Technology

FinVolution Group Reports Second Quarter 2024 Unaudited Financial Results

Published

2 years ago

August 20, 2024

-H1 China Transaction Volume reached RMB92.5 billion, up 6.0% year-over-year-
-H1 International Transaction Volume reached RMB4.5 billion, up 32.4% year-over-year-
-H1 International Revenues increased to RMB1,157.7 million, up 21.9% year-over-year and contributing 18.3% of total net revenues-

SHANGHAI, Aug. 20, 2024 /PRNewswire/ — FinVolution Group (“FinVolution” or the “Company”) (NYSE: FINV), a leading fintech platform, today announced its unaudited financial results for the second quarter ended June 30, 2024.

For the Three Months Ended/As of

YoY

Change

June 30, 2023

June 30, 2024

Total Transaction Volume (RMB in billions)1

47.3

48.7

3.0 %

Transaction Volume (China’s Mainland)2

45.5

46.4

2.0 %

Transaction Volume (International)3

1.8

2.3

27.8 %

Total Outstanding Loan Balance (RMB in billions)

63.7

65.6

3.0 %

Outstanding Loan Balance (China’s Mainland)4

62.6

64.2

2.6 %

Outstanding Loan Balance (International)5

1.1

1.4

27.3 %

Second Quarter 2024 China Market Operational Highlights

Cumulative registered users6 reached 162.2 million as of June 30, 2024, an increase of 8.6% compared with June 30, 2023.Cumulative borrowers7 reached 25.9 million as of June 30, 2024, an increase of 6.1% compared with June 30, 2023.Number of unique borrowers8 for the second quarter of 2024 was 1.8 million, a decrease of 21.7% compared with the same period of 2023.Transaction volume2 reached RMB46.4 billion for the second quarter of 2024, an increase of 2.0% compared with the same period of 2023.Transaction volume facilitated for repeat individual borrowers9 for the second quarter of 2024 was RMB40.5 billion, an increase of 0.5% compared with the same period of 2023.Outstanding loan balance4 reached RMB64.2 billion as of June 30, 2024, an increase of 2.6% compared with June 30, 2023.Average loan size10 was RMB9,956 for the second quarter of 2024, compared with RMB7,816 for the same period of 2023.Average loan tenure11 was 8.0 months for the second quarter of 2024, compared with 8.4 months for the same period of 2023.90 day+ delinquency ratio12 was 2.65% as of June 30, 2024, compared with 1.68% as of June 30, 2023.

Second Quarter 2024 International Market Operational Highlights

Cumulative registered users13 reached 29.1 million as of June 30, 2024, an increase of 46.2% compared with June 30, 2023.Cumulative borrowers14 for the international market reached 5.6 million as of June 30, 2024, an increase of 40.0% compared with June 30, 2023.Number of unique borrowers15 for the second quarter of 2024 was 1.05 million, an increase of 32.9% compared with the same period of 2023.Number of new borrowers16 for the second quarter of 2024 was 0.47 million, an increase of 51.6% compared with the same period of 2023.Transaction volume3 reached RMB2.3 billion for the second quarter of 2024, an increase of 27.8% compared with the same period of 2023.Outstanding loan balance5 reached RMB1.4 billion as of June 30, 2024, an increase of 27.3% compared with June 30, 2023.International business revenue was RMB562.9 million (US$77.5 million) for the second quarter of 2024, an increase of 12.0% compared with the same period of 2023, representing 17.8% of total revenue for the second quarter of 2024.

Second Quarter 2024 Financial Highlights

Net revenue was RMB3,168.0 million (US$435.9 million) for the second quarter of 2024, compared with RMB3,075.7 million for the same period of 2023.Net profit was RMB551.0 million (US$75.8 million) for the second quarter of 2024, compared with RMB590.1 million for the same period of 2023.Non-GAAP adjusted operating income,17 which excludes share-based compensation expenses before tax, was RMB598.6 million (US$82.4 million) for the second quarter of 2024, compared with RMB606.9 million for the same period of 2023.Diluted net profit per American depositary share (“ADS”) was RMB2.07 (US$0.28) and diluted net profit per share was RMB0.41 (US$0.06) for the second quarter of 2024, compared with RMB1.95 and RMB0.39 for the same period of 2023 respectively.Non-GAAP diluted net profit per ADS was RMB2.22 (US$0.30) and non-GAAP diluted net profit per share was RMB0.44 (US$0.06) for the second quarter of 2024, compared with RMB2.06 and RMB0.41 for the same period of 2023 respectively. Each ADS of the Company represents five Class A ordinary shares of the Company.

1 Represents the total transaction volume facilitated in China’s Mainland and the international markets on the Company’s platforms during the period presented.

2 Represents our transaction volume facilitated in China’s Mainland during the period presented. During the second quarter, RMB9.8 billion were facilitated under the capital-light model, for which the Company does not bear principal risk.

3 Represents our transaction volume facilitated in markets outside China’s Mainland during the period presented.

4 Outstanding loan balance (China’s Mainland) as of any date refers to the balance of outstanding loans in China’s Mainland market excluding loans delinquent for more than 180 days from such date. As of June 30, 2024, RMB15.2 billion were facilitated under the capital-light model, for which the Company does not bear principal risk.

