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Lufax Reports Second Quarter 2024 Financial Results

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SHANGHAI, Aug. 21, 2024 /PRNewswire/ — Lufax Holding Ltd (“Lufax” or the “Company”) (NYSE: LU and HKEX: 6623), a leading financial services enabler for small business owners in China, today announced its unaudited financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 & First Half 2024 Financial Highlights

Total income was RMB5,976 million (US$822 million) in the second quarter of 2024, compared to RMB9,270 million in the same period of 2023.Net loss was RMB730 million (US$100 million) in the second quarter of 2024, compared to net profit of RMB1,004 million in the same period of 2023.

(In millions except percentages, unaudited)

Three Months Ended June 30,

2023

2024

YoY

  RMB

RMB

USD

Total income

9,270

5,976

822

(35.5 %)

Total expenses

(7,957)

(6,341)

(873)

(20.3 %)

Total expenses excluding credit
impairment losses, finance costs and
other (gains)/losses

(4,954)

(3,485)

(480)

(29.7 %)

   Credit impairment losses, finance costs and
   other (gains)/losses

(3,003)

(2,856)

(393)

(4.9 %)

Net profit/(loss)

1,004

(730)

(100)

(172.7 %)

(In millions except percentages, unaudited)

Six Months Ended June 30,

2023

2024

YoY

  RMB

RMB

USD

Total income

19,348

12,940

1,781

(33.1 %)

Total expenses

(16,920)

(12,857)

(1,769)

(24.0 %)

Total expenses excluding credit
impairment losses, finance costs and
other (gains)/losses

(10,639)

(7,065)

(972)

(33.6 %)

   Credit impairment losses, finance costs and
   other (gains)/losses

(6,281)

(5,792)

(797)

(7.8 %)

Net profit

1,736

(1,560)

(215)

(189.9 %)

Second Quarter 2024 Operational Highlights

Total outstanding balance of loans was RMB235.2 billion as of June 30, 2024 compared to RMB426.4 billion as of June 30, 2023, representing a decrease of 44.8%, among which the outstanding balance of consumer finance loans was RMB42.0 billion as of June 30, 2024, compared to RMB32.8 billion as of June 30, 2023, representing an increase of 27.9%.Total new loans enabled were RMB45.2 billion in the second quarter of 2024, compared to RMB53.5 billion in the same period of 2023, representing a decrease of 15.5%, among which new consumer finance loans were RMB22.1 billion in the second quarter of 2024, compared to RMB17.9 billion in the same period of 2023, representing an increase of 23.6%.Cumulative number of borrowers increased by 17.4% to approximately 23.2 million as of June 30, 2024 from approximately 19.7 million as of June 30, 2023.As of June 30, 2024, including the consumer finance subsidiary, the Company bore risk on 56.7% of its outstanding balance, up from 27.5% as of June 30, 2023. Credit enhancement partners bore risk on the other 42.2% of the outstanding balance, among which Ping An Property & Casualty Insurance Company of China, Ltd. accounted for a majority.As of June 30, 2024, excluding the consumer finance subsidiary, the Company bore risk on 49.9% of its outstanding balance, up from 22.4% as of June 30, 2023.For the second quarter of 2024, the Company’s retail credit enablement business take rate[1] based on loan balance was 9.3%, as compared to 7.0% for the second quarter of 2023.C-M3 flow rate[2] for the total loans the Company had enabled, excluding the consumer finance subsidiary, was 0.9% in the second quarter of 2024, compared to 1.0% in the first quarter of 2024. Flow rates for the general unsecured loans and secured loans the Company had enabled were 0.9% and 0.7% respectively in the second quarter of 2024, as compared to 1.0% and 0.7% respectively in the first quarter of 2024.Days past due (“DPD”) 30+ delinquency rate[3] for the total loans the Company had enabled, excluding the consumer finance subsidiary, was 5.4% as of June 30, 2024, as compared to 6.6% as of March 31, 2024. DPD 30+ delinquency rate for general unsecured loans was 5.8% as of June 30, 2024, as compared to 7.4% as of March 31, 2024. DPD 30+ delinquency rate for secured loans was 4.1% as of June 30, 2024, as compared to 4.5% as of March 31, 2024.DPD 90+ delinquency rate[4] for total loans enabled, excluding the consumer finance subsidiary, was 3.4% as of June 30, 2024, as compared to 4.4% as of March 31, 2024. DPD 90+ delinquency rate for general unsecured loans was 3.7% as of June 30, 2024, as compared to 5.0% as of March 31, 2024. DPD 90+ delinquency rate for secured loans was 2.5% as of June 30, 2024, as compared to 2.6% as of March 31, 2024.As of June 30, 2024, the non-performing loan (NPL) ratio[5] for consumer finance loans was 1.4% as compared to 1.6% as of March 31, 2024.

