Financial Performance - For the six months ended June 30, 2021, the company recorded interest income of approximately RMB 33.1 million, a decrease of about 11.3% compared to RMB 37.3 million for the same period in 2020[37]. - The company's net profit after tax for the same period was approximately RMB 14.8 million, an increase of about 5.0% from RMB 14.1 million in 2020, primarily due to reduced administrative expenses and loan impairment losses[37]. - The company reported a net profit of RMB 14,827,854 for the six months ended June 30, 2021, representing an increase of 5.5% compared to RMB 14,060,561 for the same period in 2020[129]. - Profit after tax and total comprehensive income rose by approximately 5.0% from RMB 14.1 million to RMB 14.8 million, driven by increased guarantee fee income and reduced administrative expenses[64]. - The pre-tax profit for the six months ended June 30, 2021, was RMB 19,836,548, compared to RMB 18,880,187 in the same period of 2020, indicating an increase of about 5.1%[137]. Assets and Liabilities - Total assets as of June 30, 2021, were approximately RMB 911.7 million, an increase of about 0.4% from RMB 907.8 million as of December 31, 2020[40]. - The company's total liabilities decreased significantly to RMB 13,687,577 from RMB 24,605,222 as of December 31, 2020, a reduction of 44.5%[131]. - The company's cash and cash equivalents decreased to RMB 656,799 from RMB 803,738 as of December 31, 2020, reflecting a decline of 18.3%[131]. - The total current assets amounted to RMB 200,000,000, with net assets also at RMB 200,000,000[184]. Loan Portfolio - As of June 30, 2021, the company's outstanding loans (before impairment losses) amounted to approximately RMB 848.0 million, a decrease of about 9.1% from RMB 932.7 million as of December 31, 2020[37]. - The total amount of loans classified as "normal" was RMB 817,806 thousand, representing 96.4% of total loans as of June 30, 2021[49]. - The overdue loan balance increased to RMB 29,171 thousand as of June 30, 2021, from RMB 27,388 thousand as of December 31, 2020[51]. - The company reported a total of RMB 817,806,329 in Stage 1 loans as of June 30, 2021, down from RMB 905,290,855 as of December 31, 2020, reflecting a decline of approximately 9.6%[168]. - The company’s Stage 2 loans increased to RMB 10,916,561 as of June 30, 2021, from zero as of December 31, 2020, indicating the emergence of new credit risk[168]. Impairment and Provisions - The impairment loss provision decreased from approximately RMB 12.0 million in 2020 to approximately RMB 9.4 million in 2021, attributed to a reduction in the scale of the loan business[59]. - The expected credit loss (ECL) provision as of June 30, 2021, was RMB 28,239,525, compared to RMB 39,346,281 as of December 31, 2020, indicating a decrease of about 28.2%[181]. - The provision for impairment losses was RMB 32,988,068 for the six months ended June 30, 2021, compared to RMB 37,180,582 for the same period in 2020, indicating a decrease of 11.8%[129]. Customer Base and Business Strategy - The company provided loans to 161 customers in the first half of 2021, compared to 116 customers in the same period of 2020, indicating a growth in customer base[41]. - The customer composition included 0.6% small and micro enterprises and 99.4% individual businesses as of June 30, 2021[41]. - The company aims to become a leading regional microfinance company, focusing on short-term financing needs of SMEs and individual businesses[86]. - The company continues to focus on providing loans and financial services to the agricultural sector, which remains its primary business strategy[141]. Investments and Joint Ventures - The company invested RMB 80 million in a joint venture with Yangzhou Tuyun IoT Technology Co., Ltd., holding a 40% stake, focusing on AI and IoT technology development[66]. - A joint venture was established during the reporting period, leveraging AI and IoT technologies to enhance business capabilities[86]. - The company has established a new associate company focused on technology promotion and application services related to artificial intelligence and the Internet of Things[183]. Shareholder Information - A total of 108,000,000 shares were transferred to three independent shareholders, reflecting confidence in the company's future growth[87]. - The major shareholder, Ba Tai Group, holds approximately 53.38% of the shares, equating to 240,200,000 shares[104]. - The company has pledged a total of 85,000,000 shares for bank financing, valued at RMB 70 million[110]. - Public shareholders hold at least 25% of the issued shares, complying with listing rules[111]. Corporate Governance - The company maintained compliance with the corporate governance code as of the report date[118]. - There were no significant matters related to the company's business or financial performance noted by the board after the reporting period[120]. - The company continues to ensure adherence to the code of conduct for securities trading by its directors and supervisors[119].
泰和小贷(01915) - 2021 - 中期财报