5 Outstanding loan balance (international) as of any date refers to the balance of outstanding loans in the international markets excluding loans delinquent for more than 30 days from such date.

6 On a cumulative basis, the total number of users in China’s Mainland market registered on the Company’s platform as of June 30, 2024.

7 On a cumulative basis, the total number of borrowers in China’s Mainland market registered on the Company’s platform as of June 30, 2024.

8 Represents the total number of borrowers in China’s Mainland who have successfully borrowed on the Company’s platform during the period presented.

9 Represents the transaction volume facilitated for repeat borrowers in China’s Mainland who successfully completed a transaction on the Company’s platform during the period presented.

10 Represents the average loan size on the Company’s platform in China’s Mainland during the period presented.

11 Represents the average loan tenor on the Company’s platform in China’s Mainland during the period presented.

12 “90 day+ delinquency ratio” refers to the outstanding principal balance of loans, excluding loans facilitated under the capital-light model, that were 90 to 179 calendar days past due as a percentage of the total outstanding principal balance of loans, excluding loans facilitated under the capital-light model on the Company’s platform as of a specific date. Loans that originated outside China’s Mainland are not included in the calculation.

13 On a cumulative basis, the total number of users registered on the Company’s platforms outside China’s Mainland market as of June 30, 2024.

14 On a cumulative basis, the total number of borrowers on the Company’s platforms outside China’s Mainland market, as of June 30, 2024.

15 Represents the total number of borrowers outside China’s Mainland who have successfully borrowed on the Company platforms during the period presented.

16 Represents the total number of new borrowers outside China’s Mainland whose transactions were facilitated on the Company’s platforms during the period presented.

17 Please refer to “UNAUDITED Reconciliation of GAAP And Non-GAAP Results” for reconciliation between GAAP and Non-GAAP adjusted operating income.

Mr. Tiezheng Li, Chief Executive Officer of FinVolution, commented, “We ended the first half of 2024 on a positive note, driving progressive growth in the China market while maintaining faster growth momentum internationally through strong execution of our Local Excellence, Global Outlook Strategy.

“Cumulatively, we have served around 31.5 million borrowers across China, Indonesia and the Philippines as of June 30, 2024. During the first half of 2024, transaction volume for the China market reached RMB92.5 billion, up 6.0% year-over-year. Transaction volume for the international market continued to grow faster, soaring to RMB4.5 billion, up 32.4% year-over-year. In terms of outstanding balances, the China market reached RMB64.2 billion while our international market reached RMB1.4 billion, up 2.6% and 27.3% respectively year-over-year. This stellar performance stands as a testament to our strategy’s effectiveness,” concluded Mr. Li.

Mr. Jiayuan Xu, FinVolution’s Chief Financial Officer, continued, “Alongside solid operational metrics, our financial performance improved progressively with net revenues for the quarter reaching RMB3,168.0 million (US$435.9 million), up 3.0% year-over-year. Notably, contributions from international revenue grew to RMB562.9 million (US$77.5 million), up 12.0% year-over-year, and representing 17.8% of total revenue. Our total liquidity position remained healthy and robust at RMB8,138.8 million (US$1,119.9 million) as of June 30, 2024.

“As part of our ongoing consistent commitment to return value to shareholders, we deployed approximately US$29.6 million in the second quarter of 2024 to repurchase our shares on the secondary market. In the first half of 2024, we deployed approximately US$56.8 million to repurchase our shares on the secondary market. Since 2018, we have cumulatively returned a total of approximately US$661.8 million to our shareholders through our leading capital return program, underscoring our consistent and sustainable commitment to our shareholders,” concluded Mr. Xu.

Second Quarter 2024 Financial Results

Net revenue for the second quarter of 2024 was RMB3,168.0 million (US$435.9 million), compared with RMB3,075.7 million for the same period of 2023. This increase was primarily due to the increase in guarantee income and other revenue.

Loan facilitation service fees was RMB1,110.5 million (US$152.8 million) for the second quarter of 2024, compared with RMB1,115.0 million for the same period of 2023, remaining stable year-over-year.

Post-facilitation service fees was RMB389.2 million (US$53.6 million) for the second quarter of 2024, compared with RMB488.2 million for the same period of 2023. This decrease was primarily due to the rolling impact of deferred transaction fees.

Guarantee income was RMB1,298.9 million (US$178.7 million) for the second quarter of 2024, compared with RMB1,072.9 million for the same period of 2023. This increase was primarily due to the increased outstanding loan balance of off-balance sheet loans in the international markets, higher guarantee rates and the rolling impact of deferred guarantee income. The fair value of quality assurance commitment upon loan origination is released as guarantee income systematically over the term of the loans subject to quality assurance commitment.

Net interest income was RMB218.8 million (US$30.1 million) for the second quarter of 2024, compared with RMB263.0 million for the same period of 2023. This decrease was primarily due to the decrease in the average outstanding loan balances of on-balance sheet loans in the international markets.

Other revenue was RMB150.5 million (US$20.7 million) for the second quarter of 2024, compared with RMB136.5 million for the same period of 2023. This increase was primarily due to the increase in customer referral fees from the financial institutions along with our Company’s enhanced product and service offerings.

