CN파이낸스(CNF) 2025년 2분기 실적 발표 콘퍼런스 콜: NPL 집중 강화로 대출 취급액 85.4% 감소

핵심 요약

• 씨엔파이낸스 홀딩스(CNF)는 부실채권 감축과 자산 건전성을 최우선 과제로 삼으면서 2025년 상반기 신규 대출 집행액을 전년 동기 대비 85.4% 줄였습니다.
• 2025년 6월 30일 기준 대출 잔액은 전년 동기 대비 29.6% 감소한 112억 위안을 기록했으며, 대출 거래 건수는 78.1% 감소했습니다.
• 상반기 이자 수익은 전년 동기 대비 55% 감소한 4억 1,600만 위안을 기록했습니다. 조달 비용은 32% 줄었으며, 영업 비용은 74% 감소했습니다.
• 씨엔파이낸스는 주로 3,130만 위안의 대손충당금 설정 반영으로 4,040만 위안의 순손실을 기록했습니다.
• 부실채권(NPL) 비율은 16.9%에 달했습니다. 경영진은 신규 NPL 증가가 억제되었다고 밝혔으며, 상반기 NPL 회수율은 103%라고 발표했습니다.
• 6월 30일 기준 계약을 맺은 영업 파트너는 2,184개사로 전년 동기 대비 2% 증가했습니다. 차주를 소개한 파트너 수는 1,485개사로 3.3% 증가했습니다.

주요 재무 데이터

사업 및 영업 실적

씨엔파이낸스는 의도적으로 신규 대출을 제한하고 기존 포트폴리오의 리스크 완화에 자원을 집중했습니다. 경영진은 이 전략에 대해 신규 자산을 최적화하는 동시에 기존 자산을 활용하는 것이라고 설명하면서, 단기 실적에는 압박을 주지만 장기적 안정성을 지원하기 위한 목적이라고 밝혔습니다.

회사는 또한 인력을 감축하고 조직 구조를 최적화하여 영업 비용 74% 감소에 기여했습니다.

자금 조달을 안정화하기 위해 씨엔파이낸스는 주로 현지 자산관리회사를 중심으로 새로운 기관 투자자들을 유치했습니다. 또한 기존 상품을 개선하고 시장 수요에 맞춘 신상품을 출시했습니다.

경영진 전망

경영진은 씨엔파이낸스가 다양한 회수 수단을 통한 NPL 감축, 안정적인 자금 조달 채널 유지, 신규 사업 개발 지원이라는 세 가지 우선순위에 계속 집중할 것이라고 밝혔습니다. 회사는 정량적 재무 가이던스를 제공하지 않았습니다.

리스크 및 주시할 항목

NPL 비율은 16.9%를 기록했으며, 3,130만 위안의 대손충당금이 상반기 순손실의 주요 요인이었습니다. 신규 대출, 거래 건수, 대출 잔액 및 이자 수익의 급감 역시 회사의 리스크 축소 전략과 관련된 단기 실적 압박을 보여줍니다.

경영진은 추가로 지속되는 시장 도전을 언급하며 부실채권을 억제하고 안정적인 자금 조달 채널을 유지할 필요성을 강조했습니다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.]