Mr. YongSuk Cho, Chairman and Chief Executive Officer of Lufax, commented, “During the second quarter, our focus on quality over quantity yielded notable improvements of asset quality across both our Puhui and consumer finance portfolios. Loan quality trended higher within both segments, demonstrating the efficacy of our strategic approach. As our Puhui loan balance increasingly represents loans enabled under the 100% guarantee model, we anticipate the ongoing shift will drive further enhancements to our take rate going forward. Furthermore, as we continue to execute our strategy of obtaining and utilizing strong licenses to bolster our business, we expect our licenses will help us improve our funding costs, product diversity, and capital management efficiency. Looking ahead, we will seek to deepen our synergies with Ping An Group, leveraging their brand reputation, technological resources, and extensive network to strengthen our market position. These initiatives, combined with our direct sales force and ongoing emphasis on operational caution, uniquely position us to support China’s small and micro enterprise economy. We are encouraged by our progress to date, and remain committed to drive persistent, high-quality growth for our customers and our shareholders.”

Mr. Gregory Gibb, Co-Chief Executive Officer of Lufax, commented, “Our ongoing emphasis on operational refinements helped us strengthen our business during the second quarter. Our disciplined approach to credit standards led to enhancements in asset quality, with the C-M3 flow rate of Puhui loans improving to 0.9% and the NPL ratio for consumer finance loans decreasing to 1.4%. Meanwhile, the implementation of our 100% guarantee model for Puhui loans has positively impacted the take rate on our outstanding balance, which reached 9.3% this quarter. Our consumer finance segment also continued to grow, with a 23.6% year-over-year increase in new loan sales, representing 49% of total new loan sales in the quarter. Our prudent approach and ongoing operational refinements will be key as we pursue sustainable future growth.”

Mr. Alston Peiqing Zhu, Chief Financial Officer of Lufax, commented, “During the second quarter, our leverage remained low, and our two main operating entities have maintained their strong capital positions. Our guarantee subsidiary’s leverage ratio is stable at 2.4x, still comfortably below the 10x regulatory limit. At the same time, our consumer finance company has a healthy 14.7% capital adequacy ratio, surpassing the 10.5% regulatory requirement. Amidst a complex economic environment, we are seeing positive trends in asset quality and notable growth in consumer finance. We remain steadfast in our disciplined approach, aiming to construct a resilient platform for enduring success and shareholder value creation.”

Second Quarter 2024 & First Half 2024 Financial Results

TOTAL INCOME

Total income was RMB5,976 million (US$822 million) in the second quarter of 2024, compared to RMB9,270 million in the same period of 2023, representing a decrease of 36%.

Three Months Ended June 30,

(In millions except percentages,
unaudited)

2023

2024

YoY

  RMB

% of income

 RMB

% of income

Technology platform-based income

4,076

44.0 %

1,999

33.4 %

(51.0 %)

Net interest income

3,367

36.3 %

2,716

45.4 %

(19.3 %)

Guarantee income

1,149

12.4 %

850

14.2 %

(26.0 %)

Other income

310

3.3 %

318

5.3 %

2.4 %

Investment income

370

4.0 %

94

1.6 %

(74.6 %)

Share of net profits of investments
   accounted for using the equity method

(1)

(0.0 %)

–

–

100.0 %

Total income

9,270

100.0 %

5,976

100.0 %

(35.5 %)

 

Six Months Ended June 30,

(In millions except percentages,
unaudited)

2023

2024

YoY

  RMB

% of income

  RMB

% of income

Technology platform-based income

9,086

47.0 %

4,552

35.2 %

(49.9 %)

Net interest income

6,716

34.7 %

5,561

43.0 %

(17.2 %)

Guarantee income

2,565

13.3 %

1,775

13.7 %

(30.8 %)

Other income

538

2.8 %

637

4.9 %

18.4 %

Investment income

445

2.3 %

416

3.2 %

(6.6 %)

Share of net profits of investments
   accounted for using the equity method

(2)

(0.0 %)

(1)

(0.0 %)

56.5 %

Total income

19,348

100.0 %

12,940

100.0 %

(33.1 %)

