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, 2021.
First Quarter 2021 Operational and Financial Highlights
:
- Loan origination volume1 was RMB4,172 million (US$636.8
million), representing an increase of 44.1% from the same period of
2020.
- Average borrowing amount per borrower was RMB6,198 (US$946.0),
representing a decrease of 20.6% from the same period of 2020.
- Repeat borrowing rate2 was 74.2%, compared with repeat
borrowing rate of 85.4% in the same period of 2020.
- Net revenue was RMB343.1 million (US$52.4 million),
representing an increase of 9.4% from the same period of 2020.
- Operating income was RMB113.8 million (US$17.4 million),
compared with operating income of RMB51.1 million in the same
period of 2020.
- Net income was RMB93.7 million (US$14.3 million), compared with
net income of RMB39.5 million in the same period of 2020.
Mr. Yan Dinggui, the Founder, Director and Chief
Executive Officer, commented, “We are pleased with our strong
growth and momentum in the first quarter. Loan origination volume
grew 44.1% year over year and reached RMB4.2 billion, with net
income of RMB93.7 million, an increase of over 137% from the same
period of 2020. These results demonstrate the success and
sustainability of our rapid business transformation and robust
growth, as we continuously optimize business operations and improve
efficiency. Looking into the future, we see vast opportunities for
expansion enabled by technological innovation, financial
digitalization, and growing overseas market needs across various
fintech sectors in which we operate. We remain confident in our
business strategy and execution capacity, and believe we are well
positioned to benefit from the accelerating growth in the
consumption economy and digitalization.”First Quarter 2021
Financial Results
Net revenue was RMB343.1 million (US$52.4
million), representing an increase of 9.4% from the same period of
2020.
Revenue from loan facilitation services was RMB320.9 million
(US$49.0 million), representing an increase of 24.7% from the same
period of 2020. 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 100.0% 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 RMB22.2 million (US$3.4 million), representing
an increase of 8.3% from the same period of 2020. The increase was
primarily due to the development of the company's overseas
business.
Origination and servicing expense was RMB64.1
million (US$9.8 million), representing an increase of 0.3% from the
same period of 2020, primarily due to the increase in credit
assessment expense resulting from higher loan origination volume
partially offset by reduced collection costs as the Company no
longer provides such services under its new business model.
Allowance for uncollectible receivables, contract
assets, loans receivable and others was RMB8.0 million
(US$1.2 million), representing a decrease of 73.7% from the same
period of 2020, primarily due to the relatively lower credit risk
of the new business model.
Sales and marketing expense was RMB91.2 million
(US$13.9 million), representing a decrease of 2.4% from the same
period of 2020, primarily due to the decrease in share-based
compensation expense partially offset by higher borrower
acquisition expenses.
General and administrative expense was RMB37.8
million (US$5.8 million), representing a decrease of 1.3% from the
same period of 2020, primarily due to lower rental cost partially
offset by the increase in other business-related expenses.
Research and development expense was RMB28.1
million (US$4.3 million), representing a decrease of 22.8% from the
same period of 2020, primarily due to a more streamlined team in
technology related departments.
Income from operations was RMB113.8 million
(US$17.4 million), compared with an operating income of RMB51.1
million in the same period of 2020.
Net income was RMB93.7 million (US$14.3
million), compared with net income of RMB39.5 million in the same
period of 2020.
Cash and cash equivalents were RMB123.3 million
(US$18.8 million) as of March 31, 2021, compared with RMB117.3
million as of December 31, 2020.
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 |
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 |
% |
— |
|
— |
|
— |
|
2020Q2 |
1.46 |
% |
2.37 |
% |
3.11 |
% |
3.68 |
% |
4.14 |
% |
4.52 |
% |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
2020Q3 |
0.96 |
% |
1.70 |
% |
2.24 |
% |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Conference Call
The company will conduct a conference call on
Monday, June 7, 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/2557578
A replay of the conference call may be accessed by phone at the
following numbers until June 15, 2021. To access the replay, please
reference the conference ID 2557578.
|
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.
