PINTEC ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FIRST HALF OF 2024
Pintec Technology Holdings (Nasdaq: PT) reported its unaudited financial results for H1 2024, showing mixed performance. Total revenues decreased 57.5% to RMB14.92M (US$2.09M), while gross profit increased 111.6% to RMB8.90M (US$1.25M). The company's net loss decreased significantly by 82% to RMB8.34M (US$1.17M). Total loans facilitated decreased by 2.4% to RMB46.17M, and loan outstanding balance decreased by 9% to RMB56.14M. The company maintained stable delinquency rates while facing industry policy changes and economic slowdown in China.
Pintec Technology Holdings (Nasdaq: PT) ha riportato i risultati finanziari non verificati per il primo semestre del 2024, mostrando prestazioni miste. I ricavi totali sono diminuiti del 57,5% a RMB14,92M (US$2,09M), mentre l'utile lordo è aumentato dell'111,6% a RMB8,90M (US$1,25M). La perdita netta dell'azienda è diminuita significativamente dell'82% a RMB8,34M (US$1,17M). I prestiti totali facilitati sono diminuiti del 2,4% a RMB46,17M, e il saldo dei prestiti in essere è diminuito del 9% a RMB56,14M. L'azienda ha mantenuto tassi di insolvenza stabili affrontando cambiamenti nelle politiche del settore e un rallentamento economico in Cina.
Pintec Technology Holdings (Nasdaq: PT) informó sus resultados financieros no auditados para el primer semestre de 2024, mostrando un rendimiento mixto. Los ingresos totales disminuyeron un 57,5% a RMB14,92M (US$2,09M), mientras que la ganancia bruta aumentó un 111,6% a RMB8,90M (US$1,25M). La pérdida neta de la compañía disminuyó significativamente un 82% a RMB8,34M (US$1,17M). Los préstamos totales facilitados disminuyeron un 2,4% a RMB46,17M, y el saldo pendiente de los préstamos disminuyó un 9% a RMB56,14M. La empresa mantuvo tasas de morosidad estables mientras enfrentaba cambios en las políticas de la industria y un desaceleramiento económico en China.
Pintec Technology Holdings (Nasdaq: PT)는 2024년 상반기 감사받지 않은 재무 결과를 발표하며 혼합된 실적을 보였습니다. 총 수익은 57.5% 감소한 RMB14.92M (US$2.09M)으로 나타났고, 총 이익은 111.6% 증가한 RMB8.90M (US$1.25M)로 보고되었습니다. 회사의 순손실은 82% 감소하여 RMB8.34M (US$1.17M) 항목으로 나타났습니다. 총 중개된 대출 금액은 2.4% 감소한 RMB46.17M이며, 대출 잔액은 9% 감소하여 RMB56.14M입니다. 회사는 산업 정책 변화와 중국의 경제 둔화에 직면하면서 대출 연체율을 안정적으로 유지했습니다.
Pintec Technology Holdings (Nasdaq: PT) a annoncé ses résultats financiers non audités pour le premier semestre 2024, montrant des performances mitigées. Les revenus totaux ont diminué de 57,5% pour atteindre RMB14,92M (US$2,09M), tandis que le bénéfice brut a augmenté de 111,6% pour atteindre RMB8,90M (US$1,25M). La perte nette de l'entreprise a diminué de manière significative de 82% pour atteindre RMB8,34M (US$1,17M). Les prêts totaux facilités ont chuté de 2,4% pour atteindre RMB46,17M, et le solde des prêts en cours a diminué de 9% pour atteindre RMB56,14M. L'entreprise a maintenu des taux de défaut stables tout en faisant face à des changements de politique industrielle et à un ralentissement économique en Chine.
