CNFinance (CNF) Q2 2025 Earnings Call: Neugeschäft bricht um 85,4 % ein bei verstärktem Fokus auf NPLs

Wichtigste Erkenntnisse

• CNFinance Holdings Limited (CNF) reduzierte das Neukreditgeschäft im ersten Halbjahr 2025 im Vergleich zum Vorjahr um 85,4 %, da das Unternehmen dem Abbau notleidender Kredite und der Vermögensqualität Priorität einräumte.
• Der Kreditbestand sank zum 30. Juni 2025 im Jahresvergleich um 29,6 % auf 11,2 Milliarden RMB, während die Anzahl der Transaktionen im Kreditgeschäft um 78,1 % zurückging.
• Die Zinserträge im ersten Halbjahr sanken im Vergleich zum Vorjahr um 55 % auf 416 Millionen RMB. Die Finanzierungskosten fielen um 32 % und die Betriebsausgaben gingen um 74 % zurück.
• CNFinance verzeichnete einen Nettoverlust von 40,4 Millionen RMB, was in erster Linie auf eine Wertberichtigungsrückstellung von 31,3 Millionen RMB zurückzuführen ist.
• Die Quote notleidender Kredite (NPL-Quote) erreichte 16,9 %. Das Management erklärte, dass der Zuwachs an neuen NPLs eingedämmt werden konnte, und gab für das erste Halbjahr eine NPL-Rückflussquote von 103 % an.
• Zum 30. Juni hatte das Unternehmen 2.184 Vertriebspartner unter Vertrag, was einem Anstieg von 2 % gegenüber dem Vorjahr entspricht. Die Zahl der Partner, die Kreditnehmer vermittelten, stieg um 3,3 % auf 1.485.

Wichtige Finanzdaten

Geschäftliche und operative Entwicklung

CNFinance schränkte die Vergabe von Neukrediten bewusst ein und richtete die Ressourcen darauf aus, Risiken im bestehenden Portfolio zu minimieren. Das Management beschrieb die Strategie dahingehend, bestehende Vermögenswerte zu nutzen und gleichzeitig neue Vermögenswerte zu optimieren. Es räumte ein, dass dies die kurzfristige Entwicklung belastet, jedoch die langfristige Stabilität sichern soll.

Das Unternehmen reduzierte zudem Personal und optimierte seine Organisationsstruktur, was zur Senkung der Betriebsausgaben um 74 % beitrug.

Um die Finanzierung zu stabilisieren, gewann CNFinance neue institutionelle Investoren, hauptsächlich lokale Asset-Management-Gesellschaften. Zudem wurden bestehende Produkte verfeinert und neue Produkte auf den Markt gebracht, die auf die Marktnachfrage zugeschnitten sind.

Ausblick des Managements

Das Management erklärte, dass CNFinance sich weiterhin auf drei Prioritäten konzentrieren wird: den Abbau von NPLs über verschiedene Verwertungsinstrumente, die Aufrechterhaltung stabiler Finanzierungskanäle und die Unterstützung der Neugeschäftsentwicklung. Das Unternehmen gab keine quantitativen Finanzprognosen ab.

Risiken und Beobachtungspunkte

Die NPL-Quote lag bei 16,9 %, während die Wertberichtigung in Höhe von 31,3 Millionen RMB die Hauptursache für den Nettoverlust im ersten Halbjahr war. Starke Rückgänge bei Neugeschäft, Transaktionen, Kreditbeständen und Zinserträgen verdeutlichen zudem den kurzfristigen Leistungsdruck, der mit der Risikoreduzierungsstrategie des Unternehmens einhergeht.

Das Management verwies zudem auf anhaltende Herausforderungen am Markt und betonte die Notwendigkeit, notleidende Kredite einzudämmen und stabile Finanzierungskanäle zu sichern.

Vollständiges Transkript der Ergebnisse-Telefonkonferenz

Vollständiges Transkript der Telefonkonferenz

Ausführungen des Managements

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.]