51信用卡(02051) - 2024 - 中期业绩

Performance Summary In H1 2024, the company experienced a 15.8% revenue decline, shifting from operating profit to a significant net loss, with adjusted Non-IFRS net loss reaching RMB 34.10 million Financial Highlights In H1 2024, the company's total revenue decreased by 15.8% to RMB 117 million year-on-year, resulting in an operating loss of RMB 34.08 million and a net loss of RMB 48.13 million, with adjusted Non-IFRS net loss at RMB 34.10 million Financial Performance Summary | Metric | H1 2024 (RMB '000) | H1 2023 (RMB '000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 116,568 | 138,465 | -15.8% | | Operating (Loss)/Profit | (34,084) | 7,725 | N/A | | Net Loss for the Period | (48,129) | (6,211) | +674.9% | | Adjusted Operating (Loss)/Profit (Non-IFRS) | (31,549) | 9,226 | N/A | | Adjusted Net (Loss)/Profit (Non-IFRS) | (34,102) | 3,898 | N/A | - The Board decided not to declare any interim dividend for the six months ended June 30, 2024[3] Management Discussion & Analysis The company's H1 2024 performance was challenged by declining camping and credit facilitation revenues, while the Xiaolanben SaaS business showed significant growth and profitability Business Review In H1 2024, the company faced overall business challenges, with significant revenue declines in camping services and active scale control in credit facilitation, while the To B SaaS business achieved notable growth - As of June 30, 2024, core product “51 Credit Card Manager” had approximately 88.8 million registered users and managed 151.7 million credit cards, while “Xiaolanben” had approximately 6.9 million registered users[4] - Xiaolanben's To B SaaS business achieved nearly doubled growth in sales team size, per-person efficiency, and monthly sales compared to end-2023, maintaining continuous profitability[4] Credit Facilitation Services In H1 2024, credit facilitation volume decreased by 35.2% to RMB 586 million due to strategic adjustments, yet the average net fee rate increased by 19.1%, with asset quality remaining stable Credit Facilitation Services Performance | Metric | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Total Credit Facilitation Volume | Approx. RMB 586 million | Approx. RMB 904 million | -35.2% | | Average Net Fee Rate | - | - | +19.1% | | First-Day Delinquency Rate | < 4.0% | Consistent with prior year | - | | 30-Day Collection Ratio | Approx. 79.64% | Approx. 81.0% | - | | Average Loan Amount | Approx. RMB 7,596 | Approx. RMB 7,700 | Slight decrease | SaaS Business SaaS business revenue declined by 12.0% to RMB 46.03 million year-on-year, primarily due to reduced income from banking operations management services, encompassing Xiaolanben, smart retail, and banking operations management - SaaS business revenue decreased from RMB 52.30 million in the prior period to RMB 46.00 million, mainly due to a decline in revenue from banking operations management services[8] Camping Business Camping business revenue significantly decreased by 53.4% to RMB 8.62 million, primarily due to the fading post-pandemic camping trend and the company's proactive closure of underperforming campsites - As the post-pandemic camping craze faded, the company's camping business revenue showed a clear downward trend, with optimization adjustments leading to the closure of underperforming campsites, resulting in revenue decreasing from RMB 18.50 million in the prior period to RMB 8.60 million[9] Outlook The company plans to focus on new business development, seeking new credit facilitation partnerships, deepening SaaS data analysis, and exploring new urban lifestyle concepts for camping - Credit Facilitation Business: Continue to seek new cooperation institutions and models while ensuring compliance[10] - SaaS Business (Xiaolanben): Utilize big data and AI technologies to deeply analyze industry pain points, develop and iterate products, and help clients improve sales conversion rates[10][11] - Camping Business: Close inefficient campsites, retain urban and boutique campsites, and plan to integrate with new businesses like RVs to create distinctive business segments[11] Financial Review The company recorded a net loss of RMB 48.13 million in H1 2024, with total assets decreasing to RMB 1.095 billion and total liabilities significantly reducing to RMB 333 million, indicating a shift in financial structure Consolidated Financial Statements The financial statements show a net loss of RMB 48.13 million in H1 2024, compared to a loss of RMB 6.21 million in the prior period, with total assets decreasing and total liabilities significantly reducing Condensed Consolidated Interim Statement of Comprehensive Loss In H1 2024, total revenue was RMB 117 million, a 15.8% decrease year-on-year, leading to an operating loss of RMB 34.08 million and a net loss of RMB 48.13 million, with basic loss per share at 3.45 cents Condensed Consolidated Interim Statement of Comprehensive Loss | Item | H1 2024 (RMB '000) | H1 2023 (RMB '000) | | :--- | :--- | :--- | | Total Revenue | 116,568 | 138,465 | | Total Operating Expenses | (150,652) | (130,740) | | Operating (Loss)/Profit | (34,084) | 7,725 | | Loss Before Income Tax | (44,972) | (10,218) | | Loss for the Period | (48,129) | (6,211) | | Basic Loss Per Share Attributable to Owners of the Company (RMB cents) | (3.45) | 0.01 | Condensed Consolidated Interim Statement of Financial