Jiayin Group Inc. Reports Fourth Quarter and Fiscal Year 2021 Unaudited Financial Results
Jiayin Group reported a significant increase in its financial performance for Q4 and FY 2021. Total loan origination volume surged by 75.3% to RMB5.4 billion, while net income rose 51.0% to RMB122.5 million in Q4. For the full year, revenue grew 36.9% to RMB1.8 billion, with net income up 87.0% to RMB467.8 million. The firm maintained strong partnerships with financial institutions and focused on risk management and market expansion, aiming for continued growth in 2022.
- Loan origination volume increased by 89.7% year-over-year to RMB21.9 billion.
- Net income grew by 87.0% year-over-year to RMB467.8 million for FY 2021.
- Net revenue increased by 36.9% to RMB1.8 billion for the full year.
- Average borrowing amount per transaction decreased by 6.9% to RMB6,430.
- Repeat borrowing rate declined to 70.5%, down from 75.3% in 2020.
- Operating income fell from RMB52.9 million in Q4 2020 to RMB14.7 million in Q4 2021.
-- Fourth Quarter Total Loan Origination Volume Grew
-- Fourth Quarter Net Income Grew
-- Full Year Revenue Grew
--Full Year Net Income Grew
SHANGHAI, China, March 31, 2022 (GLOBE NEWSWIRE) -- Jiayin Group Inc. (“Jiayin” or the “Company”) (NASDAQ: JFIN), a leading fintech platform in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2021.
Fourth Quarter 2021 Operational and Financial Highlights :
- Loan origination volume1 was RMB5,412 million (US
$849.3 million ), representing an increase of75.3% from the same period of 2020. - Average borrowing amount per borrowing was RMB7,208 (US
$1,131) , representing an increase of10.4% from the same period of 2020. - Repeat borrowing rate2 was
66.9% , compared with repeat borrowing rate of70.4% in the same period of 2020. - Net revenue was RMB368.2 million (US
$57.8 million ), representing an increase of8.2% from the same period of 2020. - Operating income was RMB14.7 million (US
$2.3 million ), compared with RMB52.9 million in the same period of 2020. - Net income was RMB122.5 million (US
$19.2 million ), compared with RMB81.1 million in the same period of 2020.
Full Year 2021 Operational and Financial Highlights:
- Loan origination volume1 was RMB21,915 million (US
$3,438.9 million ), representing an increase of89.7% from RMB11,552 million in 2020. - Average borrowing amount per borrowing was RMB6,430 (US
$1,009) , representing a decrease of6.9% from RMB6,907 in 2020. - Repeat borrowing rate2 was
70.5% , compared with repeat borrowing rate of75.3% in 2020. - Net revenue was RMB1,780.5 million (US
$279.4 million ), representing an increase of36.9% from RMB1,300.2 million in 2020. - Operating income was RMB432.0 million (US
$67.8 million ), compared with RMB302.1 million in 2020. - Net income was RMB467.8 million (US
$73.4 million ), compared with RMB250.1 million in 2020.
Mr. Yan Dinggui, the Company’s Founder, Director and Chief Executive Officer, commented: “We delivered strong business and financial results for the fourth quarter and full year of 2021 as we continued to drive loan origination growth and expand partnerships with institutions. In 2021, our loan origination volume grew
Mr. Yan further noted: “Importantly, we continued to focus on forging partnerships with financial institutions, diversifying our funding sources, strengthening our risk management systems, and improving our asset quality. As a result, we also aligned the direction of our business in step with regulatory changes while expanding our borrowers base, and optimizing our product portfolio. Going forward, we will continue to invest in areas that will accelerate our global expansion and diversify our funding sources to fortify our market leadership. We are confident that these investments will enable us to sustain our business growth in 2022.”
Fourth Quarter 2021 Financial Results
Net revenue was RMB368.2 million (US
Revenue from loan facilitation services was RMB361.1 million (US
Revenue from post-origination services was nil, because the outstanding loan balance of the Company’s legacy P2P lending business was reduced to zero in November 2020.
Other revenue was RMB7.1 million (US
Origination and servicing expense was RMB84.8 million (US
Cost of sales was RMB1.1 million (US
Allowance for receivables and contract assets was RMB17.2 million (US
Sales and marketing expense was RMB156.9 million (US
General and administrative expense was RMB46.8 million (US
Research and development expense was RMB46.6 million (US
Income from operations was RMB14.7 million (US
Gain from de-recognition of other payable associated with disposal of Shanghai Caiyin was RMB138.0 million (US
Impairment of short-term investment was nil, compared with RMB32.6 million in the same period of 2020 due to the estimated loss related to the convertible notes issued by Cornerstone Management, Inc. held by the Company.
