CNFinance (CNF) 2025年第二季法說會：隨著不良貸款處理力道加大，新增貸款額大跌85.4%

重點總覽

• CNFinance Holdings Limited (CNF) 2025 年上半年新放款金額年減 85.4%，主因公司優先處理降低不良貸款與提升資產品質。
• 截至 2025 年 6 月 30 日，貸款餘額年減 29.6% 至 112 億元人民幣，貸款交易筆數則下滑 78.1%。
• 上半年利息收入年減 55% 至 4.16 億元人民幣。融資成本下降 32%，營運費用下滑 74%。
• CNFinance 淨虧損 4,040 萬元人民幣，主要反映了 3,130 萬元人民幣的資產減損撥備。
• 不良貸款率達到 16.9%。管理層表示新增不良貸款的增長已受控制，並公布上半年的不良貸款回收率為 103%。
• 截至 6 月 30 日，公司已簽約 2,184 家銷售合作夥伴，年增 2%。成功推薦借款人的合作夥伴數量增加 3.3% 至 1,485 家。

關鍵財務數據

業務與營運表現

CNFinance 刻意限制新放款，將資源投向降低既有投資組合的風險。管理層將該策略描述為盤活存量資產並優化增量資產，並坦言這給短期業績帶來壓力，但旨在支持長期穩定。

公司還精簡了人員並優化組織結構，促使營運費用大幅下降 74%。

為穩定資金來源，CNFinance 引進了新的機構投資者，主要為地方資產管理公司。此外，公司改善了既有產品，並推出滿足市場需求的新產品。

管理層展望

管理層表示，CNFinance 將繼續專注於三大優先事項：透過多元回收工具降低不良貸款、維持穩定的融資管道，以及支持新業務發展。公司未提供定量財務指引。

風險與關注焦點

不良貸款率達 16.9%，而 3,130 萬元人民幣的減損撥備是上半年淨虧損的主因。新放款金額、交易筆數、貸款餘額與利息收入的大幅下滑，也凸顯出公司去風險策略帶來的短期業績壓力。

管理層另提到市場挑戰仍在持續，並強調必須控制不良貸款及維持穩定的融資管道。

完整法說會逐字稿

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.]