Jiayin Group Inc. (“Jiayin” or the “Company”) (NASDAQ: JFIN), a
leading fintech platform in China, today announced its unaudited
financial results for the first quarter ended March 31, 2022.
First Quarter 2022 Operational and
Financial Highlights:
- Loan origination volume1 was
RMB8,153 million (US$1,286 million), representing an increase of
95.4% from the same period of 2021.
- Average borrowing amount per
borrowing was RMB8,736 (US$1,378), representing an increase of
41.0% from the same period of 2021.
- Repeat borrowing rate2 was 70.1%,
compared with repeat borrowing rate of 74.2% in the same period of
2021.
- Net revenue was RMB511.2 million
(US$80.6 million), representing an increase of 49.0% from the same
period of 2021.
- Income from operations was RMB182.5
million (US$28.8 million), compared with RMB113.8 million in the
same period of 2021.
- Net income was RMB144.6 million
(US$22.8 million), representing an increase of 54.3% from RMB93.7
million in the same period of 2021.
Mr. Yan Dinggui, the Company’s Founder, Director
and Chief Executive Officer, commented: “We continued to generate
strong growth momentum in the first quarter of 2022 despite
increasing macroeconomic uncertainties and challenges posed by the
resurgence of COVID-19. During the quarter, our net revenue grew by
49.0% to RMB511.2 million while net income increased by 54.3% to
RMB144.6 million from the same period of 2021. Such strong top-line
growth and profitability improvement were highlighted by our robust
operating performance as our loan origination volume grew by 95.4%
year over year to RMB8,153 million in the first quarter of 2022.
Going forward, our commitments are to strengthen our platform’s
risk management capabilities, grow our borrower base, refine our
product portfolios, and accelerate our global business expansion.
While we remain cognizant of the evolving macroeconomic landscape,
we believe that our continuous efforts in such areas will sustain
us through the near-term headwinds and position us well for
emerging opportunities.”
First Quarter 2022 Financial
Results
Net revenue was RMB511.2
million (US$80.6 million), representing an increase of 49.0% from
the same period of 2021.
Revenue from loan facilitation services was
RMB446.5 million (US$70.4 million), representing an increase of
39.1% from the same period of 2021. The increase was primarily due
to the increased loan origination volume from the Company’s
institutional funding partners.
Other revenue was RMB64.7million (US$10.2
million), compared with RMB22.2 million in the first quarter of
2021. The increase was mainly driven by revenue generated from
individual investor referral services, which was partially offset
by a decrease in revenue from the Company’s overseas business.
Origination and servicing
expense was RMB93.4 million (US$14.7 million),
representing an increase of 45.7% from the same period of 2021, in
line with the increase in the Company’s loan origination
volume.
Allowance for receivables and contract
assets was RMB4.0 million (US$0.6 million), representing a
decrease of 50.0% from the same period of 2021, primarily due to
the reduced loan volume from overseas markets.
Sales and marketing expense was
RMB148.8 million (US$23.5 million), representing an increase of
63.2% from the same period of 2021, primarily due to an increase in
borrower acquisition expenses as well as an increase in the
Company’s loan origination volume in the first quarter of 2022.
General and administrative
expense was RMB40.7 million (US$6.4 million), representing
an increase of 7.7% from the same period of 2021, primarily driven
by higher professional service fees.
Research and development
expense was RMB41.8 million (US$6.6 million), representing
an increase of 48.8% from the same period of 2021, primarily due to
higher employee compensation and benefit costs as well as increased
professional service fees.
Income from operations was
RMB182.5 million (US$28.8 million), compared with RMB113.8 million
in the same period of 2021.
Net income was RMB144.6 million
(US$22.8 million), compared with RMB93.7 million in the same period
of 2021.
Cash and cash equivalents were
RMB170.3 million (US$26.9 million) as of March 31, 2022, compared
with RMB182.6 million as of December 31, 2021.