Net income was RMB122.5 million (US
Cash and cash equivalents were RMB182.6 million (US
Full Year 2021 Financial Results
Net revenue was RMB1,780.5 million (US
Revenue from loan facilitation services was RMB1,648.7 million (US
Revenue from post-origination services was nil, compared with RMB112.7 million in 2020, as a result of the outstanding loan balance of the Company’s legacy P2P lending business being reduced to zero in November 2020.
Other revenue was RMB131.8 million (US20.7 million), representing a decrease of
Origination and servicing expense was RMB320.5 million (US
Allowance for receivables and contract assets was RMB44.4 million (US
Sales and marketing expense was RMB659.3 million (US
General and administrative expense was RMB165.2 million (US
Research and development expense was RMB143.7 million (US
Income from operations was RMB432.0 million (US
Gain from de-recognition of other payable associated with disposal of Shanghai Caiyin was RMB138.0 million (US
Impairment of short-term investment was nil, compared with RMB67.2 million in 2020. The impairment loss in 2020 was primarily due to the estimated loss related to the convertible notes issued by Cornerstone Management, Inc. held by the Company.
Net income was RMB467.8 million (US
The financial statements for the fourth quarter and full year ended December 31, 2021 herein the press release have not been audited by the Company’s independent registered accounting firm. The audited financial statements for the year ended December 31, 2021 to be disclosed in the Company’s Form 20-F may have discrepancies with the above-mentioned unaudited financial statements.
The following table provides the delinquency rates of all outstanding loans on the Company’s platform in Mainland China as of the respective dates indicated.
| Delinquent for | ||||||
| As of | 1-30 days | 31-60 days | 61-90 days | 91 -180 days | More than 180 days | |
| (%) | ||||||
| December 31, 2018 | 1.35 | 2.53 | 2.37 | 5.46 | 9.45 | |
| December 31, 2019 | 1.27 | 2.20 | 1.68 | 4.79 | 8.39 | |
| December 31, 2020 | 1.47 | 0.88 | 0.70 | 1.66 | 1.81 | |
| March 31, 2021 | 1.17 | 0.85 | 0.71 | 1.56 | 2.53 | |
| June 30, 2021 | 1.21 | 0.71 | 0.57 | 1.21 | 1.95 | |
| September 30, 2021 | 1.34 | 0.76 | 0.60 | 1.30 | 2.05 | |
| December 31, 2021 | 1.31 | 0.90 | 0.72 | 1.78 | 2.12 | |
The following chart and table display the historical cumulative M3+ Delinquency Rate by Vintage for loan products facilitated through the Company’s platform in Mainland China.
| Month on Book | ||||||||||||||||||||||||
| Vintage | 4th | 5th | 6th | 7th | 8th | 9th | 10th | 11th | 12th | 13th | 14th | 15th | ||||||||||||
| 2018Q1 | ||||||||||||||||||||||||
| 2018Q2 | ||||||||||||||||||||||||
| 2018Q3 | ||||||||||||||||||||||||
| 2018Q4 | ||||||||||||||||||||||||
| 2019Q1 | ||||||||||||||||||||||||
| 2019Q2 | ||||||||||||||||||||||||
| 2019Q3 | ||||||||||||||||||||||||
| 2019Q4 | ||||||||||||||||||||||||
| 2020Q1 | ||||||||||||||||||||||||
| 2020Q2 | ||||||||||||||||||||||||
| 2020Q3 | ||||||||||||||||||||||||
| 2020Q4 | — | — | — | |||||||||||||||||||||
| 2021Q1 | — | — | — | — | — | — | ||||||||||||||||||
| 2021Q2 | — | — | — | — | — | — | — | — | — | |||||||||||||||
Conference Call
The company will conduct a conference call on March 31, 2022 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time).
Please register in advance to join the conference using the link provided below and dial in 10 minutes before the call is scheduled to begin. Conference access information will be provided upon registration.
Participant Online Registration: http://apac.directeventreg.com/registration/event/3983194
A replay of the conference call may be accessed by phone at the following numbers until April 7, 2022. To access the replay, please reference the conference ID 3983194.
| Phone Number | Toll-Free Number | |
| United States | +1 (646) 254-3697 | +1 (855) 452-5696 |
| Hong Kong | +852 30512780 | +852 800963117 |
| Mainland China | +86 4008209703 | +86 8009880601 |
A live and archived webcast of the conference call will be available on the company’s investors relations website at http://ir.jiayin-fintech.com/.
About Jiayin Group Inc.