Origination, servicing expenses and other costs of revenue was RMB575.2 million (US$79.2 million) for the second quarter of 2024, compared with RMB516.0 million for the same period of 2023. This increase was primarily due to an increase in the facilitation costs as a result of the higher transaction volume in the international market and an increase in the loan collection expenses as a result of the higher outstanding loan balance.

Sales and marketing expenses was RMB473.3 million (US$65.1 million) for the second quarter of 2024, compared with RMB468.8 million for the same period of 2023, as a result of our more proactive customer acquisition efforts focusing on better quality borrowers, especially in the international markets.

Research and development expenses was RMB119.3 million (US$16.4 million) for the second quarter of 2024, compared with RMB124.6 million for the same period of 2023. This decrease was primarily due to the increase in technology development efficiency.

General and administrative expenses was RMB101.9 million (US$14.0 million) for the second quarter of 2024, compared with RMB90.8 million for the same period of 2023. This increase was primarily due to the increase in employee compensation.

Provision for accounts receivable and contract assets was RMB57.2 million (US$7.9 million) for the second quarter of 2024, compared with RMB67.5 million for the same period of 2023. This decrease was primarily due to the decrease in the outstanding loan balances for which the Company bears credit risks in the China market.

Provision for loans receivable was RMB92.0 million (US$12.7 million) for the second quarter of 2024, compared with RMB159.2 million for the same period of 2023. This decrease was primarily due to the decreases in the loan volume and the outstanding loan balances of on-balance sheet loans in the international markets.

Credit losses for quality assurance commitment was RMB1,190.6 million (US$163.8 million) for the second quarter of 2024, compared with RMB1,073.5 million for the same period of 2023. The increase was primarily due to the growth in the loan volume and the outstanding loan balances of off-balance sheet loans in the international markets.

Operating profit was RMB558.5 million (US$76.9 million) for the second quarter of 2024, compared with RMB575.4 million for the same period of 2023.

Non-GAAP adjusted operating income, which excludes share-based compensation expenses before tax, was RMB598.6 million (US$82.4 million) for the second quarter of 2024, compared with RMB606.9 million for the same period of 2023.

Other income was RMB67.7 million (US$9.3 million) for the second quarter of 2024, compared with RMB119.9 million for the same period of 2023. This decrease was mainly due to the decrease in government subsidies.

Income tax expense was RMB75.2 million (US$10.3 million) for the second quarter of 2024, compared with RMB105.2 million for the same period of 2023. This decrease was mainly due to the decrease in pre-tax profit and the change in the estimated annual effective tax rate.

Net profit was RMB551.0 million (US$75.8 million) for the second quarter of 2024, compared with RMB590.1 million for the same period of 2023.

Net profit attributable to ordinary shareholders of the Company was RMB551.1 million (US$75.8 million) for the second quarter of 2024, compared with RMB554.4 million for the same period of 2023.

Diluted net profit per ADS was RMB2.07 (US$0.28) and diluted net profit per share was RMB0.41 (US$0.06) for the second quarter of 2024, compared with RMB1.95 and RMB0.39 for the same period of 2023 respectively.

Non-GAAP diluted net profit per ADS was RMB2.22 (US$0.30) and non-GAAP diluted net profit per share was RMB0.44 (US$0.06) for the second quarter of 2024, compared with RMB2.06 and RMB0.41 for the same period of 2023 respectively. Each ADS represents five Class A ordinary shares of the Company.

As of June 30, 2024, the Company had cash and cash equivalents of RMB5,705.9 million (US$785.2 million) and short-term investments, mainly in wealth management products and term deposit, of RMB2,432.8 million (US$334.8 million).

The following chart shows the historical cumulative 30-day plus past due delinquency rates by loan origination vintage for loan products facilitated through the Company’s platform in China’s Mainland as of June 30, 2024. Loans facilitated under the capital-light model, for which the Company does not bear principal risk, are excluded from the chart.

Click here to view the chart

Shares Repurchase Update

For the second quarter of 2024, the Company deployed approximately US$29.6 million to repurchase its own Class A ordinary shares in the form of ADSs in the market. During the first half of 2024, the Company has deployed approximately US$56.8 million to repurchase its own Class A ordinary shares in the form of ADSs in the market. As of June 30, 2024, in combination with the Company’s historical and existing share repurchase programs, the Company had cumulatively repurchased its own Class A ordinary shares in the form of ADSs with a total aggregate value of approximately US$336.8 million since 2018.

Business Outlook

While the macroeconomic recovery continued to gain traction with pockets of improvement since the beginning of 2024, uncertainties persist in the markets in which we operate. The Company has observed encouraging signs of recovery and will continue to closely monitor macro conditions across all the markets in which we operate and remain prudent in our business operations. The Company reiterates its full-year 2024 transaction volume guidance for the China market in the range of RMB195.7 billion to RMB205.0 billion, representing year-over-year growth of approximately 5.0% to 10.0%. At the same time, the Company expects its 2024 transaction volume for the international markets to be in the range of RMB9.4 billion to RMB11.0 billion, representing year-over-year growth of approximately 20.0% to 40.0%.

The above forecast is based on the current market conditions and reflects the Company’s current preliminary views and expectations on market and operational conditions and the regulatory and operating environment, as well as customers’ and institutional partners’ demands, all of which are subject to change.

