Financial Performance - The diluted earnings per share for 2023 remained at 1,090,335 thousand shares, consistent with 2022[2]. - The company reported a net profit attributable to equity holders of RMB 46.5 million for the year, compared to RMB 41.1 million in the previous year, representing an increase of 13.4%[77]. - The total operating income for the year ended December 31, 2023, was RMB 653,131 thousand, reflecting a 5% increase from the previous year[143]. - The net profit attributable to the company's equity holders was RMB 46,451 thousand, representing a 13% increase compared to RMB 41,057 thousand in the previous year[143]. - Basic earnings per share increased to RMB 0.043, up 13% from RMB 0.038 in the prior year[145]. - The company reported a significant increase in net profit for the year, which was RMB 66,664 thousand, up from RMB 60,348 thousand in the previous year, reflecting an increase of approximately 10.8%[160]. Loans and Credit Losses - The total amount of loans granted to customers as of December 31, 2023, was RMB 1,842,019 thousand, an increase from RMB 1,617,499 thousand in 2022[23]. - The expected credit loss for non-current non-collateralized loans as of December 31, 2023, was RMB 211,344 thousand, reflecting a significant change from previous periods[14]. - The company reported a credit loss of RMB 1,500 thousand for the year, compared to a gain of RMB 2,243 thousand in the previous year[5]. - The company anticipates a total expected credit loss of RMB 1,084,847 thousand for the entire duration of the loans, indicating a substantial impact on financial performance[17]. - The company experienced a decrease in credit loss provisions due to the termination of loans granted, amounting to RMB 180,850 thousand[14]. - The company reported a credit impairment loss of RMB 84,874 thousand, compared to RMB 74,712 thousand in 2022, indicating a rise of about 13.5%[160]. Assets and Liabilities - Total assets as of December 31, 2023, reached RMB 3,300,657 thousand, an 11% increase from RMB 2,985,146 thousand in 2022[143]. - Total liabilities increased by 30% to RMB 1,135,039 thousand from RMB 873,816 thousand in the previous year[143]. - The company's total equity as of December 31, 2023, was RMB 1,191.7 million, compared to RMB 1,197.6 million in the previous year, indicating a slight decrease of 0.5%[66]. - The company's total current assets reached RMB 2,701,885,000 in 2023, compared to RMB 2,348,149,000 in 2022, which is an increase of approximately 15.1%[148]. - The company's investment properties amounted to RMB 186,473,000 in 2023, slightly down from RMB 192,969,000 in 2022, indicating a decrease of approximately 3.0%[148]. Cash and Cash Equivalents - As of December 31, 2023, the total cash and cash equivalents amounted to RMB 142.4 million, a decrease of 54.0% from RMB 309.1 million in the previous year[64]. - The company reported a significant decrease of 54% in bank deposits and cash equivalents, totaling RMB 142,427 thousand compared to RMB 309,139 thousand in 2022[143]. - Cash and cash equivalents at the end of the year were RMB 137,274 thousand, down from RMB 196,805 thousand in 2022, a decrease of about 30.2%[167]. Borrowings - The total bank borrowings as of December 31, 2023, were RMB 934.2 million, an increase of 28.1% from RMB 729.2 million in the previous year[68]. - The company had a non-current bank loan of RMB 351.6 million with a fixed annual interest rate of 4.3% as of December 31, 2023[69]. - The company has secured bank borrowings of RMB 88.0 million, guaranteed by its ultimate shareholders, indicating continued support from major stakeholders[81]. - The company reported a significant increase in financial liabilities, totaling RMB 146.2 million as of December 31, 2023, compared to RMB 90.8 million in the previous year, representing a 61% increase[83]. Business Operations - The company has successfully expanded its microfinance operations, establishing a new pawn shop in Fuzhou, Fujian Province, and transforming a small loan company into a technology-focused small loan company in Suzhou[86]. - The company aims to expand its business coverage to key cities in China, including Suzhou, Chengdu, Wuhan, Hefei, Wuxi, Changsha, Nanchang, and Fuzhou, positioning itself as a leading provider of inclusive financial services[104]. - The group operates through two business segments, maintaining the same structure as in 2022[180]. - The group engages in lending services primarily through mortgage and non-mortgage loans to customers in China[187]. Interest Income - Interest income from customer loans was RMB 279,576 thousand, up from RMB 258,848 thousand in the previous year[130]. - Interest income from real estate mortgage loans reached RMB 98.4 million, a significant increase from RMB 57.0 million in the previous year, reflecting a 73% growth[87]. - The company has issued new non-mortgage loans totaling RMB 571 million, with interest income from non-mortgage loans at RMB 24.9 million, slightly up from RMB 24.6 million in the previous year[87]. - The company reported interest income of RMB 42,830 thousand from technology micro-loans, remaining stable compared to the previous year[124]. Risk Management - The company’s non-mortgage loans face risks including regulatory policy changes, credit policy changes, and liquidity risks[109]. - The company is focusing on risk control for non-secured loans by closely monitoring the actual operating conditions of customers[118]. - The measurement of expected credit losses involves significant judgments, including the use of future cash flow discount models to predict future cash flows from loans granted[193]. - The group’s expected credit loss model incorporates macroeconomic conditions and borrower credit behavior, including the probability of customer defaults[192].
中国汇融(01290) - 2023 - 年度业绩