Group 1 - The TinyCase electric folding motorcycle, developed by Vala, a subsidiary of 51 Credit Card Group, won the iF Gold Award at the 2025 iF Design Award Night in Berlin, marking it as the only product in the transportation category from China to receive this honor this year [1] - TinyCase is a lightweight electric folding motorcycle that emphasizes portability and convenience, designed for outdoor use and has gained popularity in overseas markets [1][3] - The product features a weight of 23.5 kg, with components including a frame (7.2 kg), motor control (2.4 kg), battery module (2.8 kg), and wheels (3.6 kg), and can be folded in 50 seconds to a size comparable to a 20-inch carry-on suitcase [3][5] Group 2 - The design team, led by CEO Sun Haitao, consists of eight professional mechanical engineers, balancing precision engineering with user-friendly design, which contributed to TinyCase's success among over 10,000 global entries [5] - Vala aims to redefine urban living through innovative products like TinyCase, focusing on solving user pain points rather than merely adding features, which has resonated well on social media [6] - The iF Design Award is one of the most influential industrial design awards globally, emphasizing the interaction between product and design, and promoting the application and development of design in production [6][8] Group 3 - The 2025 iF Design Award evaluated over 11,000 entries across nine dimensions, highlighting TinyCase as a representation of China's shift from manufacturing to intelligent manufacturing, merging engineering technology with lifestyle aesthetics [8]

Core Points - 51 Credit Card's subsidiary, Hangzhou Vala Network Technology Co., Ltd., won the prestigious "iF Gold Award" for its innovative product, the electric folding motorcycle "TinyCase," at the "iF Design Award Night 2025" in Berlin [1][2] - The "iF Design Award," established in 1953, is recognized as one of the most important and authoritative awards in the industrial design field, with the "iF Gold Award" representing the highest level of recognition for outstanding industrial design products [1] - The design of "TinyCase" allows it to be easily folded and stored in a car trunk, making it an ideal travel companion for users, reflecting the company's commitment to enhancing user experience in its automotive business [2] Company Strategy - The award highlights the company's cutting-edge design philosophy and its relentless pursuit of improving user experience within the Vala automotive business [2] - The company aims to continue innovating under the concept of "redefining automotive lifestyles," providing customers with technologically advanced smart products [2] - The recognition from the award is expected to positively impact the promotion and application of the Vala automotive business [2]

Core Viewpoint - 51 Credit Card is struggling with its business transformation, particularly in the automotive sector with its Vala brand, which has not met sales expectations and has led to significant financial losses [2][11]. Group 1: Business Transformation and Strategy - 51 Credit Card, previously involved in credit card management and P2P lending, is attempting to pivot towards the automotive industry with the launch of the Vala vehicle, aiming to redefine automotive lifestyle [5][12]. - The founder, Sun Haitao, has ambitious plans for Vala, likening it to the iPhone of the automotive industry, but the vehicle's niche positioning and design have received criticism [2][15]. - The company plans to change its name to Vala, indicating a strong commitment to this new direction, despite current challenges [2][15]. Group 2: Sales Performance and Market Comparison - In the first quarter of 2025, Vala delivered only 99 vehicles, averaging about one sale per day, which is significantly lower than competitors like SAIC Maxus, which sells over 230 vehicles per quarter [3][11]. - Vala has received a total of 442 purchase orders historically, but the sales network remains limited, with only 110 co-creators recruited to date [9][11]. Group 3: Financial Performance - For 2024, 51 Credit Card reported a net loss of 69.018 million yuan, a staggering increase of 2092.4% compared to the previous year's loss of 3.148 million yuan, primarily due to increased R&D and operational costs in the automotive sector [11][14]. - The company's revenue for 2024 was approximately 224.649 million yuan, reflecting a modest growth of 3.4% year-on-year, but the financial strain from the automotive venture is evident [10][11]. Group 4: Product Development and Future Plans - Vala's initial model has been criticized for its limited battery capacity and design flaws, leading to a perception of it as an experimental product [7][8]. - The introduction of Vala Pro aims to address some of these issues with improved specifications, but at a higher price point of 268,000 yuan [7][8]. - Future models, including Vala mini and Vala Air, are planned to target younger consumers, but their market impact remains uncertain [7][8].

Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately RMB 224.6 million, an increase of about 3.4% compared to RMB 217.2 million for the year ended December 31, 2023[9]. - The company reported an operating loss of approximately RMB 61.1 million for the year ended December 31, 2024, compared to an operating profit of approximately RMB 22.6 million for the previous year[10]. - The net loss increased significantly from approximately RMB 3.1 million in 2023 to approximately RMB 69.0 million in 2024, representing a greater than 100% increase[10]. - The adjusted operating loss under non-IFRS measures was approximately RMB 43.1 million for the year ended December 31, 2024, compared to a profit of approximately RMB 23.1 million in 2023[10]. - The adjusted net loss under non-IFRS measures was approximately RMB 40.8 million for the year ended December 31, 2024, compared to a profit of approximately RMB 23.4 million in 2023[10]. - Total revenue for the year ended December 31, 2024, was approximately RMB 224.6 million, representing a year-on-year increase of 3.4% compared to RMB 217.2 million in 2023[11]. - The company reported a net loss of RMB 69,018,000 for 2024, compared to a net loss of RMB 3,148,000 in 2023, indicating a significant decline in profitability[21]. - The annual loss increased by approximately 2,092.4% from RMB 3.1 million for the year ended December 31, 2023, to approximately RMB 69.0 million for the year ending December 31, 2024, primarily due to increased depreciation and direct R&D expenses related to new business[71]. Revenue Streams - The SaaS service revenue increased by 29.7% year-on-year, reaching RMB 75.0 million in 2024, compared to RMB 57.8 million in 2023[4]. - The credit facilitation and service fees decreased by 16.5% to RMB 58.6 million from RMB 70.2 million in the previous year[11]. - Valalife business revenue decreased by 51.8% to RMB 16.4 million from RMB 33.9 million in the previous year[15]. - The newly established children's amusement business generated revenue of approximately RMB 31.4 million for the year ended December 31, 2024[16]. - The total amount of credit facilitation business for the year was approximately RMB 1,109.3 million, a decrease of 42.8% from RMB 1,938.7 million in 2023[13]. User Base and Initiatives - The registered user base of the 51 Credit Card Manager app remained stable at approximately 88.8 million as of December 31, 2024, with the number of managed credit cards increasing slightly from approximately 151.9 million to 152.4 million[5]. - The company launched the Valalife program, which attracted approximately 37,000 registered users by December 31, 2024, aimed at providing various purchasing and collaboration options for the Vala vehicle[5]. - The Vala vehicle initiative has gained significant attention, with approximately 1.14 million followers on social media and a total of about 2.1 billion views on related videos[8]. Expenses and Investments - Research and development expenses increased to RMB 41,196,000 in 2024, up from RMB 18,319,000 in 2023, reflecting a 125% increase[20]. - The total expenses for the year ended December 31, 2024, amounted to RMB 358,086 thousand, an increase from RMB 302,902 thousand in 2023, reflecting a rise of approximately 18.3%[29]. - Operating expenses increased by approximately 46.9% from RMB 194.6 million for the year ended December 31, 2023, to approximately RMB 285.8 million for the year ending December 31, 2024[62]. - Sales and marketing expenses rose by approximately 88.1% from RMB 27.4 million for the year ended December 31, 2023, to approximately RMB 51.5 million for the year ending December 31, 2024, driven by increased marketing costs related to Vala[64]. Assets and Liabilities - The company’s total assets decreased to RMB 1,075,751,000 in 2024 from RMB 1,164,966,000 in 2023, a decline of approximately 7.6%[22]. - Non-current liabilities decreased significantly to RMB 7,189,000 in 2024 from RMB 87,198,000 in 2023, a reduction of about 91.8%[24]. - Cash and cash equivalents decreased to RMB 280,326,000 in 2024 from RMB 349,490,000 in 2023, a decline of approximately 19.7%[22]. - The company’s total equity increased to RMB 779,522,000 in 2024 from RMB 709,570,000 in 2023, representing a growth of about 9.8%[22]. Future Plans and Projections - The company plans to explore new cooperation models in credit facilitation services while ensuring compliance and utilizing mature risk control models[17]. - In the SaaS business, the company aims to enhance data and product capabilities through increased investment in big data, artificial intelligence, and cloud computing technologies[18]. - The company expects to recognize 100% of the unfulfilled contract transaction value of RMB 16,894,013,000 within the next twelve months[27]. - The company expects to utilize the remaining proceeds for its credit facilitation and SaaS businesses and the development of Vala by December 31, 2027[81]. Corporate Governance and Compliance - The independent auditor's report indicates that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024[96]. - The company has terminated the consolidation of its subsidiary, Shouhui Kaizhuo Technology Co., Ltd., due to loss of control as of August 3, 2022, resulting in the exclusion of its financial status and performance from the consolidated financial statements[98]. - Legal actions have been initiated against Shouhui Group for the recovery of approximately RMB 101,425,800 in loans, and measures have been taken to freeze the bank accounts of Shouhui Group's operating companies[98]. - The company lacks sufficient evidence to verify the existence and completeness of commitments and contingent liabilities related to Shouhui Group for the years ending December 31, 2023, and December 31, 2024[99].

