Financial Performance - The company's revenue for the year ended December 31, 2023, reached RMB 6,685.97 million, a 29% increase compared to RMB 5,201.51 million in 2022[2]. - The adjusted net profit for the year was RMB 910.05 million, up 32% from RMB 688.34 million in the previous year[2]. - The company achieved a gross profit of RMB 1,188.64 million, reflecting a 68% increase from RMB 708.99 million in 2022[2]. - The total revenue for the period increased by 29% year-on-year to RMB 6,685,971,000 from RMB 5,201,508,000 for the year ended December 31, 2022[24]. - Adjusted operating profit for the period was RMB 1,090,891,000, a 44% increase from RMB 755,102,000 for the year ended December 31, 2022[24]. - The gross profit for the period was RMB 3,247,148,000, a 12% increase from RMB 2,888,371,000 for the year ended December 31, 2022[24]. - The annual profit attributable to the company's owners for 2023 was RMB 554,958,000, up from RMB 370,814,000 in 2022, representing a growth of approximately 49.5%[70]. Financing Transactions - The total financing transaction amount was RMB 65.9 billion, representing a 24% growth year-on-year[4]. - The number of financing transactions increased to 678, a 22% rise from 556 in 2022[3]. - The financing transaction amount for new energy vehicles reached RMB 12.4 billion, a significant increase of 200% year-on-year[4]. - The financing transaction volume for new energy vehicles increased to 116,000 units, representing a year-on-year growth of 206%[6]. - The number of new car financing transactions during the reporting period was 399,000, an increase of 51% compared to 265,000 in the same period last year[17]. - The financing amount for new cars reached RMB 40.2 billion, up 57% from RMB 25.6 billion year-on-year[17]. - The number of used car financing transactions was 279,000, a decrease of 4% from 291,000 in the previous year, with used car financing accounting for 41% of total automotive financing transactions[17]. Market Expansion and Strategy - The company is focusing on overseas markets, particularly in Southeast Asia and the Middle East, to explore new growth opportunities[7]. - The company aims to expand its SaaS business to cover the entire automotive consumer finance market over the next 2-3 years[7]. - The company plans to expand its overseas financing business through partnerships with foreign financial institutions, reducing barriers to entry in the automotive financing market[19]. - The company is actively promoting green finance practices, having issued green asset-backed securities in March 2023[5]. - The company plans to continue expanding its market presence and developing new products and technologies to enhance growth prospects[112]. Risk Management - The company has implemented a comprehensive risk management and internal control system to address credit risk, which is the primary risk faced[49]. - The overdue rate for loans over 90 days was reported at 1.89%, indicating effective asset quality management[5]. - The company has tightened customer approval standards in response to macroeconomic uncertainties, actively monitoring and analyzing customer repayment behavior[48]. - The credit assessment process includes automated preliminary assessments and manual evaluations, utilizing over 40 models to analyze various data points[51]. - The expected credit loss provision for finance lease receivables as of December 31, 2023, was determined based on risk characteristics grouped by product type, including consumer loans and auto loans[99]. Investments and Acquisitions - The company invested a total of USD 12 million (approximately HKD 94 million) in additional convertible bonds issued by Yusheng to strengthen cooperation in the used car business[65]. - The company has made a prepayment of RMB 384 million for the acquisition of the remaining equity of Dalian Rongxin, with a total consideration of RMB 640 million approved at the special shareholders' meeting held on July 17, 2023[148]. - The company plans to pursue strategic acquisitions to enhance its technology capabilities, with a budget of RMB 500 million allocated for this purpose[189]. Shareholder Information - The company plans to pay a final dividend of HKD 0.03 per share, which accounts for approximately 30% of the earnings per share during the reporting period[8]. - The proposed final dividend is HKD 0.03 per share, totaling approximately HKD 195.7 million (approximately RMB 177.6 million) for the year ended December 31, 2023[41]. - The annual general meeting is scheduled for May 8, 2024, with a notice to be published in accordance with listing rules[183]. Employee and Operational Metrics - The company's employee count increased to 4,231 as of December 31, 2023, from 4,106 in the previous year, reflecting a growth in workforce[67]. - The total compensation cost for the group, including equity incentive expenses, was RMB 945 million for the year ended December 31, 2023, down from RMB 1,014 million in 2022[67]. - Research and development expenses increased by 25% to RMB 200 million, focusing on fintech innovations[189]. Financial Position - The total assets of the company as of December 31, 2023, were RMB 43,575,102,000, compared to RMB 32,164,392,000 in 2022, marking an increase of approximately 35.5%[72]. - Total liabilities increased to RMB 27,809,932 thousand, up from RMB 16,838,179 thousand, representing a growth of approximately 65.5% year-over-year[76]. - The company's total equity as of December 31, 2023, was RMB 15,765,170 thousand, compared to RMB 15,326,213 thousand at the end of 2022, reflecting an increase of about 2.9%[77]. - The company's current assets as of December 31, 2023, were RMB 21.3 billion, compared to RMB 16.9 billion as of December 31, 2022, mainly due to an increase in the current portion of receivables from financing leases[58]. Future Outlook - The company provided guidance for the next fiscal year, projecting revenue growth of 15% to RMB 1.725 billion[189]. - New product launches are expected to contribute an additional RMB 300 million in revenue in the upcoming year[189]. - A new SaaS product is set to launch in Q3 2024, expected to generate RMB 150 million in its first year[189].
易鑫集团(02858) - 2023 - 年度业绩