Jiayin Group Inc. (“Jiayin” or the “Company”) (NASDAQ: JFIN), a
leading fintech platform in China, today announced its unaudited
financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Operational and
Financial Highlights:
- Loan facilitation volume1 was
RMB24.0 billion (US$3.3 billion), compared with RMB24.0 billion in
the same period of 2023.
- Average borrowing amount per
borrowing was RMB9,080 (US$1,249), representing a decrease of 12.4%
from the same period of 2023.
- Repeat borrowing rate2 was 67.1%,
compared with 70.1% in the same period of 2023.
- Net revenue was RMB1,476.3 million
(US$203.1 million), representing an increase of 15.5% from the same
period of 2023.
- Income from operation was RMB227.1
million (US$31.3 million), representing a decrease of 38.5% from
the same period of 2023.
- Net income was RMB238.3 million
(US$32.8 million), representing a decrease of 27.0% from RMB326.3
million in the same period of 2023.
Mr. Yan Dinggui, the Company’s Founder, Director
and Chief Executive Officer, commented: “Our second quarter results
underscore the strength of our strategic focus and risk management
practices, enabling us to sustain fundamental growth while
delivering value to our stakeholders. This steady performance amid
evolving market conditions highlights the resilience and
adaptability built into our business model. After observing several
consecutive quarters, we believe that the key risk indicators in
the market have stabilized and are improving, which provides a
favorable environment for us to accelerate business growth in the
coming period. Looking ahead, we remain committed to driving
sustainable development through innovation and strategic market
expansion.”
_________________
1 “Loan facilitation volume” refers the loan
volume facilitated in Mainland China during the period presented. 2
“Repeat borrowing rate” refers to the repeat borrowers as a
percentage of all of our borrowers in Mainland China.“Repeat
borrowers” during a certain period refers to borrowers who have
borrowed in such period and have borrowed at least twice since such
borrowers’ registration on our platform until the end of such
period.
Second Quarter 2024 Financial
Results
Net revenue was RMB1,476.3
million (US$203.1 million), representing an increase of 15.5% from
the same period of 2023.
Revenue from loan facilitation services was
RMB951.1 million (US$130.9 million), representing an increase of
2.8% from the same period of 2023. The increase was primarily
driven by service fee optimization within our loan facilitation
operations.
Revenue from releasing of guarantee liabilities
was RMB424.8 million (US$58.5 million), compared to RMB197.2
million in the same period of 2023. The year-over-year increase was
primarily due to the growth in average outstanding loan balances
which the Company provided guarantee services.
Other revenue was RMB100.4 million (US$13.7
million), representing a decrease of 35.5% from the same period of
2023. The decrease was mainly due to the decrease in revenue from
individual investor referral services.
Facilitation and servicing
expense was RMB608.2 million (US$83.7 million),
representing an increase of 70.9% from the same period of 2023,
primarily due to the increase of guarantee costs incurred.
Reversal of uncollectible receivables,
contract assets, loans receivable and others was a
reversal of RMB 3.3 million (US$ 0.5 million), compared with
RMB13.8 million allowance in the same period of 2023, primarily due
to the net impact of current period provision and recovery of
certain receivables written off in prior year.
Sales and marketing expense was
RMB486.6 million (US$67.0 million), representing an increase of
15.7% from the same period of 2023, primarily due to an increase in
borrower acquisition expenses.
General and administrative
expense was RMB65.0 million (US$8.9 million), representing
an increase of 29.8% from the same period of 2023, primarily driven
by an increase in payroll expenses and share-based
compensation.
Research and development
expense was RMB92.8 million (US$12.8 million),
representing an increase of 36.3% from the same period of 2023,
primarily due to higher employee compensation benefit expenses.
Income from operation was
RMB227.1 million (US$31.3 million), representing a decrease of
38.5% from the same period of 2023.
Net income was RMB238.3 million
(US$32.8 million), representing a decrease of 27.0% from RMB326.3
million in the same period of 2023.
