, 2022, to approximately RMB 25.5 million for the six months ended June 30, 2023[38]. - Research and development expenses decreased by approximately 55.7% from approximately RMB 21.5 million for the six months ended June 30, 2022, to approximately RMB 9.5 million for the six months ended June 30, 2023[42]. Cash Flow and Liquidity - The company maintained a net cash position of RMB 182 million as of June 30, 2023, compared to RMB 197 million as of December 31, 2022[69]. - The group recorded a net cash outflow of approximately RMB 25.8 million for the six months ended June 30, 2023, primarily due to operating, investing, and financing activities[70]. - Cash and cash equivalents as of June 30, 2023, amounted to RMB 352 million, down from RMB 377 million as of December 31, 2022[69]. - The group continuously monitors cash flows and maintains adequate cash reserves to manage liquidity risk effectively[71]. - The group had no specific plans for material investments or acquisition of capital assets as of June 30, 2023[84]. Employee Metrics - As of June 30, 2023, the group had approximately 459 employees, down from approximately 469 employees as of December 31, 2022[95]. - Employee benefit expenses were reduced by approximately 30.7% to about RMB 67.3 million from approximately RMB 97.1 million in the same period last year due to cost control measures[58]. Financial Position - Total assets decreased from RMB 1,136,504,000 as of December 31, 2022, to RMB 1,110,521,000 as of June 30, 2023, representing a decline of approximately 2.29%[119]. - Total equity decreased from RMB 711,222,000 to RMB 708,191,000, a slight decrease of about 0.43%[119]. - Current liabilities decreased from RMB 405,523,000 to RMB 326,698,000, a reduction of about 19.39%[119]. - The company’s accumulated losses reached RMB 5,361,536,000 as of June 30, 2022, reflecting ongoing financial challenges[123]. Risk Management - The Group's overall risk management program focuses on minimizing potential adverse effects on financial performance due to market unpredictability, managed by senior management[141]. - The Group measures credit risk using Probability of Default (PD), Exposure at Default (EAD), and Loss Given Default (LGD), consistent with models applied in the previous year's financial statements[143]. Financial Instruments - The fair value losses for financial liabilities amounted to RMB 8,608,000 for the six months ended June 30, 2023, compared to a gain of RMB 350,000 for the same period in 2022[161]. - The Group's financial assets at fair value through profit or loss experienced a fair value loss of RMB 888,000 for the six months ended June 30, 2023, compared to a gain of RMB 767,000 in the same period of 2022[161]. Taxation - Current income tax expense for the period was RMB 244,000, a significant decrease from RMB 20,618,000 in the prior year[184]. - Deferred income tax showed a credit of RMB 4,251,000, compared to a credit of RMB 18,813,000 in the same period last year[184].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：2051） 截至2023年6月30日止六個月 之中期業績公告 51信用卡有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈本公司及其附屬公 司（統稱「本集團」或「我們」）截至2023年6月30日止六個月之未經審核綜合中期業 績。 財務摘要 截至6月30日止六個月 2023年 2022年 人民幣千元 人民幣千元 變化 （未經審核） （未經審核） （約） （約） （約） 收益 138,465 261,905 (47.1%) ...