Conference Call

The Company’s management will host an earnings conference call at 8:30 PM U.S. Eastern Time on August 20, 2024 (8:30AM Beijing/Hong Kong Time on August 21, 2024).

Dial-in details for the earnings conference call are as follows:

United States (toll free):

+1-888-346-8982

Canada (toll free):

+1-855-669-9657

International:

+1-412-902-4272

Hong Kong, China (toll free):

800-905-945

Hong Kong, China:

+852-3018-4992

Mainland, China:

400-120-1203

Participants should dial in at least five minutes before the scheduled start time and ask to be connected to the call for “FinVolution Group.”

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.finvgroup.com.

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until August 27, 2024, by dialing the following telephone numbers:

United States (toll free):

+1-877-344-7529

Canada (toll free):

+1-855-669-9658

International:

+1-412-317-0088

Replay Access Code:

5663537

About FinVolution Group

FinVolution Group is a leading fintech platform with strong brand recognition in China and the international markets connecting borrowers of the young generation with financial institutions. Established in 2007, the Company is a pioneer in China’s online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company’s platforms, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of June 30, 2024, the Company had over 191.3 million cumulative registered users across China, Indonesia and the Philippines.

For more information, please visit https://ir.finvgroup.com

Use of Non-GAAP Financial Measures

We use non-GAAP adjusted operating income, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. We believe that these non-GAAP financial measures help identify underlying trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Non-GAAP adjusted operating income, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider it in isolation, or as a substitute for net income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review our financial information in its entirety and not rely on a single financial measure.

For more information on this non-GAAP financial measure, please see the table captioned “Reconciliations of GAAP and Non-GAAP results” set forth at the end of this press release.

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 28, 2024 as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. 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,” “target,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that 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. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company’s ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company’s marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer 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 NYSE, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’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 FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For investor and media inquiries, please contact:

FinVolution Group
Head of Investor Relations
Jimmy Tan, IRC
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: ir@xinye.com

Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: finv@tpg-ir.com

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

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

As of December 31,

As of June 30,

2023

2024

RMB

USD

Assets

Cash and cash equivalents

4,969,319

5,705,919

785,161

Restricted cash

1,800,071

1,770,810

243,672

Short-term investments

2,960,821

2,432,848

334,771

Investments

1,135,133

1,157,891

159,331

Quality assurance receivable, net of credit loss allowance for
quality assurance receivable of RMB529,392 and
RMB508,429 as of December 31, 2023 and June 30, 2024,
respectively

1,755,615

1,788,655

246,127

Intangible assets

98,692

137,298

18,893

Property, equipment and software, net

140,933

641,800

88,315

Loans receivable, net of credit loss allowance for loans receivable
of RMB214,550 and RMB215,148 as of December 31, 2023 and
June 30, 2024, respectively

1,127,388

1,657,087

228,023

Accounts receivable and contract assets, net of credit loss
allowance for accounts receivable and contract assets of
RMB310,394 and RMB273,328 as of December 31, 2023 and
June 30, 2024, respectively

2,208,538

2,376,816

327,061

Deferred tax assets

1,624,325

2,177,877

299,686

Right of use assets

38,110

28,740

3,955

Prepaid expenses and other assets

3,384,317

2,027,796

279,034

Goodwill

50,411

6,937

Total assets

21,293,673

21,953,948

3,020,966

Liabilities and Shareholders’ Equity

Deferred guarantee income

1,882,036

1,709,242

235,200

Liability from quality assurance commitment

3,306,132

3,051,660

419,922

Payroll and welfare payable

261,528

202,035

27,801

Taxes payable

207,477

489,970

67,422

Short-term borrowings

5,756

5,468

752

Funds payable to investors of consolidated trusts

436,352

509,356

70,090

Contract liability

5,109

703

Deferred tax liabilities

340,608

368,209

50,667

Accrued expenses and other liabilities

941,899

1,206,821

166,064

Leasing liabilities

35,878

30,839

4,244

Total liabilities

7,422,775

7,578,709

1,042,865

Commitments and contingencies

FinVolution Group Shareholders’ equity

Ordinary shares

103

Additional paid-in capital

5,748,734

5,773,446

794,453

Treasury stock

(1,199,683)

(1,558,855)

(214,506)

Statutory reserves

762,472

104,920

Accumulated other comprehensive income

80,006

43,215

5,948

Retained Earnings

8,357,153

8,994,668

1,237,708

Total FinVolution Group shareholders’ equity

13,748,785

14,015,049

1,928,537

Non-controlling interest

122,113

360,190

49,564

Total shareholders’ equity

13,870,898

14,375,239

1,978,101

Total liabilities and shareholders’ equity

21,293,673

21,953,948

3,020,966

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME

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

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2023

2024

2023

2024

RMB

USD

RMB

USD

Operating revenue:

Loan facilitation service fees

1,115,041

1,110,528

152,814

2,283,294

2,096,468

288,484

Post-facilitation service fees

488,187

389,236

53,561

975,358

854,428

117,573

Guarantee income

1,072,913

1,298,927

178,738

2,059,433

2,645,042

363,970

Net interest income

263,047

218,803

30,108

548,679

450,110

61,937

Other Revenue

136,490

150,506

20,710

259,557

287,033

39,497

Net revenue

3,075,678

3,168,000

435,931

6,126,321

6,333,081

871,461

Operating expenses:

