Jiayin Group Inc. (“Jiayin” or the “Company”) (NASDAQ: JFIN), a
leading fintech platform in China, today announced its unaudited
financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 Operational and
Financial Highlights:
- Loan facilitation volume1 was RMB26.7 billion (US$3.8 billion),
representing an increase of 10.3% from the same period of
2023.
- Average borrowing amount per borrowing was RMB7,629 (US$1,087),
representing a decrease of 30.5% from the same period of
2023.
- Repeat borrowing rate2 was 67.8% compared with 71.5% in the
same period of 2023.
- Net revenue was RMB1,444.9 million (US$205.9 million),
representing a decrease of 1.5% from the same period of
2023.
- Income from operation was RMB311.9 million (US$44.4 million),
representing a decrease of 18.3% from the same period of
2023.
- Net income was RMB269.6 million (US$38.4 million), representing
a decrease of 16.8% from the same period of 2023.
Mr. Yan Dinggui, the Company’s Founder, Director
and Chief Executive Officer, commented: “As we close out the third
quarter of 2024, I’m proud to report continued strong performance,
with a significant year-over-year increase in both loan
facilitation volume and related revenue. Our loan facilitation
volume reached RMB26.7 billion in the third quarter, a 10.3%
increase compared with the same period last year. Loan facilitation
service revenue grew 18.1% to RMB1,105.7 million. This growth
reflects our strategic focus on innovation, risk management, and
market diversification. We’ve successfully leveraged technology to
enhance operational efficiency and borrower experience, while
maintaining a sharp eye on risk resilience. We are confident that
our adaptable business model and commitment to sustainable growth
will enable us to capture new opportunities and deliver long-term
value to our shareholders.”
___________________________
1 “Loan facilitation volume” refers the loan
facilitation 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. Third Quarter 2024 Financial Results
Net revenue was RMB1,444.9
million (US$205.9 million), representing a decrease of 1.5% from
the same period of 2023.
Revenue from loan facilitation services was
RMB1,105.7 million (US$157.6 million), representing an increase of
18.1% from the same period of 2023. The increase was primarily
driven by service fee optimization within our loan facilitation
operations and increased loan facilitation volume from the
Company’s institutional funding partners.
Revenue from releasing of guarantee liabilities
was RMB251.7 million (US$35.9 million) compared with RMB397.9
million in the same period of 2023.The year-over-year decrease was
primarily due to the decrease in average outstanding loan balances
for which the Company provided guarantee services.
Other revenue was RMB87.5 million (US$12.4
million), compared with RMB131.9 million for 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 RMB419.1 million (US$59.7 million) compared
with RMB544.3 million for the same period of 2023. This was
primarily due to decreased expenses related to financial guarantee
services, which was partially offset by the effect of increased
loan facilitation volume.
Allowance for uncollectible receivables,
contract assets, loans receivable and others was RMB11.6
million (US$1.7 million), representing an increase of 36.5% from
the same period of 2023, primarily due to increased balances of
receivables arising from loan facilitation.
Sales and marketing expense was
RMB550.3 million (US$78.4 million), representing an increase of
34.9% from the same period of 2023, primarily due to an increase in
borrower acquisition expenses.
General and administrative
expense was RMB56.1 million (US$8.0 million), representing
an increase of 5.5% from the same period of 2023, primarily driven
by an increase in expenditures for employee compensation and
related benefits.
Research and development
expense was RMB95.9 million (US$13.7 million),
representing an increase of 36.0% from the same period of 2023,
primarily driven by an increase in expenditures for employee
compensation and related benefits.
Income from operation was
RMB311.9 million (US$44.4 million), representing a decrease of
18.3% from the same period of 2023.
Net income was RMB269.6 million
(US$38.4 million), representing a decrease of 16.8% from RMB323.9
million in the same period of 2023.
Basic and diluted net income per
share were both RMB1.27 (US$0.18) compared with RMB1.51 in
the third quarter of 2023. Basic and diluted net income per ADS
were both RMB5.08 (US$0.72) compared with RMB6.04 in the third
quarter of 2023. Each ADS represents four Class A ordinary shares
of the Company.
Cash and cash equivalents were
RMB741.2 million (US$105.6 million) as of September 30, 2024,
compared with RMB880.2 million as of June 30, 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 |
|
1-30days |
31-60days |
61-90days |
91 -180days |
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 |
September 30, 2024 |
|
0.93 |
0.76 |
0.55 |
1.32 |
2.49 |
|
|
|
|
|
|
|
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 fourth quarter of 2024 to reach no less than RMB25 billion.
This forecast reflects the Company’s current and preliminary views
on the market and operational conditions, which are subject to
change.
Recent Development
Dividend Policy
The board of directors of the Company (the
“Board”) previously approved and adopted a dividend policy on March
28, 2023, (the “Existing Dividend Policy”) under which the Company
may choose to declare and distribute a cash dividend twice each
fiscal year, starting from 2023, at an aggregate amount of no less
than 15% of the net income after tax of the Company in the previous
fiscal year.
