Financial Performance - Total net revenue for Q2 2024 was RMB1,372.6 million (US$188.9 million), up 12.5% from RMB1,220.4 million in Q2 2023[6] - Net income in Q2 2024 reached RMB415.3 million (US$57.1 million), a 13.4% increase compared to RMB366.3 million in the same period of 2023[6] - Income from operations in Q2 2024 was RMB463.1 million (US$63.7 million), a 4.5% increase from RMB445.1 million in Q2 2023[15] - Non-GAAP adjusted net income in Q2 2024 was RMB374.7 million (US$51.6 million), compared to RMB364.9 million in Q2 2023, reflecting a 2.2% increase[15] - Total net revenue for the three months ended June 30, 2024, was RMB 1,372,588, representing a 12.5% increase from RMB 1,220,422 in the same period of 2023[36] - Net income for the three months ended June 30, 2024, was RMB 415,303, compared to RMB 366,292 for the same period in 2023, reflecting a 13.4% increase[36] - GAAP net income for the three months ended June 30, 2024, was RMB 415,303, an increase from RMB 366,292 for the same period in 2023, representing a growth of approximately 13.5%[39] - Non-GAAP adjusted net income for the six months ended June 30, 2024, reached RMB 696,864, compared to RMB 671,409 for the same period in 2023, reflecting an increase of about 3.8%[39] Loan and Borrower Metrics - Total loan amount facilitated and originated in Q2 2024 was RMB22,749 million, a decrease of 12.1% year-on-year but an increase of 5.8% quarter-on-quarter[2] - Number of active borrowers increased to 1,642,605 in Q2 2024, representing a year-on-year growth of 11.4%[2] - Total outstanding loan balance as of June 30, 2024, was RMB41,804 million, down from RMB45,071 million a year earlier[3] - The company plans to ease strict controls on loan volumes, expecting gradual recovery in loan volumes in the second half of the year[7] - The company expects total loan amount facilitated and originated for Q3 2024 to be between RMB26.0 billion and RMB27.5 billion[21] Delinquency and Provisions - Delinquency rate for loans past due for 31-60 days was 1.29% as of June 30, 2024, compared to 0.96% a year ago[3] - Provision for loans receivable increased to RMB95.9 million (US$13.2 million) in Q2 2024, up from RMB55.4 million in the same period of 2023[14] Cash and Assets - Cash and cash equivalents as of June 30, 2024, were RMB1,612.2 million (US$221.8 million), up from RMB1,413.1 million as of March 31, 2024[16] - The company reported a total asset value of RMB 11,975,227 as of June 30, 2024, an increase from RMB 11,650,023 as of December 31, 2023[35] - Cash and cash equivalents decreased to RMB 1,612,200 as of June 30, 2024, from RMB 1,195,352 as of December 31, 2023[35] - The company’s total liabilities decreased to RMB 5,320,906 as of June 30, 2024, down from RMB 5,802,899 as of December 31, 2023[35] Shareholder Returns and Repurchase - The company initiated a US$20 million share repurchase program in May 2024 and completed a tender offer for 2 million ADSs in July 2024[9] - A new US$20 million share repurchase program was authorized, with approximately US$10.8 million remaining for potential repurchases after a tender offer[19] - A semi-annual dividend of US$0.17 per ADS was declared for the first half of 2024, payable on or about September 27, 2024[20] Expenses and Financial Measures - The company incurred borrower acquisitions and marketing expenses of RMB 332,119 for the three months ended June 30, 2024, with no expenses reported for the same period in 2023[38] - General and administrative expenses decreased to RMB 36,566 for the three months ended June 30, 2024, down from RMB 44,138 for the same period in 2023, a reduction of approximately 17.1%[38] - The company utilizes non-GAAP financial measures to assess operating performance, which excludes certain expenses to provide a clearer view of core results[26] Share Metrics - The weighted average number of ordinary shares outstanding increased to 293,914,248 for the three months ended June 30, 2024, from 287,607,857 in the same period of 2023[36] - The net income per share—basic for the three months ended June 30, 2024, was RMB 1.41, compared to RMB 1.27 for the same period in 2023, marking an increase of 11%[36] - Non-GAAP adjusted net income per share—basic for the three months ended June 30, 2024, was RMB 1.27, consistent with the same period in 2023[39] - The weighted average number of ordinary shares outstanding—diluted increased to 300,458,575 for the three months ended June 30, 2024, compared to 293,863,323 for the same period in 2023[39] Other Financial Highlights - Financing income increased by 27.8% year-on-year to RMB351.0 million (US$48.3 million) in Q2 2024[11] - The company reported a significant increase in income from financial investments, with RMB 51,276 for the three months ended June 30, 2024, compared to RMB 12,093 for the same period in 2023, marking a growth of approximately 324%[39] - Share-based compensation expenses for the three months ended June 30, 2024, were RMB 10,634, slightly down from RMB 10,686 for the same period in 2023[39]
X Financial(XYF) - 2024 Q2 - Quarterly Report