Q2 2023 Jiayin Group Inc Earnings Call
As a percentage of net revenue, IMG expenses reduced to 5.3% from 6.7% in the same period last year.
Consequently, our net income for the second quarter increased by 28.6% to $326.3 million from 253.8 million in the same period last year.
Our basic and diluted net income per share were both RMB 1.52 compared to RMB 1.18 in the same period last year.
Basic and dilute net income per ADS were both RMB 6.1 compared to RMB 4.72 in the same period last year.
Speaker 2: Good day, ladies and gentlemen. Thank you for standing by and welcome to JIA In-Group second quarter 2023 earnings conference call. Currently, all participants are in listen-only mode. Later, we'll conduct a question-and-answer session.
We ended this quarter with 288.9 million in cash and cash equivalents.
compared to 340.6 million at the end of the previous quarter.
Speaker 2: and instructions will follow at that time.
As of June 30, 2023, we have brought back approximately 1.8 million of our ADSes. For a total of USD 5.5 million under our USD 10 million share repurchase plan, we announced in June 2022 and extended in June 2023.
Speaker 2: As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time.
Speaker 2: I'll now turn the call over to Mr. Shawn Zhang from Jia Ying's group, Investor
Speaker 3: Hello, everyone. Thank you all for joining us on today's conference call to discuss JIIN Group's financial results for the second quarter of 2023.
With that, we can open the call for questions. Operator please proceed.
and open the call for questions. Operator, please proceed. Thank you.
Speaker 3: We released our earnings results earlier today. The press release is available on the company's website as well as from Newsware Services.
To ask a question, please press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised.
Speaker 3: On the call with me today are Mr. Yanjing Gui, Chief Executive Officer, Mr. Fan Zhelin, Chief Financial Officer, and Xu Yifeng, Chief Risk Officer.
To withdraw your question, please press star 11 again. If you prefer to ask your questions in Chinese, please repeat your questions in English immediately after for the convenience of everyone on the call. Once again, that's star 11 for questions.
Speaker 3: Before we continue, let me quickly go through the safe harbors. Please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Security Litigation Reform Act of 1995.
Our first question comes from the line of Lin Yao from Hwa Food Securities. Please ask your question Lin.
Speaker 3: For looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today.
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Speaker 3: Further information regarding these and other risks and uncertainties is included in the company's public filings with the SEC. The company does not assume any obligation to update any forward-looking statement except as required under applicable law. So please note that unless otherwise stated, all figures...
I will do the translation for myself. I'm Wing Yao from HUACFIC security. My first question is about the low origination volume growth. Compared to the previous quarters, where your volume growth was generally over 100%,
Speaker 3: Our CEO , Mr. Yan Dingwei, Mr. Yan will deliver his remarks in Chinese and I will follow up with the corresponding English translations. Please go ahead Mr. Yan.
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What are the key elements behind the lower low origination volume growth in this quarter? How should we expand your low origination volume to trend going forward? Thanks.
Speaker 4: Thank you for your attention.
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Speaker 3: Good day to all. I appreciate everyone for taking the time to join us for our second quarter 2023 earnings conference call.
Speaker 3: As I look back on the past quarter, I am felt with pride at the exceptional performance our team has once again delivered with excellent results.
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Speaker 3: which is a testament to our focus on technological innovation and our continued strive to enhance operational efficiency.
Speaker 3: I would like to highlight that our long origination volume saw a remarkable increase of 77.8%.
Speaker 3: and our net revenue experienced a strong growth of 57.4% compared to the same period last year.
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Speaker 3: More importantly, our commitment to cost optimization ensured that we continue to improve our bottom line as well.
Okay, this is Sean Jia from the Investor Relations Center. I will do the translation for Mr. Xi. And as you mentioned that our growth rate for this quarter is 77.8%, which looks like 12%.
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lower than over 100% rate in the last quarters.
Speaker 4: We wish to encourage the people of China to feel confident and passionate about theICK
Well, one of the...
One of the reasons is that if you look at the absolute value in the early 2022 and the whole year of 2021, our low origin nation, the absolute value of it is relatively small.
Speaker 4: Thank you for your attention.
Speaker 4: Thank you for your attention.
Speaker 3: Reflecting upon the second quarter, the recovery of China's economy is still under progress.
And when we view the relatively slow down in the growth rate of the origination volume in this quarter, because the growth rate in the year of 2022 was very fast, which made it appear to slow down year on year for this quarter. But if you compare with what we had in the last quarter,
Speaker 3: Zooming out to view the broader economic landscape, China's GDP expands by 6.3% year-over-year for the quarter.
Speaker 3: against this back draw.