Jiayin Group Inc. is a leading fintech platform in China committed to facilitating effective, transparent, secure and fast connections between underserved individual borrowers and financial institutions. The origin of the business of the Company can be traced back to 2011. The Company operates a highly secure and open platform with a comprehensive risk management system and a proprietary and effective risk assessment model which employs advanced big data analytics and sophisticated algorithms to accurately assess the risk profiles of potential borrowers. For more information, please visit http://www.jiayinfintech.cn/english/.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at a specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.3726 to US
Safe Harbor / Forward-Looking Statements
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Potential risks and uncertainties include, but are not limited to, those relating to the Company’s ability to retain existing investors and borrowers and attract new investors and borrowers in an effective and cost-efficient way, the Company’s ability to increase the investment volume and loan origination of loans volume facilitated through its marketplace, effectiveness of the Company’s credit assessment model and risk management system, PRC laws and regulations relating to the online individual finance industry in China, general economic conditions in China, and the Company’s ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Stock Market or other stock exchange, including its ability to cure any non-compliance with the continued listing criteria of the Nasdaq Stock Market. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.
For more information, please contact:
In China:
Jiayin Group
Mr. Shawn Zhang
Email: ir@jiayinfintech.cn
or
The Blueshirt Group
Ms. Ally Wang
Email: ally@blueshirtgroup.com
In the U.S.:
Ms. Julia Qian
Email: julia@blueshirtgroup.com
JIAYIN GROUP INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except for share and per share data)
| As of December 31, | As of December 31, | |||||||||||
| 2020 | 2021 | |||||||||||
| RMB | RMB | US$ | ||||||||||
| ASSETS | ||||||||||||
| Cash and cash equivalents | 117,320 | 182,551 | 28,646 | |||||||||
| Restricted cash | 2,000 | 2,016 | 316 | |||||||||
| Amounts due from related parties | 542 | 37,017 | 5,809 | |||||||||
| Accounts receivable and contract assets, net | 158,064 | 502,431 | 78,842 | |||||||||
| Loan receivables, net | 31,296 | 329 | 52 | |||||||||
| Prepaid expenses and other current assets | 61,289 | 62,255 | 9,769 | |||||||||
| Deferred tax assets, net | 40,935 | 48,456 | 7,604 | |||||||||
| Property and equipment, net | 19,449 | 9,100 | 1,428 | |||||||||
| Right-of-use assets | 6,926 | 35,507 | 5,572 | |||||||||
| Long-term investment | 87,551 | 90,528 | 14,206 | |||||||||
| Other non-current assets | - | 1,242 | 195 | |||||||||
| TOTAL ASSETS | 525,372 | 971,432 | 152,439 | |||||||||
| LIABILITIES AND EQUITY | ||||||||||||
| Payroll and welfare payable | 58,288 | 56,056 | 8,796 | |||||||||
| Amounts due to related parties | 8,785 | 4,485 | 704 | |||||||||
| Tax payables | 279,383 | 409,063 | 64,191 | |||||||||
| Accrued expenses and other current liabilities | 70,954 | 118,808 | 18,644 | |||||||||
| Other payable related to the disposal of Shanghai Caiyin | 566,532 | 322,028 | 50,533 | |||||||||
| Lease liabilities | 5,195 | 35,243 | 5,530 | |||||||||
| TOTAL LIABILITIES | 989,137 | 945,683 | 148,398 | |||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||
| Class A ordinary shares (US 108,100,000 shares issued and outstanding as of December 31, 2020 and December 31, 2021)3 | 0 | 0 | 0 | |||||||||
| Class B ordinary shares (US 108,000,000 shares issued and outstanding as of December 31, 2020 and December 31, 2021)3 | 0 | 0 | 0 | |||||||||
| Additional paid-in capital | 818,042 | 840,580 | 131,905 | |||||||||
| Accumulated deficit | (1,266,848 | ) | (794,762 | ) | (124,715 | ) | ||||||
| Accumulated other comprehensive loss | (12,817 | ) | (17,954 | ) | (2,817 | ) | ||||||
| Total Jiayin Group Inc. shareholder's (defict) equity | (461,623 | ) | 27,864 | 4,373 | ||||||||
| Non-controlling interests | (2,142 | ) | (2,115 | ) | (332 | ) | ||||||
| TOTAL SHAREHOLDERS' (DEFICIT) EQUITY | (463,765 | ) | 25,749 | 4,041 | ||||||||
| TOTAL LIABILITIES AND EQUITY | 525,372 | 971,432 | 152,439 | |||||||||