User Metrics - As of June 30, 2024, the number of registered users of the 51 Credit Card Manager App was approximately 88.8 million, and the cumulative number of managed credit cards was approximately 151.7 million[2]. - Little Blue Book had approximately 6.9 million registered users as of June 30, 2024[2]. Financial Performance - For the six months ended June 30, 2024, the company's revenue was approximately RMB 116.6 million, representing a decrease of approximately 15.8% compared to approximately RMB 138.5 million for the same period in 2023[5]. - The operating loss for the same period was approximately RMB 34.1 million, compared to an operating profit of approximately RMB 7.7 million for the corresponding period in 2023[5]. - The net loss for the six months ended June 30, 2024, was approximately RMB 48.1 million, representing an increase of approximately 674.9% compared to approximately RMB 6.2 million for the same period in 2023[5]. - Non-IFRS adjusted operating loss for the period was approximately RMB 31.5 million, compared to a non-IFRS adjusted operating profit of approximately RMB 9.2 million for the same period in 2023[10]. - Non-IFRS adjusted net loss for the period was approximately RMB 34.1 million, compared to a non-IFRS adjusted net profit of approximately RMB 3.9 million for the same period in 2023[12]. Revenue Breakdown - Total revenue decreased by approximately 15.8% from approximately RMB 138.5 million for the six months ended June 30, 2023, to approximately RMB 116.6 million for the six months ended June 30, 2024[20]. - Credit facilitation business volume was approximately RMB 585.7 million in the first half of 2024, a decrease of approximately 35.2% from approximately RMB 904.1 million in the first half of 2023[14]. - SaaS business revenue decreased to approximately RMB 46.0 million in the first half of 2024 from approximately RMB 52.3 million for the corresponding period in 2023, a decline of approximately 12.0%[22]. - Camping service revenue decreased by approximately 53.5% from approximately RMB 18.5 million for the first half of 2023 to approximately RMB 8.6 million for the first half of 2024[23]. - Credit card technology service fee decreased by approximately 89.7% from approximately RMB 12.9 million for the six months ended June 30, 2023, to approximately RMB 1.3 million for the six months ended June 30, 2024[22]. Operating Expenses - Operating expenses increased by approximately 15.3% from approximately RMB 130.7 million to approximately RMB 150.7 million[25]. - Research and development expenses surged by approximately 194.7% from approximately RMB 9.5 million to approximately RMB 28.0 million, driven by increased investment in the campervan business[28]. - Sales and marketing expenses increased by approximately 56.6% from approximately RMB 12.2 million to approximately RMB 19.1 million, reflecting the launch of the campervan business[27]. - General and administrative expenses rose by approximately 5.5% from approximately RMB 25.5 million to approximately RMB 26.9 million, mainly due to higher external professional service fees[27]. Credit Facilitation and Risk Management - The Day-1 delinquency rate of credit facilitation assets was lower than 4.0%, consistent with the same period last year[14]. - The 30-day collection rate of overdue assets was approximately 79.64%, compared to approximately 81.0% for the corresponding period of 2023[14]. - The expected credit loss changed from a gain of approximately RMB 39.3 million to a loss of approximately RMB 33.7 million, mainly due to underperformance in asset recovery[30]. - The Group's credit facilitation services model enhances the credit of Target Borrowers and facilitates their matching with Funders, generating service and guarantee fees[44]. Cash Flow and Liquidity - For the six months ended June 30, 2024, the Group recorded a net cash outflow of approximately RMB 82.6 million, with RMB 19.0 million from operating activities, RMB 56.3 million from investing activities, and RMB 7.3 million from financing activities[55]. - The Group maintained a net cash position of RMB 192 million, compared to RMB 189 million as of December 31, 2023[53]. - Cash and cash equivalents decreased to RMB 271,142,000 from RMB 349,490,000, a decline of approximately 22.4%[80]. Shareholder Information - As of June 30, 2024, the total number of issued shares is 1,358,320,188[172]. - Mr. Huang Wei holds 327,352,666 shares, representing approximately 24.10% of the issued shares[173]. - The total long position in shares held by directors and executives amounts to 301,222,736 shares, or 22.18% of the issued shares[171]. Regulatory and Compliance - The Group's credit facilitation business complies with relevant regulatory requirements in the PRC, supporting its sustainable business model[49]. - The Group has adopted all new and revised International Financial Reporting Standards (IFRSs) effective for its accounting year beginning on 1 January 2024, with no significant changes to accounting policies[88]. Strategic Initiatives - The company plans to explore new cooperation models in the credit facilitation business and enhance its SaaS platform, Little Blue Book, to improve sales conversion rates and user experience[73][74]. - The company is consolidating its camping services by closing low-efficiency campsites and focusing on urban and boutique campsites to enhance its brand image among young consumers[75][76].