Speaker 3: The Chinese government wrote out multiple initiatives aimed at stimulating and encouraging consumer spending.
the growth rate is still quite impressive. And just as Mr. Yan just mentioned, we just revised our annual guidance upwards, which means that in the long run, we still want to pursue the growth of our origination volume at a healthy level.
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Speaker 3: This positions the consumer sector as one of the key potential drivers in China's economic revival and its onward growth trajectory.
Speaker 3: Additionally, statistics from the People's Bank of China revealed that new RMB loans for the first half of the year reached RMB 15.73 trillion, marking a substantial year-over-year RMB 2 trillion increase.
And as you know that the business logic of the credit loans always includes the lack of risk cost. Therefore, we want to choose to achieve a growth which is under control and pursuing sustainable and healthy expansions.
Hope that will answer your question, Mr. D.
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Speaker 4: I welcome everyone's attention. We want to treat all soybeans as a tremendous they are
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What margin trends should we expect going forward? Are there any potential headwinds or tailwinds that might impact the company's profitability? Thanks.
Thank you.
Speaker 4: Thank you for your attention.
Thank you for your attention.
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Speaker 3: Amidst the economic recovery trend, we have been steadfast in our mission to strengthen our funding channels to ensure our funding supply remains stable.
Okay, this is Sean Zhang again and I will do the translation. So on the basis of...
Speaker 3: Our strategy has centered around correlating deeper ties with key financial institutions and enhancing our existing collaborations.
continuously optimizing the borrow base structure and improving the company's overall operating efficiency and combined with the monetary policy of the central banks for their downward interest rate.
Speaker 3: This approach has not only fueled our long-volume growth for the quarter, but has also fortified our reserves, positioning us to capitalize on upcoming opportunities.
The product pricing offered by our partner financial institutions will maintain a further steady downward trend in the medium and long-term round.
Speaker 3: As of June 30, 2023, our FinTech partnerships have grown to encompass 69 financial institutions and we are actively engaging with another 70.
At the same time, I think our tick rate has room for their decline as well.
Speaker 3: Meanwhile, we are also refining our partnership metrics. Beyond our engagement with city commercial banks, rural commercial banks, and consumer finance firms, we have expanded our coverage to internet banks, and we have expanded our coverage to internet banks.
We hope to see you in the next video.
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Speaker 3: private banks, and even joint-stock banks. It's worth noting that by the end of the second quarter, the credit line to be facilitated without regional constraints still constituted to the majority of our total credit line for origination provided by our founding partners.
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We hope you will enjoy this video. Please subscribe to our channel.
The main majority of the company's revenue right now comes from the loan and rehabilitation services, including the acquisition of borrowers and risk control services.
Speaker 3: demonstrating our prospects for sustained robust growth in our long-origination business across China going forward.
Speaker 4: Thank you for your attention.
With the scale effect and the improvement of our overall operating efficiency, the margin of this part of business will remain stable. If you look at our other revenue sector, you can see our seed business revenues and also we did
Speaker 4: Thank you for watching.
Speaker 4: no concerns at all. The entire FinTech Temple office is in exactly the right place.
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in the last two quarters. And the current margin of the guarantee business is still lower than the loan facilitation services.
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Speaker 3: Furthermore, our commitment to leveraging FinTech capabilities has been pivotal in assisting licensed financial institutions with the digital transformation of their in-house businesses.
Okay.
You may see that the facilities services will still have the majority of the facilities
Speaker 3: By the close of second quarter, we have successfully aided six financial institutions in transitioning their in-house operations to digital platforms and are in the process of collaborating with another five to empower their online self-operated business platforms.
a source of our revenue. And we will grasp the balance of different business segments in the proportion of the revenue. Our net profit margin in this quarter is 25.5%, which has a slight increase from the previous quarter.
Speaker 3: Additionally, we are currently in progressive discussions with three more institutions under this framework to explore avenues for potential collaborations.
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Speaker 3: Importantly, either we enable our partners to leverage our own facilitation platform or we empower our partners' digital operations. We're strategically positioned to cultivate long-term, stable, and synergistic collaborations with our partners.
Thank you very much.
And just as what Mr. Yan just mentioned, that we will strengthen our AI applications and also refine our operation. Our management team is confident that our net profit margin will be maintained at a healthy level of.
Speaker 3: we will remain committed to enabling our partners, especially in areas such as targeting high quality borders and managing risk volatilities.
I hope that will answer your question.
Speaker 4: Thank you.
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Thank you so much. Thank you, Lin. Our next question comes from the line of Martin Chen from Ten Asset. Please ask your question, Martin.
Speaker 4: Thank you.
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This is Martin from 10-FS. Congratulation on a strong second quarter result and the race whole year guidance. I have two questions.
