Financial Performance - For the fiscal year ending December 31, 2024, the company reported interest income of RMB 196,354,000, a decrease of 16.9% from RMB 236,165,000 in 2023[4] - Net interest income for the same period was RMB 155,842,000, down 16.7% from RMB 187,149,000 in the previous year[4] - The net profit for the year was RMB 65,397,000, down 32.3% from RMB 96,636,000 in 2023[4] - Basic and diluted earnings per share were RMB 0.05, compared to RMB 0.08 in the previous year, indicating a decline of 37.5%[4] - The company reported a pre-tax profit of RMB 91,604 thousand for 2024, down 30.1% from RMB 131,091 thousand in 2023[86] - The company's profit attributable to equity shareholders for the year ended December 31, 2024, was RMB 62,440,000, a decrease of 32.6% from RMB 92,650,000 in 2023[93] - The total profit and comprehensive income for the year decreased from RMB 10,666 thousand in 2023 to RMB 8,276 thousand in 2024, a decline of approximately 22.4%[120] Asset and Liability Management - Total assets decreased to RMB 2,578,519,000 from RMB 2,657,317,000, reflecting a decline of 3.0%[5] - The company's total liabilities decreased to RMB 537,408,000 from RMB 654,603,000, a reduction of 18.0%[5] - Cash and cash equivalents decreased to RMB 10,515,000 from RMB 17,478,000, a drop of 39.8%[5] - The company’s goodwill decreased to RMB 12,604,000 from RMB 18,005,000, a decline of 30.0%[5] - The company’s total equity increased slightly to RMB 2,041,111,000 from RMB 2,002,714,000, an increase of 1.9%[5] - The total liabilities from financing activities as of December 31, 2024, were RMB 490,134,000, a decrease from RMB 596,457,000 at the beginning of the year[98] Cash Flow and Financing Activities - Operating cash flow for the year ended December 31, 2024, was RMB 197,548,000, a decrease of 40% from RMB 330,362,000 in 2023[8] - Net cash generated from operating activities was RMB 160,848,000, down 43.5% from RMB 284,948,000 in the previous year[8] - Cash used in financing activities amounted to RMB 167,854,000, a reduction of 40.9% from RMB 284,041,000 in 2023[8] - The company received RMB 25,000,000 from bank borrowings, a significant decrease of 66.7% compared to RMB 75,000,000 in the previous year[8] - The company paid dividends to equity shareholders amounting to RMB 23,600,000, down 50% from RMB 47,200,000 in 2023[8] Credit and Impairment Management - The company employs an expected credit loss model to measure impairment losses on loans and advances provided to customers[148] - The total expected credit loss provisions amounted to RMB 194,214 thousand, a decrease from RMB 198,495 thousand as of December 31, 2023, reflecting a reduction of approximately 1.4%[111] - The total amount of impaired loans decreased to RMB 104,744 thousand in 2024 from RMB 124,485 thousand in 2023, a reduction of approximately 15.8%[200] - The overdue loan balance decreased to RMB 104,956 thousand in 2024 from RMB 124,812 thousand in 2023, indicating improved collection efforts[200] - The provision for impairment losses totaled RMB 194,214 thousand in 2024, compared to RMB 198,495 thousand in 2023, reflecting a decrease in risk provisions[198] Operational Highlights - The company did not engage in any significant new product or technology development during the reporting period[9] - There were no major market expansions or acquisitions reported in the financial statements[9] - The company has only one reportable segment, primarily providing loan services in Zhejiang Province, China[82] - The company is the largest licensed micro-lending company in Zhejiang province, focusing on green lending practices[188] Employee and Management Costs - Employee costs for 2024 totaled RMB 16,415 thousand, down 6.9% from RMB 17,641 thousand in 2023[85] - Total remuneration for directors and supervisors for the year 2024 amounted to RMB 2,930,000, compared to RMB 3,330,000 in 2023, indicating a decrease of 12%[90] - The total remuneration for key management personnel decreased from RMB 3,330 thousand in 2023 to RMB 2,930 thousand in 2024, reflecting a reduction of approximately 12%[171] Taxation and Reserves - The provision for current income tax for 2024 was RMB 26,908 thousand, a decrease of 28% from RMB 37,312 thousand in 2023[86] - The total amount of tax provision for the year in China decreased from RMB 37,312 million in 2023 to RMB 26,908 million in 2024[129] - The company plans to allocate RMB 1.4 million (10% of net profit) to statutory surplus reserves for the year ending December 31, 2024[138] - The general risk reserve will see a reversal of RMB 1.1 million from the general risk reserve to retained earnings[138] Financial Instruments and Fair Value - Financial assets and liabilities are recognized in the financial position statement when the group becomes a party to the financial instrument contract[34] - The group measures financial instruments initially at fair value plus directly attributable transaction costs, except for those measured at fair value through profit or loss[34] - Fair value measurement is based on active market quotes if available; otherwise, valuation techniques are used[49] - The fair value of financial instruments measured at fair value is not applicable as the company has no financial instruments measured at fair value as of the reporting dates[168] Market and Economic Conditions - The average interest rate on loans decreased from 8.7% in 2023 to 7.4% in 2024, a decline of approximately 14.9%[192] - The company faces currency risk primarily from interest-bearing borrowings denominated in euros, with a reported exposure of RMB (124,527) thousand in 2024, down from RMB (195,802) thousand in 2023[163] - The after-tax profit impact from a 100 basis point increase in the euro exchange rate is estimated at RMB (934) thousand for 2024, compared to RMB (1,469) thousand for 2023[165]
佐力小贷(06866) - 2024 - 年度业绩