Financial Performance - Total net revenue for 2024 reached RMB 17,165.7 million (USD 2,351.7 million), an increase from RMB 16,290.0 million in 2023[16]. - Net profit for 2024 was RMB 6,248.1 million (USD 856.0 million), compared to RMB 4,268.6 million in 2023, reflecting a significant growth[16]. - Non-GAAP net profit for 2024 was RMB 6,415.7 million (USD 879.0 million), up from RMB 4,454.2 million in 2023[16]. - Total net income for the three months ended December 31, 2024, reached RMB 4,482,252 thousand, a slight decrease of 0.3% compared to RMB 4,495,503 thousand in the same period of 2023[55]. - The net profit for the year ended December 31, 2024, was RMB 6,248,116 thousand, representing a 46.5% increase from RMB 4,268,577 thousand in 2023[58]. - The company reported a total revenue of RMB 17,165,656 thousand for the year ended December 31, 2024, an increase of 5.4% from RMB 16,290,027 thousand in 2023[55]. - The basic earnings per share for the year ended December 31, 2024, was RMB 21.02, compared to RMB 13.36 in 2023, reflecting a growth of 57.5%[55]. - The company reported a total operating income of RMB 7,528,570 thousand for the full year 2024, compared to RMB 4,856,964 thousand in 2023, indicating strong growth[62]. Loan and Credit Metrics - As of December 31, 2024, the platform has connected with 162 financial institution partners and 261.2 million potential credit-demand consumers, an increase of 11.0% from 235.4 million last year[9]. - The cumulative number of users with approved credit limits reached 56.9 million, up 11.8% from 50.9 million as of December 31, 2023[9]. - The total loan volume facilitated and initiated reached RMB 89,885 million, a 0.4% increase from RMB 89,561 million in the same period of 2023, and a 9.0% increase from RMB 82,436 million in the previous quarter[9]. - The outstanding loan balance as of December 31, 2024, was RMB 137,014 million, a decrease of 5.7% from RMB 145,270 million as of December 31, 2023, but an increase of 7.3% from RMB 127,727 million as of September 30, 2024[9]. - The 90-day+ delinquency rate for loans initiated by financial institutions was 2.09% as of December 31, 2024[9]. - The average contract term for loans initiated by financial institutions was approximately 10.00 months in Q4 2024, compared to 11.47 months in the same period of 2023[9]. - The loan volume under the light capital model, smart credit engine (ICE), and comprehensive technology solutions accounted for 53.2% of the total loan volume, increasing by 23.2% from RMB 38,798 million in the same period of 2023[9]. Cost Management and Expenses - The total operating costs and expenses for Q4 2024 were RMB 2,591.9 million (USD 355.1 million), down from RMB 3,215.9 million in Q4 2023[20]. - The company’s total operating costs and expenses were RMB 9,637.1 million (USD 1,320.3 million), down from RMB 11,433.1 million in 2023, indicating improved cost management[27]. - The total operating expenses for the year ended December 31, 2024, decreased to RMB 9,637,086 thousand from RMB 11,433,063 thousand in 2023, a reduction of 15.6%[55]. - General and administrative expenses amounted to RMB 449.5 million (USD 61.6 million), slightly up from RMB 421.1 million in 2023[29]. Cash Flow and Assets - Operating cash flow for 2024 reached a historical high of RMB 93.4 billion, supporting strategic initiatives and shareholder returns[16]. - Operating cash flow for the three months ended December 31, 2024, was RMB 3,051,606 thousand, up 29.7% from RMB 2,351,791 thousand in the same period of 2023[56]. - The company reported a total asset value of RMB 48,132,618 as of December 31, 2024, an increase from RMB 45,818,572 in 2023, representing a growth of approximately 6.8%[54]. - Cash and cash equivalents increased to RMB 4,452,416 in 2024 from RMB 4,177,890 in 2023, reflecting a growth of about 6.5%[54]. - The company’s cash and cash equivalents at the end of December 31, 2024, were RMB 6,805,800 thousand, down from RMB 7,558,997 thousand at the end of 2023[56]. Shareholder Returns and Dividends - The company plans to distribute a semi-annual dividend of USD 0.70 per ADS for the second half of 2024[40]. - The company has approved a share buyback plan with a total value of up to USD 350 million, with approximately 3.1 million ADS purchased at an average price of USD 34.5 per share[41]. Future Outlook and Strategy - The company expects to generate a net profit of RMB 1.75 billion to RMB 1.85 billion in Q1 2025, reflecting a year-on-year growth of 49% to 58%[42]. - The company plans to invest more resources into AI applications in credit scenarios, aiming for quality growth and innovation[15]. - The company’s strategy includes a focus on growth through partnerships and market expansion, with potential impacts from regulatory changes and market acceptance of its products[52]. - The company is focused on improving operational efficiency amid ongoing macroeconomic uncertainties[42]. Non-GAAP Measures - The company emphasized the importance of non-GAAP financial measures to avoid distortion from certain expenses included in GAAP results, enhancing understanding of past performance and future outlook[50]. - The company’s operating profit margin, calculated using non-GAAP measures, is expected to provide insights into business trends and operational performance[50]. - The company’s net profit attributable to shareholders, calculated using non-GAAP measures, is expected to provide practical information regarding operational performance[50].
奇富科技-S(03660) - 2024 - 年度业绩