Latest news with #149
The Sun
6 days ago
- Entertainment
- The Sun
Painting new artistic milestones
INSPIRATIONS come in many forms. For Eston Tan Eok Sim, the 53-year-old is mused by the humanity around him as an artist. From a young age, the Taiwan-based artist has used his surroundings to fuel his artistry. 'My creative process often begins with experiencing life, observing the world around me and listening to my inner emotions. Many of my works are drawn from personal life, family and even reflections on social issues or international events,' shared the contemporary storyteller. His poignant interpretations have served him well as it has allowed him to connect with audiences from all walks of life. From Malaysia, Hong Kong and France to the US, Tan's pieces have been widely collected and exhibited. Many have been auctioned, with realised prices ranging from US$655 (RM2,758) to US$12,383. The most expensive piece was One Day, What If No Current, which was sold for RM52,149 at Bonhams Hong Kong. Tan is set to achieve a new milestone, holding his upcoming exhibition Our Island at AAAC Gallery (All About Art) in Singapore. As he enters his 25th year as an artist, Tan speaks with theSun on his creative growth and the exhibition. When were you first exposed to art? My journey began at the age of nine. I was inspired by artists I saw featured in newspapers. It was a childhood dream. My mother had a profound influence on me. She always said, 'Those who turn their hobbies into their profession find the greatest happiness in life.' Her encouragement stayed with me. Despite financial hardships, I started working at the age of 10 to fund my art materials and studies. What were some of your early artistic memories? I remember sketching on recycled paper and cardboard boxes as a child. I grew up in the countryside and I would use a pencil to capture everything around me – buffaloes, pigs, ducks and the wooden huts of our neighbours. My first formal painting was a simple school landscape but even before that, I had already discovered how much joy drawing brought me. It was a quiet happiness, something pure and deeply personal. What pushed you to pursue art full-time? I decided to become a full-time artist in 2000. The turning point came in 1999 during a group exhibition at Bank Negara Malaysia, where one of my paintings was purchased by the late Toh Puan Mahani. Why Not is among Tan's An Iron Fist in a Velvet Glove series. She is the wife of the former finance minister (Tun Daim Zainuddin). That moment filled me with joy and affirmation because it proved how far I have come as a ' kampung ' boy. I remember telling a group of senior artists, 'Next year, I am going full-time'. Many of them strongly advised against it. But deep down, I believed if I wanted to be a good artist, I had to give it my all. Without focus and commitment, there could be no real growth. I told myself, if hardship is part of the path, let it strengthen me. Is that why you moved to Taiwan? Taiwan gave me the space and freedom to grow as an artist, it is where I found my voice. But Malaysia gave me my foundation – my earliest memories, values and artistic instincts. My roots are in Penang and I feel a deep need to reconnect with where it all began. I also have been returning to Malaysia more frequently, but I still live in Taiwan. Both places are integral to who I am. Do you have a specific piece in your collections you are most proud of? This is a difficult question because my works hold deep personal meaning. Over the past decade, I have shifted from simply painting to truly creating. From Creation of Life to the Roots series, each series has been a reflection of my life, my emotions and my spiritual journey. I no longer just 'make paintings', I pour my heart and soul into every piece. Each work is a dialogue with my experiences and in that sense, many of them are equally important to me. Penang Chief Minister Chow Kon Yeow (left) admiring Tan's art at a recent preview in Penang. How do you pick the galleries to work with? For me, the relationship between an artist and a gallery must be built on mutual trust and a shared long-term vision. I believe the gallery's perspective and sense of purpose are crucial – not just their commercial reach, but their understanding of art's deeper meaning. A good gallery does not just represent – it plans, curates and grows with the artist, allowing them the freedom to focus on creating without distraction. How do you then decide on the price for each piece? Pricing a work of art involves several key factors – its size, level of complexity and my experience in the art market over the years. But perhaps most importantly, I also consider the emotional and symbolic depth of each piece. Tan moved to Taiwan to push his boundaries as an artist. What can you tease us about your upcoming exhibition? My upcoming solo exhibition, Our Island, will be held at AAAC Gallery in Singapore from Aug 30 to Sept 28, in celebration of my 25th year as a full-time artist. We recently held an exclusive preview in my hometown Penang, supported by Robb Report and Pen Marine. I am exploring opportunities to bring this exhibition to Malaysia, which would be very meaningful to me. How do you hope to inspire Malaysians with the exhibition? I hope it will encourage reflection, not just on nature and identity but also on resilience, compassion and emotional honesty. I believe art has the power to open hearts and spark meaningful conversations.