Technology platform-based income was RMB1,999 million (US$275 million) in the second quarter of 2024, compared to RMB4,076 million in the same period of 2023, representing a decrease of 51.0%, due to 1) the decrease of retail credit service fees due to the decrease in loan balance and 2) the decrease of referral and other technology platform-based income due to the Company’s exit from the Lujintong[6] business that it had previously conducted.Net interest income was RMB2,716 million (US$374 million) in the second quarter of 2024, compared to RMB3,367 million in the same period of 2023, representing a decrease of 19.3%, mainly due to the decrease in loan balance, partially offset by the increase of net interest income from the Company’s consumer finance business.Guarantee income was RMB850 million (US$117 million) in the second quarter of 2024, compared to RMB1,149 million in the same period of 2023, representing a decrease of 26.0%, primarily due to the decrease in loan balance and a lower average fee rate.Other income was RMB318 million (US$44 million) in the second quarter of 2024, compared to other income of RMB310 million in the same period of 2023. The increase was mainly due to the increased account management fees driven by improved collection performance.Investment income was RMB94 million (US$13 million) in the second quarter of 2024, compared to RMB370 million in the same period of 2023, mainly due to the increased losses associated with certain investment assets.

—————————

[1] The take rate of retail credit enablement business is calculated by dividing the aggregated amount of loan enablement service fees, post-origination service fees, net interest income (excluding revenue from PAObank and LUAN credit subsidiaries), guarantee income and the penalty fees and account management fees by the average outstanding balance of loans enabled for each period.

[2] C-M3 flow rate estimates the percentage of current loans that will become non-performing at the end of three months, and is defined as the product of (i) the loan balance that is overdue from 1 to 29 days as a percentage of the total current loan balance of the previous month, (ii) the loan balance that is overdue from 30 to 59 days as a percentage of the loan balance that was overdue from 1 to 29 days in the previous month, and (iii) the loan balance that is overdue from 60 to 89 days as a percentage of the loan balance that was overdue from 30 days to 59 days in the previous month. Loans from legacy products and consumer finance subsidiary are excluded from the flow rate calculation.

[3] DPD 30+ delinquency rate refers to the outstanding balance of loans for which any payment is 30 to 179 calendar days past due divided by the outstanding balance of loans. Loans from legacy products and consumer finance subsidiary are excluded from the calculation.

[4] DPD 90+ delinquency rate refers to the outstanding balance of loans for which any payment is 90 to 179 calendar days past due divided by the outstanding balance of loans. Loans from legacy products and consumer finance subsidiary are excluded from the calculation.

[5] Non-performing loan ratio for consumer finance loans is calculated by using the outstanding balance of consumer finance loans for which any payment is 91 or more calendar days past due and not written off, and certain restructured loans, divided by the outstanding balance of consumer finance loans.

[6] Lujintong was a platform the company launched in 2019, aiming to help its financial institution partners to acquire borrowers directly through dispersed sourcing nationwide. The company downscaled the operations of Lujintong in 2023 and ceased its operation by the end of April 2024.

TOTAL EXPENSES

Total expenses decreased by 20% to RMB6,341 million (US$873 million) in the second quarter of 2024 from RMB7,957 million in the same period of 2023. This decrease was mainly due to the decrease in sales and marketing expenses by 46% to RMB1,372 million (US$189 million) in the second quarter of 2024 from RMB2,540 million in the same period of 2023. Total expenses excluding credit impairment losses, finance costs and other (gains)/losses decreased by 30% to RMB3,485 million (US$480 million) in the second quarter of 2024 from RMB4,954 million in the same period of 2023.

Three Months Ended June 30,

(In millions except percentages, unaudited)

2023

2024

YoY

RMB

% of income

RMB

% of income

Sales and marketing expenses

2,540

27.4 %

1,372

22.9 %

(46.0 %)

General and administrative expenses

493

5.3 %

511

8.5 %

3.5 %

Operation and servicing expenses

1,576

17.0 %

1,327

22.2 %

(15.8 %)

Technology and analytics expenses

344

3.7 %

275

4.6 %

(20.0 %)

Credit impairment losses

2,998

32.3 %

2,560

42.8 %

(14.6 %)

Finance costs

136

1.5 %

13

0.2 %

(90.2 %)

Other (gains)/losses – net

(130)

(1.4 %)

282

4.7 %

316.6 %

Total expenses

7,957

85.8 %

6,341

106.1 %

(20.3 %)

 

Six Months Ended June 30,

(In millions except percentages, unaudited)

2023

2024

YoY

RMB

% of income

RMB

% of income

Sales and marketing expenses

5,570

28.8 %

2,890

22.3 %

(48.1 %)

General and administrative expenses

1,249

6.5 %

993

7.7 %

(20.5 %)

Operation and servicing expenses

3,134

16.2 %

2,655

20.5 %

(15.3 %)

Technology and analytics expenses

686

3.5 %

528

4.1 %

(23.0 %)

