Financial Performance - For the year ended December 31, 2023, the net guarantee fee income was approximately RMB 245.48 million, an increase of 23.7% compared to RMB 198.14 million for the year ended December 31, 2022[3]. - Total revenue for the year ended December 31, 2023, was approximately RMB 388.56 million, representing an increase of approximately 7.72% compared to the previous year[63]. - Profit attributable to equity shareholders of the Company was approximately RMB 38.40 million, a decrease of approximately 9.82% compared to last year[64]. - The pre-tax profit was approximately RMB 75.31 million, an increase of approximately 8.70% compared to the previous year[66]. - The Group's net interest income for the year ended December 31, 2023, was approximately RMB 87.40 million, representing a decrease of approximately 6.94% from RMB 93.92 million for the year ended December 31, 2022[5]. - The Group's other revenue decreased by approximately RMB 17.25 million, or approximately 37.93%, from approximately RMB 45.48 million for 2022 to approximately RMB 28.23 million in 2023[178]. - The Group recorded share of losses of associates of approximately RMB 15.67 million for 2023, compared to approximately RMB 9.93 million for 2022[179]. - Provisions for guarantee changed from a charge of RMB 24.50 million in 2022 to a reversal of RMB 43.87 million in 2023, indicating a controllable overall risk level[180]. - The Group's operating expenses increased by approximately RMB 3.93 million, or approximately 2.82%, from approximately RMB 139.45 million for 2022 to approximately RMB 143.38 million for 2023[184]. - Impairment losses increased by approximately RMB 28.53 million or approximately 24.27% from approximately RMB 117.55 million in 2022 to approximately RMB 146.08 million in 2023[185]. SME Support and Development - The average development index for SMEs in 2023 was 89.2, up from 88.4 in 2022, indicating a positive trend in SME development despite ongoing challenges[5]. - The Group aims to provide comprehensive investment and financing services to SMEs, focusing on addressing the issues of "difficult to finance" and "expensive to finance"[5]. - The Group's business model allows for effective financial resource flow to SMEs through partnerships with supply chain companies and banks, addressing financing challenges faced by SMEs[19]. - The Group's focus on premium financial services for SMEs is intended to support high-quality economic development in the region[199]. - The Group signed a cooperation agreement with China Postal Savings Bank to enhance financial services for small and micro enterprises, laying a solid foundation for better service to the real economy[172]. - The Group established a new financing guarantee subsidiary, Guangdong Join-Share Financing Guarantee Co., Ltd., which received its business license in February 2023 and commenced operations in March 2023[196]. - The performance guarantee subsidiary, Guangdong Join-Share Performance Guarantee Co., Ltd., received its business license in May 2023 and aims to enhance the efficiency of the letter of guarantee business[197]. - The Group entered into a Cooperation Agreement on Guarantee Business with Postal Savings Bank of China, Foshan Branch, to support SMEs and enhance local economic development[199]. Risk Management - The Group's risk management includes regular post-transaction supervision and special post-transaction supervision for projects with operational risks[6]. - The Company conducts risk screening based on macro-economic changes and industry classifications to promote healthy business development and risk control[6]. - The Company conducts risk profile classification for guarantees or loans, categorizing customers into five risk profiles: "normal," "special-attention," "substandard," "suspicious," or "loss" based on various financial metrics[126]. - The Company has implemented internal control policies to manage business risks, including post-transaction inspection procedures to identify potential repayment difficulties[142]. - The Company requires loans of RMB 1,000,000 or more to be approved by the micro-lending review committee, ensuring compliance with credit policies[135]. - The risk management department reviews pre-loan investigations and ensures the validity and reliability of guarantees and collateral[136]. - The Company monitors overdue loans, with specific actions taken if loans remain overdue for more than 20 days, including on-site visits and negotiations for repayment plans[138]. - The company categorizes project risks into five levels: "Normal," "Concern," "Substandard," "Doubtful," and "Loss," adjusting supervision levels and review frequencies accordingly[152]. - The company employs special post-loan supervision for projects with operational risks, high cumulative guarantee liabilities, or industry risks, conducting monthly reviews[146]. Market Position and Strategy - The Group received an "AA" corporate rating from CSCI Pengyuan Credit Rating Co., Ltd., indicating a stable outlook and strong creditworthiness[11]. - The company was rated "AA" by Zhongzheng Pengyuan Credit Rating Co., Ltd., indicating a stable outlook[100]. - The establishment of the new subsidiaries is part of the Group's strategy to improve its market position and facilitate strategic cooperation with local government[196]. - The Group's overall market position is being strengthened through these strategic adjustments and new business initiatives[196]. - The Group plans to innovate business models and launch new initiatives to support financing development for SMEs in 2024[30]. - The company aims to optimize management and control modes, improve incentive mechanisms, and enhance cost management to create more comprehensive income[98]. Economic Environment - In 2023, China's GDP reached RMB 12,605.82 billion, growing by 5.2% compared to the previous year, which supports the overall economic environment for SMEs[6]. - The total retail sales of consumer goods in China amounted to RMB 47.1495 trillion, with a year-on-year growth of 7.2%[32]. - Service retail sales increased by 20.0%, indicating a faster recovery in service consumption[32]. - Total fixed asset investment in China reached RMB 50.3036 trillion, representing a growth of 3.0% compared to the previous year[32]. - Infrastructure investment in China increased by 5.9%, while manufacturing investment rose by 6.5%[32].
中盈盛达融资担保(01543) - 2023 - 年度财报