奇富科技(03660) - 2025 - 中期财报

Performance Overview & Management Commentary Q2 2025 Business Highlights In Q2 2025, the company achieved year-over-year growth in user base and outstanding loan balance, with 41.4% of total facilitated loans under light-capital models and a 90-day+ delinquency rate of 1.97% Q2 2025 Key Operating Metrics | Metric | Q2 2025 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Total Facilitated and Originated Loan Volume | RMB 84.61 billion | +16.1% | -4.8% | | - Light-Capital/ICE/Tech Solution Share | 41.4% | - | - | | Total Outstanding Loan Balance at Period End | RMB 140.08 billion | +13.4% | -0.1% | | - Light-Capital/ICE/Tech Solution Share | Approx. 51% | - | - | | Cumulative Approved Credit Line Users | 60.2 million | +12.3% | - | | Cumulative Successful Borrower Withdrawals | 36.8 million | +14.9% | - | | 90-Day+ Delinquency Rate | 1.97% | - | - | Q2 2025 Financial Highlights The company achieved robust financial performance in Q2 2025, with total net revenue reaching RMB 5.22 billion and Non-GAAP net profit at RMB 1.85 billion, demonstrating sustained profitability Q2 2025 Key Financial Data | Metric | Amount (RMB) | Amount (USD) | | :--- | :--- | :--- | | Total Net Revenue | 5.216 billion | 0.728 billion | | Net Profit | 1.731 billion | 0.242 billion | | Non-GAAP Net Profit | 1.849 billion | 0.258 billion | | Diluted Net Earnings Per ADS | 12.76 | 1.78 | | Diluted Non-GAAP Net Earnings Per ADS | 13.63 | 1.90 | Management Commentary Management highlighted the company's resilient operations amidst macroeconomic uncertainties and regulatory changes, achieved by tightening risk controls, optimizing business structure with 51% light-asset model share, and diversifying customer acquisition channels, while prudently increasing provisions to near historical highs - CEO Wu Haisheng noted that in response to economic uncertainties and regulatory changes, the company proactively tightened risk control standards and adjusted its business structure, with the outstanding loan balance from light-asset models, ICE, and comprehensive technology solutions reaching approximately 51%[7] - CFO Xu Zuoli emphasized that despite the volatile macroeconomic environment, the company achieved robust financial performance and prudently assessed risks, with new provisions in Q2 approaching historical highs[7] - CRO Zheng Yan added that influenced by macroeconomic challenges, overall market risk levels fluctuated, with the first-day delinquency rate reaching 5.1%, prompting the company to tighten risk controls and potentially implement further measures to mitigate potential risks[7] Financial Performance Analysis Operating Results In Q2 2025, total net revenue grew 25.4% to RMB 5.22 billion, driven by credit-driven and platform services, while operating costs and expenses significantly increased 41.6% to RMB 3.08 billion, resulting in operating income of RMB 2.14 billion, up 7.6% year-over-year Net Revenue Total net revenue reached RMB 5.22 billion, a 25.4% year-over-year increase, with credit-driven service net revenue at RMB 3.57 billion (up 22.4%) and platform service net revenue at RMB 1.65 billion (up 32.3%), driven by increased financing income and referral service fees respectively Q2 2025 Net Revenue Composition (RMB million) | Revenue Item | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Net Revenue | 5,215.9 | 4,160.1 | +25.4% | | Credit-Driven Service Net Revenue | 3,565.5 | 2,912.2 | +22.4% | | - Financing Income | 2,205.0 | 1,690.1 | +30.5% | | - Release of Guarantee Liabilities Income | 805.3 | 972.6 | -17.2% | | Platform Service Net Revenue | 1,650.3 | 1,247.9 | +32.3% | | - Loan Facilitation and Service Fees - Light-Capital | 326.8 | 524.4 | -37.7% | | - Referral Service Fees | 986.4 | 623.5 | +58.2% | Operating Costs and Expenses Total operating costs and expenses increased 41.6% to RMB 3.08 billion, primarily driven by a rise in sales and marketing expenses to RMB 663 million due to increased investment in embedded finance channels and information flow advertising, and a significant increase in contingent liability provisions to RMB 398 million due to higher heavy-capital loan volumes and risk assessment adjustments Q2 2025 Operating Costs and Expenses Composition (RMB million) | Cost Item | Q2 2025 | Q2 2024 | YoY Change Reason | | :--- | :--- | :--- | :--- | | Total | 3,079.7 | 2,175.1 | - | | Facilitation, Origination and Servicing Expenses | 781.0 | 722.2 | Increase in total loan volume | | Sales and Marketing Expenses | 662.7 | 366.4 | Increased investment in embedded finance channels and information flow advertising | | Provision for Loans Receivable | 773.8 | 849.5 | Reversal of prior provisions, partially offset by increase in on-balance sheet loans | | Provision for Contingent Liabilities | 397.6 | (213.3) | Increase in heavy-capital loan facilitation volume and risk assessment adjustments | Profitability and EPS In Q2 2025, the company achieved operating income of RMB 2.14 billion, net profit of RMB 1.73 billion (up 25.7% YoY), and Non-GAAP net profit of RMB 1.85 billion (up 30.8% YoY), with diluted net earnings per ADS at RMB 12.76 Q2 2025 Profitability Metrics (RMB million) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Operating Income | 2,136.2 | 1,985.0 | +7.6% | | Non-GAAP Operating Income | 2,254.7 | 2,021.9 | +11.5% | | Net Profit | 1,730.5 | 1,376.5 | +25.7% | | Non-GAAP Net Profit | 1,849.0 | 1,413.4 | +30.8% | | Diluted Net Earnings Per ADS (RMB) | 12.76 | 8.92 | +43.0% | Asset Quality The report presents asset quality performance of facilitated loans across different periods through 30-day+ and 180-day+ delinquency rate charts (Vintage Curves), which are key tools for assessing credit business risk trends - The report provides quarterly historical loan 30-day+ and 180-day+ delinquency rate charts to track the asset quality performance of loans originated in different periods[22][23][26] Shareholder Returns & Business Outlook Dividends and Share Repurchase The company declared a H1 2025 dividend of USD 0.76 per ADS and actively executed its share repurchase program, having repurchased approximately USD 277 million in ADS under the 2025 plan as of August 14, 2025 - The Board approved a H1 2025 dividend of USD 0.38 per Class A ordinary share or USD 0.76 per ADS, with the record date set for September 8, 2025[25] - As of August 14, 2025, the company repurchased approximately 7.1 million ADS at an average price of USD 38.9/ADS, totaling approximately USD 277 million, under its USD 450 million 2025 share repurchase program[27] Business Outlook Given ongoing macroeconomic uncertainties, the company maintains a cautious outlook for Q3 2025, projecting net profit between RMB 1.52 billion and RMB 1.72 billion, and Non-GAAP net profit between RMB 1.60 billion and RMB 1.80 billion, representing a 2% to 13% year-over-year decrease Q3 2025 Performance Guidance | Metric | Forecast Range (RMB billion) | YoY Change | | :--- | :--- | :--- | | Net Profit | 1.52 - 1.72 billion | -13% to -2% | | Non-GAAP Net Profit | 1.60 - 1.80 billion | - | Financial Statements Unaudited Condensed Consolidated Balance Sheets As of June 30, 2025, total assets reached RMB 59.75 billion, up 24.1% from year-end 2024, primarily driven by increased net loans receivable, with total liabilities at RMB 35.65 billion and total equity at RMB 24.11 billion, indicating a stable balance sheet structure Key Balance Sheet Items (As of June 30, 2025) | Item | Amount (RMB billion) | | :--- | :--- | | Total Assets | 59.75 | | Cash, Cash Equivalents and Restricted Cash | 8.21 | | Net Loans Receivable (Current + Non-current) | 37.43 | | Total Liabilities | 35.65 | | Amounts Due to Consolidated Trust Investors | 20.00 | | Total Equity | 24.11 | Unaudited Condensed Consolidated Statements of Operations This statement details the company's revenue, costs, and profit composition for Q2 and H1 2025, showing Q2 net revenue of RMB 5.22 billion, operating income of RMB 2.14 billion, and net profit of RMB 1.73 billion Q2 2025 Income Statement Overview (RMB million) | Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Net Revenue | 5,215.9 | 4,160.1 | | Total Operating Costs and Expenses | 3,079.7 | 2,175.1 | | Operating Income | 2,136.2 | 1,985.0 | | Net Profit | 1,730.5 | 1,376.5 | Unaudited Condensed Consolidated Statements of Cash Flows In Q2 2025, the company generated RMB 2.62 billion in net cash from operating activities, indicating strong core business cash generation, while net cash used in investing activities was RMB 8.19 billion, and net cash from financing activities was RMB 2.00 billion Q2 2025 Cash Flow Statement Overview (RMB million) | Item | Q2 2025 | | :--- | :--- | | Net Cash from Operating Activities | 2,622.0 | | Net Cash Used in Investing Activities | (8,191.1) | | Net Cash from Financing Activities | 1,995.6 | | Cash, Cash Equivalents and Restricted Cash at Period End | 8,212.4 | GAAP to IFRS Reconciliation Reconciliation Explanation and Results This section provides a quantitative reconciliation of financial statements prepared under US GAAP to IFRS, as required by HKEX, showing H1 2025 net profit of RMB 3.52 billion under IFRS, slightly lower than RMB 3.53 billion under US GAAP - The company's directors prepared interim financial statements under US GAAP and disclosed a reconciliation of differences with International Financial Reporting Standards (IFRS)[51] - Deloitte Touche Tohmatsu has performed a limited assurance engagement on this reconciliation statement and found no material issues[54][55] Notes on Key Accounting Differences The report details five key accounting differences between US GAAP and IFRS: expected credit loss recognition (CECL vs. IFRS 9 three-stage model), effective interest rate calculation, share-based payment attribution, financial guarantee accounting, and convertible preferred note measurement - Expected Credit Losses: US GAAP uses the CECL model to recognize lifetime expected losses at inception, while IFRS 9 employs a three-stage model, recognizing lifetime losses only when credit risk significantly increases[62] - Effective Interest Rate: US GAAP calculates based on contractual cash flows, whereas IFRS uses estimated cash flows[63] - Financial Guarantees: US GAAP recognizes standby and contingent guarantee liabilities using the gross method, while IFRS recognizes revenue based on premiums received and measures liabilities at the higher of loss allowance or initial recognition amount[63] - Convertible Preferred Notes: Under US GAAP, they are measured as liabilities, while under IFRS, they are designated as fair value through profit or loss[63]