Credit impairment losses

6,130

31.7 %

5,422

41.9 %

(11.5 %)

Finance costs

324

1.7 %

71

0.6 %

(78.0 %)

Other (gains)/losses – net

(173)

(0.9 %)

299

2.3 %

273.0 %

Total expenses

16,920

87.5 %

12,857

99.4 %

(24.0 %)

Sales and marketing expenses decreased by 46.0% to RMB1,372 million (US$189 million) in the second quarter of 2024 from RMB2,540 million in the same period of 2023. The decrease was mainly due to 1) the decreased loan-related expenses as a result of the decrease in loan balance and 2) decreased retention expenses and referral expenses from platform service attributable to the Company’s exit from the Lujintong business that it had previously conducted.General and administrative expenses increased by 3.5% to RMB511 million (US$70 million) in the second quarter of 2024 from RMB493 million in the same period of 2023, mainly due to the increased investment in newly acquired businesses.Operation and servicing expenses decreased by 15.8% to RMB1,327 million (US$183 million) in the second quarter of 2024 from RMB1,576 million in the same period of 2023, due to the Company’s expense control measures and decrease of loan balance, partially offset by increased commission associated with improved collection performance.Technology and analytics expenses decreased by 20.0% to RMB275 million (US$38 million) in the second quarter of 2024 from RMB344 million in the same period of 2023, primarily due to the Company’s expense control measures.Credit impairment losses decreased by 14.6% to RMB2,560 million (US$352 million) in the second quarter of 2024 from RMB2,998 million in the same period of 2023, mainly due to the decrease in actual losses of loans as a result of the improvement of credit performance, partially offset by the upfront provision from loans under the 100% guarantee model.Finance costs decreased by 90.2% to RMB13 million (US$2 million) in the second quarter of 2024 from RMB136 million in the same period of 2023, mainly due to the decrease of interest expenses as a result of repayment of C-Round Convertible Promissory Notes and other debts, partially offset by the decrease of interest income from bank deposits.Other losses were RMB282 million (US$39 million) in the second quarter of 2024, compared to other gains of RMB130 million in the same period of 2023, mainly due to the increase of foreign exchange losses and losses associated with certain risk assets.

NET LOSS

Net loss was RMB730 million (US$100 million) in the second quarter of 2024, compared to a net profit of RMB1,004 million in the same period of 2023, as a result of the aforementioned factors.

LOSS PER ADS

Basic and diluted loss per American Depositary Share (“ADS”) were both RMB1.38 (US$0.19) in the second quarter of 2024. Each one ADS represents two ordinary shares.

BALANCE SHEET

The Company had RMB37,114 million (US$5,107 million) in cash at bank as of June 30, 2024, as compared to RMB39,599 million as of December 31, 2023. Net assets of the Company amounted to RMB82,676 million (US$11,377 million) as of June 30, 2024, as compared to RMB93,684 million as of December 31, 2023.

SEMI-ANNUAL DIVIDEND

In light of the net loss recorded for the six months ended June 30, 2024, the board of directors of the Company has determined that no semi-annual dividend shall be paid at this time.

Conference Call Information

The Company’s management will hold an earnings conference call at 9:00 P.M. U.S. Eastern Time on Wednesday, August 21, 2024 (9:00 A.M. Beijing Time on Thursday, August 22, 2024) to discuss the financial results. For participants who wish to join the call, please complete online registration using the link provided below in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the event passcode, and a unique access PIN, which can be used to join the conference call.

Registration Link: https://dpregister.com/sreg/10191825/fd49d1bf63

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.lufaxholding.com.

The replay will be accessible through August 28, 2024, by dialing the following numbers:

United States:  

1-877-344-7529

International:  

1-412-317-0088

Conference ID: 

8154019

About Lufax

Lufax is a leading financial services enabler for small business owners in China. The Company offers financing products designed principally to address the needs of small business owners. In doing so, the Company has established relationships with 85 financial institutions in China as funding partners, many of which have worked with the Company for over three years.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the rate in effect as of June 30, 2024, as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

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. Statements that are not historical facts, including statements about Lufax’ s beliefs and expectations, are forward-looking statements. Lufax has based these forward-looking statements largely on its current expectations and projections about future events and financial trends, which involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. These forward-looking statements include, but are not limited to, statements about Lufax’ s goals and strategies; Lufax’ s future business development, financial condition and results of operations; expected changes in Lufax’ s income, expenses or expenditures; expected growth of the retail credit enablement; Lufax’ s expectations regarding demand for, and market acceptance of, its services; Lufax’s expectations regarding its relationship with borrowers, platform investors, funding sources, product providers and other business partners; general economic and business conditions; and government policies and regulations relating to the industry Lufax operates in. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Lufax’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Lufax does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact
Lufax Holding Ltd
Email: Investor_Relations@lu.com

