User Base and App Performance - As of December 31, 2021, the number of registered users of the 51 Credit Card Manager App reached approximately 88.3 million, with a cumulative total of approximately 149.9 million credit cards managed[17]. - The Little Blue Book App had approximately 6.5 million registered users as of December 31, 2021, since its launch in September 2019[25]. - The management discussion highlighted the importance of the 51 Credit Card Manager App in creating a comprehensive ecosystem for credit management services[25]. - The professional service attitude contributed to increased loyalty among existing users and attracted more quality users[17]. Financial Performance - For the year ended December 31, 2021, the revenue was approximately RMB 440.1 million, representing a year-on-year increase of approximately 60.4% from RMB 274.3 million in 2020[31]. - The operating loss for the year was approximately RMB 199.3 million, a significant decrease of approximately 86.1% from RMB 1,438.4 million in 2020[31]. - The net loss for the year was approximately RMB 260.7 million, down approximately 84.8% from RMB 1,716.4 million in 2020[31]. - Total revenue increased by approximately 60.4% from approximately RMB 274.3 million for the year ended December 31, 2020, to approximately RMB 440.1 million for the year ended December 31, 2021[59]. Revenue Breakdown - The credit facilitation and service fee revenue increased by 148.8% to RMB 237.4 million, accounting for 53.9% of total revenue[37]. - The payment service fee revenue rose by 74.7% to RMB 78.6 million, representing 17.9% of total revenue[37]. - Credit facilitation business volume was approximately RMB 4,317.2 million in 2021, representing an increase of approximately 78.6% from approximately RMB 2,416.9 million in 2020[1]. - SaaS service fee increased by approximately 9.6% from approximately RMB 29.9 million for the year ended December 31, 2020, to approximately RMB 32.7 million for the year ended December 31, 2021[56]. Cost Management and Expenses - Total operating expenses decreased by approximately 62.7% from approximately RMB 1,712.7 million in 2020 to approximately RMB 639.4 million in 2021[62]. - Research and development expenses decreased by approximately 28.3% from approximately RMB 70.0 million in 2020 to approximately RMB 50.2 million in 2021, mainly due to a reduction in R&D staff[70]. - Sales and marketing expenses decreased by approximately 12.3% from approximately RMB 60.9 million in 2020 to approximately RMB 53.4 million in 2021, while achieving growth in credit facilitation business[64]. - General and administrative expenses decreased by approximately 28.1% from approximately RMB 140.6 million in 2020 to approximately RMB 101.1 million in 2021, due to a reduction in administrative staff[65]. Risk Management and Delinquency Rates - The credit facilitation business saw a steady increase in the scale of existing customers, maintaining a low delinquency rate due to stringent risk control measures[26]. - The Day-1 delinquency rate of credit facilitation assets facilitated in 2021 was lower than 6.0%[1]. - The 30-day collection rate of overdue assets was approximately 84.6% in 2021[1]. - The delinquency rate of credit facilitation assets maintained at a low level due to stringent risk control measures adopted in 2021[81]. Leadership and Management - The company appointed Sun Haitao as the Chairman and CEO since September 2017, with extensive experience in internet business and credit card management applications[157]. - Zhu Jianfei, appointed as an executive director in September 2021, has rich experience in management consulting and business operations[158]. - Wu Shan has been an executive director since January 2022, responsible for investment, finance, and legal affairs of the group[161]. - The company has a strong focus on integrating finance with internet technologies, leveraging the expertise of its management team[164]. Future Plans and Strategic Focus - The Company plans to adjust its financial technology business model and SaaS development pace in 2022, focusing on providing de-guaranteed credit facilitation services to licensed credit institutions[146][149]. - The Group aims to enhance its innovative business, particularly in the Little Blue Book sector, by leveraging big data, cloud computing, and AI technologies to improve sales efficiency and customer engagement[148][150]. - The Company will focus on optimizing customer structure and providing reasonable credit service products to quality customers in the financial technology sector[146][149]. - The Company plans to conduct large-scale marketing campaigns for bank customers after verifying service capabilities and quality[147]. Financial Position and Cash Flow - As of December 31, 2021, the Group maintained a net cash position of RMB 122 million, down from RMB 214 million in 2020[101]. - The Group experienced a net cash outflow of approximately RMB 99.5 million for the year, primarily due to operating activities outflow of RMB 22.9 million[103]. - Cash and cash equivalents as of December 31, 2021 amounted to RMB 314 million, compared to RMB 413 million in 2020[101]. - The gearing ratio was approximately 12.3% as of December 31, 2021, compared to approximately 10.6% as of December 31, 2020[104]. Employee and Talent Management - The company has established a competitive compensation management system linked to performance appraisal, aimed at attracting high-quality talent and ensuring sustainable development[140][144]. - The Group's employee training system includes professional, management, and general-purpose training to enhance skills and leadership quality[140][144]. - As of December 31, 2021, the Group had approximately 300 employees, with total staff costs amounting to approximately RMB 168.2 million for the year[139]. Compliance and Governance - The company is committed to corporate governance and financial transparency, as evidenced by the qualifications of its financial leadership[199]. - The company emphasizes the importance of legal and financial affairs in its operations, as highlighted by Wu Shan's role[161]. - The strategic appointments within the company aim to strengthen its operational efficiency and financial oversight[199].
51信用卡(02051) - 2021 - 年度财报