Qudian Inc. Reports Fourth Quarter and Full Year 2023 Unaudited Financial Results

Core Viewpoint - Qudian Inc. reported significant declines in revenue and net loss for the fourth quarter and full year of 2023, primarily due to the winding down of its loan book business, while it is pivoting towards a new last-mile delivery business and plans to initiate a substantial share repurchase program to enhance shareholder value [1][3][4]. Financial Highlights Fourth Quarter 2023 - Total revenues were RMB63.8 million (US$9.0 million), a decrease of 60.1% from RMB160.1 million in the same period last year [2][5]. - Net loss attributable to shareholders was RMB117.1 million (US$16.5 million), compared to net income of RMB490.1 million for the same period last year [2][8]. - Non-GAAP net loss was RMB116.6 million (US$16.4 million), with a loss per diluted ADS of RMB0.57 (US$0.08) [2][8]. Full Year 2023 - Total revenues were RMB126.3 million (US$17.8 million), representing a decrease of 78.1% from RMB577.5 million in 2022, mainly due to the winding down of the loan book business [3][9]. - Net income attributable to shareholders was RMB39.1 million (US$5.5 million), a recovery from a loss of RMB362.0 million in 2022 [3][12]. - Non-GAAP net income was RMB44.1 million (US$6.2 million), compared to a loss of RMB347.9 million in 2022 [3][12]. Business Developments - The company generated approximately RMB95.6 million in revenue from its last-mile delivery business in 2023, indicating a strategic shift towards logistics services [3][15]. - Qudian plans to launch a new online and offline retail initiative that integrates Chinese supply chain advancements with global consumer needs, supported by a "Buy Now, Pay Later" solution [3][4]. Share Repurchase Program - The Board approved a new share repurchase program in March 2024, allowing the company to buy up to US$300 million worth of Class A ordinary shares or ADSs over the next 36 months starting from June 13, 2024 [3][4]. - As of March 13, 2024, the company had already purchased 146.7 million ADSs for approximately US$675.4 million, demonstrating a strong commitment to enhancing shareholder value [4][16].