ICR, LLC
Robin Yang
Tel: +1 (646) 308-0546
Email: lufax.ir@icrinc.com 

 

 

LUFAX HOLDING LTD

UNAUDITED INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

Three Months Ended June 30,

Six Months Ended June 30,

2023

2024

2023

2024

RMB

RMB

USD

RMB

RMB

USD

Technology platform-based income

4,075,697

1,998,817

275,046

9,086,070

4,551,892

626,361

Net interest income

3,366,917

2,715,749

373,699

6,715,547

5,560,940

765,211

Guarantee income

1,148,646

850,152

116,985

2,565,405

1,775,400

244,303

Other income

310,170

317,600

43,703

537,632

636,783

87,624

Investment income

370,043

93,899

12,921

445,007

415,657

57,196

Share of net profits of investments accounted for using
the equity method

(1,151)

–

–

(1,587)

(691)

(95)

Total income

9,270,322

5,976,217

822,355

19,348,074

12,939,981

1,780,601

Sales and marketing expenses

(2,540,067)

(1,371,539)

(188,730)

(5,570,120)

(2,889,635)

(397,627)

General and administrative
expenses

(493,345)

(510,695)

(70,274)

(1,249,416)

(993,199)

(136,669)

Operation and servicing expenses

(1,576,137)

(1,327,251)

(182,636)

(3,134,026)

(2,654,672)

(365,295)

Technology and analytics
expenses

(344,131)

(275,395)

(37,896)

(685,616)

(527,733)

(72,618)

Credit impairment losses

(2,997,706)

(2,560,088)

(352,280)

(6,129,506)

(5,421,572)

(746,033)

Finance costs

(135,649)

(13,249)

(1,823)

(324,288)

(71,405)

(9,826)

Other gains/(losses) – net

130,444

(282,488)

(38,872)

172,856

(298,990)

(41,142)

Total expenses

(7,956,591)

(6,340,705)

(872,510)

(16,920,116)

(12,857,206)

(1,769,210)

Profit before income tax
expenses

1,313,731

(364,488)

(50,155)

2,427,958

82,775

11,390

Income tax expenses

(310,113)

(365,503)

(50,295)

(691,970)

(1,642,727)

(226,047)

Net profit/(loss) for the period

1,003,618

(729,991)

(100,450)

1,735,988

(1,559,952)

(214,657)

Net profit/(loss) attributable to:

Owners of the Group

965,349

(792,072)

(108,993)

1,637,325

(1,662,535)

(228,772)

Non-controlling interests

38,269

62,081

8,543

98,663

102,583

14,116

Net profit/(loss) for the period

1,003,618

(729,991)

(100,450)

1,735,988

(1,559,952)

(214,657)

Earnings per share

-Basic earnings/(loss) per share

0.84

(0.69)

(0.09)

1.43

(1.45)

(0.20)

-Diluted earnings/(loss) per share

0.84

(0.69)

(0.09)

1.43

(1.45)

(0.20)

-Basic earnings/(loss) per ADS

1.68

(1.38)

(0.19)

2.86

(2.90)

(0.40)

-Diluted earnings/(loss) per ADS

1.68

(1.38)

(0.19)

2.86

(2.90)

(0.40)

 

 

LUFAX HOLDING LTD

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(All amounts in thousands, except share data, or otherwise noted)