Basic and diluted net income per
share were both RMB1.12(US$0.15), compared to RMB1.52 in
the second quarter of 2023. Basic and diluted net income per ADS
were both RMB4.48 (US$0.60), compared to RMB6.08 in the second
quarter of 2023. Each ADS represents four Class A ordinary shares
of the Company.
Cash and cash equivalents were
RMB880.2 million (US$121.1 million) as of June 30, 2024, compared
with RMB568.2 million as of March 31, 2024.
The following table provides the delinquency
rates of all outstanding loans on the Company’s platform in
Mainland China as of the respective dates indicated.
| |
|
Delinquent for |
|
As of |
|
1-30 days |
31-60 days |
61-90 days |
91 -180 days |
More than 180 days |
|
|
|
(%) |
|
December 31, 2021 |
|
1.31 |
0.90 |
0.72 |
1.78 |
2.12 |
|
December 31, 2022 |
|
1.01 |
0.67 |
0.51 |
1.18 |
2.02 |
|
December 31, 2023 |
|
1.13 |
0.90 |
0.68 |
1.48 |
2.07 |
|
March 31, 2024 |
|
0.99 |
0.85 |
0.68 |
1.63 |
2.62 |
|
June 30, 2024 |
|
0.96 |
0.83 |
0.67 |
1.61 |
2.60 |
|
|
|
|
|
|
|
|
The following chart and table display the
historical cumulative M3+ Delinquency Rate by Vintage for loan
products facilitated through the Company’s platform in Mainland
China.
Business Outlook
The Company expects its loan facilitation volume
for the third quarter of 2024 to reach approximately RMB25 billion.
This forecast reflects the Company's confidence in the improving
economic environment and the company's product and operational
capabilities.
Recent Development
Dividend Policy
On August 16, 2024, the Company’s Board of
Directors approved the payment of cash dividends of US$0.125 per
ordinary share, or US$0.50 per American depositary share (ADS).
Shareholders of record at the close of trading on August 27, 2024
(U.S. Eastern Time) will be entitled to receive these dividends.
The distribution of dividends is expected to occur on or around
September 3, 2024, for ordinary shareholders, and on or around
September 6, 2024, for ADS holders. Dividends to ADS holders will
be subject to the terms and conditions of the deposit agreement,
including any applicable fees and expenses. The aggregate amount of
cash to be distributed is expected to be approximately US$26.6
million.
Share Repurchase Plan
Update
In March 2024, the Company’s Board of Directors
approved an adjustment to the existing share repurchase plan,
pursuant to which the aggregate value of ordinary shares authorized
for repurchase under the plan shall not exceed US$30 million.
On June 4, 2024, the Company’s Board of
Directors approved to extend the share repurchase plan for a period
of 12 months, commencing on June 13, 2024 and ending on June 12,
2025. Pursuant to the extended share repurchase plan, the Company
may repurchase its ordinary shares through June 12, 2025 with an
aggregate value not exceeding the remaining balance under the share
repurchase plan.
As of August 27, 2024, the Company had
repurchased approximately 3.3 million of its ADSs for approximately
US$13.9 million.
Environmental, Social and Governance
(ESG)
On August 7, 2024, the Company published its
2023 ESG report, marking its third annual ESG publication. The
report underscores Jiayin’s steadfast commitment to corporate
sustainability, ethical business practices, and transparent
governance. In 2023, the Company continued to create societal value
and advance its digital transformation initiatives. Key efforts
included enhancing service quality, building a responsible supply
chain, and promoting low-carbon practices through the adoption of
green technologies. These initiatives are designed to minimize
environmental impact, boost resource efficiency, and contribute to
the development of a circular economy.
The ESG report is prepared in accordance with
the Global Reporting Initiative’s Sustainability Reporting
Standards (GRI Standards), with reference to Nasdaq’s ESG Reporting
Guide 2.0. To download the full report in English or Chinese,
please visit the ESG section of the Company's investor relations
website at:
https://ir.jiayintech.cn/environmental-social-and-governance.
