On August 22, 2024 Beijing time, China's leading fintech company, Xiaoying Technology (NYSE: XYF), released its unaudited financial performance report for the second quarter of 2024 as of June 30, 2024.
Financial data shows that the total amount of loans matched and provided in the second quarter of 2024 was RMB 22.749 billion; The total net income of Xiaoying Technology reached 1.373 billion yuan.
Mr. Li Kan, the President of the company, said, "We are pleased to report another robust quarter as we have made further progress in improving profitability. Our strategy of proactively managing loan volumes based on asset quality dynamics continued to yield results in the second quarter. At the same time, we will continue to strengthen and improve our risk management system to enhance asset quality. We will adapt to the constantly changing market environment through flexible strategies to achieve our goals and continue to increase shareholder value
Adapt to market development needs, steadily improve business, and deeply cultivate small and micro groups
In the second quarter of 2024, the macro market continued to show a stable and progressive overall trend, laying a solid foundation for overall consumption improvement. Xiaoying Technology takes advantage of the situation and continues to cultivate small and micro groups in accordance with policy trends and market demand. On the basis of a good start in the first quarter, the second quarter continued to show steady operation.
Financial data shows that the total amount of loans matched and provided in the second quarter of 2024 was RMB 22.749 billion; The total net income for the second quarter of 2024 was RMB 1.373 billion.
Xiao Ying Technology's Chief Financial Officer Zheng Fuya said, "We achieved strong financial performance this quarter, with a total net income of approximately RMB 1.4 billion. We continue to focus on cost control and asset quality improvement, committed to achieving profitable growth, while exploring various ways to further improve returns to shareholders
Ten years of consistent development pace, brand upgrade wins more beauty
2024 marks the tenth anniversary of the establishment of Xiaoying Technology. Over the past decade, Xiaoying Technology has been down-to-earth, empowering small and micro enterprises, new urban residents, and other groups, launching a series of assistance plans to provide comprehensive financing services and support for small and micro enterprises, individual businesses, and new citizens.
In 2021, Xiaoying Technology launched the "Micro Light Plan" to enhance the accessibility and convenience of financial services for small and micro business owners, supporting the steady progress of the real economy. In 2022, Xiaoying Technology launched the "Yingxin Plan" to further expand its service scope. In 2023, Xiaoying Technology will launch the "City Light" assistance plan to provide high-quality financial services for every small and micro business owner, individual business owner, and new citizen group who carries dreams. This year, Xiaoying Technology and Nanfang+jointly launched the "Pick up Light and Walk Together · Small Store Assistance Plan", starting from the actual needs and difficulties of small stores, providing assistance within our capabilities to protect the entrepreneurial dreams of every small and micro business owner and new citizen, and helping them stand out in market operations.
Data shows that from January 2020 to the end of June 2024, Xiaoying Technology helped small and micro business owners and individual industrial and commercial households solve over 7.1 million capital turnover problems, covering 31 provinces, municipalities, and autonomous regions across the country. Meanwhile, from January 2022 to the end of June 2024, 50% of the loan users served by Xiaoying Technology are new citizens, with 47% of the loans flowing to new citizens.
Not only that, Xiaoying Technology has also demonstrated its due responsibility in shouldering social obligations. The Chengjiang Central Primary School Library in Xunwu County, Ganzhou, Jiangxi Province, which was built with the assistance of the Xiaoying Public Welfare Foundation this year, has officially been put into use. Xiaoying Technology also organized employees to go to Chengjiang Central Primary School in Xunwu County, Jiangxi Province to donate books suitable for children's reading and carry out open class activities. Xiaoying Public Welfare adheres to the concept of "doing small wins and moving towards great goodness", connecting the loving forces of all sectors of society. Integrating the vision of "a little bit of victory, more beauty" into every corner of society.
Based on a decade of consistent business development, on the occasion of the 10th anniversary of the establishment of Xiaoying Technology in 2024, the company's brand will undergo a new upgrade. In the future, Xiaoying Technology will continue to play a role as a technological link, fully connecting enterprises and financial institutions, jointly gathering the power of goodness, and working hand in hand with all sectors of society to build a better digital life.
Technological development leads the future of digital intelligence, forging a new ecosystem of refined operations
The development of technology has become the core driving force for promoting the transformation and upgrading of various industries. Xiaoying Technology adheres to the development of digitalization through technological innovation, independently develops a new generation of technology system characterized by intelligent technology, fully improves operational efficiency, enhances risk management capabilities, and effectively protects the vital interests of consumers.
Xiaoying Technology relies on its leading intelligent technology advantages and system governance capabilities to independently develop the WinSAFE intelligent win system. This system promotes the application of technology in intelligent marketing, intelligent operations, risk assessment, and other areas, with high self-control, high agility, and complete and refined digital capabilities throughout the entire process. In terms of data security and privacy, Xiaoying Technology has built 360& deg; A closed-loop application security protection barrier ensures the security of application systems and data from multiple perspectives and throughout the entire chain, providing users and partners with secure and stable services.
Consumer rights protection is of paramount importance. Xiaoying Technology has successfully integrated AI technology to create a "five in one" WinPROT protection system with five functions: anti fraud and anti black industry, strong data security, efficient customer service, innovative technology empowerment, and user consumer protection education. We have achieved full process, multi node user reminders and intelligent interception of potential fraudulent activities on the platform, greatly improving the pre fraud recognition rate and response efficiency, effectively ensuring the safety of consumer funds.
Li Kan, President of Xiaoying Technology, said, "Xiaoying Technology has gone through a decade long journey in 2024. Over the past decade, we have focused on serving small and micro enterprises, deeply cultivating the development of the real economy, and every step has been solid and powerful. Anchoring the small and micro group not only makes Xiaoying Technology stable, but also empowers the new digital ecology of technology in the future, laying a solid foundation. Xiaoying Technology will continue to play a 'link role' in the future, work hand in hand with financial institutions, and contribute to the development of the economy. A small win can achieve more beauty in society