User Base and Business Growth - As of December 31, 2022, the registered user base increased to approximately 88.7 million, and the cumulative number of credit cards under management reached approximately 151.2 million[12]. - The Little Blue Book App had approximately 6.7 million registered users as of December 31, 2022[20]. - Despite the pandemic's impact, the company achieved comprehensive growth in customer numbers and sales efficiency in its Little Blue Book business[22]. - The camping business launched in April 2022 has served over 60,000 people and established itself as a leading brand in the industry[13]. - The company aims to continue promoting the transformation and upgrading of its businesses to create long-term value for shareholders and users[14]. Financial Performance - For the year ended December 31, 2022, the company's revenue was approximately RMB 395.7 million, a decrease of approximately 10.1% from RMB 440.1 million for the year ended December 31, 2021[23][25]. - The operating loss for the year was approximately RMB 40.7 million, representing a decrease of approximately 79.6% from RMB 199.3 million for the year ended December 31, 2021[23][25]. - The net loss for the year was approximately RMB 97.6 million, a decrease of approximately 62.6% from RMB 260.7 million for the year ended December 31, 2021[23][25]. - Non-IFRS adjusted operating profit was approximately RMB 33.7 million, compared to RMB 1.8 million for the year ended December 31, 2021[28][29]. - Non-IFRS adjusted net profit was approximately RMB 11.2 million, compared to a net loss of approximately RMB 57.7 million for the year ended December 31, 2021[28][29]. Revenue Breakdown - Credit facilitation and service fee decreased by approximately 52.1% from approximately RMB 237.4 million for the year ended December 31, 2021, to approximately RMB 113.8 million for the year ended December 31, 2022[46]. - Payment service fee increased by approximately 94.7% from approximately RMB 78.6 million for the year ended December 31, 2021, to approximately RMB 152.9 million for the year ended December 31, 2022[47]. - SaaS service fee increased by approximately 56.2% from approximately RMB 32.7 million for the year ended December 31, 2021, to approximately RMB 51.1 million for the year ended December 31, 2022[48]. - Revenue from credit card technology service decreased by approximately 30.5% from approximately RMB 39.9 million for the year ended December 31, 2021, to approximately RMB 27.7 million for the year ended December 31, 2022[49]. - Revenue from camping services was approximately RMB 11.1 million for the year ended December 31, 2022[50]. Cost Management and Expenses - Total operating expenses decreased by approximately 31.7% from approximately RMB 639.4 million for the year ended December 31, 2021, to approximately RMB 436.5 million for the year ended December 31, 2022[55]. - Sales and marketing expenses decreased by approximately 40.9% from approximately RMB 53.4 million for the year ended December 31, 2021, to approximately RMB 31.6 million for the year ended December 31, 2022, with online channel promotion expenses decreasing by approximately 84.1%[57]. - General and administrative expenses decreased by approximately 5.6% from approximately RMB 101.1 million for the year ended December 31, 2021, to approximately RMB 95.4 million for the year ended December 31, 2022[58]. - Research and development expenses decreased by approximately 42.6% from approximately RMB 50.2 million for the year ended December 31, 2021, to approximately RMB 28.8 million for the year ended December 31, 2022[59]. Risk Management and Compliance - The overall delinquency rate of credit facilitation assets maintained at a low level, demonstrating effective risk management strategies[21]. - The company maintained a high level of business compliance, which is expected to enhance trust with financial institution partners and attract new quality users[12]. - The company is focusing on enhancing its risk control technology development capabilities in its fintech business to strengthen long-term partnerships with licensed financial institutions[155]. - The company aims to enhance its financial performance by focusing on core operations and excluding non-operating items from its financial metrics[79][80]. Corporate Governance and Management - Mr. Zheng Haiguo served as CEO and executive director from February 2021 until his resignation on January 7, 2022, with extensive experience in IT and e-financing in the banking industry[170][172]. - The management team includes individuals with advanced degrees in finance, economics, and business administration, enhancing the company's strategic capabilities[177][182]. - The board of directors includes members with significant experience in auditing, legal affairs, and investment management, ensuring robust governance[173][177]. - The company is positioned to capitalize on the growing demand for e-financing solutions, supported by its experienced leadership in the banking sector[171][180]. Legal and Regulatory Matters - The auditor issued a qualified opinion on the consolidated financial statements for the year ended December 31, 2022, due to insufficient audit evidence[124]. - The company has initiated legal action to recover loans totaling RMB 101,425,800 from Shouhui Shidai and Yaku Shikong[144]. - The company has commenced arbitration proceedings to rescind the acquisition of Shouhui Kaizhuo and seek damages for breach of contract[150]. - The company expects that the qualified opinion could be removed in the financial year following favorable arbitral awards[148]. Future Strategies and Expansion - The company plans to improve its SaaS products for B2B sales in response to market demand and expand its customer base[152]. - The Group aims to attract investors and partners through a higher standardized camping operation model and high-quality camping resources[156]. - Future strategies include adjusting cost-saving measures to capture new business opportunities across different segments[154]. - The Group plans to achieve sustainable and replicable large-scale development of the 51 CAMP business through flexible and diversified cooperation models[156].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：2051） 截至2022年12月31日止年度 之年度業績公告 51信用卡有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈本公司及其附屬公 司（統稱「本集團」或「我們」）截至2022年12月31日止年度之經審核綜合業績。 財務摘要 2022年 2021年 同比變動 人民幣千元 人民幣千元 百分比 （約） （約） （約） 收益 395,739 440,098 -10.1% 信貸撮合及服務費 113,799 237,411 -52.1% 支付服務費 152,945 78,560 94.7% ...

