Lei Jianping on May 18
Lending platform Xinye Technology (NYSE: FINV), the parent company of Paipai Loan, recently released its financial report. According to the financial report, Xinye Technology's revenue in the first quarter of 2024 will be 3.165 billion yuan (about 438 million US dollars), an increase of 3.8% from 3.051 billion yuan in the same period last year.
Among them, the loan facilitation service fee of Xinye Technology in the first quarter of 2024 was 985.9 million yuan (approximately US$136.6 million), compared to 1,168.3 million yuan in the same period of 2023, the facilitated service fee was 465.2 million yuan, compared to 487.2 million yuan in the same period of 2023, and the guarantee income was 1,346.1 million yuan (US$186.4 million), compared with 986.5 million yuan in the same period of 2023.
Net interest income for the first quarter of 2024 was $231.3 million, compared to $285.6 million for the same period in 2023, and other income was $136.5 million, compared to $123.1 million for the same period in 2023.
Xinye Technology said that the contribution of international business to the group's revenue continued to expand, becoming the second growth curve.
Xinye Technology has established deeply localized fintech platforms in Indonesia and the Philippines, and has carried out technology service business in Latin America. In the first quarter, the international business achieved revenue of 590 million yuan, a year-on-year increase of 32.9%, accounting for 18.8% of the group's total revenue.
Tiezheng Li, CEO of Xinye Technology, said: "In the first quarter of this year, Xinye Technology continued to show full vitality in the domestic and international markets. We are full of confidence in 2024, and the company will continue to deepen its globalization strategy, strengthen the construction of technology and services, and bring more efficient and accurate digital services to financial institutions, small and micro enterprises, and individual user groups. ”
Xinye's Q1 costs and expenses increased by 10% year-on-year to 2.5 billion
Costs and expenses for the first quarter of 2024 were RMB2.537 billion (approximately US$351 million), up 10% from RMB2.3 billion in the same period last year.
Among them, the initiation, service expenses and other revenue costs of Xinye Technology in the first quarter of 2024 were 539 million yuan (approximately 74.73 million US dollars), sales and marketing expenses were 449.2 million yuan (approximately 62.2 million US dollars), compared with 397.1 million yuan in the same period of 2023, and research and development expenses were 120.5 million yuan, compared with 126.2 million yuan in the same period of 2023.
Xinye Technology's general and administrative expenses for the first quarter of 2024 were $82.3 million, compared to $85.4 million for the same period in 2023; The provision for accounts receivable and contract assets was 65.66 million yuan, compared with 63.2 million yuan in the same period of 2023; The provision for loans receivable was $81.3 million, compared to $143.3 million for the same period in 2023.
Credit losses on quality assurance commitments were RMB1,188.1 million (US$165.9 million) in the first quarter of 2024, compared to RMB980 million for the same period in 2023.
Shinya's Q1 operating profit was 628.4 million, down 15% year-on-year
Xinye Technology's operating profit for the first quarter of 2024 was 628.4 million yuan (about 87 million US dollars), down 15% from 742.3 million yuan in the same period of 2023.
Xinye Technology's adjusted profit for the first quarter of 2024 was 658.7 million yuan ($91.2 million), compared to 762.6 million yuan for the same period in 2023.
Other income for the first quarter of 2024 was $31.0 million, compared to $82.8 million for the same period in 2023.
Xinye's Q1 net profit was 530 million, down 23% year-on-year
Xinye Technology's net profit for the first quarter of 2024 was 532 million yuan ($73.7 million), down 23% from 689.8 million yuan in the same period in 2023.
As of March 31, 2024, Sino had cash and cash equivalents of RMB6,211.5 million (US$860 million) and short-term investments (mainly wealth management products and term deposits) of RMB2,333.8 million (US$321.8 million).
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