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 RMB6.5518 to
US$1.00, the exchange rate set forth in the H.10 statistical
release of the Board of Governors of the Federal Reserve System as
of March 31, 2021. The Company makes no representation that the RMB
or US$ 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 of March 31, |
|
|
|
2020 |
|
|
2021 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
117,320 |
|
|
|
123,291 |
|
|
|
18,818 |
|
Restricted cash |
|
|
2,000 |
|
|
|
2,000 |
|
|
|
305 |
|
Amounts due from related parties |
|
|
542 |
|
|
|
44,742 |
|
|
|
6,829 |
|
Accounts receivable and contract assets, net |
|
|
158,064 |
|
|
|
227,689 |
|
|
|
34,752 |
|
Loan receivables, net |
|
|
31,296 |
|
|
|
27,652 |
|
|
|
4,221 |
|
Prepaid expenses and other current assets |
|
|
61,289 |
|
|
|
61,609 |
|
|
|
9,403 |
|
Deferred tax assets, net |
|
|
40,935 |
|
|
|
39,497 |
|
|
|
6,028 |
|
Property and equipment, net |
|
|
19,449 |
|
|
|
15,848 |
|
|
|
2,419 |
|
Right-of-use assets |
|
|
6,926 |
|
|
|
12,062 |
|
|
|
1,841 |
|
Long-term investment |
|
|
87,551 |
|
|
|
87,684 |
|
|
|
13,383 |
|
TOTAL
ASSETS |
|
|
525,372 |
|
|
|
642,074 |
|
|
|
97,999 |
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Payroll and welfare payable |
|
|
58,288 |
|
|
|
59,965 |
|
|
|
9,152 |
|
Amounts due to related parties |
|
|
8,785 |
|
|
|
3,514 |
|
|
|
536 |
|
Tax payables |
|
|
279,383 |
|
|
|
297,218 |
|
|
|
45,364 |
|
Accrued expenses and other current liabilities |
|
|
70,954 |
|
|
|
67,274 |
|
|
|
10,268 |
|
Other payable related to the disposal of Shanghai Caiyin |
|
|
566,532 |
|
|
|
566,532 |
|
|
|
86,471 |
|
Lease liabilities |
|
|
5,195 |
|
|
|
11,479 |
|
|
|
1,752 |
|
TOTAL
LIABILITIES |
|
|
989,137 |
|
|
|
1,005,982 |
|
|
|
153,543 |
|
SHAREHOLDERS'
DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
|
Class A ordinary shares (US$ 0.000000005 par value;
108,100,000 shares issued and outstanding as of December 31,
2020 and March 31, 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 March 31, 2021)3 |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Additional paid-in capital |
|
|
818,042 |
|
|
|
823,952 |
|
|
|
125,760 |
|
Accumulated deficit |
|
|
(1,266,848 |
) |
|
|
(1,173,635 |
) |
|
|
(179,132 |
) |
Accumulated other comprehensive loss |
|
|
(12,817 |
) |
|
|
(13,684 |
) |
|
|
(2,089 |
) |
Total Jiayin Group Inc. shareholder's deficit |
|
|
(461,623 |
) |
|
|
(363,367 |
) |
|
|
(55,461 |
) |
Non-controlling interests |
|
|
(2,142 |
) |
|
|
(541 |
) |
|
|
(83 |
) |
TOTAL SHAREHOLDERS'
DEFICIT |
|
|
(463,765 |
) |
|
|
(363,908 |
) |
|
|
(55,544 |
) |
TOTAL LIABILITIES AND
DEFICIT |
|
|
525,372 |
|
|
|
642,074 |
|
|
|
97,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
2020 |
|
|
2021 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Net revenue (including revenue from related parties of RMB
1,118, and RMB 11,811 for 2020Q1
and 2021Q1, respectively) |
|
|
313,526 |
|
|
|
343,055 |
|
|
|
52,360 |
|
Operating cost and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Origination and servicing |
|
|
(63,936 |
) |
|
|
(64,099 |
) |
|
|
(9,783 |
) |
Allowance for uncollectible
receivables, contract assets, loans receivable and
others |
|
|
(30,405 |
) |
|
|
(8,010 |
) |
|
|
(1,223 |
) |
Sales and marketing |
|
|
(93,437 |
) |
|
|
(91,245 |
) |
|
|
(13,927 |
) |
General and administrative |
|
|
(38,264 |
) |
|
|
(37,793 |
) |
|
|
(5,768 |
) |
Research and development |
|
|
(36,367 |
) |
|
|
(28,121 |
) |
|
|
(4,292 |
) |
Total operating cost and
expenses |
|
|
(262,409 |
) |
|
|
(229,268 |
) |
|
|
(34,993 |
) |
Income from
operation |
|
|
51,117 |
|
|
|
113,787 |
|
|
|
17,367 |
|
Interest income (expense) |
|
|
1,982 |
|
|
|
(905 |
) |
|
|
(138 |
) |
Other income, net |
|
|
1,017 |
|
|
|
1,936 |
|
|
|
295 |
|
Income before income
taxes and income from investment in affiliates |
|
|
54,116 |
|
|
|
114,818 |
|
|
|
17,524 |
|
Income tax expense |
|
|
(13,937 |
) |
|
|
(22,169 |
) |
|
|
(3,384 |
) |
(Loss) income from investment in
affiliates |
|
|
(729 |
) |
|
|
1,025 |
|
|
|
156 |
|
Net income |
|
|
39,450 |
|
|
|
93,674 |
|
|
|
14,296 |
|
Less: net (loss) income
attributable to noncontrolling interest shareholders |
|
|
(1,026 |
) |
|
|
461 |
|
|
|
70 |
|
Net income attributable
to Jiayin Group Inc. |
|
|
40,476 |
|
|
|
93,213 |
|
|
|
14,226 |
|
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 |
|
|
0.19 |
|
|
|
0.43 |
|
|
|
0.07 |
|
Net income |
|
|
39,450 |
|
|
|
93,674 |
|
|
|
14,296 |
|
Other comprehensive
income, net of tax of nil: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustments |
|
|
3,968 |
|
|
|
(964 |
) |
|
|
(147 |
) |
Comprehensive
income |
|
|
43,418 |
|
|
|
92,710 |
|
|
|
14,149 |
|
Comprehensive (loss) income
attributable to noncontrolling interest |
|
|
(994 |
) |
|
|
364 |
|
|
|
56 |
|
Total comprehensive
income attributable to Jiayin Group
Inc. |
|
|
44,412 |
|
|
|
92,346 |
|
|
|
14,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________________________
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.
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