User Metrics - As of June 30, 2022, the number of registered users of the 51 Credit Card Manager was approximately 88.5 million, and the cumulative number of credit cards managed was approximately 150.7 million[7]. - The Little Blue Book App had approximately 6.6 million registered users as of June 30, 2022, contributing to the company's understanding and accumulation of multiple industries despite the pandemic's impact on business expansion[9]. Financial Performance - For the six months ended June 30, 2022, the company's revenue was approximately RMB 261.9 million, representing an increase of approximately 24.1% compared to RMB 211.0 million for the same period in 2021[10]. - The operating loss for the same period was approximately RMB 10.7 million, a decrease of approximately 94.7% from an operating loss of approximately RMB 203.7 million in the prior year[10]. - The net loss for the period was approximately RMB 20.3 million, down approximately 89.6% from RMB 194.4 million in the corresponding period of 2021[10]. - The non-IFRS adjusted operating profit for the period was approximately RMB 14.9 million, compared to RMB 4.7 million for the same period in 2021, reflecting a growth of 215.5%[15]. - The non-IFRS adjusted net profit was approximately RMB 4.9 million, a decrease of approximately 82.3% from RMB 27.8 million in the prior year[15]. - Total revenue increased by approximately 24.1% from approximately RMB 211.0 million for the six months ended June 30, 2021, to approximately RMB 261.9 million for the six months ended June 30, 2022[33]. - The company reported a loss for the period attributable to owners of the Company of RMB 6,389,000 for the six months ended June 30, 2022, compared to a loss of RMB 177,291,000 for the same period in 2021, indicating a significant improvement[129]. - Total comprehensive loss for the period, net of tax, was RMB 19,168,000, a decrease from RMB 192,028,000 in the prior year, reflecting a reduction in overall losses[129]. Revenue Breakdown - The payment service fee revenue increased significantly to RMB 133.9 million, representing 51.1% of total revenue, compared to RMB 22.2 million in the same period last year, marking a growth of 503.8%[17]. - The credit facilitation and service fee revenue decreased to RMB 76.3 million, accounting for 29.1% of total revenue, down 43.7% from RMB 135.6 million in the previous year[17]. - SaaS service fee increased by approximately 15.2% from approximately RMB 12.5 million for the six months ended June 30, 2021, to approximately RMB 14.4 million for the six months ended June 30, 2022[36]. - Credit facilitation business volume decreased by approximately 12.1% from approximately RMB 1,777.1 million in the first half of 2021 to approximately RMB 1,562.3 million in the first half of 2022[21]. Operating Expenses - Total operating expenses decreased by approximately 34.3% from approximately RMB 414.7 million for the six months ended June 30, 2021, to approximately RMB 272.6 million for the six months ended June 30, 2022[44]. - Origination and servicing expenses increased by approximately 73.2% from approximately RMB 113.9 million for the six months ended June 30, 2021, to approximately RMB 197.3 million for the six months ended June 30, 2022[45]. - Research and development expenses decreased by approximately 11.9% from approximately RMB 24.4 million for the six months ended June 30, 2021, to approximately RMB 21.5 million for the six months ended June 30, 2022[48]. - Employee benefits expenses decreased from approximately RMB 47.9 million for the six months ended June 30, 2021, to approximately RMB 39.7 million for the six months ended June 30, 2022, a decrease of approximately 17.1%[50]. - Sales and marketing expenses decreased by approximately 17.0% from approximately RMB 23.0 million for the six months ended June 30, 2021, to approximately RMB 19.1 million for the six months ended June 30, 2022[49]. Cash Flow and Liquidity - The company maintained a net cash position of RMB 169 million as of June 30, 2022, an increase from RMB 121 million as of December 31, 2021[77]. - The group recorded a net cash inflow of approximately RMB 39 million for the six months ended June 30, 2022, primarily from