CNFinance (CNF) 2025財年第二季度業績電話會：隨着對不良貸款的關注加劇，放款量下降85.4%

核心要點

• 由於優先降低不良貸款並提升資產質量，盛世金融（CNFinance Holdings Limited，代碼：CNF）2025年上半年新增貸款發放量同比大幅下降85.4%。
• 截至2025年6月30日，貸款余額同比下降29.6%至112億元人民幣，同時貸款交易筆數下降了78.1%。
• 上半年利息收入同比下降55%至4.16億元人民幣。融資成本下降32%，運營費用下降74%。
• 盛世金融錄得淨虧損4040萬元人民幣，主要反映了計提3130萬元人民幣的減值損失。
• 不良貸款率達16.9%。管理層表示新增不良貸款增長得到控制，並公佈上半年不良貸款回收率為103%。
• 截至6月30日，公司已簽約2184家銷售合作伙伴，同比增長2%。引入借款人的合作伙伴數量增長3.3%至1485家。

關鍵財務數據

業務與經營業績

盛世金融主動限制新貸款發放，並將資源投向化解現有資產組合的風險。管理層將這一策略描述為「盤活存量資產，優化新增資產」，並承認這雖然對短期業績造成壓力，但旨在支撐長期穩定性。

公司還精簡人員並優化組織架構，推動運營費用大幅下降74%。

為穩定資金來源，盛世金融引入了新的機構投資者，主要是地方資產管理公司。公司還對現有產品進行升級，並推出了旨在滿足市場需求的新產品。

管理層展望

管理層表示，盛世金融將繼續聚焦三大優先事項：通過多種處置工具降低不良貸款、維持穩定的融資渠道，以及支持新業務拓展。公司未提供定量財務業績指引。

風險與關注事項

不良貸款率維持在16.9%，而3130萬元人民幣的減值計提是上半年出現淨虧損的主要因素。新增貸款發放量、交易筆數、貸款余額和利息收入的急劇下降，也凸顯了公司降風險策略帶來的短期業績壓力。

此外，管理層還提及持續面臨的市場挑戰，並強調必須控制不良貸款增長並維持穩定的融資渠道。

業績電話會議完整紀要

完整財報電話會議逐字稿

管理層陳述

Operator

Good day, and welcome to the CNFinance Holdings Limited First Half of 2025 Financial Results Conference Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to IR Manager, Matthew Lou. Please go ahead.

Matthew Lou

Thank you, and welcome to the CNFinance First Half of 2025 Financial Results Conference Call. Our Director and Vice President, Mr. Jun Qian, will walk us through the operating and financial results. After that, we will have a Q&A section.

Before we start, I would like to remind you that this conference call contains 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 terminologies such as will, expects, anticipates, future, intends, plans, believes, estimates, target, going forward, outlook 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, which may cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statements.

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. The company does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise, except as required under law.

Now please welcome Mr. Jun Qian.

Jun Qian

[Interpreted] Hello, everyone. In the first half of 2025, amidst the complex and ever-changing market environment, CNF adhered to the guiding principle of survival first, victory first, actively tackled challenges and steadily advanced strategic adjustments and business optimizations. Now I'd like to report to you on our operational and financial performance for the first half of the year.

As of June 30, 2025, our company has signed a total of 2,184 sales partners, marking a year-on-year increase of 2%. We had an aggregate of 1,485 sales partners who have introduced borrowers to us, representing a 3.3% growth. However, due to our proactive efforts to control loan issuance and focus on reducing nonperforming loans in our existing portfolio, the number of loan transactions decreased by 78.1% year-on-year and the total loan origination dropped by 85.4%.

By the end of the second quarter, our loan balance stood at RMB 11.2 billion, a decrease of 29.6% compared to that of last year. We adhere to the strategy of leveraging existing assets and optimizing new ones, focusing our resources on risk mitigation and asset quality enhancement. Although this approach puts pressure on short-term performance, it lays a solid foundation for long-term steady growth.

In the first half of the year, our interest income was RMB 416 million, a decline of 55% year-on-year. Financing costs decreased by 32% and operating expenses fell by 74%, demonstrating the company's strong cost control capabilities. Our net loss was RMB 40.4 million, primarily due to an impairment loss provision of RMB 31.3 million.

As of June 30, 2025, the nonperforming loan ratio of the company's loan was 16.9%. Although the NPL ratio rose, the increase of new NPLs was effectively contained. Through diversified NPL reduction measures, the company achieved 103% NPL recovery rate in the first half. During the first half, the company optimized its organizational structure and streamlined personnel, resulting in a significant reduction in operating costs.

In one word, our key priorities in the first half included: first, reducing NPLs by innovating and leveraging effective reduction tools. Second, we've stabilized our funding source by bringing in a bunch of new institutional investors, mainly local AMCs to ensure smooth financing channels. Third, we have expanded into new business areas. We refined our existing products and launched new ones that meet market demands.

Facing continued market challenges, the company will uphold the survival first, victory first principle. With containing nonperforming loans and optimizing new growth as the core strategy, we will persist in the 3 key priorities; dedicating resources to NPL reduction, ensuring stable funding channels and supporting new business development.

Operator

[Operator Instructions] There are no questions at this time. I'd like to hand the call back over for any closing remarks.

Matthew Lou

Thank you, and thank you again for joining us today. If you have any further questions, you can contact us at ir@cashchina.cn. Thank you.

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]