As of December 31,

As of June 30,

2023

2024

RMB

RMB

USD

Assets

Cash at bank

39,598,785

37,113,898

5,107,042

Restricted cash

11,145,838

10,683,924

1,470,157

Financial assets at fair value through profit or loss

28,892,604

29,249,592

4,024,878

Financial assets at fair value through other comprehensive income

–

1,739,416

239,352

Financial assets at amortized cost

3,011,570

2,918,120

401,547

Accounts and other receivables and contract assets

7,293,671

5,410,456

744,504

Loans to customers

129,693,954

112,708,888

15,509,259

Deferred tax assets

5,572,042

5,476,280

753,561

Property and equipment

180,310

162,426

22,351

Investments accounted for using the equity method

2,609

–

–

Intangible assets

874,919

1,016,210

139,835

Right-of-use assets

400,900

349,884

48,146

Goodwill

8,911,445

9,171,729

1,262,072

Other assets

1,444,362

929,279

127,873

Total assets

237,023,009

216,930,102

29,850,575

Liabilities

Payable to platform users

985,761

781,083

107,481

Borrowings

38,823,284

41,002,213

5,642,092

Customer deposits

–

3,126,937

430,281

Current income tax liabilities

782,096

447,523

61,581

Accounts and other payables and contract liabilities

6,977,118

15,188,201

2,089,966

Payable to investors of consolidated structured entities

83,264,738

61,693,369

8,489,290

Financing guarantee liabilities

4,185,532

3,507,405

482,635

Deferred tax liabilities

524,064

427,332

58,803

Lease liabilities

386,694

342,671

47,153

Convertible promissory note payable

5,650,268

5,898,783

811,700

Other liabilities

1,759,672

1,838,182

252,942

Total liabilities

143,339,227

134,253,699

18,473,924

Equity

Share capital

75

75

10

Share premium

32,142,233

22,306,417

3,069,465

Treasury shares

(5,642,768)

(5,642,768)

(776,471)

Other reserves

155,849

544,621

74,942

Retained earnings

65,487,099

63,824,564

8,782,552

Total equity attributable to owners of the Company

92,142,488

81,032,909

11,150,499

Non-controlling interests

1,541,294

1,643,494

226,152

Total equity

93,683,782

82,676,403

11,376,652

Total liabilities and equity

237,023,009

216,930,102

29,850,575

 

 

LUFAX HOLDING LTD

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(All amounts in thousands, except share data, or otherwise noted)

Three Months Ended June 30,

Six Months Ended June 30

2023

2024

2023

2024

RMB

RMB

USD

RMB

RMB

USD

Net cash generated from/(used in)
operating activities

1,994,730

2,997,614

412,485

5,280,779

3,500,146

481,636

Net cash (used in)/generated from
investing activities

(339,249)

(224,994)

(30,960)

1,835,491

2,522,047

347,045

Net cash (used in) financing activities

(8,844,090)

(4,688,244)

(645,124)

(11,621,316)

(4,189,061)

(576,434)

Effects of exchange rate changes on
cash and cash equivalents

393,412

78,616

10,818

427,092

85,317

11,740

Net (decrease)/increase in cash and
cash equivalents

(6,795,197)

(1,837,008)

(252,781)

(4,077,954)

1,918,449

263,987

Cash and cash equivalents at the
beginning of the period

32,254,754

22,235,553

3,059,714

29,537,511

18,480,096

2,542,946

Cash and cash equivalents at the end of
the period

25,459,557

20,398,545

2,806,933

25,459,557

20,398,545

2,806,933

 

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SOURCE Lufax Holding Ltd

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Caladium Systems Launches Happiffie, India’s First AI-powered Celebration Platform

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33 minutes ago

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July 24, 2026

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CHENNAI, India, July 24, 2026 /PRNewswire/ — Caladium Systems today announced the launch of Happiffie, India’s first AI-powered Celebration Growth Platform, introducing a smarter way for customers to discover, compare, book, and manage celebrations while helping businesses connect with high-intent customers through intelligent technology.

Designed for weddings, birthdays, corporate events, social celebrations, parties, festivals, and more, Happiffie brings together over 400 celebration occasions and 1,000+ celebration experiences on a single AI-powered platform.

India’s celebrations industry continues to rely heavily on referrals, manual coordination, inconsistent pricing, and fragmented vendor discovery. Happiffie addresses these challenges by combining AI-powered recommendations, transparent price discovery, secure bookings, payments, and event management into one seamless platform.

A key innovation is Happiffie’s Reverse Auction, where customers simply submit their celebration requirements and verified vendors compete by offering customised proposals. Instead of spending hours searching and negotiating, customers can compare multiple qualified offers and choose the vendor that best matches their preferences and budget.

“Customers can now book the experience of their choice with the vendor of their choice, in the budget of their choice. At the same time, vendors receive qualified business opportunities matched to their category, location and capabilities, creating value for both sides of the marketplace,” said Pradhyumna T Venkat, Founder & CEO, Happiffie.

“Every major industry eventually reaches a point where technology fundamentally changes how it operates. Travel did. Hospitality did. Mobility did. We believe celebrations are next,” added Pradhyumna.

The platform is powered by Experience Intelligence™, a proprietary framework that combines over 15 years of celebration industry expertise with Artificial Intelligence to deliver smarter recommendations based on customer intent, preferences, and celebration needs.

Whether planning a wedding, birthday, corporate event, baby shower, anniversary, or festival celebration, customers can manage the entire journey—from vendor discovery and quotations to payments and execution—through a single platform.

Alongside its launch, Happiffie has opened registrations for vendor partners across Chennai and Tamil Nadu, with a phased expansion planned across India. The platform aims to build one of the country’s largest AI-powered celebration ecosystems, helping businesses generate qualified leads and grow more efficiently.