Pintec Technology Holdings (Nasdaq: PT) hat seine ungeprüften finanziellen Ergebnisse für das erste Halbjahr 2024 veröffentlicht, die ein gemischtes Ergebnis zeigen. Die Gesamteinnahmen sanken um 57,5% auf RMB14,92M (US$2,09M), während der Bruttogewinn um 111,6% auf RMB8,90M (US$1,25M) stieg. Der Nettoverlust des Unternehmens wurde signifikant um 82% auf RMB8,34M (US$1,17M) verringert. Die insgesamt vermittelten Kredite sanken um 2,4% auf RMB46,17M, und der ausstehende Kreditbetrag verringerte sich um 9% auf RMB56,14M. Das Unternehmen hielt die Zahlungsverzugraten stabil, während es mit Änderungen der Branchenpolitik und einer wirtschaftlichen Verlangsamung in China konfrontiert war.
- Gross profit increased 111.6% to RMB8.90M with improved margin of 59.66%
- Net loss decreased significantly by 82% to RMB8.34M
- Operating loss reduced by 37.1% to RMB7.61M
- Delinquency rates remained stable and low at 0.20-0.22%
- Total revenues declined 57.5% to RMB14.92M
- Technical service fees revenue dropped 86.6% to RMB2.66M
- Negative working capital of RMB388.96M as of June 30, 2024
- Going concern warning issued due to recurring losses
- Accumulated deficit of RMB2,520.97M
Insights
The H1 2024 results reveal concerning trends for PINTEC, with
- Negative working capital of
RMB388.96 million and accumulated deficit ofRMB2.52 billion raise serious going concern issues - Core revenue streams are declining across technical services (
-86.6% ), installment services (-13.7% ) and wealth management (-25.3% ) - Total loan facilitation dropped
2.4% toRMB46.17 million , indicating continued business contraction
The secured
First Half 2024 Financial Highlights
- Total revenues decreased by
57.5% orRMB20.17 million toRMB14.92 million (US ) for the first half of 2024 compared to total revenues of$2.09 million RMB35.09 million for the same period of 2023. - Gross profit increased by
111.6% toRMB8.90 million (US ) for the first half of 2024 from$1.25 million RMB4.21 million for the same period of 2023. Gross margin was59.66% for the first half of 2024 compared to11.99% for the same period of 2023. - Loss from operations decreased by
37.1% toRMB7.61 million (US ) for the first half of 2024 from$1.07 million RMB12.09 million for the same period of 2023. - Net loss decreased by
82.0% toRMB8.34 million (US ) for the first half of 2024 compared to net loss of$1.17 million RMB46.30 million for the same period of 2023.
First Half 2024 Operating Highlights
- Total loans facilitated decreased by
2.4% toRMB46.17 million (US ) for the first half of 2024 from$6.48 million RMB47.3 million for the same period of 2023. - Loan outstanding balance decreased by
9.0% toRMB56.14 million (US ) as of June 30, 2024 from$7.88 million RMB61.74 million as of December 31, 2023. - The following table provides delinquency rates by balance for all loans facilitated by the Company as of the dates indicated:
Delinquent for | ||||||||||||
16-30 days | 31-60 days | 61-90 days | ||||||||||
December 31, 2021 | 1.00 | % | 1.30 | % | 1.18 | % | ||||||
December 31, 2022 | 0.23 | % | 0.58 | % | 0.18 | % | ||||||
December 31, 2023 | 0.26 | % | 0.22 | % | 0.27 | % | ||||||
June 30, 2024 | 0.20 | % | 0.04 | % | 0.22 | % |
Mr. Zexiong Huang, Chief Executive Officer of Pintec, commented, "During the first half of 2024, despite the unavoidable constraints on our business expansion caused by changes in industry policies, regulations, and slowdown in overall economy in
"Looking forward, we are committed to focusing on our core strategy, which is to prioritize financial stability and risk management to sustain solid growth in an uncertain macro environment. We remain dedicated to delivering financial digitization solutions to our business partners, financial partners, and end customers. The sustainable and quality-based development will continue to be the path we uphold. To achieve this goal, we will keep solidifying our competencies in overall risk management, attracting customers and strengthening partnerships, expanding our business, and refining operations while implementing cost-effective initiatives." Mr. Huang concluded.
