Financial Performance - The company recorded a net profit of RMB 302.1 million and adjusted net profit of RMB 303.5 million for the six months ended June 30, 2023, representing an increase of 47.8% and 47.4% compared to RMB 204.5 million and RMB 205.9 million for the same period in 2022 [25]. - Total revenue for the first half of 2023 reached RMB 1,917.6 million, a 21.2% increase compared to RMB 1,582.5 million in the same period of 2022 [38]. - The company reported a net profit of RMB 302.1 million, a decrease of 7.9% from RMB 328.0 million in the same period last year [38]. - The company's operating profit for the first half of 2023 was RMB 389.5 million, a decrease of 9.5% from RMB 430.4 million in the same period last year [38]. - Adjusted operating profit was RMB 390.9 million, down 9.9% from RMB 433.8 million in the same period last year, but up 46.8% from RMB 266.3 million for the six months ended December 31, 2022 [116]. - The company proposed a dividend of HKD 0.15 per share for the period, subject to shareholder approval [29]. Loan and Revenue Growth - The total loan volume facilitated during the period amounted to RMB 30.8 billion, representing 85.1% of the total loan realization, an increase of 39.7% from RMB 22.05 billion as of December 31, 2022 [31]. - The loan facilitation service fee increased by 59.6% to RMB 1,105.3 million, compared to RMB 692.4 million in the previous year [38]. - The loan realization amount reached RMB 36.2 billion, a historical high, representing a growth of 46.9% compared to RMB 24.64 billion for the same period in 2022 [52]. - The total loan amount for the first half of 2023 was RMB 362 billion, reflecting a growth of 31.4% compared to the second half of 2022 [41]. - The total amount of secured receivables was RMB 1,415,173 thousand, compared to RMB 628,229 thousand as of June 30, 2022 [17]. Risk Management and Credit Quality - The company continues to optimize its risk management framework to adapt to market and user behavior changes, ensuring a transition to higher-quality borrowers without compromising asset quality [30]. - The first payment default rate slightly increased to 0.64% in Q2 2023, while the one to three months overdue rate and three months or more overdue rate remained stable at 4.09% and 2.26% respectively [30]. - Credit impairment losses rose to RMB 148.3 million, up from RMB 68.2 million in the same period last year, primarily due to increased loan volume [32]. - The first payment overdue rate was stabilized at 0.64% for 2023, with the one to three months overdue rate at 4.09% [72]. - The three months overdue rate decreased from 2.49% in Q1 2023 to 2.26% in Q2 2023 [72]. Strategic Initiatives - The company plans to launch a localized consumer finance brand "CreFIT" in Hong Kong to diversify its business portfolio and expand its influence [24]. - The company agreed to acquire Banco Português de Gestão, S.A., a credit institution registered in Portugal, to seek new growth opportunities [24]. - The company plans to expand its business into different industries and regions, launching a localized consumer finance brand "CreFIT" in Hong Kong and acquiring BPG to enter the European market [67]. - The company is actively exploring potential business prospects for investment, collaboration, or acquisition in China and other jurisdictions [103]. Operational Efficiency and Technology - The company launched a new generation core business system (VOS) to enhance operational efficiency and improve user experience through AI-driven solutions [42]. - The company aims to enhance risk management capabilities through the development of technologies such as artificial intelligence [79]. Employee and Shareholder Information - The company had a total of 809 employees as of June 30, 2023 [161]. - The company’s directors and senior management held a total of 176,922,097 shares through controlled corporations, representing a significant portion of the issued shares [193]. - The company’s shareholding structure shows that Ma Ting-hsiung holds 39.85% of the issued shares personally and through controlled corporations [193]. Financial Position and Cash Flow - The asset-to-liability ratio decreased to approximately 59.7% from 62.1% as of December 31, 2022 [130]. - Cash outflow from financing activities was RMB 959.4 million, compared to RMB 1,469.4 million in the same period last year [134]. - The company recorded a net cash inflow from operating activities of RMB 578.6 million, down from RMB 1,424.3 million in the same period last year [133]. - The net cash inflow from investment activities was RMB 47.7 million, while the cash outflow for the same period was RMB 219.5 million, with the increase in net cash inflow primarily due to a decrease in structured deposits by RMB 190.0 million [154].
维信金科(02003) - 2023 - 中期财报