Origination, servicing expenses and other cost of
revenue

(515,960)

(575,231)

(79,154)

(1,028,388)

(1,114,786)

(153,400)

Sales and marketing expenses

(468,833)

(473,295)

(65,128)

(865,951)

(922,504)

(126,941)

Research and development expenses

(124,577)

(119,252)

(16,410)

(250,793)

(239,747)

(32,990)

General and administrative expenses

(90,770)

(101,892)

(14,021)

(176,172)

(184,219)

(25,349)

Provision for accounts receivable and contract assets

(67,451)

(57,237)

(7,876)

(130,651)

(122,899)

(16,911)

Provision for loans receivable

(159,189)

(91,988)

(12,658)

(302,505)

(173,273)

(23,843)

Credit losses for quality assurance commitment

(1,073,451)

(1,190,572)

(163,828)

(2,054,134)

(2,388,671)

(328,692)

Total operating expenses

(2,500,231)

(2,609,467)

(359,075)

(4,808,594)

(5,146,099)

(708,126)

Operating profit

575,447

558,533

76,856

1,317,727

1,186,982

163,335

Other income, net

119,901

67,657

9,310

202,678

98,661

13,576

Profit before income tax expense

695,348

626,190

86,166

1,520,405

1,285,643

176,911

Income tax expenses

(105,230)

(75,152)

(10,341)

(240,467)

(202,629)

(27,883)

Net profit

590,118

551,038

75,825

1,279,938

1,083,014

149,028

Net profit attributable to non-controlling interest
shareholders

35,684

(107)

(15)

29,620

4,168

574

Net profit attributable to FinVolution Group

554,434

551,145

75,840

1,250,318

1,078,846

148,454

Foreign currency translation adjustment, net of nil tax

80,703

(47,923)

(6,594)

51,535

(36,791)

(5,063)

Total comprehensive income attributable

to FinVolution Group

635,137

503,222

69,246

1,301,853

1,042,055

143,391

Weighted average number of ordinary shares used in

computing net income per share

Basic

1,387,090,179

1,298,653,314

1,398,767,090

1,305,081,766

Diluted

1,423,975,798

1,334,219,839

1,430,367,809

1,337,706,499

Net profit per share attributable to FinVolution

Group’s ordinary shareholders

Basic

0.40

0.42

0.06

0.89

0.83

0.11

Diluted

0.39

0.41

0.06

0.87

0.81

0.11

Net profit per ADS attributable to FinVolution

Group’s ordinary shareholders (one ADS equal

five ordinary shares)

Basic

2.00

2.12

0.29

4.47

4.13

0.57

Diluted

1.95

2.07

0.28

4.37

4.03

0.55

FinVolution Group

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

USD

RMB

USD

Net cash provided by operating
activities

506,617

965,313

132,831

1,178,903

1,159,778

159,591

Net cash provided by/(used in)
investing activities

(880,715)

(577,516)

(79,469)

925,171

348,029

47,890

Net cash used in financing activities

(518,630)

(479,769)

(66,018)

(1,405,346)

(770,917)

(106,082)

Effect of exchange rate changes on
cash and cash equivalents

65,202

(21,347)

(2,936)

38,799

(29,551)

(4,065)

Net increase in cash, cash equivalent
and restricted cash

(827,526)

(113,319)

(15,592)

737,527

707,339

97,334

Cash, cash equivalent and restricted
cash at beginning of period

8,044,140

7,590,048

1,044,425

6,479,087

6,769,390

931,499

Cash, cash equivalent and restricted
cash at end of period

7,216,614

7,476,729

1,028,833

7,216,614

7,476,729

1,028,833

FinVolution Group

UNAUDITED Reconciliation of GAAP and Non-GAAP Results

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

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2023

2024

2023

2024

RMB

USD

RMB

USD

Net Revenues

3,075,678

3,168,000

435,931

6,126,321

6,333,081

871,461

Less: total operating expenses

(2,500,231)

(2,609,467)

(359,075)

(4,808,594)

(5,146,099)

(708,126)

Operating Income

575,447

558,533

76,856

1,317,727

1,186,982

163,335

Add: share-based compensation expenses

31,457

40,100

5,518

51,816

70,389

9,686

Non-GAAP adjusted operating income

606,904

598,633

82,374

1,369,543

1,257,371

173,021

Operating Margin

18.7 %

17.6 %

21.5 %

18.7 %

Non-GAAP operating margin

19.7 %

18.9 %

22.4 %

19.9 %

Non-GAAP adjusted operating income

606,904

598,633

82,374

1,369,543

1,257,371

173,021

Add: other income, net

119,901

67,657

9,310

202,678

98,661

13,576

Less: income tax expenses

(105,230)

(75,152)

(10,341)

(240,467)

(202,629)

(27,883)

Non-GAAP net profit

621,575

591,138

81,343

1,331,754

1,153,403

158,714

Net profit attributable to non-controlling interest

shareholders

35,684

(107)

(15)

29,620

4,168

574

Non-GAAP net profit attributable to FinVolution
Group

585,891

591,245

81,358

1,302,134

1,149,235

158,140

Weighted average number of ordinary shares used in
computing net income per share