First Half 2024 Financial Results
Revenues
Total revenues decreased by
- Revenues from technical service fees decreased by
86.6% toRMB2.66 million (US ) for the first half of 2024 from$0.37 million RMB19.83 million for the same period of 2023. The decrease in revenues from technical service fees was mainly due to the gradual reduction of such business based on our overall operation realignment. - Revenues from installment service fee decreased by
13.7% toRMB6.49 million (US ) for the first half of 2024 from$0.91 million RMB7.53 million for the same period of 2023. The decrease in revenues from installment service fee was mainly due to the decrease in volume of both new and outstanding small and medium enterprises ("SMEs") loans under current marketing environment in the first half of 2024. - Revenues from wealth management service fees decreased by
25.3% toRMB5.77 million (US ) for the first half of 2024 from$0.81 million RMB7.73 million for the same period of 2023. The decrease in revenue of the wealth management was mainly due to that the new regulation issued by Chinese regulatory authority on insurance brokerage business which led to a scarcity of insurance products that comply with the new regulation and in turn caused the decrease in insurance brokerage business and revenue.
Cost of Revenues
Cost of revenues decreased by
- Funding cost. Funding cost mainly consists of interest expense the Company pays in relation to the funding debts to fund its financing receivables. Funding cost decreased
RMB9.31 million to nil compared to funding cost ofRMB9.31 million in the same period of 2023. The decrease was due to that we recorded interest expenses ofRMB9.31 million during the first half of 2023, which was mainly represents an out-of-period adjustments amount toRMB9.31 million from prior years. - Reversal/(provision) of credit losses. Provision of credit losses of
RMB1.73 million (US ) in first half of 2024 compared to reversal of credit losses of$0.24 million RMB0.38 million in the same period of 2023. - Origination and servicing cost. Origination and servicing cost decreased by
78.8% toRMB5.05 million (US ) compared to$0.71 million RMB23.86 million in the same period of 2023, which was mainly due to the decreased in revenue from technical services fees and its corresponding costs.
Gross Profit
Gross profit increased to
Operating Expenses
Total operating expenses increased by
- Sales and marketing expenses in the first half of 2024 increased by
0.3% toRMB8.54 million (US ) from$1.20 million RMB8.51 million in the same period of 2023. This increase was primarily due to the addition of sales and marketing personnel to expand our Wealth Management Solutions services and business. - General and administrative expenses in the first half of 2024 increased by
12.8% toRMB5.71 million (US ) from$0.80 million RMB5.06 million in the same period of 2023. This increase was primarily driven by the reversal of share-based compensation in first half of 2023, which was an out-of-period adjustments from prior years and no such adjustments were recorded in first half of 2024. - Research and development expenses in the first half of 2024 decreased by
17.0% toRMB2.26 million (US ) from$0.32 million RMB2.73 million in the same period of 2023, primarily due to personnel structure optimization as part of the business transformation of the Company.
Loss from operations
Loss from operations decreased by
Other income and expenses
Other expenses, net decreased by
Income tax (expense)/benefit
Income tax expense was recorded as
Net loss
As a result of the foregoing, net loss was recorded
Net loss attributable to ordinary shareholders was recorded
Adjusted net loss was
Net Loss Per Share
Basic and diluted net loss per ordinary share in the first half of 2024 were both
Adjusted basic and diluted net loss per ordinary share in the first half of 2024 were both
Balance Sheet
The Company has combined cash and cash equivalents and long-term restricted cash of
Going Concern
The Company acknowledged that there were recurring losses from operation since year 2019. For the six months ended June 30, 2024, the Company reported a net loss of
Due to the unpredictable future of the capital markets and the industry in which we operate, there can be no assurance that the Company will be successful in achieving its budget goals, that the Company's future capital raising will be sufficient to support its ongoing operations, or that any additional financing will be available in a timely manner or with acceptable terms, if at all. If the Company is unable to raise sufficient financing or events or circumstances occur such that the Company does not meet its budget goals, it may have a material adverse effect on the Company's financial position, results of operations, cash flows, and ability to achieve its intended business objectives. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Company's ability to operate profitably, to generate cash flows from operations, and to pursue financing arrangements to support its working capital requirements.