[Clarification Announcement on Interim Results](index=1&type=section&id=中期業績公告之澄清公告) [Non-IFRS Measures](index=1&type=section&id=非國際財務報告準則計量) The announcement clarifies Non-IFRS adjusted operating and net losses for the six months ended June 30, 2024, contrasting with prior period profits Non-IFRS Reconciliation Table | Metric (RMB thousands) | For the six months ended June 30, 2024 | For the six months ended June 30, 2023 | | :--- | :--- | :--- | | **Operating (Loss)/Profit** | **(34,084)** | **7,725** | | Non-IFRS Adjusted Operating (Loss)/Profit | (31,549) | 9,226 | | **Net Loss** | **(48,129)** | **(6,211)** | | Non-IFRS Adjusted Net (Loss)/Profit | (34,102) | 3,898 | [Liquidity, Financial Resources, and Gearing Ratio](index=3&type=section&id=流動資金及財務資源及資產負債比率) The announcement revises comparative disclosures for the Group's liquidity, financial resources, and gearing ratio, showing net cash of RMB 192 million and a significant decrease in gearing ratio to 7.2% as of June 30, 2024 Net Cash Position (RMB millions) | Metric | As of June 30, 2024 | As of December 31, 2023 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 271 | 349 | | Borrowings | (79) | (160) | | **Net Cash** | **192** | **189** | - The Group's gearing ratio (total borrowings/total assets) decreased from **13.8%** as of December 31, 2023, to **7.2%** as of June 30, 2024[4](index=4&type=chunk) Borrowings Maturity Profile (RMB thousands) | Metric | As of June 30, 2024 | As of December 31, 2023 | | :--- | :--- | :--- | | Within one year | 77,328 | 100,804 | | One to two years | 1,328 | 59,684 | | **Total Borrowings** | **78,656** | **160,488** | - For the six months ended June 30, 2024, the annual interest rate for borrowings ranged from **3.1% to 6.5%**, a narrower range compared to **3.3% to 8.04%** in the prior period[4](index=4&type=chunk) [Significant Investments, Acquisitions, and Disposals](index=4&type=section&id=重大投資、收購及出售) The announcement clarifies that for the six months ended June 30, 2024, the Group had no significant investments, capital asset acquisition plans, or major acquisitions or disposals of subsidiaries - For the six months ended June 30, 2024, the Group had no significant investments or specific plans for major investments or capital asset purchases[5](index=5&type=chunk) - For the six months ended June 30, 2024, the Group had no significant acquisitions or disposals of subsidiaries[5](index=5&type=chunk) [Contingent Liabilities](index=4&type=section&id=或然負債) The announcement clarifies that as of June 30, 2024, the Group had no significant contingent liabilities, consistent with December 31, 2023 - As of June 30, 2024, the Group had no significant contingent liabilities[5](index=5&type=chunk) [Employees and Remuneration Policy](index=4&type=section&id=僱員及薪酬政策) The announcement revises comparative data for employees and remuneration policy, showing a slight increase in employee count to 367 but a 21.7% decrease in total staff costs for the six months ended June 30, 2024 Employee and Staff Cost Data | Metric | 2024 H1 / June 30 | 2023 H1 / December 31 | | :--- | :--- | :--- | | Number of Employees | 367 (as of 2024/6/30) | 360 (as of 2023/12/31) | | Total Staff Costs (RMB) | Approx. RMB 52.7 million (for the six months ended 2024/6/30) | Approx. RMB 67.3 million (for the six months ended 2023/6/30) |

[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 ...