Financial Performance - For Q4 2023, total revenue was RMB 6,857 million (approximately USD 966 million), a decrease of 44.3% compared to RMB 12,318 million in Q4 2022[7] - The net loss for Q4 2023 was RMB 832 million (approximately USD 117 million), slightly higher than the net loss of RMB 806 million in Q4 2022, representing an increase of 3.3%[7] - The company reported a total income of RMB 34,255 million for the full year 2023, a decrease of 41.1% compared to RMB 58,116 million in 2022[8] - The total expenses for the full year 2023 were RMB 32,610 million, down 27.7% from RMB 45,102 million in 2022[8] - Total revenue for Q4 2023 was RMB 6,857 million (approximately USD 966 million), a decrease of 44.3% compared to RMB 12,318 million in the same period of 2022[14] Loan and Borrower Metrics - As of December 31, 2023, the enabled loan balance was RMB 315.4 billion, down 45.3% from RMB 576.5 billion as of December 31, 2022[8] - The cumulative number of borrowers increased by 10.0% to approximately 20.94 million from about 19.02 million as of December 31, 2022[9] - New loans enabled in Q4 2023 amounted to RMB 47 billion, a decrease of 39.6% compared to RMB 77.8 billion in the same period of 2022[9] - The risk-bearing ratio for new loans enabled (excluding consumer finance subsidiaries) increased from 22.2% in Q4 2022 to 100% in Q4 2023[9] - As of December 31, 2023, the company's risk-bearing loan balance ratio increased from 23.5% on December 31, 2022, to 39.8%[10] Credit Quality and Impairment - The 30-day overdue rate for enabled loans as of December 31, 2023, was 6.9%, up from 6.0% as of September 30, 2023[10] - The non-performing loan (NPL) rate for consumer finance loans as of December 31, 2023, was 1.5%, compared to 1.4% as of September 30, 2023[12] - Credit impairment losses decreased by 43.0% to RMB 3,567 million (approximately USD 502 million) in Q4 2023 from RMB 6,259 million in Q4 2022, attributed to lower loan balances[21] - The company's leverage ratio for its guarantee subsidiary was only 1.8 times, well below the regulatory limit of 10 times[14] Cash Flow and Liquidity - Operating cash flow for Q4 2023 was RMB 4,692,133, a decrease of 2.7% compared to RMB 4,823,634 in Q4 2022[35] - The ending cash and cash equivalents for Q4 2023 stood at RMB 18,480,096, down from RMB 29,537,511 in Q4 2022, indicating a liquidity contraction[35] - For the full year 2023, operating cash flow was RMB 15,030,286, an increase from RMB 4,455,301 in 2022, reflecting strong operational performance[35] - The net cash used in investing activities for the full year 2023 was RMB (5,937,432), a significant decline from RMB 8,447,678 in 2022, indicating a strategic shift in investment[35] Special Dividend and Future Outlook - The estimated special dividend approved by the board is approximately RMB 10 billion, with a per-share amount of USD 2.42 for American Depositary Shares[14] - The company anticipates new loan sales for 2024 to be between RMB 190 billion and RMB 220 billion, with year-end balances expected between RMB 200 billion and RMB 230 billion[13] - The board of directors proposed a special dividend of USD 1.21 per ordinary share or USD 2.42 per American Depositary Share, subject to shareholder approval at the upcoming annual general meeting[24] Operational Changes and Partnerships - The company has established financing partnerships with 85 financial institutions in China, many of which have collaborated with the company for over three years[28] - The company successfully transitioned to a 100% guarantee model, which is expected to achieve full-year profitability for newly enabled loans[12] Miscellaneous - The company’s financial performance is based on the International Financial Reporting Standards and is subject to risks and uncertainties as outlined in their filings with the SEC[3] - The exchange rate used for converting RMB to USD is based on the actual rate of RMB 7.0999 per USD as of December 31, 2023[29] - The company emphasizes that forward-looking statements are based on current expectations and are subject to risks and uncertainties[30]
陆控(06623) - 2023 Q4 - 季度业绩