Conference Call
The Company will conduct a conference call to
discuss its financial results on Tuesday, August 27, 2024 at 8:00
AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time on the same
day).
To join the conference call, all participants
must use the following link to complete the online registration
process in advance. Upon registering, each participant will receive
access details for this event including the dial-in numbers, a PIN
number, and an e-mail with detailed instructions to join the
conference call.
Participant Online Registration:
https://register.vevent.com/register/BIab3d5299bc4c481ca5b0bd145bde23a9.
A live and archived webcast of the conference call will be
available on the Company’s investors relations website at
http://ir.jiayintech.cn/.
About Jiayin Group Inc.
Jiayin Group Inc. is a leading fintech platform
in China committed to facilitating effective, transparent, secure
and fast connections between underserved individual borrowers and
financial institutions. The origin of the business of the Company
can be traced back to 2011. The Company operates a highly secure
and open platform with a comprehensive risk management system and a
proprietary and effective risk assessment model which employs
advanced big data analytics and sophisticated algorithms to
accurately assess the risk profiles of potential borrowers. For
more information, please visit https://ir.jiayintech.cn/.
Exchange Rate Information
This announcement contains translations of
certain RMB amounts into U.S. dollars (“US$”) at a specified rates
solely for the convenience of the reader. Unless otherwise noted,
all translations from RMB to U.S. dollars are made at a rate of
RMB7.2672 to US$1.00, the exchange rate set forth in the H.10
statistical release of the Board of Governors of the Federal
Reserve System as of June 30, 2024. The Company makes no
representation that the RMB or US$ amounts referred could be
converted into US$ or RMB, as the case may be, at any particular
rate or at all.
Safe Harbor / Forward-Looking
Statements
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the United States Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as “will,” “expects,” “anticipates,”
“future,” “intends,” “plans,” “believes,” “estimates” and similar
statements. The Company may also make written or oral
forward-looking statements in its periodic reports to the SEC, in
its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about the Company’s beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties and are based
on current expectations, assumptions, estimates and projections
about the Company and the industry. Potential risks and
uncertainties include, but are not limited to, those relating to
the Company’s ability to retain existing investors and borrowers
and attract new investors and borrowers in an effective and
cost-efficient way, the Company’s ability to increase the
investment volume and loan facilitation of loans volume facilitated
through its marketplace, effectiveness of the Company’s credit
assessment model and risk management system, PRC laws and
regulations relating to the online individual finance industry in
China, general economic conditions in China, and the Company’s
ability to meet the standards necessary to maintain listing of its
ADSs on the Nasdaq Stock Market or other stock exchange, including
its ability to cure any non-compliance with the continued listing
criteria of the Nasdaq Stock Market. All information provided in
this press release is as of the date hereof, and the Company
undertakes no obligation to update any forward-looking statements
to reflect subsequent occurring events or circumstances, or changes
in its expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that its expectations will turn out to be correct, and investors
are cautioned that actual results may differ materially from the
anticipated results. Further information regarding risks and
uncertainties faced by the Company is included in the Company’s
filings with the U.S. Securities and Exchange Commission, including
its annual report on Form 20-F.
