User Growth and Engagement - As of September 30, 2024, the platform has connected with 162 financial institution partners and 254.3 million consumers with potential credit demand, an increase of 11.6% from 227.9 million a year ago[4] - The cumulative number of users with approved credit limits reached 55.2 million, up 12.2% from 49.2 million as of September 30, 2023[4] - The cumulative number of successful borrowers reached 33.1 million, reflecting a 12.6% increase from 29.4 million as of September 30, 2023[4] Financial Performance - Net income for Q3 2024 was RMB 4,370.2 million (USD 622.7 million), compared to RMB 4,281.0 million in the same period of 2023[7] - Operating profit for Q3 2024 was RMB 2,289.2 million (USD 326.2 million), up from RMB 1,388.9 million in Q3 2023[7] - Total revenue for Q3 2024 was RMB 43.7 billion (USD 6.2 billion), an increase from RMB 42.8 billion in Q3 2023 and RMB 41.6 billion in the previous quarter[11] - Non-GAAP net profit for Q3 2024 reached RMB 18.3 billion, reflecting strong financial performance despite challenging macro conditions[9] - The net profit attributable to ordinary shareholders for the nine months ended September 30, 2024, was RMB 4,347,677, up from RMB 3,173,596 in the same period of 2023, reflecting a growth of approximately 37%[45] Profitability Metrics - The net profit margin for Q3 2024 was 41.2%, with a non-GAAP net profit margin of 41.8%[7] - The company’s basic earnings per share for the three months ended September 30, 2024, was RMB 6.20, up from RMB 3.56 in the same period of 2023[45] - The company’s diluted earnings per share for the nine months ended September 30, 2024, was RMB 14.11, compared to RMB 9.61 for the same period in 2023, reflecting a growth of approximately 47%[45] Operational Efficiency - Operating costs and expenses totaled RMB 2,081.0 million (USD 296.5 million), down from RMB 2,892.2 million in Q3 2023[12] - The operating profit margin for the three months ended September 30, 2024, improved to 52.4% from 32.4% in the same period of 2023, showcasing enhanced operational efficiency[55] Cash Flow and Liquidity - Cash and cash equivalents totaled approximately RMB 97.7 billion, with operating cash flow of RMB 23.7 billion as of the end of Q3 2024[9] - The cash and cash equivalents at the end of September 30, 2024, were RMB 6,541,857 thousand, down from RMB 8,005,398 thousand at the end of the previous year, indicating a decrease in liquidity[48] - Net cash generated from operating activities for the three months ended September 30, 2024, was RMB 2,371,822 thousand, representing a significant increase compared to RMB 1,243,893 thousand for the same period in 2023[48] Risk Management and Credit Quality - The 90-day+ delinquency rate for loans on the platform was 2.72% as of September 30, 2024[4] - The first-day overdue rate was 4.6%, while the 30-day recovery rate reached approximately 87.4%, marking the best level in the past three years[9] - The provision for receivables was RMB 477.5 million (USD 68.0 million), a decrease from RMB 509.0 million in the same period of 2023 and RMB 849.5 million in the previous quarter[15] Shareholder Returns - The company announced a new share repurchase plan of USD 450 million for 2025[3] - The company executed a share repurchase plan totaling USD 350 million, with a new plan approved for USD 450 million, demonstrating commitment to shareholder returns[9] Future Outlook - The company expects net profit for Q4 2024 to be between RMB 1.75 billion and RMB 1.85 billion, reflecting a year-on-year growth of 57% to 65%[29] - The company plans to continue its market expansion and invest in new product development to sustain growth momentum in the upcoming quarters[57] - The company plans to maintain a prudent approach in its business planning due to ongoing macroeconomic uncertainties[29] Non-GAAP Financial Metrics - The company uses non-GAAP financial metrics to assess operational performance, excluding stock-based compensation expenses[38] - Non-GAAP operating income is defined as operating income excluding stock-based compensation expenses, providing insights into business trends[38] - The company emphasizes that non-GAAP financial data should be viewed as supplementary to GAAP results, not as a substitute[38] - The company believes that non-GAAP metrics enhance understanding of past performance and future outlook[38]
奇富科技-S(03660) - 2024 Q3 - 季度业绩