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, 2021.
Second Quarter 2021 Operational and Financial Highlights
:
- Loan origination volume1 was RMB5,663 million (US$877.1
million), representing an increase of 153.0% from the same period
of 2020.
- Average borrowing amount per borrower was RMB5,993 (US$928.2),
representing a decrease of 14.2% from the same period of 2020.
- Repeat borrowing rate2 was 72.4%, compared with repeat
borrowing rate of 72.0% in the same period of 2020.
- Net revenue was RMB492.2 million (US$76.2 million),
representing an increase of 100.9% from the same period of
2020.
- Operating income was RMB149.6 million (US$23.2 million),
compared with operating income of RMB48.0 million in the same
period of 2020.
- Net income was RMB126.8 million (US$19.6 million), compared
with net income of RMB41.1 million in the same period of 2020.
Mr. Yan Dinggui, the Company's Founder, Director and Chief
Executive Officer, commented, “We are excited to announce an
outstanding quarter with record operational and financial results.
Loan origination volume reached RMB5,663.4 million, up 153.0% year
over year, while total revenue grew 100.9% to RMB492.2 million from
the same period of 2020. This milestone quarter fully reflects not
only our successful business transition but also fruitful evidence
of the years we dedicated to enhancing our risk management and
improving asset quality. Our ability to grow our loan origination
volume also illustrates the trust and confidence our funding
partners have in our ability to generate high quality loan assets
with optimized risk control system. Looking ahead, we will continue
broadening partnerships with more funding partners to diversify our
funding resources while maintaining excellence in our risk
management. We are confident our robust growth will sustain and
positive trajectory in both loan growth and asset quality will
continue into the future.”
“In addition to our topline expansion, we also accomplished
meaningful progress in improving our operational efficiency and
achieving noteworthy profitability. Our net income grew 208.5% year
over year to RMB126.8 million. This outstanding improvement
demonstrates both the effectiveness of our growth strategy and
strength in execution capabilities,” Mr. Yan
concluded.Second Quarter 2021 Financial
Results
Net revenue was RMB492.2 million (US$76.2
million), representing an increase of 100.9% from the same period
of 2020.
Revenue from loan facilitation services was RMB453.7 million
(US$70.3 million), representing an increase of 178.0% from the same
period of 2020, of which RMB40.7 million (US$6.3 million) was from
individual investor referral services. The increase was primarily
due to the increased loan origination volume from our institutional
funding partners.
Revenue from post-origination services was nil, representing a
decrease of 100% from the same period of 2020. The decrease was due
to the outstanding loan balance of our legacy P2P lending business
being reduced to zero in November 2020.
Other revenue was RMB38.5 million (US$5.9 million), representing
a decrease of 8.3% from the same period of 2020. The decrease was
primarily due to reduced revenue from P2P related services as the
Company no longer supports the legacy P2P lending business, of
which has been partially offset by increased revenues generated
both from our overseas business and sales of hardware by Shanghai
Bweenet Network Technology Co., Ltd. (“Shanghai Bweenet ”) since
May 2021.
Origination and servicing expense was RMB83.2
million (US$12.9 million), representing an increase of 63.5% from
the same period of 2020, primarily due to the increase in credit
assessment expense resulting from higher loan origination
volume.
Cost of sales was RMB5.0 million (US$0.8
million), compared with nil from the same period of 2020. The
increase was primarily due the cost of hardware sold by Shanghai
Bweenet.
Allowance for uncollectible receivables, contract
assets, loans receivable and others was RMB13.0 million
(US$2.0 million), representing an increase of 21.5% from the same
period of 2020, primarily due to an increase in loan principal and
interest as a result of the higher loan origination volume from
overseas business, of which has been partially offset by the
decrease in estimated default rate under current business
model.
Sales and marketing expense was RMB174.2
million (US$27.0 million), representing an increase of 169.7% from
the same period of 2020, primarily due to our new online
advertising and marketing strategy which has resulted in higher
customer acquisition expenses.
