SHENZHEN, China, May 23, 2024 (GLOBE NEWSWIRE) -- LexinFintech Holdings Ltd. ("Lexin" or the "Company") (NASDAQ:LX), a leading technology-empowered personal financial service enabler in China, today announced its unaudited financial results for the quarter ended March 31, 2024. "In the first quarter of 2024, Lexin reported total loan origination of RMB58.0 billion, a decrease of 4.8% year-over-year, reflecting a strategy of controlled growth. The outstanding loan balance grew by 13.5% to RMB122 billion on a ...

Core Viewpoint - LexinFintech Holdings Ltd. reported a cautious approach to growth in Q1 2024, focusing on asset quality amid a challenging macroeconomic environment, with total loan origination decreasing by 4.8% year-over-year while outstanding loan balances increased by 13.5% [1][2] Financial Performance - Total operating revenue for Q1 2024 was RMB3.2 billion, an increase of 8.7% year-over-year, while net profit was RMB202 million, a decrease of 38.4% from the previous year [2][9][18] - Credit facilitation service income rose by 25.2% to RMB2.648 billion, driven by increased loan facilitation and servicing fees [12][9] - The company achieved a record low in funding costs, decreasing by 39.7% to RMB90.7 million [14] Operational Highlights - The total number of registered users reached 215 million, a 10.8% increase year-over-year, while active users using loan products decreased by 10.8% to 4.5 million [3] - Cumulative loan originations reached RMB1,171.1 billion, a 26.8% increase from the previous year, while the outstanding principal balance of loans was RMB122 billion, up 13.5% [4] Credit Performance - The 90-day+ delinquency ratio was 3.0%, slightly up from 2.9% at the end of 2023, while the first payment default rate for new loan originations remained below 1% [5] Business Segments - The installment e-commerce platform service generated RMB903 million in GMV, a decrease of 20.0% year-over-year, serving over 300,000 users and 400 merchants [7] - The tech-empowerment service maintained a customer retention rate of over 75% [6] Cost Management - Cost of sales decreased by 49.5% to RMB236 million, aligning with the decrease in installment e-commerce platform service income [14] - General and administrative expenses decreased by 7.5% to RMB89.8 million due to expense control measures [17]

SHENZHEN, China, May 17, 2024 (GLOBE NEWSWIRE) -- LexinFintech Holdings Ltd. (“Lexin” or the “Company”) (NASDAQ: LX), a leading credit technology-empowered consumer financial service enabler in China, today announced that it will report its unaudited financial results for the first quarter ended March 31, 2024, after the U.S. market closes on Thursday, May 23, 2024. The Company’s management will host an earnings conference call at 10:00 PM U.S. Eastern time on May 23, 2024 (10:00 AM Beijing/Hong Kong time o ...

SHENZHEN, China, May 17, 2024 (GLOBE NEWSWIRE) -- LexinFintech Holdings Ltd. ("Lexin" or the "Company") (NASDAQ:LX), a leading credit technology-empowered consumer financial service enabler in China, today announced that it will report its unaudited financial results for the first quarter ended March 31, 2024, after the U.S. market closes on Thursday, May 23, 2024. The Company's management will host an earnings conference call at 10:00 PM U.S. Eastern time on May 23, 2024 (10:00 AM Beijing/Hong Kong time on ...

User Base and Engagement - As of December 31, 2023, the total number of registered users reached 210 million, with 42 million users having a credit line, and over 85% of these users are aged between 23 and 40 years old [420]. - The cumulative active users reached 31.1 million in 2023, with around 40% of active users utilizing more than one product [420]. - The GMV per active user on the platform increased by 36.6% compared to 2022, excluding technology empowerment SaaS products [429]. - The GMV generated by existing active users increased by 30.9% year-over-year in 2023 [431]. - Total GMV increased by 20.5% in 2023, with e-commerce GMV per active user rising by 14.7% year-over-year [432]. Financial Performance and Funding - The company raised approximately US$108.4 million in net proceeds from its initial public offering on December 21, 2017 [404]. - The company issued and sold convertible notes in an aggregate principal amount of US$300 million in September 2019, which were paid in full by April 2024 [405]. - The outstanding balance of funds from institutional funding partners rose from RMB100.6 billion to RMB125.6 billion (US$17.7 billion) from December 31, 2022, to December 31, 2023 [433]. Product Offerings and Market Focus - The company offers unsecured credit products with amounts ranging from RMB3,000 to RMB200,000, with interest rates starting as low as 10% [424]. - The company strategically focuses on serving young consumers aged 23 to 40, who are expected to become the primary consumption driver in the Chinese economy [412]. - Tech-empowerment services generated approximately 24% of total loan originations in 2023 [415]. Risk Management and Security - The new customer risk management system led to a 35% increase in credit approval rates and a 10% reduction in risk for new customer loans [439]. - The integration of deep learning into risk models improved identification performance by over 30% [439]. - The company issued over 75.5 million anti-fraud alerts and intercepted 210 million data security threats in 2023 [448]. Intellectual Property - The company has registered 193 patents in China and applied for 205 additional patents [459]. - The company holds 208 software copyrights and 19 copyrights for artworks with the PRC National Copyright Administration [597]. - The company has 491 registered trademarks, including key brands such as lexin.com and lexinfintech.com [597]. Regulatory Environment - The PRC Foreign Investment Law, effective January 2020, replaces previous laws and establishes a unified legal framework for foreign investment in China [464]. - The 2021 Negative List reduces restrictions on foreign investment, expanding the scope of permitted industries while maintaining limitations on value-added telecommunications services [464]. - Foreign investors in value-added telecommunications enterprises are limited to a maximum of 50% ownership, except for certain e-commerce businesses which can be 100% foreign-owned [467]. - The implementation of the Foreign Investment Security Review Mechanism began on January 18, 2021, focusing on investments in sectors related to state security [465]. Consumer Protection and Compliance - The Circular 141 outlines requirements for "cash loan" businesses, including annualized borrowing costs and strict eligibility assessments for borrowers [476]. - Violations of the Circular 141 can lead to severe penalties, including suspension of operations and revocation of licenses [478]. - The People's Bank of China requires all loan products to prominently display annualized interest rates, ensuring transparency for consumers [491]. - The PRC Consumer Rights and Interests Protection Law allows consumers to return goods purchased online within seven days without stating a reason, with platform operators required to monitor compliance [583]. Labor and Employment Regulations - Employers are required to contribute to various social security funds, including basic pension insurance and unemployment insurance, as mandated by the Social Insurance Law of the PRC [601]. - Employers must complete social security registration within 30 days of incorporation, with penalties for non-compliance ranging from one to three times the amount of payable social security premiums [601]. - The Labor Law requires employers to establish a system for occupational safety and health, ensuring employee protection and reducing work-related hazards [599]. Data Security and Cybersecurity - The Data Security Law, effective from September 1, 2021, mandates data processing to be conducted in a legitimate manner and introduces a data classification system [533]. - The Cybersecurity Law requires network operators to safeguard network security and maintain the integrity and confidentiality of network data [532]. - The PIPL mandates that personal information processing must have a clear purpose and be limited to necessary data collection [541]. Anti-Money Laundering and Financial Regulations - The PRC Anti-money Laundering Law, effective January 2007, outlines obligations for financial and non-financial institutions, including client identification and transaction reporting [559]. - The People's Bank of China released measures in April 2021 requiring financial institutions to enhance internal controls and risk management for anti-money laundering [563].