“Our vision is not simply to build another marketplace but to create the technology infrastructure that powers celebrations. Reverse Auction is the first step towards building a smarter, more transparent, and AI-driven celebration economy that benefits both customers and businesses alike,” added Pradhyumna.

Built on the experience of planning and executing over 5,000 weddings and celebrations, Happiffie combines deep industry expertise with AI to simplify celebration planning and transform how India celebrates.

For more information, visit www.happiffie.com. Vendor registrations are now open at www.happiffie.com/vendor-registration.

About Happiffie

Happiffie is India’s first AI-powered Celebration Platform, connecting customers, venues, event professionals, and celebration businesses through one intelligent ecosystem. Built on over 15 years of industry expertise, the platform combines Artificial Intelligence with Experience Intelligence™ to deliver smarter celebration planning across more than 1,000 celebration experiences spanning weddings, corporate events, birthdays, social celebrations, parties, and festivals.

Contact

Pradhyumna T Venkat
Founder & CEO
pradhyumna@happiffie.com
+91-7299002990

Logo: https://mma.prnewswire.com/media/3007635/Happiffie_Logo.jpg

 

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Beko Publishes 2025 Integrated Report, Charting Years of Progress Toward Net Zero

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July 24, 2026

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As Beko releases its 2025 Integrated Report, the company’s third consecutive inclusion on TIME’s global sustainability ranking — retaining the #1 position in its industry — underscores the progress documented within it.

ISTANBUL, July 24, 2026 /PRNewswire/ — Beko published its 2025 Integrated Report, offering a comprehensive account of the company’s financial, environmental and social performance over the past year. In parallel, Beko has been named one of TIME Magazine’s World’s Most Sustainable Companies for the third year running, retaining the #1 position in its industry. The recognition, awarded in partnership with Statista, independently corroborates years of deliberate, measurable progress.

The report documents concrete results across Beko’s global manufacturing footprint. In 2025:

Energy efficiency projects across production sites saved 69,562 GJ of energy, avoiding 5,297 tonnes of CO₂e emissions.Waste recycling across all manufacturing facilities reached 98.6%, against a target of 99%.Renewable energy installed capacity reached 96 MWp, up from 90.2 MWp the prior year. Beko also reached 63.5% green electricity on the path to 100% across all manufacturing by 2030.Water efficiency and rainwater harvesting projects across locations delivered total water savings of 219,114 m3.

Behind these figures is a broader manufacturing transformation. Three of Beko’s manufacturing facilities have been recognised within the World Economic Forum’s Global Lighthouse Network, with the Ulmi plant earning the additional, and rarer, designation of Sustainability Lighthouse. The principles behind Ulmi’s approach are being extended across Beko’s broader manufacturing ecosystem, as the company scales low-impact production. Beko currently operates 13 smart factories globally — equipped with artificial intelligence, machine learning and robotics capabilities — with a target of 17 by the end of 2026.

On the circular economy side, Beko’s refurbishment centres across multiple locations reintroduced more than 148,000 appliances into the market in 2025 alone. The company recycled 1.98 million WEEE units through its own recycling facilities since 2014, and used 31,665 tonnes of recycled plastics in its products in 2025.

Across its product portfolio, 72.6% of Beko’s turnover in 2025 came from low-carbon products — a figure that reflects both the scale of the company’s energy-efficient product range and growing consumer demand for appliances that address environmental concerns.

“Being recognised by TIME three years in a row matters because it reflects that sustainability is a foundational part of Beko’s business,” said Can Dinçer, CEO of Beko. “Our factories undergo a twin transformation where we encounter both decarbonization and digitalization. That progress is deliberate and measurable, and our Integrated Report sets out exactly how. As the world prepares for COP31, the most credible thing a company can do is demonstrate its work rather than declare it. That is what we are doing.”

TIME’s annual list evaluates more than 5,000 companies worldwide across environmental and social performance, transparency and ESG reporting. Beko’s continued inclusion under increasingly rigorous standards points to a business model where sustainability is structurally embedded across operations, supply chains and product portfolios.

In addition to its Integrated Report, the Company has also published its second TSRS-compliant sustainability report, prepared in accordance with the Türkiye Sustainability Reporting Standards (TSRS), Türkiye’s adoption of the IFRS Sustainability Disclosure Standards issued by the International Sustainability Standards Board (ISSB). The report is publicly available and provides detailed disclosures on the company’s climate-related risks, opportunities, governance, strategy and performance.