operating activities[82]. - Cash and cash equivalents increased to RMB 352 million as of June 30, 2022, compared to RMB 313 million as of December 31, 2021[77]. - The net increase in cash and cash equivalents for the period was RMB 38,597,000, compared to a decrease of RMB (136,165,000) in the previous year, reflecting improved cash flow management[145]. - The company reported proceeds from share incentives exercised and vested at RMB 420,000, which is a new source of cash inflow[145]. Financial Position - The company's total assets as of June 30, 2022, amounted to RMB 1,550,967,000, slightly down from RMB 1,559,214,000 at the end of 2021[132]. - The company's total liabilities decreased to RMB 782,657,000 as of June 30, 2022, from RMB 800,468,000 at the end of 2021, indicating a reduction in financial obligations[135]. - The company's total equity increased to RMB 768,310,000 as of June 30, 2022, up from RMB 758,746,000 at the end of 2021, reflecting a strengthening of the equity base[135]. - The debt-to-asset ratio was approximately 11.8% as of June 30, 2022, compared to 12.3% as of December 31, 2021[85]. Risk Management - The group is exposed to various financial risks, including market risk, credit risk, and liquidity risk, with a focus on minimizing potential adverse effects on financial performance[157]. - The Group measures credit risk using Probability of Default (PD), Exposure at Default (EAD), and Loss Given Default (LGD), consistent with models applied in the consolidated financial statements for the year ended December 31, 2021[159]. - The Group's overall risk management plan focuses on minimizing potential adverse impacts on financial performance due to market unpredictability[160]. Future Outlook - The company plans to further develop its financial technology operations and improve existing risk control models while maintaining low business risk[119]. - The SaaS business will focus on product upgrades based on customer needs, aiming to enhance service satisfaction and efficiency[121]. - The company will adjust its co-branded card business model in response to new credit card regulations, which may lead to a short-term decrease in income[120].

User Base and App Performance - As of December 31, 2021, the number of registered users of the 51 Credit Card Manager App reached approximately 88.3 million, with a cumulative total of approximately 149.9 million credit cards managed[17]. - The Little Blue Book App had approximately 6.5 million registered users as of December 31, 2021, since its launch in September 2019[25]. - The management discussion highlighted the importance of the 51 Credit Card Manager App in creating a comprehensive ecosystem for credit management services[25]. - The professional service attitude contributed to increased loyalty among existing users and attracted more quality users[17]. Financial Performance - For the year ended December 31, 2021, the revenue was approximately RMB 440.1 million, representing a year-on-year increase of approximately 60.4% from RMB 274.3 million in 2020[31]. - The operating loss for the year was approximately RMB 199.3 million, a significant decrease of approximately 86.1% from RMB 1,438.4 million in 2020[31]. - The net loss for the year was approximately RMB 260.7 million, down approximately 84.8% from RMB 1,716.4 million in 2020[31]. - Total revenue increased by approximately 60.4% from approximately RMB 274.3 million for the year ended December 31, 2020, to approximately RMB 440.1 million for the year ended December 31, 2021[59]. Revenue Breakdown - The credit facilitation and service fee revenue increased by 148.8% to RMB 237.4 million, accounting for 53.9% of total revenue[37]. - The payment service fee revenue rose by 74.7% to RMB 78.6 million, representing 17.9% of total revenue[37]. - Credit facilitation business volume was approximately RMB 4,317.2 million in 2021, representing an increase of approximately 78.6% from approximately RMB 2,416.9 million in 2020[1]. - SaaS service fee increased by approximately 9.6% from approximately RMB 29.9 million for the year ended December 31, 2020, to approximately RMB 32.7 million for the year ended December 31, 2021[56]. Cost Management and Expenses - Total