Basic

1,387,090,179

1,298,653,314

1,398,767,090

1,305,081,766

Diluted

1,423,975,798

1,334,219,839

1,430,367,809

1,337,706,499

Non-GAAP net profit per share attributable to
FinVolution Group’s ordinary shareholders

Basic

0.42

0.46

0.06

0.93

0.88

0.12

Diluted

0.41

0.44

0.06

0.91

0.86

0.12

Non-GAAP net profit per ADS attributable to
FinVolution Group’s ordinary shareholders (one ADS
equal five ordinary shares)

Basic

2.11

2.28

0.31

4.65

4.40

0.61

Diluted

2.06

2.22

0.30

4.55

4.30

0.59

View original content:https://www.prnewswire.com/news-releases/finvolution-group-reports-second-quarter-2024-unaudited-financial-results-302226436.html

SOURCE FinVolution Group

Technology

Best Accounting Software for Medium-Sized Business UK (2026): QuickBooks Advanced Recognised as a Scalable Finance Platform for UK Mid-Market Businesses by Consumer365

Published

1 day ago

May 9, 2026

NEW YORK, May 9, 2026 /PRNewswire/ — As demand for scalable financial tools grows, attention is shifting towards the best accounting software for medium-sized businesses in the UK in 2026, as organisations face increasingly complex accounting requirements. Consumer365 has recognised QuickBooks as a cloud-based platform supporting more structured financial management, reflecting a wider focus on improving automation, visibility, and compliance readiness.

Best Accounting Software for Medium-Sized Business UK

QuickBooks – developed as a cloud-based accounting platform, it enables medium-sized businesses to manage financial operations, automate core accounting processes, and maintain compliance with UK regulatory requirements.

Growing Demand for Scalable Financial Systems in the UK Mid-Market

Medium-sized businesses in the UK are operating in an environment where financial management is becoming increasingly complex. Growth introduces additional reporting layers, heightened regulatory expectations, and the need for consistent financial oversight across departments.

Traditional accounting methods are often no longer sufficient under these conditions. Spreadsheet-based systems and entry-level tools can struggle to deliver accurate, timely insights. This creates visibility gaps that can impact planning and decision-making.

QuickBooks has been identified within this context as a platform designed to support more structured financial management. Its positioning reflects a broader shift towards systems that centralise financial data and reduce fragmentation across business operations.

QuickBooks Positioned as a Scalable Financial Platform

QuickBooks operates as a cloud-based accounting system developed by Intuit. It is designed to support businesses that require more than basic bookkeeping functionality, focusing on helping organisations manage financial processes in a more connected and scalable way.

A key aspect of its design is the ability to consolidate financial information within a single system. This allows businesses to manage invoicing, expenses, reporting, and cash flow tracking without relying on multiple disconnected tools.

The platform is also structured to support growth. As businesses expand, financial operations often become more distributed across teams. QuickBooks enables multiple users to work within the same system while maintaining structured access controls, helping ensure consistency and oversight as complexity increases.

Financial Visibility, Automation, and Operational Control

One of the central functions of QuickBooks is improving financial visibility across business operations. Real-time data access allows organisations to monitor cash flow, expenses, and overall financial performance without waiting for end-of-period reporting cycles.

Automation plays a significant role in reducing manual workload. Financial processes such as invoicing, transaction categorisation, and expense tracking can be streamlined, reducing reliance on repetitive manual input and supporting more consistent financial records.

Operational control is reinforced through structured user permissions. Businesses can assign access levels based on roles, ensuring financial data is managed securely while still enabling collaboration across departments. This structure is particularly relevant for medium-sized organisations where multiple teams interact with financial systems.

Integration, Compliance, and System Connectivity

QuickBooks is designed to integrate with a range of business tools commonly used by UK organisations. These include payroll systems, customer relationship management platforms, and other operational software. This level of connectivity helps ensure that financial data remains consistent across systems.

Compliance is also a core part of the platform’s structure. UK businesses must meet specific regulatory requirements, including VAT reporting and Making Tax Digital standards. QuickBooks includes features that support these obligations within the system, reducing the need for manual compliance processes.

By aligning financial reporting with regulatory standards, the platform helps organisations maintain accurate records while reducing the administrative burden associated with tax and compliance requirements.

Operational Impact and Long-Term Financial Structure

As businesses grow, financial systems often become central to overall operational structure. Decisions related to hiring, investment, and expansion rely on access to accurate and timely financial data. Systems that lack integration or real-time visibility can slow decision-making and introduce inefficiencies.

QuickBooks supports a more structured approach by centralising financial information. This reduces fragmentation and helps ensure consistency across the organisation. It also supports continuity, minimising the need for frequent system changes as businesses scale.

The platform is designed to adapt to increasing complexity over time. As transaction volumes grow and reporting requirements expand, it remains stable while accommodating additional users and workflows.

This approach aligns with the needs of medium-sized businesses transitioning from smaller-scale operations to more advanced financial environments.

Market Context and Financial Management Trends

The recognition of QuickBooks reflects broader developments in financial technology adoption among UK medium-sized businesses. Organisations are increasingly prioritising systems that improve efficiency while reducing operational complexity.

Financial management is no longer limited to recordkeeping. It has become a core business function that influences strategic planning and overall performance. As a result, platforms that provide integrated financial oversight are becoming more relevant across a wide range of industries.