About Beko

Beko is an international home appliance company with a strong global presence, operating through subsidiaries in more than 55 countries with a workforce of around 45,000 employees and production facilities spanning multiple regions—including Europe, Asia, Africa, and the Middle East. Beko has 22 brands owned or used with a limited license (Arçelik, Beko, Whirlpool*, Grundig, Hotpoint, Arctic, Ariston*, Leisure, Indesit, Blomberg, Defy, Dawlance, Hitachi*, Voltas Beko, Singer*, ElektraBregenz, Flavel, Bauknecht, Privileg, Altus, Ignis, Polar). Beko is the largest white goods company in Europe with its market share (based on volumes) and reached a consolidated turnover of 10.7 billion Euros in 2025. Beko’s 28 R&D and Design Centers & Offices across the globe are home to over 2,000 R&D employees and hold more than 4,500 international registered patent applications to date. The company has achieved the highest score in the S&P Global Corporate Sustainability Assessment (CSA) in the DHP Household Durables industry for the seventh consecutive year (based on the results dated 16 October 2025).** The company has been recognized as the 89th most sustainable company on TIME Magazine and Statista’s 2026 list of the World’s Most Sustainable Companies and has been the sector leader for three consecutive years. Beko’s vision is ‘Respecting the World, Respected Worldwide.’ 

www.bekocorporate.com

*Licensee limited to certain jurisdictions.
**The data presented belongs to Arçelik A.Ş., a parent company of Beko.

 

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SOURCE Beko

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JustMarkets Releases Market Analysis on How Foreign Exchange Markets React to CPI Surprises

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34 minutes ago

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July 24, 2026

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HO CHI MINH CITY, Vietnam, July 24, 2026 /PRNewswire/ — JustMarkets today released a new market analysis examining how foreign exchange markets react to Consumer Price Index (CPI) surprises and outlining key considerations for traders preparing for inflation data releases. The analysis explains why the gap between actual CPI data and market expectations, rather than the headline inflation figure itself, is often the primary driver of currency market movements.

What people often miss on CPI day is that the number itself isn’t what moves the market. The common reaction is to check whether the headline number is high or low, but it’s all priced in advance. According to JustMarkets, the real driver of EUR/USD is the gap between the actual number and what the market was positioned for.

Even an unchanged reading can cause dollar weakness if traders expect higher inflation, while weaker numbers that beat consensus expectations may drive dollar strength. Citing Federal Reserve research, the price driver is a surprise component rather than the headline.

Why the Expectation Gap Is More Important Than the Level

Forex is driven by expectations for interest rate decisions, with inflation impacting central bank policy. Key factors influencing this reaction include:

Main factors:

Monthly CPI and core CPICore services inflationRevisions to the previous period dataCentral banks policy pricing

Year-over-year data is less important in terms of price impact than monthly and core data.

How to Calculate Surprise

Start with the simplest metric: Surprise = Actual CPI − Consensus CPI. 

Consensus comes from the economic calendar’s forecast and reflects the market positioning. And then you need to check the market reaction through rates. The sequence typically runs: CPI surprise → change in front-end yields → USD movement → the sentiment adjustment.

Traders frequently employ this methodology in combination with the JustMarkets Economic Calendar to track high-impact releases in real time.

What the Intraday Move Actually Looks Like

CPI reactions usually happen in three stages. The first one is a headline shock with the potential algorithm’s reaction within a few seconds. Then comes the interpretation stage, with a time frame of 15-60 minutes and analysis of core numbers and yield confirmation. And then either continuation or reversal happens.

Approaches to Trading CPI Day

There are two common approaches to CPI.

The momentum approach requires the consistency of headlines and core surprises with yields’ confirmation. Most traders wait until the first minute’s candle is closed to avoid false signals.The fade approach requires dislocations like the absence of yield confirmation to FX movement or dislocations between headlines and core numbers. In this case, traders wait 10−20 minutes for exhaustion of the initial move and reversal setup search.

Risk management is crucial. Most traders limit their position size to 0.25%-0.50% of their equity because of widening spreads and slippage. Sometimes the decision to trade off is more optimal during extreme volatility than forced entry.

One Way to Prepare for the Next CPI Day Release

A simple way to get ready is to monitor EUR/USD, GBP/USD, USD/JPY pairs and an economic calendar with events’ importance. The workflow is simple: Economic calendar → release → Trading platform.

The final step brings traders to the execution platform. Many turn to JustMarkets, which offers CFDs on these currency pairs, with execution stability and fast market access that make it well suited for high-volatility macro events.

Disclaimer: For informational purposes only. Trading financial instruments involves significant risk and may not be suitable for all investors. Ensure you understand the risks involved and trade responsibly.

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SOURCE Just Global Markets Ltd

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