User Metrics - As of June 30, 2023, the number of registered users of the 51 Credit Card Manager was approximately 88.8 million, and the cumulative number of managed credit cards was approximately 151.6 million[4]. Revenue Performance - For the six months ended June 30, 2023, the revenue was approximately RMB 138.5 million, representing a decrease of approximately 47.1% compared to approximately RMB 261.9 million for the same period in 2022[7]. - Total revenue decreased by approximately 47.1% from approximately RMB 261.9 million for the six months ended June 30, 2022, to approximately RMB 138.5 million for the six months ended June 30, 2023[26]. - Credit facilitation and service fee decreased by approximately 51.6% from approximately RMB 76.3 million for the six months ended June 30, 2022, to approximately RMB 36.9 million for the six months ended June 30, 2023[27]. - Payment service fee decreased from approximately RMB 133.9 million for the six months ended June 30, 2022, to nil for the six months ended June 30, 2023, mainly due to the deconsolidation of SK Group[28]. - SaaS service fee revenue increased significantly to RMB 52.3 million, representing a growth of approximately 263.4% compared to RMB 14.4 million in the same period of 2022[14]. - Camping service fee revenue surged to RMB 18.5 million, reflecting an increase of approximately 2,601.5% compared to RMB 0.7 million in the same period of 2022[14]. Profitability - The operating profit for the same period was approximately RMB 7.7 million, a significant improvement from an operating loss of approximately RMB 10.7 million in the corresponding period of 2022[7]. - The net loss for the period was approximately RMB 6.2 million, a decrease of approximately 69.4% compared to approximately RMB 20.3 million for the same period in 2022[7]. - The adjusted operating profit for the six months ended June 30, 2023, was RMB 9.226 million, compared to RMB 14.874 million for the same period in 2022[66]. - The adjusted net profit for the six months ended June 30, 2023, was RMB 3.898 million, down from RMB 4.920 million in the same period last year[66]. - Loss for the period decreased by approximately 69.4% from approximately RMB 20.3 million for the six months ended June 30, 2022, to approximately RMB 6.2 million for the six months ended June 30, 2023[53]. Expenses - Total operating expenses decreased by approximately 52.0% from approximately RMB 272.6 million for the six months ended June 30, 2022, to approximately RMB 130.7 million for the six months ended June 30, 2023[35]. - Origination and servicing expenses decreased by approximately 37.2% from approximately RMB 197.3 million for the six months ended June 30, 2022, to approximately RMB 124.0 million for the six months ended June 30, 2023[36]. - Fund transfer charges decreased by approximately 98.2% from approximately RMB 116.7 million for the six months ended June 30, 2022, to approximately RMB 2.1 million for the six months ended June 30, 2023[36]. - Sales and marketing expenses decreased by approximately 36.1% from approximately RMB 19.1 million for the six months ended June 30, 2022, to approximately RMB 12.2 million for the six months ended June 30, 2023[37]. - General and administrative expenses decreased by approximately 50.7% from approximately RMB 51.8 million for the six months ended June 30, 2022, to approximately RMB 25.5 million for the six months ended June 30, 2023[38]. - Research and development expenses decreased by approximately 55.7% from approximately RMB 21.5 million for the six months ended June 30, 2022, to approximately RMB 9.5 million for the six months ended June 30, 2023[42]. Cash Flow and Liquidity - The company maintained a net cash position of RMB 182 million as of June 30, 2023, compared to RMB 197 million as of December 31, 2022[69]. - The group recorded a net cash outflow of approximately RMB 25.8 million for the six months ended June 30, 2023, primarily due to operating, investing, and financing activities[70]. - Cash and cash equivalents as of June 30, 2023, amounted to RMB 352 million, down from RMB 377 million as of December 31, 2022[69]. - The group continuously monitors cash flows and maintains adequate cash reserves to manage liquidity risk effectively[71]. - The group had no specific plans for material investments or acquisition of capital assets as of June 30, 2023[84]. Employee Metrics - As of June 30, 2023, the group had approximately 459 employees, down from approximately 469 employees as of December 31, 2022[95]. - Employee benefit expenses were reduced by approximately 30.7% to about RMB 67.3 million from approximately RMB 97.1 million in the same period last year due to cost control measures[58]. Financial Position - Total assets decreased from RMB 1,136,504,000 as of December 31, 2022, to RMB 1,110,521,000 as of June 30, 2023, representing a decline of approximately 2.29%[119]. - Total equity decreased from RMB 711,222,000 to RMB 708,191,000, a slight decrease of about 0.43%[119]. - Current liabilities decreased from RMB 405,523,000 to RMB 326,698,000, a reduction of about 19.39%[119]. - The company’s accumulated losses reached RMB 5,361,536,000 as of June 30, 2022, reflecting ongoing financial challenges[123]. Risk Management - The Group's overall risk management program focuses on minimizing potential adverse effects on financial performance due to market unpredictability, managed by senior management[141]. - 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 previous year's financial statements[143]. Financial Instruments - The fair value losses for financial liabilities amounted to RMB 8,608,000 for the six months ended June 30, 2023, compared to a gain of RMB 350,000 for the same period in 2022[161]. - The Group's financial assets at fair value through profit or loss experienced a fair value loss of RMB 888,000 for the six months ended June 30, 2023, compared to a gain of RMB 767,000 in the same period of 2022[161]. Taxation - Current income tax expense for the period was RMB 244,000, a significant decrease from RMB 20,618,000 in the prior year[184]. - Deferred income tax showed a credit of RMB 4,251,000, compared to a credit of RMB 18,813,000 in the same period last year[184].
51信用卡(02051) - 2023 - 中期财报