JIAYIN GROUP INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in thousands, except for share and per share data)
| For the Three Months Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||
| 2020 | 2021 | 2020 | 2021 | |||||||||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||||||
| Net revenue (including revenue from related parties of RMB nil and RMB 804 for 2020Q4 and 2021Q4, respectively) | 340,335 | 368,212 | 57,780 | 1,300,160 | 1,780,490 | 279,398 | ||||||||||||||||||
| Operating costs and expenses: | ||||||||||||||||||||||||
| Origination and servicing | (64,859 | ) | (84,841 | ) | (13,313 | ) | (239,199 | ) | (320,466 | ) | (50,288 | ) | ||||||||||||
| Cost of sales | - | (1,078 | ) | (169 | ) | - | (15,467 | ) | (2,427 | ) | ||||||||||||||
| Allowance for receivables and contract assets | (20,307 | ) | (17,186 | ) | (2,697 | ) | (77,278 | ) | (44,427 | ) | (6,972 | ) | ||||||||||||
| Sales and marketing | (117,479 | ) | (156,949 | ) | (24,629 | ) | (375,063 | ) | (659,291 | ) | (103,457 | ) | ||||||||||||
| General and administrative | (42,865 | ) | (46,841 | ) | (7,350 | ) | (154,963 | ) | (165,150 | ) | (25,916 | ) | ||||||||||||
| Research and development | (41,876 | ) | (46,586 | ) | (7,310 | ) | (151,550 | ) | (143,733 | ) | (22,555 | ) | ||||||||||||
| Total operating costs and expenses | (287,386 | ) | (353,481 | ) | (55,468 | ) | (998,053 | ) | (1,348,534 | ) | (211,615 | ) | ||||||||||||
| Income from operation | 52,949 | 14,731 | 2,312 | 302,107 | 431,956 | 67,783 | ||||||||||||||||||
| Gain from de-recognition of other payable associated with disposal of Shanghai Caiyin | 117,021 | 138,043 | 21,662 | 117,021 | 138,043 | 21,662 | ||||||||||||||||||
| Impairment of short-term investment | (32,595 | ) | - | - | (67,169 | ) | - | - | ||||||||||||||||
| Interest (expense) income | (11 | ) | (685 | ) | (107 | ) | 7,716 | (1,117 | ) | (175 | ) | |||||||||||||
| Other income, net | 748 | 1,425 | 224 | 6,711 | 16,952 | 2,660 | ||||||||||||||||||
| Income before income taxes and income from investment in affiliates | 138,112 | 153,514 | 24,091 | 366,386 | 585,834 | 91,930 | ||||||||||||||||||
| Income tax expense | (48,741 | ) | (36,037 | ) | (5,655 | ) | (108,811 | ) | (125,724 | ) | (19,729 | ) | ||||||||||||
| (Loss) income from investment in affiliates | (8,222 | ) | 5,014 | 787 | (7,509 | ) | 7,651 | 1,201 | ||||||||||||||||
| Net income | 81,149 | 122,491 | 19,223 | 250,066 | 467,761 | 73,402 | ||||||||||||||||||
| Less: net loss attributable to noncontrolling interest shareholders | (4,472 | ) | (1,189 | ) | (187 | ) | (2,817 | ) | (4,325 | ) | (679 | ) | ||||||||||||
| Net income attributable to Jiayin Group Inc. | 85,621 | 123,680 | 19,410 | 252,883 | 472,086 | 74,081 | ||||||||||||||||||
| Weighted average shares used in calculating net income per share: | ||||||||||||||||||||||||
| - Basic and diluted | 216,100,000 | 216,100,000 | 216,100,000 | 216,100,000 | 216,100,000 | 216,100,000 | ||||||||||||||||||
| Net income per share: | ||||||||||||||||||||||||
| - Basic and diluted | 0.40 | 0.57 | 0.09 | 1.17 | 2.18 | 0.34 | ||||||||||||||||||
| Net income | 81,149 | 122,491 | 19,223 | 250,066 | 467,761 | 73,402 | ||||||||||||||||||
| Other comprehensive income, net of tax of nil: | ||||||||||||||||||||||||
| Foreign currency translation adjustments | (8,489 | ) | (1,513 | ) | (237 | ) | (13,366 | ) | (5,229 | ) | (821 | ) | ||||||||||||
| Comprehensive income | 72,660 | 120,978 | 18,986 | 236,700 | 462,532 | 72,581 | ||||||||||||||||||
| Comprehensive loss attributable to noncontrolling interest | (6,516 | ) | (1,158 | ) | (182 | ) | (2,897 | ) | (4,417 | ) | (693 | ) | ||||||||||||
| Total comprehensive income attributable to Jiayin Group Inc. | 79,176 | 122,136 | 19,168 | 239,597 | 466,949 | 73,274 | ||||||||||||||||||
___________________
1 “Loan origination volume” refers the loan origination volume facilitated in Mainland China during the period presented.
2 “Repeat borrowing rate” refers to the repeat borrowers as a percentage of all of the Company’s borrowers in Mainland China.
“Repeat borrowers” during a certain period refers to borrowers who borrows in such period and have borrowed at least twice since such borrowers’ registration with us until the end of such period.
3 The total shares authorized for both Class A and Class B are 10,000,000,000,000.
FAQ
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