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First one is that I noticed that companies' cash and cash prevalence has decreased compared to last quarter. What are the main factors caused to this reduction? Also, I'd like to know the company's strategy to manage its liquidity and the cash flow going forward.
I would like to highlight that applying AI technology has furthered our FinTech capabilities.
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To date, GPT Business Assistance has been deployed or is under development in three distinct use cases.
Thank you for your attention.
Firstly, it aids in enhancing performance efficiency and the quality of our service representatives. By leveraging ChatGPT, we empowered various service aspects such as tap instruction,
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conversation summarization, customer compliant prediction.
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emotion detection, and deep conversation insights.
all of which further refine our operations.
Secondly, it facilitates real-time risk analysis and alerts by assisting in the extraction of signatures.
Okay.
So, thank you very much.
Just like what you mentioned, as of June 30, 2023, our cash-on-cash equivalent balance was 289 million RMB, which has a slight decrease from the end of the first quarter.
text, and essential elements from credit contracts.
thereby streamlining our business processes.
Thirdly, within our firm, we have established the JIA in GPT lab using the JIA GPT interface, encouraging our employees to be part of the JIA GPT.
And I think there are two main reasons for that. Firstly, we have a capital investment in our overseas businesses.
to actively explore the utilization of AI technology in business.
The reason for that is we have increased strategic investment in our overseas business this year. For the overseas business, it still needs some time to be on the right track. And it will take some time for the overseas business to achieve a break-even or positive cash flow. For more information, visit www.fema.gov
Secondly, our guarantee business started to grow up in the most recent quarter as well. And the payment of security deposit increased accordingly, which occupied part of the cash as well.
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So, we hope you enjoyed this video. Please subscribe to our channel. If you haven't already, click the bell icon. Thank you for watching.
I hope you enjoyed this video. Please subscribe to my channel and like the video. Please subscribe to my channel and like the video.
Generally, we think the liquidity position right now for the company is pretty good. And for most of the...
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Furthermore, since its upgrade in May 2023, the Longjin Intelligent Quality Inspection System we developed through our subsidiary JIRA has achieved a remarkable feat by ensuring 100% coverage in our quality inspection process.
We also see a majority of them is from account receivable. And the recovery of our account receivable is pretty good. We also have a cash balance needed for our overseas business.
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of voice recognition, natural language processing, and advanced big data analytics. The launching system seamlessly integrates automated AI-driven quality chat with human oversight.
So in the medium and long run, in terms of our liquidity management, our plans will include as follows. Firstly, we will monitor the recovery of our account receivable.
ensuring storage and quality of both textual and auditory data. This synergy enabled a comprehensive and precise evaluation of our service representative's performance metrics.
and we will strengthen the recovery of the...
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and preliminary results since the system's launch have validated its efficacy.
So, we will also further reduce the deposit payment ratio by negotiating with our partners and to decrease the effect from the cash occupied by the
So, we will also further reduce the deposit payment ratio by negotiating with our partners and to decrease the cash occupied by the guaranteed business.
The system has been instrumental to improving quality inspection capabilities, elevating customer service standards, and optimizing operational cost and risk profile for us. Our licensed consumers mustutter as Charles Taldycha will cover the greenessefooters and restrict the quality of their goods inlay darkness of usually,
So, thirdly, the business expansion of our seed business in the future will rely on the arrow means toe over heel would be a lot easier if a plant got to this line.
rely more on funding sources from other channels so as to achieve overseas business break-even or a cash inflow as soon as possible.
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Okay, to conclude, we will further strengthen the refined operations and to increase workforce efficiency and continue to optimize their company's utilization efficiency of operating cash.
Thank you.
Martin, I hope that will answer your question.
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We hope to see you again soon.
Now, onto borrower-based operations. We continue to refine our borrower structure in the second quarter, consistently increasing the proportion and overall number of high-quality borrowers.
In our acquisition strategies, we focus on online channels this quarter targeting a more high quality border base.
Impressively, our repeat borrowing rate improved by 2.3 percentage points year over year, achieving a remarkable 70.1% and the average borrowing amount per borrowing reached RMB 10,368, marking a 16% increase from the previous year. At the same time as we optimize our borrower portfolio, we have also observed a reduction in the product rate levels.
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offered by our partner financial institutions. This not only solidifies our future trajectory in asset quality, but also underscores our ongoing efforts in boosting consumption and driving economic recovery.
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I will do the translation for this part as well. Yes, Martin, we did experience some challenges you just mentioned. From Mr. Yan just mentioned that we also know the GDP of China is still half a growth and the consumer section will probably going to be a very important part for the economy development in the future. From the outside we also...