On November 19, 2024, the Board approved and
adopted an amended dividend policy (the “Amended Dividend Policy”)
to replace the Company’s Existing Dividend Policy in its entirety,
with immediate effect. Under the Amended Dividend Policy, the
Company may choose to declare and distribute a cash dividend once
each fiscal year, starting from 2025, at an aggregate amount of no
less than 15% of the net income after tax of the Company in the
previous fiscal year. The determination to make dividend
distributions in any particular fiscal year will be made at the
discretion of the Board based upon factors such as the Company’s
results of operations, cash flow, general financial condition,
capital requirements, contractual restrictions and other factors as
the Board may deem relevant.
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 November 20, 2024, the Company had
repurchased approximately 3.5 million of its ADSs for approximately
US$15.0 million.
Conference Call
The Company will conduct a conference call to
discuss its financial results on November 20, 2024, at 8:00 AM U.S.
Eastern Time (9:00 PM Beijing/Hong Kong Time on the same day).
To join the conference call, all participants
must use the following link to complete the online registration
process in advance. Upon registering, each participant will receive
access details for this event including the dial-in numbers, a PIN
number, and an e-mail with detailed instructions to join the
conference call.
Participant Online
Registration:
https://register.vevent.com/register/BIc807864fea404df38423af62dcb33615
A live and archived webcast of the conference
call will be available on the Company’s investors relations website
at http://ir.jiayintech.cn/.
About Jiayin Group Inc.
Jiayin Group Inc. is a leading fintech platform
in China committed to facilitating effective, transparent, secure
and fast connections between underserved individual borrowers and
financial institutions. The origin of the business of the Company
can be traced back to 2011. The Company operates a highly secure
and open platform with a comprehensive risk management system and a
proprietary and effective risk assessment model which employs
advanced big data analytics and sophisticated algorithms to
accurately assess the risk profiles of potential borrowers. For
more information, please visit http://ir.jiayintech.cn/.
Exchange Rate Information
This announcement contains translations of
certain RMB amounts into U.S. dollars (“US$”) 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
RMB7.0176 to US$1.00, the exchange rate set forth in the H.10
statistical release of the Board of Governors of the Federal
Reserve System as of September 30, 2024. The Company makes no
representation that the RMB or US$ 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 in this announcement include, but are not limited to,
statements in the section entitled, “Business Outlook,” such as
forecast of loan facilitation volume, and statements made by the
Company’s Founder, Director and Chief Executive Officer, such as
the Company’s future growth. 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 volume of loans 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. 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 ofSeptember 30, |
|
|
2023 |
|
|
2024 |
|
|
RMB |
|
|
RMB |
|
|
US$ |
ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
370,193 |
|
|
741,206 |
|
|
105,621 |
Restricted cash |
|
2,435 |
|
|
— |
|
|
— |
Accounts receivable and contract assets, net |
|
2,103,545 |
|
|
2,820,024 |
|
|
401,850 |
Financial assets receivables, net |
|
991,628 |
|
|
514,263 |
|
|
73,282 |
Prepaid expenses and other current assets, net |
|
1,922,056 |
|
|
807,660 |
|
|
115,091 |
Deferred tax assets, net |
|
61,174 |
|
|
86,783 |
|
|
12,366 |
Property and equipment, net |
|
40,332 |
|
|
44,708 |
|
|
6,371 |
Right-of-use assets, net |
|
49,659 |
|
|
54,057 |
|
|
7,703 |
Long-term investment |
|
101,481 |
|
|
175,702 |
|
|
25,037 |
Other non-current assets |
|
2,263 |
|
|
2,983 |
|
|
425 |
TOTAL ASSETS |
|
5,644,766 |
|
|
5,247,386 |
|
|
747,746 |
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
Deferred guarantee income |
|
886,862 |
|
|
380,717 |
|
|