Use of Non-GAAP Financial Measures
In evaluating its business, the Company considers and uses adjusted net income/loss as a supplemental measure to review and assess its operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with
The Company believes that this non-GAAP financial measure can help management evaluate the Company's operating performance and formulate business plans. Adjusted net income/loss enables management to assess operating results without considering the impact of share-based compensation expenses and income tax benefit recognized due to reversal of uncertain tax position. The Company also believes that this non-GAAP financial measure provides useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by management in their financial and operational decision-making.
This non-GAAP financial measure is not defined under
The Company compensates for these limitations by reconciling this non-GAAP financial measure to the most directly comparable
Exchange Rate
This announcement contains translations of certain RMB amounts into
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
About Pintec
Pintec is a Nasdaq-listed company providing technology enabled financial and digital services to micro, small and medium enterprises in
Pintec Technology Holdings Ltd. | ||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||
(In thousands, except for share and per share data) | ||||||||||||
As of | As of June 30, | |||||||||||
2023 | 2024 | 2024 | ||||||||||
RMB | RMB | US$ | ||||||||||
(Unaudited) | (Unaudited) | |||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | 40,508 | 44,606 | 6,259 | |||||||||
Restricted cash | - | 3,815 | 535 | |||||||||
Short-term financing receivables, net | 61,467 | 55,941 | 7,849 | |||||||||
Short-term financial guarantee assets, net | 43 | - | - | |||||||||
Accounts receivable, net | 1,569 | 2,255 | 316 | |||||||||
Prepayments and other current assets, net | 4,605 | 3,373 | 476 | |||||||||
Amounts due from related parties, net | 5 | - | - | |||||||||
Total current assets | 108,197 | 109,990 | 15,435 | |||||||||
Non-current assets: | ||||||||||||
Non-current restricted cash | 5,000 | 5,000 | 702 | |||||||||
Total non-current assets | 5,000 | 5,000 | 702 | |||||||||
TOTAL ASSETS | 113,197 | 114,990 | 16,137 | |||||||||
LIABILITIES | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable | 4,977 | 4,153 | 583 | |||||||||
Amounts due to related parties, current | 299,346 | 301,398 | 42,291 | |||||||||
Tax payable | 18,857 | 18,561 | 2,604 | |||||||||
Financial guarantee liabilities | 43 | - | - | |||||||||
Accrued expenses and other liabilities | 165,072 | 174,834 | 24,532 | |||||||||
Total current liabilities | 488,295 | 498,946 | 70,010 | |||||||||
Non-current liabilities: | ||||||||||||
Other non-current liabilities | 4,781 | 4,490 | 630 | |||||||||
Total non-current liabilities | 4,781 | 4,490 | 630 | |||||||||
TOTAL LIABILITIES | 493,076 | 503,436 | 70,640 | |||||||||
DEFICIT | ||||||||||||
Class A Ordinary Shares ( | 454 | 454 | 64 | |||||||||
Class B Ordinary Shares ( | 42 | 42 | 6 | |||||||||
Additional paid-in capital | 2,036,473 | 2,036,473 | 285,749 | |||||||||
Statutory reserves | 9,006 | 9,006 | 1,264 | |||||||||
Accumulated other comprehensive income | 73,607 | 73,383 | 10,297 | |||||||||
Accumulated deficit | (2,512,537) | (2,520,966) | (353,730) | |||||||||
Total shareholders' deficit | (392,955) | (401,608) | (56,350) | |||||||||
Non-controlling interests | 13,076 | 13,162 | 1,847 | |||||||||
TOTAL DEFICIT | (379,879) | (388,446) | (54,503) | |||||||||
TOTAL LIABILITIES AND DEFICIT | 113,197 | 114,990 | 16,137 |
Pintec Technology Holdings Ltd. | ||||||||||||
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss | ||||||||||||
(In thousands, except for share and per share data) | ||||||||||||