General and administrative expense was RMB35.2
million (US$5.5 million), representing a decrease of 3.8% from the
same period of 2020, primarily due to the decrease in headcount, of
which has been partially offset by the increase in personnel
related costs allocating to general and administration
department.
Research and development expense was RMB31.9
million (US$4.9 million), representing a decrease of 6.5% from the
same period of 2020, primarily due to the improved utilization of
our facility allocating to research and development department, of
which has been partially offset by the increase in professional
services expenses as the Company continues to enhance the research
and development capability.
Income from operations was RMB149.6 million
(US$23.2 million), compared with an operating income of RMB48.0
million in the same period of 2020.
Net income was RMB126.8 million (US$19.6
million), compared with net income of RMB41.1 million in the same
period of 2020.
Cash and cash equivalents were RMB141.4 million
(US$21.9 million) as of June 30, 2021, compared with RMB123.3
million as of March 31, 2021.
The following table provides the delinquency rates for 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 |
March 31, 2021 |
|
1.17 |
0.85 |
0.71 |
1.56 |
2.53 |
June 30, 2021 |
|
1.21 |
0.71 |
0.57 |
1.21 |
1.95 |
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% |
|
— |
|
— |
|
— |
|
2020Q3 |
0.96% |
|
1.70% |
|
2.24% |
|
2.77% |
|
3.27% |
|
3.73% |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
2020Q4 |
0.85% |
|
1.74% |
|
2.37% |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Conference Call
The company will conduct a conference call on
Wednesday, August 25, 2021 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/7698324
A replay of the conference call may be accessed by
phone at the following numbers until September 2, 2021. To access
the replay, please reference the conference ID
7698324.
|
Phone Number |
Toll-Free Number |
United States |
+1 (646) 254-3697 |
+1 (855) 452-5696 |
Hong Kong |
+852 30512780 |
+852 800963117 |
Mainland China |
|
+86 4006322162+86 8008700205 |
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
http://www.jiayinfintech.cn/english/.
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
RMB6.4566 to US$1.00, the exchange rate set forth in the H.10
statistical release of the Board of Governors of the Federal
Reserve System as of June 30, 2021. The Company makes no
representation that the RMB or US$ 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
Ms. Shelley BaiEmail: ir@jiayinfintech.cn
or
The Blueshirt Group
Ms. Susie WangEmail: susie@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 ofJune 30, |
|
|
|
2020 |
|
|
2021 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
117,320 |
|
|
|
141,389 |
|
|
|
21,898 |
|
Restricted cash |
|
|
2,000 |
|
|
|
2,000 |
|
|
|
310 |
|
Amounts due from related parties |
|
|
542 |
|
|
|
46,126 |
|
|
|
7,144 |
|
Accounts receivable and contract assets, net |
|
|
158,064 |
|
|
|
304,835 |
|
|
|
47,213 |