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, 2018 |
|
1.35 |
2.53 |
2.37 |
5.46 |
9.45 |
December 31, 2019 |
|
1.27 |
2.20 |
1.68 |
4.79 |
8.39 |
December 31, 2020 |
|
1.47 |
0.88 |
0.70 |
1.66 |
1.81 |
December 31, 2021 |
|
1.31 |
0.90 |
0.72 |
1.78 |
2.12 |
March 31, 2022 |
|
0.78 |
0.74 |
0.53 |
1.61 |
2.69 |
|
|
|
|
|
|
|
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.
|
|
|
Month on Book |
Vintage |
4th |
5th |
6th |
7th |
8th |
9th |
10th |
11th |
12th |
13th |
14th |
15th |
2018Q1 |
2.41 |
% |
4.38 |
% |
6.21 |
% |
8.05 |
% |
9.80 |
% |
11.35 |
% |
12.71 |
% |
13.80 |
% |
14.61 |
% |
15.10 |
% |
15.38 |
% |
15.44 |
% |
2018Q2 |
2.43 |
% |
4.43 |
% |
6.15 |
% |
7.87 |
% |
9.47 |
% |
11.02 |
% |
12.30 |
% |
13.50 |
% |
14.25 |
% |
14.70 |
% |
14.94 |
% |
15.00 |
% |
2018Q3 |
2.23 |
% |
3.89 |
% |
5.66 |
% |
7.30 |
% |
8.89 |
% |
10.64 |
% |
12.00 |
% |
12.86 |
% |
13.47 |
% |
13.87 |
% |
14.07 |
% |
14.13 |
% |
2018Q4 |
2.26 |
% |
4.53 |
% |
6.38 |
% |
8.25 |
% |
9.99 |
% |
11.40 |
% |
12.44 |
% |
13.22 |
% |
13.83 |
% |
14.25 |
% |
14.53 |
% |
14.64 |
% |
2019Q1 |
2.17 |
% |
3.86 |
% |
5.32 |
% |
6.84 |
% |
8.13 |
% |
9.21 |
% |
10.21 |
% |
11.07 |
% |
11.85 |
% |
12.45 |
% |
12.80 |
% |
12.87 |
% |
2019Q2 |
1.83 |
% |
3.40 |
% |
4.59 |
% |
5.85 |
% |
6.98 |
% |
8.21 |
% |
9.35 |
% |
10.33 |
% |
11.08 |
% |
11.54 |
% |
11.73 |
% |
11.74 |
% |
2019Q3 |
1.64 |
% |
3.41 |
% |
4.26 |
% |
5.42 |
% |
7.03 |
% |
8.60 |
% |
10.13 |
% |
10.94 |
% |
11.59 |
% |
11.92 |
% |
12.04 |
% |
12.01 |
% |
2019Q4 |
1.31 |
% |
3.08 |
% |
4.52 |
% |
6.27 |
% |
7.69 |
% |
8.69 |
% |
9.51 |
% |
9.99 |
% |
10.31 |
% |
10.49 |
% |
10.55 |
% |
10.54 |
% |
2020Q1 |
1.67 |
% |
3.43 |
% |
4.46 |
% |
5.36 |
% |
6.11 |
% |
6.67 |
% |
7.09 |
% |
7.38 |
% |
7.61 |
% |
7.76 |
% |
7.84 |
% |
7.85 |
% |
2020Q2 |
1.46 |
% |
2.37 |
% |
3.11 |
% |
3.68 |
% |
4.14 |
% |
4.52 |
% |
4.80 |
% |
5.08 |
% |
5.27 |
% |
5.42 |
% |
5.49 |
% |
5.51 |
% |
2020Q3 |
0.96 |
% |
1.70 |
% |
2.24 |
% |
2.77 |
% |
3.27 |
% |
3.73 |
% |
4.16 |
% |
4.47 |
% |
4.71 |
% |
4.87 |
% |
4.96 |
% |
4.98 |
% |
2020Q4 |
0.85 |
% |
1.74 |
% |
2.37 |
% |
3.00 |
% |
3.49 |
% |
3.89 |
% |
4.24 |
% |
4.50 |
% |
4.72 |
% |
4.87 |
% |
4.96 |
% |
4.99 |
% |
2021Q1 |
0.96 |
% |
1.83 |
% |
2.45 |
% |
3.04 |
% |
3.51 |
% |
3.95 |
% |
4.28 |
% |
4.56 |
% |
4.78 |
% |
— |
|
— |
|
— |
|
2021Q2 |
1.00 |
% |
1.90 |
% |
2.65 |
% |
3.30 |
% |
3.90 |
% |
4.35 |
% |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
2021Q3 |
0.95 |
% |
1.86 |
% |
2.65 |
% |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Management
On May 9, 2022, the Company announced that Mr.
