Earnings Report Summary - X Financial reported earnings per share of $1 03 for Q2 2024 [1] - The company generated revenue of $188 88 million in Q2 2024 [1] Analyst Coverage - The earnings report was covered by InvestorPlace Earnings, which uses TradeSmith data to automate quarterly earnings coverage [1] - The coverage focuses on key metrics such as earnings per share, revenue, and comparison to analyst estimates [1]

Financial Performance - Total net revenue for Q2 2024 was RMB1,372.6 million (US$188.9 million), up 12.5% from RMB1,220.4 million in Q2 2023[6] - Net income in Q2 2024 reached RMB415.3 million (US$57.1 million), a 13.4% increase compared to RMB366.3 million in the same period of 2023[6] - Income from operations in Q2 2024 was RMB463.1 million (US$63.7 million), a 4.5% increase from RMB445.1 million in Q2 2023[15] - Non-GAAP adjusted net income in Q2 2024 was RMB374.7 million (US$51.6 million), compared to RMB364.9 million in Q2 2023, reflecting a 2.2% increase[15] - Total net revenue for the three months ended June 30, 2024, was RMB 1,372,588, representing a 12.5% increase from RMB 1,220,422 in the same period of 2023[36] - Net income for the three months ended June 30, 2024, was RMB 415,303, compared to RMB 366,292 for the same period in 2023, reflecting a 13.4% increase[36] - GAAP net income for the three months ended June 30, 2024, was RMB 415,303, an increase from RMB 366,292 for the same period in 2023, representing a growth of approximately 13.5%[39] - Non-GAAP adjusted net income for the six months ended June 30, 2024, reached RMB 696,864, compared to RMB 671,409 for the same period in 2023, reflecting an increase of about 3.8%[39] Loan and Borrower Metrics - Total loan amount facilitated and originated in Q2 2024 was RMB22,749 million, a decrease of 12.1% year-on-year but an increase of 5.8% quarter-on-quarter[2] - Number of active borrowers increased to 1,642,605 in Q2 2024, representing a year-on-year growth of 11.4%[2] - Total outstanding loan balance as of June 30, 2024, was RMB41,804 million, down from RMB45,071 million a year earlier[3] - The company plans to ease strict controls on loan volumes, expecting gradual recovery in loan volumes in the second half of the year[7] - The company expects total loan amount facilitated and originated for Q3 2024 to be between RMB26.0 billion and RMB27.5 billion[21] Delinquency and Provisions - Delinquency rate for loans past due for 31-60 days was 1.29% as of June 30, 2024, compared to 0.96% a year ago[3] - Provision for loans receivable increased to RMB95.9 million (US$13.2 million) in Q2 2024, up from RMB55.4 million in the same period of 2023[14] Cash and Assets - Cash and cash equivalents as of June 30, 2024, were RMB1,612.2 million (US$221.8 million), up from RMB1,413.1 million as of March 31, 2024[16] - The company reported a total asset value of RMB 11,975,227 as of June 30, 2024, an increase from RMB 11,650,023 as of December 31, 2023[35] - Cash and cash equivalents decreased to RMB 1,612,200 as of June 30, 2024, from RMB 1,195,352 as of December 31, 2023[35] - The company’s total liabilities decreased to RMB 5,320,906 as of June 30, 2024, down from RMB 5,802,899 as of December 31, 2023[35] Shareholder Returns and Repurchase - The company initiated a US$20 million share repurchase program in May 2024 and completed a tender offer for 2 million ADSs in July 2024[9] - A new US$20 million share repurchase program was authorized, with approximately US$10.8 million remaining for potential repurchases after a tender offer[19] - A semi-annual dividend of US$0.17 per ADS was declared for the first half of 2024, payable on or about September 27, 2024[20] Expenses and Financial Measures - The company incurred borrower acquisitions and marketing expenses of RMB 332,119 for the three months ended June 30, 2024, with no expenses reported for the same period in 2023[38] - General and administrative expenses decreased to RMB 36,566 for the three months ended June 30, 2024, down from RMB 44,138 for the same period in 2023, a reduction of approximately 17.1%[38] - The company utilizes non-GAAP financial measures to assess operating performance, which excludes certain expenses to provide a clearer view of core results[26] Share Metrics - The weighted average number of ordinary shares outstanding increased to 293,914,248 for the three months ended June 30, 2024, from 287,607,857 in the same period of 2023[36] - The net income per share—basic for the three months ended June 30, 2024, was RMB 1.41, compared to RMB 1.27 for the same period in 2023, marking an increase of 11%[36] - Non-GAAP adjusted net income per share—basic for the three months ended June 30, 2024, was RMB 1.27, consistent with the same period in 2023[39] - The weighted average number of ordinary shares outstanding—diluted increased to 300,458,575 for the three months ended June 30, 2024, compared to 293,863,323 for the same period in 2023[39] Other Financial Highlights - Financing income increased by 27.8% year-on-year to RMB351.0 million (US$48.3 million) in Q2 2024[11] - The company reported a significant increase in income from financial investments, with RMB 51,276 for the three months ended June 30, 2024, compared to RMB 12,093 for the same period in 2023, marking a growth of approximately 324%[39] - Share-based compensation expenses for the three months ended June 30, 2024, were RMB 10,634, slightly down from RMB 10,686 for the same period in 2023[39]