For the six months ended June 30, | ||||||||||||
2023 | 2024 | 2024 | ||||||||||
RMB | RMB | US$ | ||||||||||
Revenues: | ||||||||||||
Technical service fees | 19,834 | 2,658 | 373 | |||||||||
Installment service fees | 7,527 | 6,493 | 911 | |||||||||
Wealth management service fees and others | 7,727 | 5,771 | 810 | |||||||||
Total revenues | 35,088 | 14,922 | 2,094 | |||||||||
Cost of revenues: | ||||||||||||
Funding cost | (9,305) | - | - | |||||||||
Reversal/(Provision) of credit losses | 378 | (1,730) | (243) | |||||||||
Origination and servicing cost | (23,856) | (5,055) | (710) | |||||||||
Reversal of guarantee | 1,903 | 765 | 107 | |||||||||
Cost of revenues | (30,880) | (6,020) | (846) | |||||||||
Gross profit | 4,208 | 8,902 | 1,248 | |||||||||
Operating expenses: | ||||||||||||
Sales and marketing expenses | (8,509) | (8,537) | (1,198) | |||||||||
General and administrative expenses | (5,059) | (5,708) | (801) | |||||||||
Research and development expenses | (2,728) | (2,264) | (318) | |||||||||
Total operating expenses | (16,296) | (16,509) | (2,317) | |||||||||
Loss from operations | (12,088) | (7,607) | (1,069) | |||||||||
Long-lived assets impairment | (3,737) | - | - | |||||||||
Loss from disposal of subsidiaries | (38,883) | - | - | |||||||||
Financial expenses, net | (4,273) | 132 | 19 | |||||||||
Other income/(expenses), net | 1,305 | (409) | (57) | |||||||||
Loss before income tax (expense)/benefit | (57,676) | (7,884) | (1,107) | |||||||||
Income tax benefit/(expense) | 11,377 | (459) | (64) | |||||||||
Net loss | (46,299) | (8,343) | (1,171) | |||||||||
Less: Net (loss)/income attributable to non-controlling interests | (1,444) | 86 | 12 | |||||||||
Net loss attributable to Pintec Technology Holdings Limited | (44,855) | (8,429) | (1,183) | |||||||||
Other comprehensive (loss)/income: | ||||||||||||
Foreign currency translation adjustments, net of nil tax | 46,080 | (224) | (31) | |||||||||
Total other comprehensive income/(loss) | 46,080 | (224) | (31) | |||||||||
Total comprehensive loss | (219) | (8,567) | (1,202) | |||||||||
Total comprehensive (loss)/income attributable to non-controlling | (1,444) | 86 | 12 | |||||||||
Total comprehensive income/(loss) attributable to Pintec Technology | 1,225 | (8,653) | (1,214) | |||||||||
Net loss per ordinary share | ||||||||||||
Basic | (0.10) | (0.02) | (0.00) | |||||||||
Diluted | (0.10) | (0.02) | (0.00) | |||||||||
Weighted average ordinary shares outstanding | ||||||||||||
Basic | 433,743,535 | 554,687,200 | 554,687,200 | |||||||||
Diluted | 434,294,424 | 554,687,200 | 554,687,200 |
Pintec Technology Holdings Ltd. | ||||||||||||
Unaudited Reconciliations of GAAP and Non-GAAP Results | ||||||||||||
(In thousands, except for share and per share data) | ||||||||||||
For the six months ended June 30, | ||||||||||||
2023 | 2024 | 2024 | ||||||||||
RMB | RMB | US$ | ||||||||||
Net loss | (46,299) | (8,343) | (1,171) | |||||||||
Add: Share-based compensation expenses | (6,884) | - | - | |||||||||
Less: Income tax benefit recognized due to reversal of uncertain tax | 12,319 | - | - | |||||||||
Adjusted net loss | (65,502) | (8,343) | (1,171) | |||||||||
Less: Adjusted net (loss)/income attributable to non-controlling interests | (1,444) | 86 | 12 | |||||||||
Adjusted net loss attributable to Pintec Technology Holdings Limited | (64,058) | (8,429) | (1,183) | |||||||||
Adjusted net loss per ordinary share | ||||||||||||
Basic and diluted | (0.15) | (0.02) | (0.00) | |||||||||
Weighted average number of ordinary shares outstanding | ||||||||||||
Basic and diluted | 433,743,535 | 554,687,200 | 554,687,200 |
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SOURCE Pintec Technology Holdings Limited
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