CNFinance (CNF) 2025财年第二季度业绩电话会：随着对不良贷款的关注加剧，放款量下降85.4%

核心要点

• 由于优先降低不良贷款并提升资产质量，盛世金融（CNFinance Holdings Limited，代码：CNF）2025年上半年新增贷款发放量同比大幅下降85.4%。
• 截至2025年6月30日，贷款余额同比下降29.6%至112亿元人民币，同时贷款交易笔数下降了78.1%。
• 上半年利息收入同比下降55%至4.16亿元人民币。融资成本下降32%，运营费用下降74%。
• 盛世金融录得净亏损4040万元人民币，主要反映了计提3130万元人民币的减值损失。
• 不良贷款率达16.9%。管理层表示新增不良贷款增长得到控制，并公布上半年不良贷款回收率为103%。
• 截至6月30日，公司已签约2184家销售合作伙伴，同比增长2%。引入借款人的合作伙伴数量增长3.3%至1485家。

关键财务数据

业务与经营业绩

盛世金融主动限制新贷款发放，并将资源投向化解现有资产组合的风险。管理层将这一策略描述为“盘活存量资产，优化新增资产”，并承认这虽然对短期业绩造成压力，但旨在支撑长期稳定性。

公司还精简人员并优化组织架构，推动运营费用大幅下降74%。

为稳定资金来源，盛世金融引入了新的机构投资者，主要是地方资产管理公司。公司还对现有产品进行升级，并推出了旨在满足市场需求的新产品。

管理层展望

管理层表示，盛世金融将继续聚焦三大优先事项：通过多种处置工具降低不良贷款、维持稳定的融资渠道，以及支持新业务拓展。公司未提供定量财务业绩指引。

风险与关注事项

不良贷款率维持在16.9%，而3130万元人民币的减值计提是上半年出现净亏损的主要因素。新增贷款发放量、交易笔数、贷款余额和利息收入的急剧下降，也凸显了公司降风险策略带来的短期业绩压力。

此外，管理层还提及持续面临的市场挑战，并强调必须控制不良贷款增长并维持稳定的融资渠道。

业绩电话会议完整纪要

完整财报电话会议逐字稿

管理层陈述

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.]