Position As of June 30, 2024, total assets were RMB 1.095 billion, a decrease from end-2023, while total liabilities significantly reduced to RMB 333 million, primarily due to lower bank and other borrowings, and total equity increased to RMB 762 million Condensed Consolidated Interim Statement of Financial Position | Item | June 30, 2024 (RMB '000) | December 31, 2023 (RMB '000) | | :--- | :--- | :--- | | Total Assets | 1,095,176 | 1,164,966 | | Non-current Assets | 316,764 | 282,997 | | Current Assets | 778,412 | 881,969 | | Total Liabilities | 332,995 | 455,396 | | Non-current Liabilities | 26,408 | 87,198 | | Current Liabilities | 306,587 | 368,198 | | Total Equity | 762,181 | 709,570 | Segment Information In H1 2024, credit facilitation and tech services generated RMB 19.52 million in segment profit, SaaS business RMB 4.39 million, while camping services recorded a significant loss of RMB 47.07 million, being the primary driver of the group's overall loss Segment Performance (H1 2024) | H1 2024 (RMB '000) | Revenue from External Customers | Segment Profit/(Loss) | | :--- | :--- | :--- | | Credit Facilitation and Technology Services | 38,702 | 19,519 | | SaaS Business | 46,687 | 4,387 | | Camping Services | 12,963 | (47,066) | | Others | 18,216 | (11,273) | | Total | 116,568 | (34,433) | Financial Item Analysis In H1 2024, financial performance was impacted by revenue declines across key segments, a 15.3% increase in operating expenses driven by a 194.7% surge in R&D for new RV business, a shift to expected credit loss, and a significant increase in other net income from overdue asset recovery - Total revenue decreased by 15.8% year-on-year, primarily due to declines in credit facilitation and service fees (-20.3%), SaaS service fees (-12.0%), credit card technology service fees (-89.7%), and camping service fees (-53.5%)[52] - Total operating expenses increased by 15.3% year-on-year, with R&D expenses surging by 194.7% from RMB 9.50 million to RMB 28.00 million due to investments in the RV business[53] - Expected credit (loss)/gain shifted from a gain of RMB 39.30 million in the prior period to a loss of RMB 33.70 million in the current period, mainly due to the deterioration of expected credit conditions related to quality assurance deposits[53] - Other net income significantly increased from RMB 1.20 million in the prior period to RMB 65.90 million, primarily due to the successful recovery of approximately RMB 68.60 million in overdue assets from credit facilitation business[54] Non-IFRS Financial Measures Excluding non-operating items like share-based payments and fair value changes, the company's H1 2024 adjusted operating loss was RMB 31.55 million and adjusted net loss was RMB 34.10 million, both shifting from profits in the prior period, reflecting a decline in core operating performance Non-IFRS Financial Measures | Item (RMB '000) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Operating (Loss)/Profit | (34,084) | 7,725 | | Adjusted Operating (Loss)/Profit | (31,549) | 9,226 | | Net Loss | (48,129) | (6,211) | | Adjusted Net (Loss)/Profit | (34,102) | 3,898 | Liquidity and Financial Resources As of June 30, 2024, the group maintained a net cash position of RMB 192 million, a decrease from the prior year, while the gearing ratio improved from 15.3% to 7.2%, indicating a more robust financial structure, despite net cash outflows from operating, investing, and financing activities during the period Liquidity and Financial Resources | Metric | June 30, 2024 | June 30, 2023 | | :--- | :--- | :--- | | Net Cash (RMB million) | 192 | 182 | | Gearing Ratio | Approx. 7.2% | Approx. 15.3% | - In H1 2024, the group recorded a net cash outflow of approximately RMB 82.60 million, including RMB 19 million from operating activities, RMB 56.30 million from investing activities, and RMB 7.30 million from financing activities[62] Other Information This section covers corporate governance practices, employee and remuneration policies, and the interim dividend policy, highlighting compliance deviations and key HR metrics Corporate Governance The company largely complied with corporate governance codes, with two deviations: the Chairman and CEO roles are held by the same person for efficiency, and one non-executive director missed two shareholder meetings due to other commitments - The company deviates from corporate governance codes as the roles of Chairman and CEO are concurrently held by Mr. Sun Haitao, which the Board believes enhances decision-making and execution efficiency[70] - Non-executive Director Ms. Zou Yunli was unable to attend the extraordinary general meeting and annual general meeting during the reporting period due to other business commitments[71] Employees and Remuneration Policies As of June 30, 2024, the group's employee count decreased to 367, with total staff costs also reducing from RMB 67.30 million to RMB 52.70 million, reflecting a performance-linked remuneration system Employee and Staff Cost Overview | Metric | June 30, 2024 | June 30, 2023 | | :--- | :--- | :--- | | Number of Employees | Approx. 367 | Approx. 459 | | Total Staff Costs (RMB million) | Approx. 52.7 | Approx. 67.3 | Interim Dividend Policy The Board decided not to declare any interim dividend for the six months ended June 30, 2024 - The Board decided not to declare any interim dividend for the six months ended June 30, 2024[67]