Financial Performance - For Q3 2024, total revenue was RMB 5,543 million (approximately USD 790 million), down from RMB 8,050 million in Q3 2023, representing a decrease of 31% year-over-year[8]. - The company reported a net loss of RMB 725 million (approximately USD 103 million) for Q3 2024, compared to a net profit of RMB 131 million in the same period last year[8]. - Total revenue for Q3 2024 was RMB 5,543 million (approximately USD 790 million), a decrease of 31% compared to RMB 8,050 million in Q3 2023[14]. - The net loss for Q3 2024 was RMB 725 million, compared to a net profit of RMB 131 million in Q3 2023[21]. - The company reported a net loss of RMB 725,254 thousand for the three months ended September 30, 2024, compared to a profit of RMB 130,973 thousand for the same period in 2023[26]. - Basic earnings per share for the nine months ended September 30, 2024, was a loss of RMB 1.98, compared to earnings of RMB 1.51 for the same period in 2023[26]. Revenue and Expenses - Technology platform revenue for Q3 2024 was RMB 1,633 million, a decrease of 49.9% compared to RMB 3,259 million in Q3 2023, primarily due to reduced loan balances and the exit from the Lufax Jin Tong business[15]. - Net interest income for Q3 2024 was RMB 2,687 million, down 18.8% from RMB 3,307 million in Q3 2023, mainly due to decreased loan balances, partially offset by increased net interest income from consumer finance[16]. - Total expenses decreased by 19% to RMB 6,262 million in Q3 2024 from RMB 7,747 million in Q3 2023, primarily due to a 50% reduction in sales and marketing expenses[17]. - Sales and marketing expenses fell to RMB 1,148 million in Q3 2024, a 49.9% decrease from RMB 2,290 million in Q3 2023, attributed to reduced loan-related expenses and the exit from Lufax Jin Tong[18]. - Credit impairment losses increased by 9.0% to RMB 3,270 million in Q3 2024 from RMB 3,001 million in Q3 2023, mainly due to increased provisions related to loans and certain investment assets[19]. Loan and Borrower Statistics - As of September 30, 2024, the total loan balance was RMB 213.1 billion, a decline of 41.8% from RMB 366.3 billion as of September 30, 2023[10]. - New loans enabled in Q3 2024 totaled RMB 50.5 billion, unchanged from RMB 50.5 billion in the same period of 2023, with consumer finance new loans increasing by 27.8% to RMB 26.4 billion[10]. - The number of cumulative borrowers increased by 24.1% to approximately 24.8 million as of September 30, 2024, up from approximately 20.0 million a year earlier[10]. - The NPL (Non-Performing Loan) ratio for consumer finance loans was 1.2% as of September 30, 2024, down from 1.4% as of June 30, 2024[11]. - The proportion of loans under the company's risk (including consumer finance subsidiaries) increased to 64.2% as of September 30, 2024, from 31.8% a year earlier[10]. Financial Position - As of September 30, 2024, the company's bank deposits were RMB 27,039 million, down from RMB 39,599 million as of December 31, 2023[22]. - Customer loans amounted to RMB 111,370,640 thousand as of September 30, 2024, down from RMB 129,693,954 thousand as of December 31, 2023, indicating a decrease of 14.2%[27]. - Total assets decreased to RMB 206,449,110 thousand as of September 30, 2024, from RMB 237,023,009 thousand as of December 31, 2023, reflecting a decline of 12.9%[27]. - The company’s total liabilities were RMB 120,108,859 thousand as of September 30, 2024, down from RMB 143,339,227 thousand as of December 31, 2023, a decrease of 16.2%[27]. - The company’s cash and cash equivalents, including restricted cash, totaled RMB 27,038,935 thousand as of September 30, 2024, compared to RMB 39,598,785 thousand as of December 31, 2023, a decrease of 31.9%[27]. - The company reported a total equity of RMB 86,340,251 thousand as of September 30, 2024, down from RMB 93,683,782 thousand as of December 31, 2023, a decrease of 7.9%[28]. Strategic Focus and Advisory - The company is focused on empowering small and micro business owners through financial services, indicating a strategic commitment to this market segment[8]. - The company emphasizes that shareholders and potential investors should not overly rely on the Q3 results and should consult professional advisors when trading its securities[7]. - The company’s independent financial advisor has maintained its recommendation regarding the fairness of the offers made to shareholders, advising against acceptance of the offers[5]. - The financial estimates have been reported by the company’s auditors and independent financial advisor, confirming adherence to accounting policies and methods[4]. - The announcement includes forward-looking statements that are subject to risks and uncertainties, which may affect future performance and financial trends[6]. - The company maintained a cautious and diligent approach to its business strategy, focusing on both micro and non-micro enterprise clients[13]. Cash Flow - The net cash used in operating activities for the three months ended September 30, 2024, was RMB 503,690 thousand (USD 71,775)[29]. - The net cash used in investing activities for the nine months ended September 30, 2024, was RMB 4,003,836 thousand (USD 570,542)[29]. - The net cash used in financing activities for the three months ended September 30, 2024, was RMB 8,969,996 thousand (USD 1,278,214)[29]. - The total cash and cash equivalents decreased by RMB 10,433,558 thousand (USD 1,486,770) for the three months ended September 30, 2024[29]. - The company has a significant difference of RMB 17,074 million (USD 2,433 million) between cash and cash equivalents and bank deposits due to time deposits exceeding three months[29].
陆控(06623) - 2024 Q3 - 季度业绩