Financial Performance - The company reported a net loss of approximately RMB 2.9 million for the six months ended June 30, 2022, compared to a net profit of approximately RMB 14.8 million for the same period in 2021, primarily due to the impact of COVID-19 on the local economy and increased loan impairment losses[10]. - The interest income for the six months ended June 30, 2022, decreased by 20.4% to RMB 26.3 million from RMB 33.1 million for the same period in 2021, primarily due to a reduction in average daily loan balances[29]. - The company recorded a provision for impairment losses of RMB 22.0 million for the six months ended June 30, 2022, compared to RMB 9.4 million for the same period in 2021, reflecting increased credit risk due to the pandemic[33]. - The company reported a pre-tax loss of RMB 2,519,008, contrasting with a profit of RMB 19,836,548 in the same period last year[111]. - The net loss after tax for the period was RMB 2,890,627, compared to a profit of RMB 14,827,854 in the previous year[111]. - The company reported a significant increase in impairment losses, with a provision of RMB 21,964,558 for the six months ended June 30, 2022, compared to RMB 9,423,869 in the previous year[119]. Loan Portfolio and Asset Quality - As of June 30, 2022, the company's outstanding loans (before impairment losses) amounted to approximately RMB 845.1 million, an increase of about 0.9% from RMB 837.9 million as of December 31, 2021[10]. - The impaired loan ratio as of June 30, 2022, was 4.1%, up from 3.9% as of December 31, 2021, indicating a slight deterioration in asset quality[21]. - The overdue loan balance as of June 30, 2022, was RMB 43,972 thousand, a decrease from RMB 45,191 thousand as of December 31, 2021, resulting in an overdue loan ratio of 5.2%[24]. - The total amount of loans and receivables was RMB 805,469,679 as of June 30, 2022, compared to RMB 803,142,509 at the end of 2021[152]. - The total expected credit loss amounted to RMB 39,729,946, an increase from RMB 34,847,821 as of December 31, 2021, reflecting a growth of approximately 11%[157]. Operational Metrics - The company provided loans to 131 customers in the six months ended June 30, 2022, compared to 161 customers in the same period in 2021[11]. - The company issued a total of 141 loans in the first half of 2022, a decrease from 228 loans issued in the same period of 2021[17]. - The average daily balance of receivable loans decreased to RMB 832.3 million for the six months ended June 30, 2022, from RMB 868.3 million for the same period in 2021[29]. - The actual annual interest rate charged decreased to 6.3% for the six months ended June 30, 2022, down from 7.6% for the same period in 2021[29]. Administrative and Other Expenses - Administrative expenses increased by approximately 69.8% to RMB 8.3 million for the six months ended June 30, 2022, from RMB 4.9 million for the same period in 2021, primarily due to the expansion and promotion costs of subsidiaries[43]. - Other income decreased to RMB 584,089 for the six months ended June 30, 2022, from RMB 1,054,584 for the same period in 2021, mainly due to a reduction in guarantee service scale[44]. - Income tax expenses decreased by approximately 92.6% to RMB 0.4 million for the six months ended June 30, 2022, from RMB 5.0 million for the same period in 2021, primarily due to a decrease in pre-tax profit[45]. Shareholder and Equity Information - As of June 30, 2022, the major shareholder, Bai Tai Group, holds approximately 40.04% of the shares, equating to 180,200,000 shares[81]. - Bai Wanlin holds 322,100,000 shares, representing 71.58% of the controlled corporation's equity[81]. - The total issued shares as of June 30, 2022, is 600,000,000, with 450,000,000 being domestic shares[83]. - The company has maintained a public float of at least 25% of its issued shares[90]. Future Outlook and Strategy - The company aims to become a leading regional microfinance company focused on meeting the short-term financing needs of SMEs and individual businesses[67]. - The company anticipates low risks of customer loan defaults as the economy recovers from the impacts of COVID-19[67]. - The company plans to enhance its digital and intelligent retail credit platform to meet diverse customer credit needs[67]. - The board believes that the integration of 5G networks with AI and IoT will create significant market potential and opportunities for business expansion[67]. - The company will continue to seek opportunities to diversify its revenue sources and expand its business portfolio[67]. Compliance and Governance - The company has maintained compliance with the corporate governance code as of June 30, 2022[99]. - The audit committee has reviewed the interim financial statements and confirmed compliance with applicable accounting standards[96]. - No significant matters related to the company's business or financial performance were noted by the board after June 30, 2022[101].
泰和小贷(01915) - 2022 - 中期财报