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In terms of risk management, our approach continues to prove its effectiveness.
observed that the employment rate data becomes somewhat uncertain and probably not that optimistic. And at the same time, we find that the demand for the credit loan is still very strong. And the debt-to-income ratio is also very low.
Despite the ongoing market volatility throughout the second quarter, we have successfully maintained our 61-90 day delinquency rate at a stable level of 10.
0.66% as of June 30, 2023.
of the borrowers is raising up as well. Also, from the internal perspectives, we can also see some trend changes from the inflow rate of some sub-divided borrower groups, and also we can see some collection data.
We have also noted that in recent days, some emerging external risk factors, such as illegal and disruptive financial activities, have had a certain impact on the normal operation of financial institutions.
and have also posed challenges to the personal information security and various legitimate rights and interests of borrowers. We want to mention that at the same time as we are assisting funding partners to effectively deal with risk fluctuations, we want to make sure that we are not
JIA-ing also put the protection of consumer rights and interests at the top of the list. As our platform's borrower base continues to grow in both numbers and quality, our focus remains twofold, ensuring reliable risk management and a level of quality.
and elevating our service standards to the users. Our mission is clear, to strike a balance between growth and sustainability, all while upholding the highest level of service and risk oversight.
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On the global stage, our Nigerian operations have demonstrated resilience, showcasing a consistent uptrend in profitability, even after navigating through certain risk challenges. A testament to our commitment to the Nigerian market is our ongoing commitment to the global
is our growing local workforce, which demonstrates our determination and confidence to develop in the local market for a long time in the future.
experience. We have accumulated a lot of the experience in the past few cycles. I think we have the experience and confidence to actively manage the asset quality well.
Besides that, Africa as a continent brimming with boneless potential remains a focal point in our overseas strategy.
As we witness our steady progress in Nigeria, our guess is also set on identifying potential business opportunities in other parts of the continent.
For the online credit market business, we're always using a prudent approach when facing new risk factors and abilities.
And for the online credit market business, we are always using a prudent approach when facing new risk factors and opportunities.
Shifting to Southeast Asia, we are increasingly committed to our investment in the Indonesian market. We have observed a rapid growth trend in the Indonesian market and anticipate swift evolutions in its main screen.
We will deliver another satisfying business report in the future for all of our stakeholders.
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FinTech lending business models. We are prim and enthusiastic about forging partnerships with financial institutions in Indonesia with our deep-rooted experience in China's loan origination sector and a collective vision for the future.
Thank you.
We have no more questions at this time. I will return the call back to Sean for closing remarks. Please go ahead.
Thank you, operator, and thank you all for participating on today's poll, and thank you for your support. We appreciate your interest and look forward to reporting to you again next quarter on our programs.
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This concludes today's conference call. Thank you for participating. You may now disconnect.
This concludes today's conference call. Thank you for participating. You may now disconnect.
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Before I conclude, I would like to highlight the recent release of our second annual ESG report. To report the first identified
illustrated our commitment to efficient operations throughout 2022 with significant achievements in areas such as technology empowerment, collaborative partnerships, employee growth, carbon conservation, clean up our air
carbon conscious operations and community engagement.
These accomplishments solidify the foundation for our sustainable growth.
Going forward, our commitment to our ESG strategy remains at the forefront of our operations.
Our corporate mission to realize dreams is not just a slogan but a guiding principle that we bring to reality through our actions.
Our focus is on fostering sustainable growth for the company while upholding our social responsibilities in our pursuit.
to deliver safe, trustworthy, and high quality products and services to all stakeholders.
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In summary, we once again demonstrated
significant business expansion and showcased a solid financial and risk profile in the second quarter of 2023.
These achievements underscore the success of our group strategies in expanding our business goal, refining our borrower structure, strengthening our risk management, and penetrating international markets.
We are confident that our concerted efforts will enable us to maintain a growth trajectory in the medium to long term and deliver satisfactory performance in the upcoming quarters.
Given our current growth momentum and confidence in the strategic direction, we have decided to revise our annual business forecast upwards to RMB85 billion, with RMB24 billion coming from the third quarter of 2023.
Thank you for your attention.
With that, I will now turn the call over to our CFO , Mr. Fan Chunlin. Please go ahead.
Thank you, Mr. Yang, and hello everyone for joining our call today.
I will now review our financial highlights for the quarter.
Please note that all numbers will be in RMD and all percentage changes refer to year-over-year comparisons unless otherwise noted.
As Mr. Yan mentioned, we maintained our robust growth momentum in the second quarter. Our loan origination volume grew by 77.8% to 24 billion.
meeting the top end of our previous guidance range.
Our net revenue was about $1.28 billion, up 57.4%.