交银国际研究 公司更新 收盘价 目标价 潜在涨幅 美元 1.91 美元 2.40↓ +25.7% 金融科技 2024 年 3 月 22 日 乐信集团 (LX US) 关注风控能力和资产质量改善趋势，下调目标价 4 季度盈利低于预期。公司 2023 年归母净利润为 10.66 亿元（人民币，下 同），同比增 30%，显著低于我们和市场预期（13.4 亿元），主要由于 4 季度公司针对所持有的江西裕民银行（注册资本20亿元，公司持股20%） 计提 3 亿元减值损失；Non-GAAP 净利润 14.85 亿元，同比增长 40%，略低 于市场一致预期 1.3%，主要由于资产质量波动，拨备费用显著增长。 2024 年促成贷款规模增速放缓，公司将更侧重业务质量。4 季度促成贷款 612 亿元，同比增长 9%，环比下降 3%，2023 年全年促成贷款 2500 亿元， 同比增长 21.9%，符合公司此前指引，公司预计 2024 年促成贷款规模不低 于 2023 年。 4 季度资产质量面临压力，但 2024 年风控能力改善值得期待。4 季度公司 90 天违约率 2.9%，高于同业，环比上升 0.23 个百分点。公司新 CRO ...

LexinFintech Holdings Ltd. (NASDAQ:LX) Q4 2023 Earnings Conference Call March 20, 2024 10:00 PM ET Company Participants Mandy Dong - Director of Investor Relations Jay Xiao - Chief Executive Officer Zhanwen Qiao - Chief Risk Officer James Zheng - Chief Financial Officer Conference Call Participants Alex Ye - UBS Yada Li - CICC Yuying Zou - CLSA Operator Good day, and thank you, for standing by. Welcome to LexinFintech's Fourth Quarter 2023 Earnings Conference Call. At this time, all participants are in a li ...

SHENZHEN, China, March 20, 2024 (GLOBE NEWSWIRE) -- LexinFintech Holdings Ltd. ("Lexin" or the "Company") (NASDAQ:LX), a leading technology-empowered personal financial service enabler in China, today announced its unaudited financial results for the quarter and fiscal year ended December 31, 2023. "Total loan origination for the fourth quarter reached RMB61.2 billion, with the full year figure for 2023 hitting RMB250 billion — aligning with the midpoint of the year's guidance and representing a 21.9% growt ...

LexinFintech Holdings Ltd. (NASDAQ:LX) Q3 2023 Results Conference Call November 22, 2023 9:00 PM ET Company Participants Mandy Dong - Director of Investor Relations Jay Xiao - Chief Executive Officer Jared Wu - President James Zheng - Chief Financial Officer Conference Call Participants Alex Ye - UBS Yada Li - CICC Betty Li - CLSA Operator Good day and thank you for standing by. Welcome to LexinFintech's Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A ...

LexinFintech Holdings Ltd. (NASDAQ:LX) Q2 2023 Earnings Conference Call August 29, 2023 10:00 PM ET Company Participants Mandy Dong - Director of Investor Relations Jay Xiao - Chief Executive Officer Jared Wu - President James Zheng - Chief Financial Officer Conference Call Participants Frank Zheng - Credit Suisse Alex Ye - UBS Yada Li - CICC Operator Hello, and welcome to the LexinFintech's Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the spe ...