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Yiren Digital Reports Fourth Quarter and Fiscal Year 2024 Financial Results
YRDYiren Digital(YRD) Prnewswire·2025-03-20 10:19

Core Viewpoint - Yiren Digital Ltd. reported strong financial results for Q4 2024 and the fiscal year 2024, highlighting significant growth in its financial services segment and advancements in AI integration across operations [2][3][4]. Financial Performance - Total net revenue for Q4 2024 was RMB1,452.2 million (US199.0million),a14.0199.0 million), a 14.0% increase from RMB1,274.3 million in Q4 2023 [4]. - Full-year revenue for 2024 reached RMB5,805.9 million (US795.4 million), up 19% from RMB4,895.6 million in 2023 [17]. - Revenue from the financial services business in Q4 2024 was RMB1,047.8 million (US143.5million),markinga34.1143.5 million), marking a 34.1% increase from RMB781.3 million in Q4 2023 [4]. - The insurance brokerage business generated revenue of RMB106.4 million (US14.6 million) in Q4 2024, an 8.4% increase from RMB98.2 million in Q4 2023 [4]. Operational Highlights - The company facilitated total loans of RMB15.4 billion (US2.1billion)inQ42024,a14.62.1 billion) in Q4 2024, a 14.6% increase from RMB13.4 billion in Q3 2024 [13]. - The cumulative number of borrowers served reached 12,350,400 by the end of 2024, a 6.4% increase from 11,611,899 as of September 30, 2024 [13]. - The number of insurance clients served reached 1,532,119 as of December 31, 2024, a 4.2% increase from 1,470,738 as of September 30, 2024 [13]. Expenses and Investments - Sales and marketing expenses in Q4 2024 were RMB298.5 million (US40.9 million), up from RMB205.7 million in Q4 2023, driven by growth in the financial services segment [5]. - Research and development expenses surged to RMB164.7 million (US22.6million)inQ42024,comparedtoRMB47.6millioninQ42023,reflectingongoinginvestmentsinAIandtechnology[6][19].−GeneralandadministrativeexpensesdecreasedtoRMB42.2million(US22.6 million) in Q4 2024, compared to RMB47.6 million in Q4 2023, reflecting ongoing investments in AI and technology [6][19]. - General and administrative expenses decreased to RMB42.2 million (US5.8 million) in Q4 2024 from RMB50.5 million in Q4 2023, attributed to improved operational efficiency [7]. Profitability Metrics - Net income for Q4 2024 was RMB331.4 million (US45.4million),downfromRMB571.3millioninQ42023,primarilyduetoincreasedprovisionsrelatedtoloanvolume[10].−AdjustedEBITDAforQ42024wasRMB313.9million(US45.4 million), down from RMB571.3 million in Q4 2023, primarily due to increased provisions related to loan volume [10]. - Adjusted EBITDA for Q4 2024 was RMB313.9 million (US43.0 million), compared to RMB684.8 million in Q4 2023 [11]. - Basic and diluted income per ADS in Q4 2024 were RMB3.8 (US0.5),downfromRMB6.5inQ42023[11].CashFlowandDividends−CashandcashequivalentsasofDecember31,2024,wereRMB3.8billion(US0.5), down from RMB6.5 in Q4 2023 [11]. Cash Flow and Dividends - Cash and cash equivalents as of December 31, 2024, were RMB3.8 billion (US526.3 million), an increase from RMB3.7 billion as of September 30, 2024 [15]. - The company announced a cash dividend of US$0.22 per ADS for the second half of 2024, representing a payout ratio of approximately 20% [25]. Business Outlook - For 2025, the company projects total revenue between RMB5.5 billion to RMB6.5 billion, indicating a healthy net profit margin [26].