For investor and media inquiries, please
contact:
Jiayin Group
Mr. Shawn ZhangEmail: ir@jiayinfintech.cn
|
JIAYIN GROUP INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS(Amounts in thousands, except for share and per share
data) |
|
|
|
|
As ofDecember 31, |
|
|
As ofJune 30, |
|
|
|
2023 |
|
|
2024 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
370,193 |
|
|
|
880,198 |
|
|
|
121,119 |
|
|
Restricted cash |
|
2,435 |
|
|
|
— |
|
|
|
— |
|
|
Accounts receivable and contract assets, net |
|
2,103,545 |
|
|
|
2,432,102 |
|
|
|
334,668 |
|
|
Financial assets receivables, net |
|
991,628 |
|
|
|
893,337 |
|
|
|
122,927 |
|
|
Prepaid expenses and other current assets, net |
|
1,922,056 |
|
|
|
1,015,534 |
|
|
|
139,742 |
|
|
Deferred tax assets, net |
|
61,174 |
|
|
|
86,738 |
|
|
|
11,936 |
|
|
Property and equipment, net |
|
40,332 |
|
|
|
44,680 |
|
|
|
6,148 |
|
|
Right-of-use assets |
|
49,659 |
|
|
|
54,857 |
|
|
|
7,549 |
|
|
Long-term investment |
|
101,481 |
|
|
|
127,264 |
|
|
|
17,512 |
|
|
Other non-current assets |
|
2,263 |
|
|
|
1,322 |
|
|
|
182 |
|
|
TOTAL ASSETS |
|
5,644,766 |
|
|
|
5,536,032 |
|
|
|
761,783 |
|
| LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred guarantee income |
|
886,862 |
|
|
|
505,062 |
|
|
|
69,499 |
|
|
Contingent guarantee liabilities |
|
933,947 |
|
|
|
499,416 |
|
|
|
68,722 |
|
|
Payroll and welfare payable |
|
94,856 |
|
|
|
86,961 |
|
|
|
11,966 |
|
|
Tax payables |
|
568,819 |
|
|
|
553,668 |
|
|
|
76,187 |
|
|
Accrued expenses and other current liabilities |
|
731,863 |
|
|
|
1,088,223 |
|
|
|
149,744 |
|
|
Lease liabilities |
|
47,958 |
|
|
|
54,690 |
|
|
|
7,526 |
|
|
TOTAL LIABILITIES |
|
3,264,305 |
|
|
|
2,788,020 |
|
|
|
383,644 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHAREHOLDERS' EQUITY |
|
2,380,461 |
|
|
|
2,748,012 |
|
|
|
378,139 |
|
| TOTAL LIABILITIES AND
EQUITY |
|
5,644,766 |
|
|
|
5,536,032 |
|
|
|
761,783 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
JIAYIN GROUP INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME(Amounts in thousands, except for share and per
share data) |
|
|
|
|
|
For the Three Months EndedJune
30, |
|
|
For the Six Months EndedJune
30, |
|
|
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
Net revenue |
|
|
1,277,824 |
|
|
|
1,476,327 |
|
|
|
203,149 |
|
|
|
2,399,986 |
|
|
|
2,951,667 |
|
|
|
406,163 |
|
| Operating costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Facilitation and servicing |
|
|
(355,815 |
) |
|
|
(608,158 |
) |
|
|
(83,685 |
) |
|
|
(630,054 |
) |
|
|
(1,275,132 |
) |
|
|
(175,464 |
) |
| (Allowance for)/reversal of
uncollectible receivables, contract assets, loans receivable
and others |
|
|
(13,815 |
) |
|
|
3,262 |
|
|
|
449 |
|
|
|
(20,520 |
) |
|
|
645 |
|
|
|
89 |
|
| Sales and marketing |
|
|
(420,704 |
) |
|
|
(486,553 |
) |
|
|
(66,952 |
) |
|
|
(801,521 |
) |
|
|
(846,371 |
) |
|
|
(116,465 |
) |
| General and administrative |
|
|
(50,085 |
) |
|
|
(64,996 |
) |
|
|
(8,944 |
) |
|
|
(96,464 |
) |
|
|
(111,211 |
) |
|
|
(15,303 |
) |
| Research and development |
|
|
(68,102 |
) |
|
|
(92,819 |
) |
|
|