|
Inventories |
|
|
- |
|
|
|
54,189 |
|
|
|
8,393 |
|
Loan receivables, net |
|
|
31,296 |
|
|
|
33,956 |
|
|
|
5,259 |
|
Prepaid expenses and other current assets |
|
|
61,289 |
|
|
|
86,123 |
|
|
|
13,339 |
|
Deferred tax assets, net |
|
|
40,935 |
|
|
|
40,099 |
|
|
|
6,211 |
|
Property and equipment, net |
|
|
19,449 |
|
|
|
12,511 |
|
|
|
1,938 |
|
Right-of-use assets |
|
|
6,926 |
|
|
|
36,977 |
|
|
|
5,727 |
|
Long-term investment |
|
|
87,551 |
|
|
|
86,816 |
|
|
|
13,446 |
|
TOTAL
ASSETS |
|
|
525,372 |
|
|
|
845,021 |
|
|
|
130,878 |
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Short-term loan |
|
|
- |
|
|
|
4,000 |
|
|
|
620 |
|
Accounts payable |
|
|
- |
|
|
|
2,650 |
|
|
|
410 |
|
Payroll and welfare payable |
|
|
58,288 |
|
|
|
34,749 |
|
|
|
5,382 |
|
Amounts due to related parties |
|
|
8,785 |
|
|
|
24,262 |
|
|
|
3,758 |
|
Tax payables |
|
|
279,383 |
|
|
|
329,934 |
|
|
|
51,100 |
|
Accrued expenses and other current liabilities |
|
|
70,954 |
|
|
|
84,454 |
|
|
|
13,081 |
|
Other payable related to the disposal of Shanghai Caiyin |
|
|
566,532 |
|
|
|
560,440 |
|
|
|
86,801 |
|
Lease liabilities |
|
|
5,195 |
|
|
|
35,659 |
|
|
|
5,523 |
|
TOTAL
LIABILITIES |
|
|
989,137 |
|
|
|
1,076,148 |
|
|
|
166,675 |
|
SHAREHOLDERS'
DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
|
Class A ordinary shares (US$ 0.000000005 par value; 108,100,000
shares issued and outstanding as of December 31, 2020 and June 30,
2021)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 June 30,
2021)3 |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Additional paid-in capital |
|
|
818,042 |
|
|
|
827,512 |
|
|
|
128,165 |
|
Accumulated deficit |
|
|
(1,266,848 |
) |
|
|
(1,046,807 |
) |
|
|
(162,130 |
) |
Accumulated other comprehensive loss |
|
|
(12,817 |
) |
|
|
(16,241 |
) |
|
|
(2,515 |
) |
Total Jiayin Group Inc. shareholder's deficit |
|
|
(461,623 |
) |
|
|
(235,536 |
) |
|
|
(36,480 |
) |
Non-controlling interests |
|
|
(2,142 |
) |
|
|
4,409 |
|
|
|
683 |
|
TOTAL SHAREHOLDERS'
DEFICIT |
|
|
(463,765 |
) |
|
|
(231,127 |
) |
|
|
(35,797 |
) |
TOTAL LIABILITIES AND
DEFICIT |
|
|
525,372 |
|
|
|
845,021 |
|
|
|
130,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Net revenue (including revenue from related
partiesof RMB 5,517 and RMB 12,069 for 2020Q2 and
2021Q2, RMB 6,635 and RMB 23,880 for 2020H1 and 2021H1,
respectively) |
|
|
244,989 |
|
|
|
492,173 |
|
|
|
76,228 |
|
|
|
558,515 |
|
|
|
835,228 |
|
|
|
129,360 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination and servicing |
|
|
(50,926 |
) |
|
|
(83,224 |
) |
|
|
(12,890 |
) |
|
|
(114,862 |
) |
|
|
(147,323 |
) |
|
|
(22,817 |
) |
Cost of sales |
|
|
- |
|
|
|
(4,983 |
) |
|
|
(772 |
) |
|
|
- |
|
|
|
(4,983 |
) |
|
|
(772 |
) |
Allowance for uncollectible
receivables, contract assets, loans receivable and others |
|
|
(10,721 |
) |
|
|
(13,042 |
) |
|
|
(2,020 |
) |
|
|
(41,126 |
) |
|
|
(21,052 |
) |
|
|
(3,261 |
) |
Sales and marketing |
|
|
(64,647 |
) |
|
|
(174,220 |
) |
|
|
(26,983 |
) |
|
|
(158,084 |
