Financial Performance - Net interest income for the six months ended June 30, 2024, was RMB 58,679,128, a decrease of 14.5% compared to RMB 68,104,293 for the same period in 2023[2] - Profit before tax for the reporting period was RMB 46,719,170, down 16.9% from RMB 56,244,719 in the same period last year[2] - The net profit for the six months ended June 30, 2024, was RMB 36,630,845, a decrease of 14.4% compared to RMB 42,793,142 for the same period in 2023[2] - The total income tax expense for the six months ended June 30, 2024, was RMB 10,088,325, down from RMB 13,451,577 in 2023, indicating a reduction of about 25.5%[21] - The company reported a significant amount of loans and receivables totaling 764,302,556, with 451,097,387 due in over 12 months[53] - Net profit decreased from RMB 42.8 million to RMB 36.6 million for the six months ended June 30, 2023, and 2024, respectively[86] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 1,295,713,819, a slight decrease from RMB 1,302,877,545 as of December 31, 2023[3] - Total liabilities as of June 30, 2024, were RMB 51,286,288, an increase from RMB 34,356,033 at the end of 2023[3] - The company’s total equity decreased to RMB 1,244,427,531 from RMB 1,268,521,512 as of December 31, 2023[3] - The company’s total equity attributable to shareholders was RMB 1,241,154,319 as of June 30, 2024, reflecting a stable capital structure[5] - As of June 30, 2024, the total liabilities payable amounted to RMB 39,654,820, a significant increase from RMB 10,327,378 as of December 31, 2023[43] Cash Flow - The net cash flow generated from operating activities for the six months ended June 30, 2024, was RMB 138,763,284, significantly up from RMB 7,852,684 in the previous year[6] - Cash and cash equivalents increased to RMB 148,495,199 from RMB 111,484,915 at the end of 2023, representing a growth of 33.2%[3] - The cash outflow from financing activities for the six months ended June 30, 2024, was RMB 582,488, compared to RMB 674,476 for the same period in 2023[47] - The net cash flow used in investing activities for the six months ended June 30, 2024, was RMB 53.2 million, primarily for restructuring investment agreements[90] Loan Portfolio - Loans issued amounted to RMB 836,634,019 as of June 30, 2024, compared to RMB 928,988,756 as of December 31, 2023, showing a decrease of about 9.9%[27] - The loan portfolio consists of 66.9% revolving loans and 33.1% term loans as of June 30, 2024, compared to 67.9% and 32.1% respectively as of December 31, 2023[67] - As of June 30, 2024, overdue loans amounted to RMB 126.1 million, representing 15.1% of the total loan principal balance[69] - The company had 21 overdue loans as of June 30, 2024, with a total principal amount of RMB 126.1 million and an impairment loss provision of RMB 32.9 million[70] Impairment and Credit Risk - The net loss from impairment of loans and receivables was RMB 17,734,199, an increase of 28.5% from RMB 13,819,763 in the prior year[2] - The impairment provision for loans was RMB 63,944,385 as of June 30, 2024, compared to RMB 57,021,438 at the end of 2023, reflecting an increase of about 12.9%[27] - The provision coverage ratio increased to 100.7% as of June 30, 2024, compared to 92.8% as of December 31, 2023[72] - The ratio of non-performing loans rose from 7.9% as of December 31, 2023, to 8.6% as of June 30, 2024, attributed to a decrease in total loans[74] Corporate Governance and Compliance - The company is committed to maintaining high levels of corporate governance and has fully complied with the corporate governance code during the reporting period[105] - The audit committee has reviewed the accounting principles and practices adopted by the company, with no disagreements noted by the auditors[110] - The company complied with all major regulatory capital requirements and borrowing limits as of June 30, 2024[75] Strategic Focus - The company provided loans and financial services primarily to small and micro enterprises, indicating a focus on supporting the SME sector[8] - The company plans to continue expanding its loan offerings and investment consulting services to enhance its market position[8] - The company continues to focus on providing flexible short-term financing solutions to local entrepreneurs, SMEs, and micro-enterprises[65] Investments and Acquisitions - The company increased its ownership in Sichuan Xianpai Group Co., Ltd. to 100% after acquiring an additional 24% stake for RMB 18,547,149 in January 2024[10] - The company completed the acquisition of 23.0% equity in Jinjiang Huixin for approximately RMB 83.0 million, increasing its ownership to about 99.8%[99] Employee and Operational Information - The company has 54 employees, all based in China, with compensation aligned with local laws and regulations[102] - The salary and other short-term employee benefits for key management personnel for the six months ended June 30, 2024, were RMB 980,057, compared to RMB 958,062 for the same period in 2023[48]
汇鑫小贷(01577) - 2024 - 中期业绩