HDCM(SZ:000567)2023-09-14 08:58Group 1: Business Model and Operations - The company operates in two main asset management models: entrusted asset management and acquisition asset management, utilizing AI technology and big data for efficiency [1] - As of Q2 2023, the company has accepted 34 institutional mandates for managing non-performing personal loans, generating service fee income exceeding CNY 56 million [1] - The company has successfully acquired 7 asset packages and partnered with professional institutions to establish non-performing personal loan funds [1] Group 2: Competitive Advantages - The company holds an AMC license through its subsidiary, allowing it to acquire non-performing personal loans nationwide [2] - It leverages big data and AI technology to enhance efficiency in asset valuation and recovery processes, with a database of 900,000 business records [2] - The company is developing a comprehensive asset disposal capability, leading in areas such as AI-assisted litigation and diversified collection methods [2] Group 3: Market Landscape - Approximately 10 AMCs are actively engaged in the non-performing personal loan market, with only 8 approved to access the central bank's credit system [2] - The annual market for non-performing assets is estimated at CNY 3 trillion, indicating significant growth potential in the sector [2] Group 4: Institutional Distressed Assets - The company’s distressed assets primarily include coal mining projects with a balance of CNY 5 billion, commercial real estate valued at CNY 1.1 billion, and listed company equity or debt worth CNY 700 million [2] - The company aims to steadily grow its institutional distressed asset management business while ensuring stable returns from existing projects [2] Group 5: Future Growth Prospects - The company’s institutional distressed asset management business is stable, with a total investment balance of CNY 7.6 billion, and plans to expand in energy, commercial real estate, and listed companies [2]