) |
|
|
(265,465 |
) |
|
|
(41,115 |
) |
General and
administrative |
|
|
(36,561 |
) |
|
|
(35,169 |
) |
|
|
(5,447 |
) |
|
|
(74,825 |
) |
|
|
(72,962 |
) |
|
|
(11,301 |
) |
Research and development |
|
|
(34,108 |
) |
|
|
(31,924 |
) |
|
|
(4,944 |
) |
|
|
(70,475 |
) |
|
|
(60,045 |
) |
|
|
(9,300 |
) |
Total operating costs
and expenses |
|
|
(196,963 |
) |
|
|
(342,562 |
) |
|
|
(53,056 |
) |
|
|
(459,372 |
) |
|
|
(571,830 |
) |
|
|
(88,566 |
) |
Income from
operation |
|
|
48,026 |
|
|
|
149,611 |
|
|
|
23,172 |
|
|
|
99,143 |
|
|
|
263,398 |
|
|
|
40,794 |
|
Interest income |
|
|
3,257 |
|
|
|
1,018 |
|
|
|
158 |
|
|
|
5,239 |
|
|
|
113 |
|
|
|
18 |
|
Other income, net |
|
|
3,134 |
|
|
|
10,426 |
|
|
|
1,615 |
|
|
|
4,151 |
|
|
|
12,362 |
|
|
|
1,915 |
|
Income before income
taxes and income from investment in
affiliates |
|
|
54,417 |
|
|
|
161,055 |
|
|
|
24,945 |
|
|
|
108,533 |
|
|
|
275,873 |
|
|
|
42,727 |
|
Income tax expense |
|
|
(14,006 |
) |
|
|
(37,222 |
) |
|
|
(5,765 |
) |
|
|
(27,943 |
) |
|
|
(59,391 |
) |
|
|
(9,198 |
) |
Income (loss) from investment
in affiliates |
|
|
702 |
|
|
|
3,002 |
|
|
|
465 |
|
|
|
(27 |
) |
|
|
4,027 |
|
|
|
624 |
|
Net
income |
|
|
41,113 |
|
|
|
126,835 |
|
|
|
19,645 |
|
|
|
80,563 |
|
|
|
220,509 |
|
|
|
34,153 |
|
Less: net income (loss)
attributable to noncontrolling interest shareholders |
|
|
471 |
|
|
|
7 |
|
|
|
1 |
|
|
|
(555 |
) |
|
|
468 |
|
|
|
72 |
|
Net income
attributable to Jiayin Group Inc. |
|
|
40,642 |
|
|
|
126,828 |
|
|
|
19,644 |
|
|
|
81,118 |
|
|
|
220,041 |
|
|
|
34,081 |
|
Weighted average
shares used in calculating net income per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic and diluted |
|
|
216,100,000 |
|
|
|
216,100,000 |
|
|
|
216,100,000 |
|
|
|
216,100,000 |
|
|
|
216,100,000 |
|
|
|
216,100,000 |
|
Net income per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic and diluted |
|
|
0.19 |
|
|
|
0.59 |
|
|
|
0.09 |
|
|
|
0.38 |
|
|
|
1.02 |
|
|
|
0.16 |
|
Net
income |
|
|
41,113 |
|
|
|
126,835 |
|
|
|
19,645 |
|
|
|
80,563 |
|
|
|
220,509 |
|
|
|
34,153 |
|
Other comprehensive
income, net of tax of nil: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustments |
|
|
(396 |
) |
|
|
(2,587 |
) |
|
|
(401 |
) |
|
|
3,572 |
|
|
|
(3,551 |
) |
|
|
(550 |
) |
Comprehensive
income |
|
|
40,717 |
|
|
|
124,248 |
|
|
|
19,244 |
|
|
|
84,135 |
|
|
|
216,958 |
|
|
|
33,603 |
|
Comprehensive (loss) income
attributable to noncontrolling interest |
|
|
474 |
|
|
|
(23 |
) |
|
|
(4 |
) |
|
|
(520 |
) |
|
|
341 |
|
|
|
53 |
|
Total comprehensive
income attributable to Jiayin Group
Inc. |
|
|
40,243 |
|
|
|
124,271 |
|
|
|
19,248 |
|
|
|
84,655 |
|
|
|
216,617 |
|
|
|
33,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________
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.3 The
total shares authorized for both Class A and Class B are
10,000,000,000,000.
Jiayin (NASDAQ:JFIN)
Historical Stock Chart
From Apr 2024 to May 2024
Jiayin (NASDAQ:JFIN)
Historical Stock Chart
From May 2023 to May 2024