Chunlin Fan had rejoined the Company as Chief Financial Officer,
effective from May 5, 2022. Ms. Bei Bai and Ms. Jin Chen, who had
served as the Co-Chief Financial Officers of the Company since
January 8, 2021, stepped down from such roles and would continue
serving the Company as Senior Financial Controller and Senior
Investment and Finance Director, respectively, effective from May
5, 2022.
Conference Call
The company will conduct a conference call on
Wednesday, June 8, 2022 at 8:00 AM U.S. Eastern Time (8:00 PM
Beijing/Hong Kong Time).
Please register in advance to join the
conference using the link provided below and dial in 10 minutes
before the call is scheduled to begin. Conference access
information will be provided upon registration.
Participant Online
Registration:
http://apac.directeventreg.com/registration/event/3247939
A replay of the conference call may be accessed
by phone at the following numbers until June 16, 2022. To access
the replay, please reference the conference ID
3247939.
|
Phone Number |
Toll-Free Number |
United States |
+1 (646) 254-3697 |
+1 (855) 452-5696 |
Hong Kong |
+852 30512780 |
+852 800963117 |
Mainland China |
|
+86 4008209035+86 8009880552 |
A live and archived webcast of the conference
call will be available on the company’s investors relations website
at http://ir.jiayin-fintech.com/.
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.jiayin-fintech.com/.
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
RMB6.3393 to US$1.00, the exchange rate set forth in the H.10
statistical release of the Board of Governors of the Federal
Reserve System as of March 31, 2022. The Company makes no
representation that the RMB or US$ 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 origination 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 more information, please
contact:
In China:
Jiayin Group
Mr. Shawn ZhangEmail: ir@jiayinfintech.cn
or
The Blueshirt Group
Ms. Ally WangEmail: ally@blueshirtgroup.com
In the U.S.:
Ms. Julia QianEmail:
julia@blueshirtgroup.com
JIAYIN GROUP INC. UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for share
and per share data)
|
|
As ofDecember 31, |
|
|
As ofMarch 31, |
|
|
|
2021 |
|
|
2022 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
182,551 |
|
|
|
170,344 |
|
|
|
26,871 |
|
Restricted cash |
|
|
2,016 |
|
|
|
2,017 |
|
|
|
318 |
|
Amounts due from related parties |
|
|
37,017 |
|
|
|
62,964 |
|
|
|
9,932 |
|
Accounts receivable and contract assets, net |
|
|
502,431 |
|
|
|
678,254 |
|
|
|
106,992 |
|
Loan receivables, net |
|
|
329 |
|
|
|
620 |
|
|
|
98 |
|
Prepaid expenses and other current assets |
|
|
62,255 |
|
|
|
94,159 |
|
|
|
14,853 |
|
Deferred tax assets, net |
|
|
48,456 |
|
|
|
55,527 |
|
|
|
8,759 |
|
Property and equipment, net |
|
|
9,100 |
|
|
|
7,877 |
|
|
|
1,243 |
|
Right-of-use assets |
|
|
35,507 |
|
|
|
31,512 |
|
|
|
4,971 |
|
Long-term investment |
|
|
90,528 |
|
|
|
92,825 |
|
|
|
14,643 |
|
Other non-current assets |
|
|
1,242 |
|
|
|
1,814 |
|
|
|
286 |
|
TOTAL
ASSETS |
|
|
971,432 |
|
|
|
1,197,913 |
|
|
|
188,966 |
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Payroll and welfare payable |
|
|
56,056 |
|
|
|
36,724 |
|
|
|
5,793 |
|
Amounts due to related parties |
|
|
4,485 |
|
|
|
1,421 |
|
|
|
224 |
|
Tax payables |
|
|
409,063 |
|
|
|
479,232 |
|
|
|
75,597 |
|
Accrued expenses and other current liabilities |
|
|
118,808 |
|
|
|
154,735 |
|
|
|
24,409 |
|
Other payable related to the disposal of Shanghai Caiyin |
|
|
322,028 |
|
|
|
322,028 |
|
|
|
50,799 |
|
Lease liabilities |
|
|
35,243 |
|
|
|
31,097 |
|
|
|
4,905 |
|
TOTAL
LIABILITIES |
|
|
945,683 |
|
|
|
1,025,237 |
|
|
|
161,727 |
|
SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Class A ordinary shares (US$ 0.000000005 par value; 108,100,000
