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易鑫集团(02858) - 2021 - 年度财报
YIXINYIXIN(HK:02858)2022-04-14 10:10

Financial Performance - In 2021, the total financing transactions facilitated by the company increased by 49% year-on-year to approximately 530,000 vehicles, significantly outperforming the industry average [9]. - The total amount of automotive financing facilitated reached approximately RMB 45 billion, representing a 66% year-on-year growth [9]. - Revenue increased by 5% from RMB 3.325 billion in 2020 to RMB 3.494 billion in 2021, primarily driven by a significant rise in loan facilitation service income [10]. - The adjusted net profit for the period was RMB 273 million, a turnaround from a net loss of RMB 800 million in the previous year [10]. - Total revenue for the year ended December 31, 2021, increased by 5% to RMB 3,494.34 million from RMB 3,325.22 million in 2020 [14]. - The gross profit rose by 14% to RMB 1,778.34 million, compared to RMB 1,555.64 million in the previous year [14]. - The company achieved a significant reduction in credit impairment losses, down 84% to RMB 286.38 million from RMB 1,812.27 million in 2020 [14]. - Operating profit for the year ended December 31, 2021, was RMB 102 million, a significant recovery from an operating loss of RMB 1.48 billion for the year ended December 31, 2020, mainly due to increased gross profit and reduced credit impairment losses [38]. - Adjusted operating profit for the year ended December 31, 2021, was RMB 274.76 million, compared to an adjusted operating loss of RMB 1.11 billion for the year ended December 31, 2020 [52]. - The company recorded a net profit of RMB 29 million for the year ended December 31, 2021, compared to a net loss of RMB 1.16 billion for the year ended December 31, 2020 [42]. Financing Transactions - The company's new car financing transaction volume grew by 31% year-on-year to approximately 293,000 vehicles, while the overall new passenger car sales in China increased by 7% [9]. - The used car financing transaction volume surged by 80% year-on-year to approximately 237,000 vehicles, exceeding the 26% growth rate of used passenger car sales in China [9]. - By the end of 2021, the company achieved a cumulative total of over 2 million automotive financing transactions and a total financing amount of RMB 200 billion [11]. - The company provided financing solutions to over 13,000 new energy vehicle customers in 2021, with expectations for continued growth in 2022 [12]. - The second-hand car business expanded to nearly 9,000 dealerships, a 200% increase from approximately 3,000 in 2020 [12]. - The automotive financing market is expected to reach RMB 2 trillion in 2022, with the company enhancing its technology-enabled systems to support this growth [12]. - The company anticipates that the proportion of financing transactions from the second-hand car business will continue to rise in 2022 [12]. - The upgraded loan facilitation platform is expected to facilitate automotive financing transactions valued at over RMB 5 billion in 2022 [12]. Revenue Streams - The revenue from loan facilitation services increased by 65% to RMB 1,951.71 million, accounting for 56% of total revenue [17]. - The transaction platform business generated revenue of RMB 2,302.28 million, representing a 72% increase and accounting for 66% of total revenue [19]. - Revenue from other platform services increased by 128% to RMB 351 million, driven by growth in automotive aftermarket services and guarantee services [20]. - Self-financing business revenue decreased by 40% to RMB 1.192 billion, primarily due to a decline in revenue from financing leasing services [21]. - Revenue from financing leasing services fell by 41% to RMB 1.156 billion, attributed to a reduction in existing financing leasing transactions [21]. Cost and Expenses - The financing cost decreased from 5.4% in 2020 to 4.2% in 2021 due to diversified financing strategies [11]. - Sales and marketing expenses rose by 59% to RMB 1.358 billion, mainly due to increased compensation and professional service costs [32]. - The average funding cost for net receivables from financing leasing decreased to 4.2% from 5.4% [25]. Asset and Liabilities - Cash and cash equivalents increased by 13% to RMB 3.05 billion as of December 31, 2021, compared to RMB 2.71 billion as of December 31, 2020 [54]. - Total liabilities decreased by 7% to RMB 9.42 billion as of December 31, 2021, from RMB 10.15 billion as of December 31, 2020 [54]. - The total borrowings decreased to RMB 9,400 million as of December 31, 2021, from RMB 10,100 million in 2020, reflecting a strategic focus on loan facilitation services [61]. - The current ratio improved to 1.78 as of December 31, 2021, compared to 1.65 in 2020, mainly due to a reduction in current liabilities [66]. - The debt-to-asset ratio decreased to 21% as of December 31, 2021, from 25% in 2020, attributed to a significant reduction in net debt [67]. Shareholder Information - The total number of issued shares as of December 31, 2021, is 6,519,050,012 [195]. - The largest shareholder, Tencent, controls 3,515,361,159 shares, which is 53.92% of the total issued shares [191]. - The company has granted voting rights for 573,885,842 shares to Proudview Limited, approximately 8.80% of the issued capital [195]. - The total number of shares granted under the Pre-IPO Share Option Plan is capped at 59,780,609 shares, representing approximately 6.42% of the issued share capital as of the report date [137]. - The total number of shares involved in the First Share Award Plan is limited to 285,250,982 shares, accounting for 4.38% of the issued shares as of the report date [151]. Management and Governance - The company has established a remuneration committee to determine and recommend the remuneration policy for directors and senior management [131]. - No directors have waived or agreed to waive any remuneration during the reporting period [132]. - The company has established appropriate insurance arrangements for directors' responsibilities [182]. - The board of directors is subject to re-election at the annual general meeting, with Zhang Xuanan and Jiang Dong eligible for re-election [176]. Investments and Acquisitions - The company agreed to purchase convertible bonds from Yusheng Holdings Limited for a principal amount of $260 million, convertible into approximately 13 million shares of Yusheng's Pre-A series preferred stock, representing 40.63% of Yusheng's equity [73]. - As of December 31, 2021, the fair value of the company's investment in Yusheng was RMB 2,118,033,000, accounting for 7.7% of total assets, with an unrealized gain of approximately RMB 37,419,000 for the year [75]. - The company did not report any significant acquisitions or disposals of subsidiaries or associates for the year ended December 31, 2021 [81]. Future Outlook - The company plans to fully utilize the unutilized net proceeds for enhancing research and technology capabilities by the end of 2023, subject to further review [116]. - The company has not made any charitable donations during the year ended December 31, 2021 [128].