FinVolution(FINV) - 2024 Q4 - Annual Report

Financial Performance - Full Year 2024 Transaction Volume reached RMB206.2 billion, up 6.1% year-over-year[1] - Full Year 2024 International Transaction Volume exceeded RMB10.1 billion, up 27.8% year-over-year[1] - Net revenue for the fourth quarter of 2024 was RMB3,456.7 million (US$473.6 million), up 7.2$1,790.0 million), a 4.1% increase from RMB12,547.4 million in 2023[36] - International business revenue was RMB739.3 million (US$101.3 million) for the fourth quarter of 2024, up 22.8$112.6 million), up from RMB547.0 million in Q4 2023, representing a 50.0% increase[29] - Net profit for Q4 2024 was RMB680.8 million (US$93.3 million), compared to RMB528.8 million in Q4 2023, reflecting a year-over-year growth of 28.7$93.3 million), an increase from RMB524.6 million in Q4 2023, marking a 29.8% rise[31] - Non-GAAP adjusted operating income for the year 2024 was RMB 2,679,179, reflecting a 7.2% increase from RMB 2,500,294 in 2023[67] User and Borrower Metrics - Cumulative registered users reached 172.6 million as of December 31, 2024, an increase of 10.9% compared with December 31, 2023[2] - Number of unique borrowers for the fourth quarter of 2024 was 2.1 million, an increase of 0.3% compared with the same period of 2023[2] Loan and Delinquency Information - Outstanding loan balance reached RMB71.5 billion for the full year 2024, up 6.1% year-over-year[15] - Average loan size was RMB11,466 for the fourth quarter of 2024, compared with RMB9,044 for the same period of 2023[2] - 90 day+ delinquency ratio was 2.13% as of December 31, 2024[2] - Total outstanding loan balance (international) reached RMB1.7 billion as of December 31, 2024, an increase of 30.8% year-over-year[10] Revenue Sources - Loan facilitation service fees for 2024 were RMB4,694.4 million (US$643.1 million), up from RMB4,520.5 million in 2023, driven by increased transaction volume[36] - Guarantee income for 2024 was RMB5,085.3 million (US$696.7 million), compared to RMB4,479.0 million in 2023, reflecting a 13.5% increase due to higher outstanding loan balances[38] Future Outlook - The company expects total revenue for 2025 to be in the range of RMB14.4 billion to RMB15.0 billion, indicating a year-over-year growth of approximately 10.0% to 15.0%[49] Cash and Assets - As of December 31, 2024, the company had cash and cash equivalents of RMB4,672.8 million (US$640.2 million) and short-term investments of RMB2,832.4 million (US$388.0 million)[33] - Total assets increased from RMB 21,293,673 in 2023 to RMB 23,607,121 in 2024, representing an increase of approximately 10.86%[62] - The company reported a significant increase in cash and cash equivalents, totaling RMB 4,672,772 as of December 31, 2024, compared to RMB 4,969,319 in 2023[62] - Total cash, cash equivalents, and restricted cash at the end of Q4 2024 stood at RMB 6,747,072, slightly down from RMB 6,769,390 at the end of Q4 2023[65] Expenses and Liabilities - Research and development expenses for 2024 were RMB496.7 million (US$68.1 million), a slight decrease from RMB511.0 million in 2023, attributed to improved technology development efficiency[41] - The total liabilities rose from RMB 7,422,775 in 2023 to RMB 8,053,446 in 2024, indicating an increase of about 8.50$90.2 million of its Class A ordinary shares in 2024, bringing the cumulative repurchase value to approximately US$370.0 million since 2018[48] - Basic net profit per share attributable to FinVolution Group's ordinary shareholders increased from 1.70 in 2023 to 1.85 in 2024, representing a growth of about 8.82%[64]