SHENZHEN, China, Aug. 21, 2024 /PRNewswire/ -- X Financial (NYSE: XYF) (the "Company" or "we"), a leading online personal finance company in China, today announced its unaudited financial results for the second quarter ended June 30, 2024.Second Quarter 2024 Operational HighlightsThree Months Ended June 30, 2023 Three Months Ended March 31, 2024 Three Months Ended June 30, 2024 QoQ YoY Total loan amount facilitated and originated (RMB in million) 25,874 21,505 22,749 5.8 % (12.1 %) Number of active borrower ...

SHENZHEN, China, Aug. 13, 2024 /PRNewswire/ -- X Financial (NYSE: XYF) (the "Company"), a leading online personal finance company in China, today announced that it will release its unaudited financial results for the second quarter ended June 30, 2024, before the open of U.S. markets on Thursday, August 22, 2024.X Financial's management team will host an earnings conference call at 7:00 AM U.S. Eastern Time on Thursday, August 22, 2024 (7:00 PM Beijing / Hong Kong Time on the same day).Dial-in details for t ...

SHENZHEN, China, July 15, 2024 /PRNewswire/ -- X Financial (NYSE: XYF) (the "Company" or "we"), a leading online personal finance company in China, announced today the results of its previously announced tender offer (the "Tender Offer") to purchase up to 2 million American Depositary Shares (the "ADSs") of the Company, each representing six Class A ordinary shares, par value $0.0001 per share, at a price of $4.52 per ADS, less any applicable withholding taxes, less a cancellation fee of $0.05 per ADS accep ...

Core Viewpoint - X Financial has initiated a tender offer to purchase up to 2 million American Depositary Shares (ADSs) at a price of $4.52 per ADS, as part of its 2024 Repurchase Program approved by the Board of Directors [1][2]. Group 1: Tender Offer Details - The tender offer will expire on July 12, 2024, at 5:00 P.M. New York City time, unless extended or terminated earlier [1]. - The purchase price of $4.52 per ADS is subject to applicable withholding taxes and a cancellation fee of $0.05 per ADS [1]. - The tender offer is not contingent upon a minimum number of shares being tendered or any financing conditions, but it is subject to other unspecified conditions [2]. Group 2: Company Background - X Financial is a leading online personal finance company in China, focused on connecting borrowers with institutional funding partners [6]. - The company utilizes proprietary big data-driven technology to establish strategic partnerships with financial institutions, facilitating loans to prime borrowers [6].

