User Metrics - As of June 30, 2022, the number of registered users of the 51 Credit Card Manager was approximately 88.5 million, and the cumulative number of credit cards managed was approximately 150.7 million[7]. - The Little Blue Book App had approximately 6.6 million registered users as of June 30, 2022, contributing to the company's understanding and accumulation of multiple industries despite the pandemic's impact on business expansion[9]. Financial Performance - For the six months ended June 30, 2022, the company's revenue was approximately RMB 261.9 million, representing an increase of approximately 24.1% compared to RMB 211.0 million for the same period in 2021[10]. - The operating loss for the same period was approximately RMB 10.7 million, a decrease of approximately 94.7% from an operating loss of approximately RMB 203.7 million in the prior year[10]. - The net loss for the period was approximately RMB 20.3 million, down approximately 89.6% from RMB 194.4 million in the corresponding period of 2021[10]. - The non-IFRS adjusted operating profit for the period was approximately RMB 14.9 million, compared to RMB 4.7 million for the same period in 2021, reflecting a growth of 215.5%[15]. - The non-IFRS adjusted net profit was approximately RMB 4.9 million, a decrease of approximately 82.3% from RMB 27.8 million in the prior year[15]. - Total revenue increased by approximately 24.1% from approximately RMB 211.0 million for the six months ended June 30, 2021, to approximately RMB 261.9 million for the six months ended June 30, 2022[33]. - The company reported a loss for the period attributable to owners of the Company of RMB 6,389,000 for the six months ended June 30, 2022, compared to a loss of RMB 177,291,000 for the same period in 2021, indicating a significant improvement[129]. - Total comprehensive loss for the period, net of tax, was RMB 19,168,000, a decrease from RMB 192,028,000 in the prior year, reflecting a reduction in overall losses[129]. Revenue Breakdown - The payment service fee revenue increased significantly to RMB 133.9 million, representing 51.1% of total revenue, compared to RMB 22.2 million in the same period last year, marking a growth of 503.8%[17]. - The credit facilitation and service fee revenue decreased to RMB 76.3 million, accounting for 29.1% of total revenue, down 43.7% from RMB 135.6 million in the previous year[17]. - SaaS service fee increased by approximately 15.2% from approximately RMB 12.5 million for the six months ended June 30, 2021, to approximately RMB 14.4 million for the six months ended June 30, 2022[36]. - Credit facilitation business volume decreased by approximately 12.1% from approximately RMB 1,777.1 million in the first half of 2021 to approximately RMB 1,562.3 million in the first half of 2022[21]. Operating Expenses - Total operating expenses decreased by approximately 34.3% from approximately RMB 414.7 million for the six months ended June 30, 2021, to approximately RMB 272.6 million for the six months ended June 30, 2022[44]. - Origination and servicing expenses increased by approximately 73.2% from approximately RMB 113.9 million for the six months ended June 30, 2021, to approximately RMB 197.3 million for the six months ended June 30, 2022[45]. - Research and development expenses decreased by approximately 11.9% from approximately RMB 24.4 million for the six months ended June 30, 2021, to approximately RMB 21.5 million for the six months ended June 30, 2022[48]. - Employee benefits expenses decreased from approximately RMB 47.9 million for the six months ended June 30, 2021, to approximately RMB 39.7 million for the six months ended June 30, 2022, a decrease of approximately 17.1%[50]. - Sales and marketing expenses decreased by approximately 17.0% from approximately RMB 23.0 million for the six months ended June 30, 2021, to approximately RMB 19.1 million for the six months ended June 30, 2022[49]. Cash Flow and Liquidity - The company maintained a net cash position of RMB 169 million as of June 30, 2022, an increase from RMB 121 million as of December 31, 2021[77]. - The group recorded a net cash inflow of approximately RMB 39 million for the six months ended June 30, 2022, primarily from operating activities[82]. - Cash and cash equivalents increased to RMB 352 million as of June 30, 2022, compared to RMB 313 million as of December 31, 2021[77]. - The net increase in cash and cash equivalents for the period was RMB 38,597,000, compared to a decrease of RMB (136,165,000) in the previous year, reflecting improved cash flow management[145]. - The company reported proceeds from share incentives exercised and vested at RMB 420,000, which is a new source of cash inflow[145]. Financial Position - The company's total assets as of June 30, 2022, amounted to RMB 1,550,967,000, slightly down from RMB 1,559,214,000 at the end of 2021[132]. - The company's total liabilities decreased to RMB 782,657,000 as of June 30, 2022, from RMB 800,468,000 at the end of 2021, indicating a reduction in financial obligations[135]. - The company's total equity increased to RMB 768,310,000 as of June 30, 2022, up from RMB 758,746,000 at the end of 2021, reflecting a strengthening of the equity base[135]. - The debt-to-asset ratio was approximately 11.8% as of June 30, 2022, compared to 12.3% as of December 31, 2021[85]. Risk Management - The group is exposed to various financial risks, including market risk, credit risk, and liquidity risk, with a focus on minimizing potential adverse effects on financial performance[157]. - The Group measures credit risk using Probability of Default (PD), Exposure at Default (EAD), and Loss Given Default (LGD), consistent with models applied in the consolidated financial statements for the year ended December 31, 2021[159]. - The Group's overall risk management plan focuses on minimizing potential adverse impacts on financial performance due to market unpredictability[160]. Future Outlook - The company plans to further develop its financial technology operations and improve existing risk control models while maintaining low business risk[119]. - The SaaS business will focus on product upgrades based on customer needs, aiming to enhance service satisfaction and efficiency[121]. - The company will adjust its co-branded card business model in response to new credit card regulations, which may lead to a short-term decrease in income[120].
51信用卡(02051) - 2022 - 中期财报