operating expenses decreased by approximately 62.7% from approximately RMB 1,712.7 million in 2020 to approximately RMB 639.4 million in 2021[62]. - Research and development expenses decreased by approximately 28.3% from approximately RMB 70.0 million in 2020 to approximately RMB 50.2 million in 2021, mainly due to a reduction in R&D staff[70]. - Sales and marketing expenses decreased by approximately 12.3% from approximately RMB 60.9 million in 2020 to approximately RMB 53.4 million in 2021, while achieving growth in credit facilitation business[64]. - General and administrative expenses decreased by approximately 28.1% from approximately RMB 140.6 million in 2020 to approximately RMB 101.1 million in 2021, due to a reduction in administrative staff[65]. Risk Management and Delinquency Rates - The credit facilitation business saw a steady increase in the scale of existing customers, maintaining a low delinquency rate due to stringent risk control measures[26]. - The Day-1 delinquency rate of credit facilitation assets facilitated in 2021 was lower than 6.0%[1]. - The 30-day collection rate of overdue assets was approximately 84.6% in 2021[1]. - The delinquency rate of credit facilitation assets maintained at a low level due to stringent risk control measures adopted in 2021[81]. Leadership and Management - The company appointed Sun Haitao as the Chairman and CEO since September 2017, with extensive experience in internet business and credit card management applications[157]. - Zhu Jianfei, appointed as an executive director in September 2021, has rich experience in management consulting and business operations[158]. - Wu Shan has been an executive director since January 2022, responsible for investment, finance, and legal affairs of the group[161]. - The company has a strong focus on integrating finance with internet technologies, leveraging the expertise of its management team[164]. Future Plans and Strategic Focus - The Company plans to adjust its financial technology business model and SaaS development pace in 2022, focusing on providing de-guaranteed credit facilitation services to licensed credit institutions[146][149]. - The Group aims to enhance its innovative business, particularly in the Little Blue Book sector, by leveraging big data, cloud computing, and AI technologies to improve sales efficiency and customer engagement[148][150]. - The Company will focus on optimizing customer structure and providing reasonable credit service products to quality customers in the financial technology sector[146][149]. - The Company plans to conduct large-scale marketing campaigns for bank customers after verifying service capabilities and quality[147]. Financial Position and Cash Flow - As of December 31, 2021, the Group maintained a net cash position of RMB 122 million, down from RMB 214 million in 2020[101]. - The Group experienced a net cash outflow of approximately RMB 99.5 million for the year, primarily due to operating activities outflow of RMB 22.9 million[103]. - Cash and cash equivalents as of December 31, 2021 amounted to RMB 314 million, compared to RMB 413 million in 2020[101]. - The gearing ratio was approximately 12.3% as of December 31, 2021, compared to approximately 10.6% as of December 31, 2020[104]. Employee and Talent Management - The company has established a competitive compensation management system linked to performance appraisal, aimed at attracting high-quality talent and ensuring sustainable development[140][144]. - The Group's employee training system includes professional, management, and general-purpose training to enhance skills and leadership quality[140][144]. - As of December 31, 2021, the Group had approximately 300 employees, with total staff costs amounting to approximately RMB 168.2 million for the year[139]. Compliance and Governance - The company is committed to corporate governance and financial transparency, as evidenced by the qualifications of its financial leadership[199]. - The company emphasizes the importance of legal and financial affairs in its operations, as highlighted by Wu Shan's role[161]. - The strategic appointments within the company aim to strengthen its operational efficiency and financial oversight[199].