CNFinance (CNF) 2025年第2四半期決算説明会：不良債権（NPL）への注力強化に伴い融資実行額が85.4%減少

要点

• CNFinance Holdings Limited（CNF）は、不良債権削減と資産の質の向上を優先したため、2025年上半期の新規融資実行額を前年同期比85.4%削減しました。
• 2025年6月30日時点の融資残高は前年同期比29.6%減の112億人民元となり、融資取引件数は78.1%減少しました。
• 上半期の受取利息は前年同期比55%減の4億1,600万人民元となりました。資金調達コストは32%減少、営業費用は74%減少しました。
• CNFinanceは主に3,130万人民元の減損損失引当金を反映し、4,040万人民元の純損失を計上しました。
• 不良債権（NPL）比率は16.9%に達しました。経営陣は新規NPLの増加は抑制されたと述べ、上半期のNPL回収率は103%であったと報告しました。
• 6月30日時点で同社が契約する販売パートナー数は前年同期比2%増の2,184社となりました。借り手を紹介したパートナー数は3.3%増の1,485社に増加しました。

主要財務データ

事業・業績状況

CNFinanceは意図的に新規融資を抑制し、既存ポートフォリオのリスク低減に経営資源を投入しました。経営陣は、この戦略を「既存資産の活用と新規資産の最適化」と説明しており、短期的な業績には圧迫となるものの、長期的な安定性を支えることを目的としていると認めました。

同社は人員の合理化と組織構造の最適化も進め、これが営業費用の74%削減につながりました。

資金調達の安定化を図るため、CNFinanceは地元の資産運用会社を中心とする新たな機関投資家を導入しました。また、既存商品を改良するとともに、市場ニーズに応える新商品を投入しました。

経営陣の見通し

経営陣は、CNFinanceが引き続き3つの重点分野に注力すると述べました。複数の回収手段を通じたNPLの削減、安定した資金調達チャネルの維持、および新規事業開発の支援です。なお、同社は数値による業績予想（ガイダンス）を開示しませんでした。

リスクおよび注視すべき点

NPL比率は16.9%となり、3,130万人民元の減損引当金が上半期の純損失の主な要因でした。また、融資実行額、取引件数、融資残高、受取利息の大幅な減少は、同社のリスク削減戦略に伴う短期的な業績圧迫を如実に示しています。

経営陣はさらに、市場の課題が継続していることを挙げ、不良債権の抑制と安定した資金調達チャネルの維持の必要性を強調しました。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

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.]