QuickBooks fits within this shift by offering a system that combines core accounting functionality with workflow automation and reporting capabilities. This supports businesses that require both day-to-day financial management and longer-term planning tools.

The emphasis on scalability also reflects changing expectations in the mid-market sector. Businesses are seeking platforms that can grow with them, rather than systems that need to be replaced as operational requirements evolve.

Conclusion

Consumer365 has recognised QuickBooks as a relevant financial platform for medium-sized businesses operating in the UK in 2026. The recognition highlights its focus on scalability, financial visibility, and structured operational control.

The platform is positioned to support organisations as they move beyond basic accounting systems and adopt more integrated financial management structures. Its emphasis on automation, compliance support, and system connectivity aligns with the operational needs of growing businesses.

As financial complexity continues to increase across the mid-market sector, tools that centralise financial data and support real-time decision-making are becoming more widely adopted. QuickBooks represents one of the platforms contributing to this shift towards more structured financial management approaches.

To read the full review, please visit the Consumer365 website.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

About Consumer365.org: Consumer365 provides consumer news and industry insights. As an affiliate, Consumer365 may earn commissions from sales generated using links provided.

Disclaimer

Where AI content is used: This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision. Additional terms, conditions and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, functionality are subject to change without notice.

General content disclaimer: This information is provided free of charge and is intended to be helpful to a wide range of businesses. Because of its general nature the information cannot be taken as comprehensive and they do not constitute and should never be used as a substitute for legal, accounting, tax or professional advice. Intuit cannot guarantee that the information applies to the individual circumstances of your business. Despite our best efforts it is possible that some information may be out of date.

Any reliance you place on information found on this site or linked to on other websites will be at your own risk. You should consider seeking the advice of independent advisers and should always check your decisions against your normal business methods and best practice in your field of business.

View original content:https://www.prnewswire.com/news-releases/best-accounting-software-for-medium-sized-business-uk-2026-quickbooks-advanced-recognised-as-a-scalable-finance-platform-for-uk-mid-market-businesses-by-consumer365-302766759.html

SOURCE Consumer365.org

Technology

BOE continues to launch new products and solutions in the field of high-end displays

Published

1 day ago

May 9, 2026

LOS ANGELES, May 9, 2026 /PRNewswire/ —

1、Redefine Visual Experience with Scientific Standards! BOE Releases Core Research Findings on OLED Display Clarity-Legibility Index, Paving the Way for the Industry’s First Transparent Pro Standard to Deliver Supreme Visual Experience

With the rapid popularization of OLED display technology, basic screen indicators including resolution, color gamut and brightness keep improving. Meanwhile, display transparency — a core experience metric that determines visual comfort , image authenticity and premium visual quality — has drawn growing attention across the industry.

Recently, BOE has empowered the launch of the industry’s first flagship high-transparency OLED display panel, setting an industry-leading benchmark in four key dimensions: color, depth , clarity and dynamic range. It ushers high-end display into a new era, shifting from purely numerical technical specifications to ultimate user-centric visual experience.

In addition, BOE officially unveiled its in-depth research achievements on OLED display transparency. It has identified the core underlying factors affecting visual transparency through scientific research, pioneered the industry’s first display transparency index formula, and facilitated the release of the first authoritative evaluation standard for OLED display transparency. This marks an industry’s transformation from specs-oriented to experience-driven development. This marks a full-process breakthrough covering underlying technical analysis, scientifically guided image quality development and mass production application.

At present, the group standard 《Standard of Associations Organic light emitting diode display —Evaluation method for display clarity》, led and formulated by BOE based on relevant research outcomes, has been officially issued. As the world’s first dedicated evaluation standard focusing on OLED display transparency, it fills the long-standing industry gap in correlating subjective visual perception with objective image quality parameters.

Leveraging this standard and transparency research results, BOE has assisted partners in developing the industry’s first flagship high-transparency OLED screen. The company has built a comprehensive technical system for OLED visual transparency. Supported by cutting-edge technologies such as tandem, LTPO and high-precision Demura crosstalk optimization algorithms, BOE and its partners have carried out full-link optimization from display panels to end devices.

Going forward, BOE will continue to deepen research on display human factors engineering and visual experience. Through technological innovation and standard leadership, it will bring more ultimate, high-transparency premium display experiences to users worldwide.

2、BOE Beneficial “Natural” Light Technology (BNL): Solving Visual Health Pain Points and Leading the Display Industry Trend

In an era of ubiquitous displays, users are spending increasingly longer hours on screens. Nevertheless, the luminous properties of conventional displays poorly align with the human visual system, sparking widespread consumer concerns over visual health. To address such challenges, BOE draws inspiration from natural light. By deeply analyzing natural light and extracting beneficial features highly consistent with health and comfort, BOE established the Beneficial “Natural” Light Technology (BNL) architecture. Evolving from single technical upgrades to a systematic solution, BNL replicates the merits of natural light across four core dimensions: Depolarization Adjustment, Spectrum Optimization, Light Profile Optimization and Time-varying Adaptation, advancing display technology toward healthy viewing.

