Financial Performance - The net profit for 2023 was RMB 4.3 billion, with a non-GAAP net profit of RMB 4.5 billion[4]. - The net income for 2023 was RMB 4,495.5 million (USD 633.2 million), compared to RMB 3,906.6 million in the same period of 2022[14]. - The fourth quarter net income totaled RMB 4.5 billion, with non-GAAP net profit reaching RMB 1.15 billion[15]. - The net income for the fourth quarter was RMB 4,495.5 million, compared to RMB 3,906.6 million in the same period of 2022[16]. - The net profit for the fiscal year 2023 was RMB 4,268,577 thousand, representing a 6.6% increase compared to RMB 4,005,568 thousand in 2022[58]. - The non-GAAP net profit for the fiscal year was RMB 4,454,181, representing a 5.9% increase from RMB 4,205,305 year-over-year[62]. - The company reported a net profit margin of 26.2%, with a non-GAAP net profit margin of 27.3%[28]. - The company’s diluted earnings per American Depositary Share (ADS) were RMB 6.88 (USD 0.96) for the period[22]. - The diluted earnings per ADS for the fiscal year ended December 31, 2023, was $3.68, compared to $3.50 for the previous year, indicating a 5.1% increase[62]. Revenue and Income Growth - The total loan facilitation and initiation scale reached RMB 475.8 billion, a year-on-year increase of approximately 15.4%[14]. - The financing income for the fourth quarter was RMB 1,485.4 million, an increase from RMB 1,002.1 million in the same period of 2022[16]. - The company reported a total financing income of RMB 5,109,921 thousand for the fiscal year 2023, a significant increase of 46.5% from RMB 3,487,951 thousand in 2022[52]. - The gross margin for the fiscal year 2023 improved to 29.8%, compared to 24.5% in 2022[52]. - The operating profit for the fiscal year ended December 31, 2023, was RMB 4,856,964, a 8.6% increase from RMB 4,472,184 in 2022[62]. Operating Metrics - The operating profit margin for 2023 was 28.5%, while the non-GAAP operating profit margin was 29.4%[14]. - The operating cash flow in the fourth quarter reached approximately RMB 2.35 billion, setting a historical high[15]. - The operating cash flow for Q4 2023 was RMB 2,351,791 thousand, up 31.2% from RMB 1,792,477 thousand in Q4 2022[54]. - The operating profit margin under GAAP for the three months ended December 31, 2023, improved to 28.5% from 24.2% in the same period of 2022[60]. - The non-GAAP operating profit margin for the same period increased to 29.4%, up from 25.5% year-over-year[60]. - The non-GAAP operating profit margin for the fiscal year improved to 31.0%, compared to 28.2% in the previous year[62]. User and Loan Metrics - As of December 31, 2023, the platform connected with 157 financial institution partners and 235.4 million potential credit demand consumers, a 12.8% increase from the previous year[6]. - The number of users with approved credit limits reached 50.9 million, up 14.4% from 44.5 million a year earlier[6]. - The total loan facilitation scale in Q4 2023 was RMB 119.0 billion, a 13.8% increase from RMB 104.6 billion in Q4 2022[6]. - The loan balance under light capital model and other technology solutions reached RMB 114.5 billion, an 18.6% increase from RMB 96.6 billion a year earlier[6]. - The 90+ days overdue rate for loans was 2.35% as of December 31, 2023[6]. Shareholder Returns - The cash dividend for 2023 is expected to be USD 170 million, with a total value of USD 132 million in share repurchases since June 2023[4]. - A new share repurchase plan of USD 350 million was announced, reaffirming the existing semi-annual dividend policy[4]. - The company plans to distribute a semi-annual dividend of USD 0.29 per A-class ordinary share or USD 0.58 per American Depositary Share, with a total dividend distribution of approximately USD 170 million for the fiscal year 2023[33]. - The company has approved a new share repurchase plan worth up to USD 350 million, effective from April 1, 2024, for a period of 12 months[36]. Cost and Expense Management - Total operating costs and expenses were RMB 3,215.9 million (USD 453.0 million), up from RMB 2,962.7 million in the same period last year[18]. - The company reported a decrease in sales and marketing expenses to RMB 1,939.9 million (USD 273.2 million) from RMB 2,206.9 million in 2022, attributed to improved marketing efficiency[27]. - The company’s total operating expenses for the fiscal year 2023 were RMB 11,433,063 thousand, a decrease of 5.4% from RMB 12,081,746 thousand in 2022[52]. Balance Sheet Highlights - Total assets increased from RMB 40,343,170 thousand to RMB 45,818,572 thousand, representing a growth of approximately 11.5% year-over-year[50]. - Total liabilities rose from RMB 21,411,873 thousand to RMB 23,808,715 thousand, an increase of approximately 11.2%[50]. - Total equity increased from RMB 18,931,297 thousand to RMB 22,009,857 thousand, reflecting a growth of approximately 16.4%[50]. - Cash and cash equivalents decreased from RMB 7,165,584 thousand to RMB 4,177,890 thousand, a decline of about 41.5%[50]. - The provision for receivables was RMB 2,151.0 million (USD 303.0 million), up from RMB 1,580.3 million in 2022, due to an increase in loan origination scale[27]. Future Outlook - The company will provide forward-looking guidance during its earnings conference call scheduled for March 12, 2024[37]. - The company plans to expand its market presence through new product launches and strategic partnerships in 2024[52].
奇富科技(03660) - 2023 - 年度业绩