Financial Data and Key Metrics Changes - In Q1 2024, total loan amount facilitated decreased by 11% year-over-year and 18% quarter-over-quarter to RMB 22 billion, aligning with company guidance [4] - Total outstanding loan balance was RMB 44 billion at the end of March 2024, with delinquency rates for loans past due for 31 to 60 days and 91 to 180 days at 1.61% and 4.37%, respectively, compared to 1.05% and 2.4% a year ago [5] - Total net revenue increased by 20% year-over-year and 1% quarter-over-quarter to RMB 1.2 billion, while net income rose by 28% year-over-year and 92% quarter-over-quarter to RMB 363 million [6][10] Business Line Data and Key Metrics Changes - Origination and servicing expenses increased by 15% to RMB 427 million, primarily due to increased collection expenses [9] - Borrower acquisition and marketing expenses decreased by 9% to RMB 248 million, attributed to lower borrower acquisition costs [9] - Provision for loan receivables was RMB 62 million, up from RMB 20 million in the same period of 2023, due to an increase in loan receivables held by the company [9] Market Data and Key Metrics Changes - The overall loan demand in the Chinese economy is stable or slightly declining, with major banks reporting decreased loan volumes and profits [13] - The company’s loan portfolio remains at an elevated risk level, although there was some stabilization compared to the previous quarter [14] Company Strategy and Development Direction - The company continues to implement a strategy of dynamically adjusting loan volumes based on asset quality dynamics, which has proven effective in securing profitability [4] - A new share repurchase program has been authorized for up to $20 million, effective from January 1, 2024, to November 30, 2025, indicating confidence in long-term shareholder value creation [8] - The company expects total loan amount facilitated and originated for 2024 to be around RMB 100 billion, with Q2 expectations between RMB 23 billion and RMB 24.5 billion [7][10] Management Comments on Operating Environment and Future Outlook - The Chinese economy is facing challenges, with a deflationary environment impacting loan demand [13] - The regulatory environment remains stable with no significant new developments reported [16] Other Important Information - The company has combined borrower acquisition costs from origination and service expenses into a clearer breakdown for investors [7] Q&A Session Summary Question: Insights on the Chinese economy's impact on loan volumes and outlook - The Chinese economy is facing challenges, with stable or slightly declining loan demand, and major banks reporting decreased loan volumes and profits [13] Question: Regulatory environment outlook - The regulatory environment is stable with no significant new developments in the quarter [16]

SHENZHEN, China, May 24, 2024 /PRNewswire/ -- X Financial (NYSE: XYF) (the "Company"), a leading online personal finance company in China, today announced that it has rescheduled the release of its unaudited financial results for the first quarter ended March 31, 2024 to Friday, May 31, 2024, before the open of U.S. markets.X Financial's management team will host an earnings conference call at 7:00 AM U.S. Eastern Time on Friday, May 31, 2024 (7:00 PM Beijing / Hong Kong Time on the same day).Dial-in detail ...

SHENZHEN, China, May 23, 2024 /PRNewswire/ -- X Financial (NYSE: XYF) (the "Company"), a leading online personal finance company in China, today announced that it will release its unaudited financial results for the first quarter ended March 31, 2024, before the open of U.S. markets on Wednesday, May 29, 2024.X Financial's management team will host an earnings conference call at 7:00 AM U.S. Eastern Time on Wednesday, May 29, 2024 (7:00 PM Beijing / Hong Kong Time on the same day).Dial-in details for the ea ...

SHENZHEN, China, April 29, 2024 /PRNewswire/ -- X Financial (NYSE: XYF) (the "Company"), a leading online personal finance company in China, today announced it filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission ("SEC") on April 29, 2024. The annual report can be accessed on the Company's investor relations website at https://ir.xiaoyinggroup.com as well as the SEC's website at https://www.sec.gov. The Company will provide a hard copy ...