Workflow
东正金融(02718) - 2023 - 中期业绩
DONGZHENG AFCDONGZHENG AFC(HK:02718)2023-08-29 08:45

Financial Performance - Interest income for the six months ended June 30, 2023, was RMB 85,948 thousand, an increase of 7.5% from RMB 80,302 thousand in the same period of 2022[2] - Net commission income rose significantly to RMB 48,618 thousand, compared to RMB 10,562 thousand in the prior year, reflecting a growth of 359.5%[2] - Total operating income for the period was RMB 133,648 thousand, up from RMB 85,360 thousand in the previous year, representing a year-on-year increase of 56.5%[2] - The company reported a profit for the period of RMB 17,584 thousand, a decrease of 94.2% from RMB 305,302 thousand in the same period last year[2] - Basic and diluted earnings per share decreased to RMB 0.0082 from RMB 0.1427, indicating a decline of 94.2%[2] - The company achieved a total operating revenue of approximately RMB 134 million in the first half of 2023, an increase of about 57% compared to the same period in 2022[32] - The net profit for the first half of 2023 was approximately RMB 18 million, a significant turnaround from a net loss of RMB 260 million in the same period of 2022[31] - The company recorded a pre-tax profit of approximately RMB 30 million for the first half of 2023[32] - The company recorded an impairment loss of approximately RMB 0.3 million for the first half of 2023, compared to a reversal of impairment loss of approximately RMB 450 million in the same period of 2022[40] Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 3,529,652 thousand, an increase from RMB 3,472,326 thousand at the end of 2022, reflecting a growth of 1.65%[3] - Total liabilities increased to RMB 152,504 thousand from RMB 112,762 thousand, marking a rise of 35.3%[3] - The company’s net asset value as of June 30, 2023, was RMB 3,377,148 thousand, slightly up from RMB 3,359,564 thousand at the end of 2022[3] - The company's total assets as of June 30, 2023, amounted to approximately RMB 3.53 billion[29] - The company’s total liabilities were approximately RMB 152.5 million as of June 30, 2023[29] Loans and Advances - The total amount of loans and advances issued as of June 30, 2023, was RMB 3,195,772 thousand, an increase from RMB 1,767,538 thousand as of December 31, 2022[16] - The net amount of loans and advances as of June 30, 2023, was RMB 1,953,752 thousand, compared to RMB 554,939 thousand as of December 31, 2022, indicating a substantial growth[16] - The company provided retail loans totaling RMB 2,054,522 thousand and dealer loans of RMB 1,141,250 thousand as of June 30, 2023[16] - The overdue loans as of June 30, 2023, totaled RMB 1,174,379 thousand, with RMB 33,129 thousand overdue for less than three months[19] - The provision rate for loans classified under the expected credit loss model was 1.29% for Stage 1, 32.91% for Stage 2, and 99.98% for Stage 3 as of June 30, 2023[23] - As of June 30, 2023, customer loans and advances net amount was approximately RMB 19.5 billion, a significant increase of 255% from RMB 5.5 billion as of December 31, 2022[45] - Retail loan total amount reached approximately RMB 20.5 billion, up 228% from RMB 6.3 billion at the end of 2022[45] - The company has suspended its dealer loan business since 2021, with no new loans issued in the first half of 2023, maintaining a loan balance of RMB 1.14 billion[32] Capital and Equity - The company's total issued share capital remained at 2,139,651 thousand shares as of June 30, 2023, consistent with the previous period[25] - No dividends were declared or paid to the company's equity shareholders for the six months ended June 30, 2023[25] - The company's capital adequacy ratio decreased from 191.50% on December 31, 2022, to 131.55% on June 30, 2023[52] - The core tier 1 capital adequacy ratio was 130.63% as of June 30, 2023, down from 191.03% at the end of 2022[53] Operational Highlights - The company plans to continue expanding its financial services and exploring new market opportunities in the automotive finance sector[1] - The company plans to enhance the scale of automotive retail loan assets in the second half of 2023, focusing on strengthening cooperation with channel service providers and direct dealers[55] - The company aims to optimize retail financial products to improve market competitiveness and comply with regulatory requirements[55] - The company has established a comprehensive credit risk management system to identify, assess, measure, monitor, mitigate, and control risks during the loan issuance process[34] - For the first half of 2023, the company recorded retail auto loan disbursements of approximately 24,586 transactions, representing a year-on-year increase of 9,580%[32] - The total amount of retail auto loans disbursed reached approximately RMB 1.73 billion, reflecting a year-on-year growth of 2,652%[32] - The net income from fees and commissions was approximately RMB 49 million in the first half of 2023[32] Governance and Compliance - The company has applied new accounting standards effective from January 1, 2023, which did not have a significant impact on the financial statements[6] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim financial statements for the six months ending June 30, 2023[59] - The interim financial report for the six months ending June 30, 2023, will be published on the company's website and the Hong Kong Stock Exchange website[60] - The company expresses gratitude to its management, employees, shareholders, and business partners for their support and contributions[61] - The company is committed to adhering to applicable accounting standards in preparing its financial statements[59] - The board of directors includes a mix of executive and non-executive members, ensuring diverse governance[64] - The company operates under the corporate governance code as outlined in the listing rules[63] - The financial report is expected to fairly present the company's financial position and performance during the review period[59] - The company has not disclosed specific financial metrics or performance indicators in the provided documents[64] - The company will send the interim report to shareholders in due course[60] Employee Costs - The total employee cost for the six months ending June 30, 2023, was approximately RMB 51 million, compared to RMB 25 million for the same period in 2022[54] Trading Suspension - The company has suspended trading of its H shares since October 7, 2022, and will continue to do so until further notice[62]