Financial Performance - For Q1 2024, the total net revenue was RMB 4,153.2 million (USD 575.2 million), an increase from RMB 3,599.2 million in Q1 2023, representing a growth of 15.4%[11] - The operating income for Q1 2024 was RMB 1,364.1 million (USD 188.9 million), up from RMB 1,007.0 million in the same period last year, marking a growth of 35.4%[11] - The non-GAAP net profit for Q1 2024 was RMB 1,204.8 million (USD 166.9 million), compared to RMB 976.3 million in Q1 2023, indicating a growth of 23.3%[11] - Total net income for Q1 2024 reached RMB 1,160,144, an increase of 24.7% compared to RMB 929,822 in Q1 2023[59] - Non-GAAP net profit for Q1 2024 was RMB 1,204,789, a 23.2% increase from RMB 976,318 in Q1 2023[63] - The company reported a diluted earnings per share of RMB 3.65 for Q1 2024, compared to RMB 2.82 in Q1 2023, representing a growth of 29.5%[52] User and Loan Metrics - The number of cumulative users with approved credit limits reached 52.3 million, a 13.8% increase from 46.0 million as of March 31, 2023[9] - The cumulative number of successful borrowers (including repeat borrowers) was 31.2 million, reflecting a 12.6% increase from 27.7 million as of March 31, 2023[9] - The total loan facilitation and initiation amount for Q1 2024 was RMB 99,237 million, a decrease of 9.3% compared to RMB 109,456 million in Q1 2023[9] - The loan balance as of March 31, 2024, was RMB 169,920 million, down 0.8% from RMB 171,302 million a year earlier[9] - The weighted average contract term for loans initiated by financial institutions was approximately 10.10 months, compared to 11.21 months in the same period of 2023[9] - The 90-day+ delinquency rate for loans was 3.35% as of March 31, 2024[9] Revenue and Income Sources - Credit-driven service net income was RMB 3.02 billion, up from RMB 2.63 billion in Q1 2023[16] - Financing income increased to RMB 1.54 billion, compared to RMB 1.07 billion in the same quarter last year[16] - The gross profit margin for Q1 2024 improved to 32.8%, up from 28.0% in Q1 2023[63] Operating Expenses and Cash Flow - Operating expenses totaled RMB 2.79 billion, an increase from RMB 2.59 billion in Q1 2023[17] - Operating cash flow for the quarter was approximately RMB 1.96 billion, with total cash and cash equivalents amounting to RMB 8.32 billion at the end of the quarter[16] - Operating cash flow for Q1 2024 was RMB 1,958,267, up from RMB 1,761,091 in Q1 2023, indicating an 11.2% increase[55] - The company’s cash and cash equivalents at the end of Q1 2024 were RMB 8,156,593, down from RMB 8,745,344 at the end of Q1 2023[55] Strategic Plans and Market Position - The company plans to continue a cautious risk control strategy and optimize its business portfolio in response to macroeconomic uncertainties[13] - The company plans to expand its market presence and invest in new technology development to drive future growth[1] - The company has initiated a share repurchase plan starting April 1, 2024, with a faster pace than scheduled[13] - The company plans to repurchase up to USD 350 million of its American Depositary Shares or Class A ordinary shares under the new buyback plan approved on March 12, 2024[30] Assets and Liabilities - The company reported a total asset value of RMB 47,426,518 thousand as of March 31, 2024, an increase from RMB 45,818,572 thousand as of December 31, 2023, representing a growth of approximately 3.5%[45] - The company’s total liabilities amounted to RMB 25,285,306 thousand as of March 31, 2024, compared to RMB 23,808,715 thousand as of December 31, 2023, indicating an increase of approximately 6.2%[47] - The company reported a total equity of RMB 22,141,212 thousand as of March 31, 2024, a slight increase from RMB 22,009,857 thousand as of December 31, 2023, showing a growth of about 0.6%[47] Financial Metrics and Comparability - The company's net profit margin stands at 27.9%, while the non-GAAP net profit margin is 29.0%[23] - The company highlighted the importance of non-GAAP operating income and net profit metrics to identify potential business trends and avoid distortions from GAAP accounting[39] - Non-GAAP net income excludes stock-based compensation expenses, providing a clearer view of the company's operational performance[32] - The company noted that its financial data calculated under non-GAAP measures may differ from those used by other companies, limiting comparability[39]
奇富科技(03660) - 2024 Q1 - 季度业绩