shares issued and outstanding as of December 31, 2021 and March 31,
2022)3 |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Class B ordinary shares (US$ 0.000000005 par value; 108,000,000
shares issued and outstanding as of December 31, 2020 and March 31,
2022)3 |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Additional paid-in capital |
|
|
840,580 |
|
|
|
843,718 |
|
|
|
133,093 |
|
Accumulated deficit |
|
|
(794,762 |
) |
|
|
(650,068 |
) |
|
|
(102,546 |
) |
Accumulated other comprehensive loss |
|
|
(17,954 |
) |
|
|
(18,817 |
) |
|
|
(2,968 |
) |
Total Jiayin Group Inc. shareholder's equity |
|
|
27,864 |
|
|
|
174,833 |
|
|
|
27,579 |
|
Non-controlling interests |
|
|
(2,115 |
) |
|
|
(2,157 |
) |
|
|
(340 |
) |
TOTAL SHAREHOLDERS'
EQUITY |
|
|
25,749 |
|
|
|
172,676 |
|
|
|
27,239 |
|
TOTAL LIABILITIES AND
EQUITY |
|
|
971,432 |
|
|
|
1,197,913 |
|
|
|
188,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JIAYIN GROUP INC. UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(Amounts in
thousands, except for share and per share data)
|
|
For the Three Months EndedMarch
31, |
|
|
|
2021 |
|
|
2022 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Net revenue (including revenue from related parties of RMB
11,811, and RMB 3,740 for 2021Q1 and 2022Q1,
respectively) |
|
|
343,055 |
|
|
|
511,174 |
|
|
|
80,636 |
|
Operating cost and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Origination and servicing |
|
|
(64,099 |
) |
|
|
(93,402 |
) |
|
|
(14,734 |
) |
Allowance for receivables and
contract assets |
|
|
(8,010 |
) |
|
|
(4,020 |
) |
|
|
(634 |
) |
Sales and marketing |
|
|
(91,245 |
) |
|
|
(148,789 |
) |
|
|
(23,471 |
) |
General and administrative |
|
|
(37,793 |
) |
|
|
(40,708 |
) |
|
|
(6,422 |
) |
Research and development |
|
|
(28,121 |
) |
|
|
(41,768 |
) |
|
|
(6,589 |
) |
Total operating costs and
expenses |
|
|
(229,268 |
) |
|
|
(328,687 |
) |
|
|
(51,850 |
) |
Income from
operation |
|
|
113,787 |
|
|
|
182,487 |
|
|
|
28,786 |
|
Interest (expense) income |
|
|
(905 |
) |
|
|
275 |
|
|
|
43 |
|
Other income, net |
|
|
1,936 |
|
|
|
4,505 |
|
|
|
711 |
|
Income before income
taxes and income from investment in affiliates |
|
|
114,818 |
|
|
|
187,267 |
|
|
|
29,540 |
|
Income tax expense |
|
|
(22,169 |
) |
|
|
(45,400 |
) |
|
|
(7,162 |
) |
Income from investment in
affiliates |
|
|
1,025 |
|
|
|
2,781 |
|
|
|
439 |
|
Net income |
|
|
93,674 |
|
|
|
144,648 |
|
|
|
22,817 |
|
Less: net income (loss)
attributable to noncontrolling interest shareholders |
|
|
461 |
|
|
|
(46 |
) |
|
|
(7 |
) |
Net income attributable
to Jiayin Group Inc. |
|
|
93,213 |
|
|
|
144,694 |
|
|
|
22,824 |
|
Weighted average shares
used in calculating net income per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
- Basic and diluted |
|
|
216,100,000 |
|
|
|
216,100,000 |
|
|
|
216,100,000 |
|
Net income per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
- Basic and diluted |
|
|
0.43 |
|
|
|
0.67 |
|
|
|
0.11 |
|
Net income |
|
|
93,674 |
|
|
|
144,648 |
|
|
|
22,817 |
|
Other comprehensive
income, net of tax of nil: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustments |
|
|
(964 |
) |
|
|
(859 |
) |
|
|
(136 |
) |
Comprehensive
income |
|
|
92,710 |
|
|
|
143,789 |
|
|
|
22,681 |
|
Comprehensive income (loss)
attributable to noncontrolling interest |
|
|
364 |
|
|
|
(42 |
) |
|
|
(7 |
) |
Total comprehensive
income attributable to Jiayin Group
Inc. |
|
|
92,346 |
|
|
|
143,831 |
|
|
|
22,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________________
1 “Loan origination volume” refers the loan
origination 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.3 The total shares authorized for both Class A and Class B
are 10,000,000,000,000.
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