Financial Performance - For the fiscal year ending December 31, 2024, the company reported net interest income of RMB 112,301,709, a decrease of 19.4% from RMB 139,378,944 in 2023[4] - The company achieved a net profit of RMB 96,333,097, representing a 26.4% increase compared to RMB 76,189,735 in the previous year[4] - The basic and diluted earnings per share for the year were both RMB 0.13, an increase from RMB 0.10 in the previous year[4] - The pre-tax profit for 2024 was RMB 126,126,263, up from RMB 99,569,043 in 2023, reflecting a growth of 26.6%[7] - Interest income for 2024 was $112,739,941, a decrease of 19.6% from $140,179,323 in 2023[99] - Net interest income for 2024 was $112,301,709, down from $139,378,944 in 2023, reflecting a decline of 19.5%[99] - Total impairment losses for loans and receivables in 2024 amounted to $13,145,705, a significant decrease of 49.9% from $26,197,544 in 2023[100] - Total revenue from government grants in 2024 was $3,641,074, up from $3,027,697 in 2023, representing an increase of 20.2%[102] - Current income tax expense for 2024 was $17,585,612, a decrease of 40.3% from $29,663,792 in 2023[106] Assets and Liabilities - The total assets of the company as of December 31, 2024, amounted to RMB 1,239,109,489, down from RMB 1,302,877,545 in 2023, indicating a decrease of 4.9%[5] - The company’s total liabilities decreased to RMB 17,929,706 from RMB 34,356,033, a reduction of 47.8%[5] - The company’s cash and cash equivalents decreased to RMB 103,000,233 from RMB 111,484,915, reflecting a decline of 7.1%[5] - The total cash and cash equivalents at the end of 2024 were RMB 103,000,233, down from RMB 111,484,915 at the end of 2023, a decrease of 7.6%[8] - The total amount of loans issued decreased to RMB 729,008,189 in 2024 from RMB 928,988,756 in 2023, a reduction of 21.5%[113] - The net value of loans receivable after impairment provisions was RMB 670,185,381 in 2024, down from RMB 861,548,743 in 2023, indicating a decrease of 22.2%[113] - The total liabilities at amortized cost decreased to RMB 6,257,087 in 2024 from RMB 15,794,439 in 2023, highlighting a reduction in financial obligations[152] - The total deferred tax assets as of December 31, 2024, amounted to RMB 24,990,778, a decrease from RMB 33,047,862 as of December 31, 2023, reflecting a reduction of approximately 24.5%[130] - The net deferred tax liabilities as of December 31, 2024, were RMB (4,607,807), compared to RMB (457,337) as of December 31, 2023, indicating a significant increase in liabilities[131] Investments and Acquisitions - The company acquired an additional 24% stake in Huizhi Xin for RMB 185,500,000, increasing its ownership to 99%[13] - In June 2024, the company completed the acquisition of a 23% stake in Jinjiang Huixin for RMB 829,600,000, raising its ownership to 99.8%[13] - The company acquired all shares of Sichuan Xianpai in April 2024, resulting in the addition of property and machinery valued at $769,703[117] - Investments in subsidiaries increased significantly to $423,278,345 in 2024 from $340,888,345 in 2023, reflecting a growth of approximately 24.1%[200] Goodwill and Impairment - The company’s goodwill impairment loss was RMB 9,149,858, which was not present in the previous year[4] - The company reported a goodwill impairment of RMB 9,149,858 in 2024, indicating potential challenges in asset valuation[7] - Goodwill is initially measured at cost, which includes the transferred consideration and any fair value of previously held equity interests, exceeding the fair value of identifiable net assets acquired[31] - Impairment losses related to goodwill cannot be reversed in subsequent periods[32] Cash Flow and Financing - The company's operating cash flow for 2024 reached RMB 200,199,788, a significant increase of 195.5% compared to RMB 67,607,784 in 2023[7] - The net cash flow from investing activities was RMB (53,703,987) in 2024, compared to RMB (9,355,462) in 2023, indicating a substantial increase in cash outflow[8] - The company reported a net cash flow from financing activities of RMB (154,923,099) in 2024, which is a significant increase from RMB (77,845,293) in 2023[8] - The company has paid a deposit of RMB 10 million to the bankruptcy administrator of Sichuan Haoji Food Group for participation in the restructuring process, which was initiated in October 2024[134] Financial Reporting Standards - The consolidated financial statements are prepared based on Hong Kong Financial Reporting Standards and presented in Renminbi[14] - The group has adopted revised Hong Kong Financial Reporting Standards for the first time this year, with no impact on the financial position or performance[18] - The group will apply new and revised Hong Kong Financial Reporting Standards once they become effective, with further details provided[20] - The group assesses control over subsidiaries based on voting rights and other contractual arrangements[17] Credit Risk and Management - The company maintained a strict control over outstanding loans to mitigate credit risk, with 92.9% of loans being secured loans as of December 31, 2024[114] - The company evaluates credit impairment based on both quantitative and qualitative factors, including significant adverse changes in the debtor's financial situation[162] - The expected credit loss calculation involves parameters such as default probability, loss given default, and exposure at default[164] - The company monitors the credit quality of loans closely and utilizes measures such as the sale of impaired loans to mitigate overall credit risk[172] Dividends - The company proposed a dividend payment of RMB 34,000,000 to shareholders, consistent with the previous year[6] - The company plans to propose a final dividend of approximately RMB 34.0 million, subject to shareholder approval at the upcoming annual general meeting[107] Miscellaneous - The company did not appoint a CEO during the year, which may impact future strategic decisions[103] - The company has no significant contingent liabilities or major contractual commitments as of December 31, 2024, suggesting a stable risk profile[150][151] - The company did not report any significant events after the reporting period, indicating stability in operations[199]
汇鑫小贷(01577) - 2024 - 年度业绩