Jiayin Group(US:JFIN)2023-03-28 16:00Financial Performance - Fourth quarter total loan origination volume grew 249.2% to RMB18.9 billion (US$2.7 billion) year-over-year[1] - Fourth quarter net income increased 335.7% to RMB533.7 million (US$77.4 million) compared to RMB122.5 million in the same period of 2021[2] - Full year revenue rose 83.7% to RMB3,271.4 million (US$474.3 million) from RMB1,780.5 million in 2021[4] - Full year net income grew 152.3% to RMB1,180.2 million (US$171.1 million) compared to RMB467.8 million in 2021[12] - Average borrowing amount per borrowing increased 51.0% to RMB10,884 (US$1,578) in Q4 2022[2] - Revenue from loan facilitation services in Q4 2022 was RMB899.7 million (US$130.4 million), up 149.2% year-over-year[6] - Other revenue in Q4 2022 reached RMB154.7 million (US$22.4 million), a significant increase from RMB7.1 million in Q4 2021[6] - Net revenue for the year ended December 31, 2022, was RMB 3,271,414, up from RMB 1,780,490 in 2021, indicating an increase of 83.6%[28] - Net income attributable to Jiayin Group Inc. rose to RMB 532,937 for the year ended December 31, 2022, compared to RMB 123,680 in 2021, reflecting a growth of 331%[28] Assets and Liabilities - Total assets increased from RMB 971,432 in 2021 to RMB 3,020,870 in 2022, representing a growth of 211%[26] - Total liabilities grew from RMB 945,683 in 2021 to RMB 1,779,367 in 2022, an increase of 88%[26] - Cash and cash equivalents as of December 31, 2022, were RMB291.0 million (US$42.2 million), up from RMB217.5 million as of September 30, 2022[9] - Cash and cash equivalents increased significantly from RMB 182,551 in 2021 to RMB 291,018 in 2022, a rise of 59.5%[26] - Accounts receivable and contract assets surged from RMB 502,431 in 2021 to RMB 1,732,218 in 2022, marking an increase of 244%[26] Shareholder Information - The total shareholders' equity as of December 31, 2022, was approximately US$1.24 billion, a significant increase from US$25.75 million in 2021[25] - The Company had repurchased approximately 1.5 million American depositary shares for about US$3.5 million under its share repurchase plan[18] - The Board approved a dividend policy to distribute cash dividends twice each fiscal year, starting from 2023, at a minimum of 15% of the previous fiscal year's net income after tax[17] Research and Development - Research and development expense for the full year 2022 was RMB216.7 million (US$31.4 million), reflecting a 50.8% increase from 2021[11] - Research and development expenses increased from RMB 46,586 in 2021 to RMB 64,442 in 2022, a rise of 38%[28] Market Outlook and Compliance - The Company expects its loan facilitation volume for the full year of 2023 to be around RMB70 billion, with an estimated RMB19 billion for Q1 2023[16] - The Company anticipates that market and operational conditions may affect its forecasts, indicating potential volatility in performance[16] - The Company emphasizes the importance of maintaining compliance with Nasdaq listing criteria to ensure continued trading of its ADSs[22] Risk Management - The Company operates a highly secure platform with a comprehensive risk management system and a proprietary risk assessment model utilizing advanced big data analytics[20] - The Company is committed to facilitating connections between underserved individual borrowers and financial institutions in China[20] Other Income - Deferred guarantee income was reported at RMB 276,518 as of December 31, 2022, indicating a new revenue stream for the company[26] - The company recorded other income of RMB 36,325 for the three months ended December 31, 2022, compared to RMB 1,425 in the same period of 2021[28] Borrowing Metrics - The repeat borrowing rate was 67.2% in Q4 2022, slightly up from 66.9% in the same period of 2021[2] - The company reported a net income per share of RMB 2.49 for the three months ended December 31, 2022, compared to RMB 0.57 for the same period in 2021[28]