(12,772 |
) |
|
|
(132,868 |
) |
|
|
(176,089 |
) |
|
|
(24,231 |
) |
| Total operating costs and
expenses |
|
|
(908,521 |
) |
|
|
(1,249,264 |
) |
|
|
(171,904 |
) |
|
|
(1,681,427 |
) |
|
|
(2,408,158 |
) |
|
|
(331,374 |
) |
| Income from
operation |
|
|
369,303 |
|
|
|
227,063 |
|
|
|
31,245 |
|
|
|
718,559 |
|
|
|
543,509 |
|
|
|
74,789 |
|
| Interest income, net |
|
|
1,623 |
|
|
|
4,318 |
|
|
|
594 |
|
|
|
1,983 |
|
|
|
6,234 |
|
|
|
858 |
|
| Other income, net |
|
|
3,017 |
|
|
|
65,637 |
|
|
|
9,032 |
|
|
|
11,012 |
|
|
|
66,224 |
|
|
|
9,113 |
|
| Income before income
taxes and lossfrom investment in
affiliates |
|
|
373,943 |
|
|
|
297,018 |
|
|
|
40,871 |
|
|
|
731,554 |
|
|
|
615,967 |
|
|
|
84,760 |
|
| Income tax expense |
|
|
(45,573 |
) |
|
|
(58,750 |
) |
|
|
(8,084 |
) |
|
|
(123,249 |
) |
|
|
(104,632 |
) |
|
|
(14,398 |
) |
| Loss from investment in
affiliates |
|
|
(2,029 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,264 |
) |
|
|
— |
|
|
|
— |
|
| Net income |
|
|
326,341 |
|
|
|
238,268 |
|
|
|
32,787 |
|
|
|
606,041 |
|
|
|
511,335 |
|
|
|
70,362 |
|
| Less: net loss attributable
to non-controlling interest |
|
|
(10 |
) |
|
|
(3 |
) |
|
|
— |
|
|
|
(23 |
) |
|
|
(6 |
) |
|
|
(1 |
) |
| Net income attributable
toJiayin Group Inc. |
|
|
326,351 |
|
|
|
238,271 |
|
|
|
32,787 |
|
|
|
606,064 |
|
|
|
511,341 |
|
|
|
70,363 |
|
| Weighted average shares
used incalculating net income per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| - Basic and diluted |
|
|
214,026,210 |
|
|
|
212,332,672 |
|
|
|
212,332,672 |
|
|
|
213,877,632 |
|
|
|
212,231,868 |
|
|
|
212,231,868 |
|
| Net income per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| - Basic and diluted |
|
|
1.52 |
|
|
|
1.12 |
|
|
|
0.15 |
|
|
|
2.83 |
|
|
|
2.41 |
|
|
|
0.33 |
|
| Net income per
ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| - Basic and diluted |
|
|
6.08 |
|
|
|
4.48 |
|
|
|
0.60 |
|
|
|
11.32 |
|
|
|
9.64 |
|
|
|
1.32 |
|
| Net income |
|
|
326,341 |
|
|
|
238,268 |
|
|
|
32,787 |
|
|
|
606,041 |
|
|
|
511,335 |
|
|
|
70,362 |
|
| Other comprehensive
income (loss),net of tax of nil: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency translation
adjustments |
|
|
6,546 |
|
|
|
257 |
|
|
|
36 |
|
|
|
5,970 |
|
|
|
(2,883 |
) |
|
|
(397 |
) |
| Comprehensive
income |
|
|
332,887 |
|
|
|
238,525 |
|
|
|
32,823 |
|
|
|
612,011 |
|
|
|
508,452 |
|
|
|
69,965 |
|
| Comprehensive (loss)
income attributable to non-controlling interest |
|
|
(100 |
) |
|
|
42 |
|
|
|
6 |
|
|
|
(151 |
) |
|
|
56 |
|
|
|
8 |
|
| Total comprehensive
incomeattributable to Jiayin Group
Inc. |
|
|
332,987 |
|
|
|
238,483 |
|
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|
32,817 |
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612,162 |
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|
508,396 |
|
|
|
69,957 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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A chart accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/63def440-870f-4232-bbdf-e1388d56a4b4
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