54,252 |
Contingent guarantee liabilities |
|
933,947 |
|
|
351,370 |
|
|
50,070 |
Payroll and welfare payable |
|
94,856 |
|
|
111,369 |
|
|
15,870 |
Tax payables |
|
568,819 |
|
|
605,076 |
|
|
86,223 |
Accrued expenses and other current liabilities |
|
731,863 |
|
|
895,795 |
|
|
127,650 |
Lease liabilities |
|
47,958 |
|
|
54,244 |
|
|
7,730 |
TOTAL LIABILITIES |
|
3,264,305 |
|
|
2,398,571 |
|
|
341,795 |
|
|
|
|
|
|
|
|
|
TOTAL SHAREHOLDERS' EQUITY |
|
2,380,461 |
|
|
2,848,815 |
|
|
405,951 |
TOTAL LIABILITIES AND
EQUITY |
|
5,644,766 |
|
|
5,247,386 |
|
|
747,746 |
JIAYIN GROUP INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME(Amounts in thousands, except for share and per
share data) |
|
|
|
For the Three Months EndedSeptember
30, |
|
|
For the Nine Months EndedSeptember
30, |
|
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
|
RMB |
|
US$ |
|
Net
revenue |
|
1,466,344 |
|
|
1,444,872 |
|
|
205,893 |
|
|
3,866,330 |
|
|
4,396,539 |
|
626,502 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Facilitation and
servicing |
|
(544,251 |
) |
|
(419,056 |
) |
|
(59,715 |
) |
|
(1,174,305 |
) |
|
(1,694,188 |
) |
(241,420 |
) |
Allowance for uncollectible
receivables, contract assets, loans receivable
and others |
|
(8,491 |
) |
|
(11,638 |
) |
|
(1,658 |
) |
|
(29,011 |
) |
|
(10,993 |
) |
(1,566 |
) |
Sales and marketing |
|
(407,940 |
) |
|
(550,289 |
) |
|
(78,416 |
) |
|
(1,209,461 |
) |
|
(1,396,660 |
) |
(199,022 |
) |
General and
administrative |
|
(53,209 |
) |
|
(56,099 |
) |
|
(7,994 |
) |
|
(149,673 |
) |
|
(167,310 |
) |
(23,841 |
) |
Research and development |
|
(70,532 |
) |
|
(95,925 |
) |
|
(13,669 |
) |
|
(203,400 |
) |
|
(272,014 |
) |
(38,762 |
) |
Total operating costs
and expenses |
|
(1,084,423 |
) |
|
(1,133,007 |
) |
|
(161,452 |
) |
|
(2,765,850 |
) |
|
(3,541,165 |
) |
(504,611 |
) |
Income from
operation |
|
381,921 |
|
|
311,865 |
|
|
44,441 |
|
|
1,100,480 |
|
|
855,374 |
|
121,891 |
|
Interest income, net |
|
2,957 |
|
|
2,934 |
|
|
418 |
|
|
4,940 |
|
|
9,168 |
|
1,306 |
|
Other income, net |
|
2,567 |
|
|
8,742 |
|
|
1,246 |
|
|
13,579 |
|
|
74,966 |
|
10,683 |
|
Income before income
taxes and loss from investment in
affiliates |
|
387,445 |
|
|
323,541 |
|
|
46,105 |
|
|
1,118,999 |
|
|
939,508 |
|
133,880 |
|
Income tax expense |
|
(61,806 |
) |
|
(53,927 |
) |
|
(7,685 |
) |
|
(185,055 |
) |
|
(158,559 |
) |
(22,594 |
) |
Loss from investment in
affiliates |
|
(1,738 |
) |
|
— |
|
|
— |
|
|
(4,002 |
) |
|
— |
|
— |
|
Net
income |
|
323,901 |
|
|
269,614 |
|
|
38,420 |
|
|
929,942 |
|
|
780,949 |
|
111,286 |
|
Less: net income (loss)
attributable to non-controlling interest |
|
108 |
|
|
2 |
|
|
— |
|
|
85 |
|
|
(4 |
) |
(1 |
) |
Net income
attributable to Jiayin Group
Inc. |
|
323,793 |
|
|
269,612 |
|
|
38,420 |
|
|
929,857 |
|
|
780,953 |
|
111,287 |
|
Weighted average
shares used in calculating net income
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic and diluted |
|
214,740,208 |
|
|
212,672,997 |
|
|
212,672,997 |
|
|
214,168,317 |
|
|
212,380,527 |
|
212,380,527 |
|
Net income per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic and diluted |
|
1.51 |
|
|
1.27 |
|
|
0.18 |
|
|
4.34 |
|
|
3.68 |
|
0.52 |
|
Net income per
ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic and diluted |
|
6.04 |
|
|
5.08 |
|
|
0.72 |
|
|
17.36 |
|
|
14.72 |
|
2.08 |
|
Net
income |
|
323,901 |
|
|
269,614 |
|
|
38,420 |
|
|
929,942 |
|
|
780,949 |
|
111,286 |
|
Other comprehensive
income (loss), net of tax of
nil: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustments |
|
2,044 |
|
|
(7,008 |
) |
|
(999 |
) |
|
8,014 |
|
|
(9,891 |
) |
(1,409 |
) |
Comprehensive
income |
|
325,945 |
|
|
262,606 |
|
|
37,421 |
|
|
937,956 |
|
|
771,058 |
|
109,877 |
|
Comprehensive income
(loss) attributable to non-controlling interest |
|
147 |
|
|
(69 |
) |
|
(10 |
) |
|
(4 |
) |
|
(13 |
) |
(2 |
) |
Total comprehensive
income attributable to Jiayin Group
Inc. |
|
325,798 |
|
|
262,675 |
|
|
37,431 |
|
|
937,960 |
|
|
771,071 |
|
109,879 |
|
A chart accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/8192de01-1462-4730-9c79-d7659198df5d
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