BNL & Visual Health

Depolarization Adjustment: The linearly polarized light of traditional displays causes targeted stimulation to retinal lutein, resulting in dry eyes, eyelid redness and other discomforts. Based on the mainstream Circular Polarization (QWP) solution, BOE BNL has developed a series of technologies like BSF/RDF Random Depolarization technology and un-Polarization，which convert linearly polarized light into randomly polarized light, enabling balanced lutein utilization across the entire visual field, and deliver natural-light-level eye protection.

Spectrum Optimization: Conventional narrow-band RGB spectra feature poor continuity and imbalanced energy distribution, with excessive high-energy blue light that induces eye strain and increases risks of macular damage. Beyond Low Blue Light solutions, BOE BNL has developed Natural-like Spectrum, Beneficial Red Light, Infrared Light and Circadian Rhythm technologies. Multiple clinical studies have verified that Beneficial Red Light and Infrared Light can effectively inhibit axial elongation and accelerate eye microcirculation. BOE takes the lead in integrating such optics into displays，achieving a spectral distribution matching degree of over 60%, an energy ratio of Beneficial Red Light (650–670 nm) exceeding 50%, and independent on/off switching and energy adjustment of Infrared Light. Meanwhile, Circadian Rhythm technology regulates melatonin secretion to safeguard sleep quality. Shifting from passive harm reduction to active eye benefits, BOE BNL delivers all-round visual health protection.

Light Profile Optimization: Conventional screens are prone to surface reflection and glare, which interfere with visual recognition and cause cumulative eye fatigue. Powered by industry-leading Anti-Glare, Low Reflection and Wide Viewing Angle technologies, BOE BNL accurately simulates the diffuse reflection of natural light to deliver consistent visual comfort across diverse viewing angles. For instance, BOE UB Cell technology achieves a DGR value below 5 with negligible glare and reflection, ensuring sustained visual comfort.

Time-varying Adaptation: Conventional displays tend to produce low-frequency flicker and fixed brightness and color temperature that fail to adapt to ambient changes, forcing frequent eye muscle adjustments and leading to discomfort. By adopting Flicker Free and Light Self-adaptive technologies, BOE BNL delivers stable, ultra-smooth visuals that replicate the comfort of natural light.

SID 2026: BOE Launches New BNL Display Products

At SID Display Week 2026, BOE launched new BNL health display products. The highlight product is the industry’s first 13.8-inch BNL health display tablet. It integrates all four core dimensions，supported by 7 core BNL technologies， to deliver a healthy and comfortable visual experience.

As a global leader in the display industry, BOE has led the development and officially issued the world’s first “Natural Light” display standard via the Zhongguancun Standardization Association，and has jointly issued the White Paper on Natural Light Display Technologies (Engineering Considerations, Application Value and Challenges) with TÜV Rheinland to drive standardized and high-quality industrial development. In the future, BOE will continue to iterate on technologies, diversify product forms and application scenarios, advance the grading standards for Beneficial “Natural” Light displays, and protect users’ visual health.

View original content to download multimedia:https://www.prnewswire.com/news-releases/boe-continues-to-launch-new-products-and-solutions-in-the-field-of-high-end-displays-302767491.html

SOURCE BOE Technology Group Co., Ltd.

Technology

BitradeX BXC First Two Subscription Rounds Sell Out, Total Subscriptions Exceed 14M USDT

Published

1 day ago

May 9, 2026

LONDON, May 9, 2026 /PRNewswire/ — BitradeX Capital’s ecosystem equity token, BXC, has completed its first and second subscription rounds, selling a total of 50 million BXC with subscriptions exceeding 14 million USDT. The first round sold out in 90 seconds, while the second closed within 48 hours.

While the fundraising size is not unusually large by crypto standards, the structure of the sale has attracted market attention. The first two rounds were not open to the public, but limited to high-tier BitradeX users. The first round was available only to V5 users and above, while the second round expanded access to V3 users and above.

According to BitradeX’s tier system, V3+ users typically have higher recurring investment activity through AiBot, longer platform usage history, and stronger ecosystem participation. This means the early BXC allocation was absorbed mainly by the platform’s internal high-value user base, rather than short-term speculative participants.

This approach differs from many token fundraising campaigns that prioritize broad public participation and market hype. BitradeX instead adopted a more selective, staged model, gradually lowering the participation threshold while keeping the sale within its active ecosystem community.

BXC is positioned as more than a standard platform token. Its value framework is linked to BitradeX Capital’s broader ecosystem, including its exchange business, AiBot quantitative strategies, BTX Card payments, and Labs incubation platform. Public information indicates that BXC holders may receive staking rewards, benefit from ecosystem buybacks and burns, and gain priority access to Launchpad projects and governance participation.

The third subscription round is launched on April 30 at $0.35 USDT per BXC, with a total supply of 100 million BXC. It is now open to users participating in AiBot recurring investment. The fourth round price is expected to rise to $0.45 USDT.

The long-term value of BXC will ultimately depend on the growth of BitradeX’s underlying businesses, including exchange profitability, AiBot user expansion, and BTX Card adoption. However, the rapid sellout of the first two rounds suggests that BitradeX’s core user base has already shown strong confidence in the ecosystem’s future.

View original content:https://www.prnewswire.com/news-releases/bitradex-bxc-first-two-subscription-rounds-sell-out-total-subscriptions-exceed-14m-usdt-302767467.html

SOURCE BitradeX Capital