维信金科(02003) - 2025 - 中期财报

Company Information This section provides essential details about the company's governance structure, key personnel, and operational locations Board of Directors and Committees The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, supported by Audit, Remuneration, and Nomination Committees to ensure sound corporate governance - Board members include Ma Tingxiong (Chairman), Liao Shihong (Chief Executive Officer), Liao Shiqiang (Chief Operating Officer), Xue Lan (Executive Director), Ye Jiaqi (Non-executive Director), and three Independent Non-executive Directors[6] - The Audit Committee Chairman is Mr. Fang Yuan, the Remuneration Committee Chairman is Mr. Chen Penghui, and the Nomination Committee Chairman is Mr. Ma Tingxiong[6] Offices and Key Contact Information The company's registered office is in the Cayman Islands, with its head office and principal place of business in Hong Kong, and a major operating location in Shanghai, Mainland China, facilitating global and local business operations - The registered office is in the Cayman Islands, and the head office and principal place of business are located at Suite 1918, 19/F, Two Pacific Place, 88 Queensway, Hong Kong[6][7] - The principal place of business in the People's Republic of China is located at 28/F, Tower 1, Starry Sky Center, No. 88 North Sichuan Road, Shanghai[7] - The company's Stock Code is 2003, and the official website is https://www.vcredit.com[7](index=7&type=chunk) CEO's Letter The CEO's letter outlines the Group's strategic direction, operational achievements, and financial highlights for the period Overview of Operating Performance During the Period Despite macroeconomic uncertainties and regulatory changes, the Group maintained a prudent strategy in H1 2025, achieving significant growth in loan origination volume and outstanding loan balance through product innovation, technology upgrades, and a robust compliance framework, and recommended an interim dividend - The Group recommended an interim dividend of 5 HK cents per share for the period to reward shareholders[8] H1 2025 Mainland China Loan Business Performance | Metric | H1 2025 | H1 2024 | Year-over-year growth of | Reference Date | | :--- | :--- | :--- | :--- | :--- | | Loan origination volume | RMB 38.0 billion | RMB 27.02 billion | 40.6% | for the six months ended June 30 | | Outstanding loan balance | RMB 33.55 billion | RMB 26.22 billion | 28.0% | as of June 30, 2025 vs December 31, 2024 | - Through systematic upgrades to the risk control framework and optimization of the customer portfolio structure, the Group improved customer quality and credit asset quality, reducing the customer complaint rate to a historical low[10] - Cumulative registered users reached 167 million, an 11.7% increase compared to the same period[11] - Established cooperation with 112 external licensed funding partners, with the loan facilitation model contributing to a total loan volume of RMB 29.05 billion, accounting for 76.4% of the total[13] - Through AI 2.0 strategy upgrades, the Group deepened the integration of AI with business scenarios, leveraging the "Jinwu Large Model" to reshape intelligent marketing and customer service processes, enhancing risk identification accuracy[13] - Strategically invested in EXIO Group Limited to explore the synergy between traditional finance and the Web3.0 ecosystem, promoting the implementation of advanced solutions[14] - Continuously advanced new market strategic expansion, including deepening cooperation for Hong Kong business "CreFIT," acquiring Portuguese credit institution Banco Português de Gestão, S.A., and expanding into Southeast Asian markets[15] Financial Performance Highlights In H1 2025, the Group achieved substantial growth in both total revenue and net profit, primarily driven by increased loan volume under the loan facilitation model, despite rising fair value losses on customer loans and credit impairment losses H1 2025 Key Financial Metrics | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Year-over-year growth of | | :--- | :--- | :--- | :--- | | Total revenue | 2,499.9 | 1,738.4 | 43.8% | | Net profit | 216.0 | 120.3 | 79.5% | | Adjusted net profit | 217.9 | 120.7 | 80.5% | | Fair value loss on customer loans | 624.1 | 592.3 | 5.4% | | Credit impairment loss | 214.7 | 144.1 | 49.0% | | Operating expenses (excluding share-based compensation) | 1,379.9 | 868.8 | 58.8% | Outlook and Strategy Facing a tightening regulatory environment, the Group will continue its commitment to robust risk management and operational excellence, deepening the integration of AI and other advanced technologies with core businesses to achieve long-term sustainable development and create greater value for all stakeholders - The National Financial Regulatory Administration issued the "Notice on Strengthening the Management of Commercial Banks' Internet Loan Facilitation Business and Improving the Quality and Efficiency of Financial Services," which the Group believes is conducive to the long-term development of the industry[17] - In the second half of the year, the strategic integration of AI and other advanced technologies with core business operations will continue to deepen, committed to creating greater value for customers, shareholders, employees, and society[17] Management Discussion and Analysis This section provides an in-depth analysis of the Group's financial performance, business operations, and future strategies Financial Summary In H1 2025, the company achieved substantial growth in both total revenue and net profit, with Non-IFRS adjusted profit also increasing, demonstrating strong profitability H1 2025 Financial Summary | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Total revenue | 2,499.9 | 1,738.4 | 43.8% | | Net interest and similar income | 936.5 | 875.0 | 7.0% | | Loan facilitation service fees | 1,269.8 | 939.6 | 35.1% | | Other income / (expenses) | 293.6 | (76.2) | N/A | | Operating profit | 279.4 | 154.4 | 81.0% | | Net profit | 216.0 | 120.3 | 79.5% | | Non-IFRS adjusted operating profit | 281.4 | 154.8 | 81.8% | | Non-IFRS adjusted net profit | 217.9 | 120.7 | 80.5% | Business Review and Outlook Facing a complex and severe external environment and tightening regulation, the company actively adjusted business strategies, strengthened risk management and control, improved operational efficiency, and continuously advanced technological innovation and new market expansion, demonstrating business resilience - H1 2025 saw a complex and severe external environment, with insufficient domestic demand, deflationary pressure, and a sluggish real estate market, coupled with tightening regulation in the loan facilitation industry, putting pressure on the credit market[20] - The company actively adjusted business strategies, strengthened risk management and control, improved operational efficiency, and continuously strengthened the business framework to maintain a secure and compliant