On May 31, 2024 Beijing time, China's leading fintech company, Xiaoying Technology (NYSE: XYF), released its unaudited financial performance report for the first quarter of 2024 as of March 31, 2024. The report shows that the company's operating indicators maintained steady growth and progress in the first quarter, and the quality and efficiency of business services continued to improve.
According to financial report data, the total amount of matching and providing loans in the first quarter of 2024 was RMB 21.505 billion; The total net income of Xiaoying Technology reached 1.208 billion yuan.
Mr. Li Kan, President of Xiaoying Technology, said, "We are pleased to start 2024 with solid first quarter financial performance, and we are full of confidence in the future. With stable asset quality, we have clearer expectations for the scale of 2024 based on the current strategy, and our commitment to sustainable profitability and shareholder value creation is unwavering."
Keeping up with new development trends and demonstrating sustained momentum in the first quarter
In the first quarter of 2024, overall consumption maintained stable growth, forming a strong foundation for economic recovery resilience. Against the backdrop of steady recovery in the consumer market, Xiaoying Technology actively utilizes its technological innovation advantages, deeply grasps the overall requirements and policy orientation, continues to provide high-quality financial services for small and medium-sized enterprises, helps consolidate and enhance the positive trend of economic recovery, and achieves a good start in the first quarter of operation.
According to financial report data, the total amount of matching and providing loans in the first quarter of 2024 was 21.505 billion yuan; The total net income for the first quarter of 2024 was RMB 1.208 billion.
Mr. Zheng Fuya, Chief Financial Officer of Xiaoying Technology, said, "We are very satisfied with our solid financial performance in the first quarter. This once again proves the effectiveness of our strategy, strong execution ability, and commitment to ensuring long-term profitability. In the future, we will continue to strive to improve asset quality while optimizing borrower acquisition costs, in order to drive sustainable profitability growth."
Practicing finance for the people, loading technology to support service quality in the past decade
2024 marks the tenth anniversary of the establishment of Xiaoying Technology. Over the past decade, Xiaoying Technology has always been in line with the trend of the times, fully leveraging its "flexible, convenient, and fast" financial service advantages, deeply promoting technological innovation, striving to optimize the financial ecological environment, supporting the development of the real economy, and using benevolent finance to support common prosperity.
In 2021, Xiaoying Technology launched the "Micro Light Plan" to enhance the accessibility and convenience of small and micro business owners in financial services and support the steady progress of the real economy. In 2022, Xiaoying Technology launched the "Winning New Plan" to further expand its service scope. In 2023, Xiaoying Technology launched the "City Light" assistance plan to provide high-quality financial services to every small and micro business owner, individual business owner, and new citizen group who holds dreams.
In the first quarter of this year, Xiaoying Technology launched the "Picking up the Light and Walking Together · Small Store Assistance Plan", gathering groups such as individual business owners, small and micro business owners, and rural entrepreneurs. They are gathering qualified small store merchants nationwide to provide assistance to small stores from different perspectives, starting from their actual needs and difficulties, and giving them the strength to move forward. Data shows that from January 2020 to the end of December 2023, Xiaoying Technology served over 6.2 million small and micro business owners and individual businesses, covering 31 provinces, municipalities, and autonomous regions across the country.
To serve the real economy and assist small and medium-sized enterprises, it is even more necessary to have solid support. Xiaoying Technology always puts safeguarding user rights first, achieving precise front-end services and thoughtful back-end services. Not only can we continuously strengthen asset quality, but we can also elevate consumer rights protection to new heights.
To comprehensively protect consumer rights and interests, Xiaoying Technology has successfully created a "five in one" WinPROT protection system using AI technology, which has five major functions: anti fraud and anti black production, strengthening data security, efficient customer service, innovative technology empowerment, and practicing user consumer protection education. This system is supported by the risk control technology independently developed by Xiaoying Technology, identifying the key points of consumer rights protection, realizing the full process, multi node user reminder and intelligent interception of potential fraudulent behavior on the platform, greatly improving the pre fraud identification rate and response efficiency, and effectively ensuring the safety of consumer funds. Make every effort to create a gold medal service quality that reassures users and consumers.
Gathering the power of goodness on the "ladder of progress", warming the heart and public welfare, and warming the "source of the Dongjiang River"
In March of this year, the Chengjiang Central Primary School Library in Xunwu County, Ganzhou, Jiangxi Province, which was built with the assistance of the Xiaoying Public Welfare Foundation, was officially opened. This "knowledge castle" is located at the source of the Dongjiang River. Xiaoying Public Welfare has gathered its own practical actions to create a "ladder of progress" for children, helping them dream into reality.
Sun Jing, Chairman of the Xiaoying Public Welfare Foundation, introduced that during the completion process of the library, we faced different difficulties, explored different resources, and mobilized all members of Xiaoying Technology to participate in the public welfare library project together. From the perspective of students, teachers, and other users, we will listen to professional suggestions for promoting campus reading in primary and secondary schools in Shenzhen, deepen the design of library space utilization, functional division, curriculum design, and do our best to ensure the final landing of the library. I hope that children can grow up on beautiful campuses and use practical actions to promote the revitalization of rural education.
Looking towards the future, Xiaoying Public Welfare will continue to adhere to the concept of "doing small things and striving for great kindness". By exploring a "sustainable+reusable" effective public welfare model, we will continue to make efforts in areas such as "rural revitalization", "green environmental protection", "employee public welfare co creation", and "social assistance", linking social love, taking on social responsibility, and jointly creating social value.
Li Kan, President of Xiaoying Technology, stated that 2024 marks the 10th anniversary of Xiaoying Technology's establishment, and it has been a decade of ups and downs with its original intention. In the first quarter of this year, we responded to market changes, combined with user needs, and established a foundation for stable development throughout the year. At the same time, we are full of confidence in the future. Xiaoying Technology will continuously improve its own system, operate in compliance, fully leverage its role as a "link", and work hand in hand with more financial institutions to contribute to the development of the real economy.