The Sun
6 days ago
- Entertainment
- The Sun
Penang-born Eston Tan celebrates his 25th anniversary as full-time artist
INSPIRATIONS come in many forms. For Eston Tan Eok Sim, the 53-year-old is mused by the humanity around him as an artist. From a young age, the Taiwan-based artist has used his surroundings to fuel his artistry. 'My creative process often begins with experiencing life, observing the world around me and listening to my inner emotions. Many of my works are drawn from personal life, family and even reflections on social issues or international events,' shared the contemporary storyteller. His poignant interpretations have served him well as it has allowed him to connect with audiences from all walks of life. From Malaysia, Hong Kong and France to the US, Tan's pieces have been widely collected and exhibited. Many have been auctioned, with realised prices ranging from US$655 (RM2,758) to US$12,383. The most expensive piece was One Day, What If No Current, which was sold for RM52,149 at Bonhams Hong Kong. Tan is set to achieve a new milestone, holding his upcoming exhibition Our Island at AAAC Gallery (All About Art) in Singapore. As he enters his 25th year as an artist, Tan speaks with theSun on his creative growth and the exhibition. When were you first exposed to art? My journey began at the age of nine. I was inspired by artists I saw featured in newspapers. It was a childhood dream. My mother had a profound influence on me. She always said, 'Those who turn their hobbies into their profession find the greatest happiness in life.' Her encouragement stayed with me. Despite financial hardships, I started working at the age of 10 to fund my art materials and studies. What were some of your early artistic memories? I remember sketching on recycled paper and cardboard boxes as a child. I grew up in the countryside and I would use a pencil to capture everything around me – buffaloes, pigs, ducks and the wooden huts of our neighbours. My first formal painting was a simple school landscape but even before that, I had already discovered how much joy drawing brought me. It was a quiet happiness, something pure and deeply personal. What pushed you to pursue art full-time? I decided to become a full-time artist in 2000. The turning point came in 1999 during a group exhibition at Bank Negara Malaysia, where one of my paintings was purchased by the late Toh Puan Mahani. She is the wife of the former finance minister (Tun Daim Zainuddin). That moment filled me with joy and affirmation because it proved how far I have come as a 'kampung' boy. I remember telling a group of senior artists, 'Next year, I am going full-time'. Many of them strongly advised against it. But deep down, I believed if I wanted to be a good artist, I had to give it my all. Without focus and commitment, there could be no real growth. I told myself, if hardship is part of the path, let it strengthen me. Is that why you moved to Taiwan? Taiwan gave me the space and freedom to grow as an artist, it is where I found my voice. But Malaysia gave me my foundation – my earliest memories, values and artistic instincts. My roots are in Penang and I feel a deep need to reconnect with where it all began. I also have been returning to Malaysia more frequently, but I still live in Taiwan. Both places are integral to who I am. Do you have a specific piece in your collections you are most proud of? This is a difficult question because my works hold deep personal meaning. Over the past decade, I have shifted from simply painting to truly creating. From Creation of Life to the Roots series, each series has been a reflection of my life, my emotions and my spiritual journey. I no longer just 'make paintings', I pour my heart and soul into every piece. Each work is a dialogue with my experiences and in that sense, many of them are equally important to me. How do you pick the galleries to work with? For me, the relationship between an artist and a gallery must be built on mutual trust and a shared long-term vision. I believe the gallery's perspective and sense of purpose are crucial – not just their commercial reach, but their understanding of art's deeper meaning. A good gallery does not just represent – it plans, curates and grows with the artist, allowing them the freedom to focus on creating without distraction. How do you then decide on the price for each piece? Pricing a work of art involves several key factors – its size, level of complexity and my experience in the art market over the years. But perhaps most importantly, I also consider the emotional and symbolic depth of each piece. What can you tease us about your upcoming exhibition? My upcoming solo exhibition, Our Island, will be held at AAAC Gallery in Singapore from Aug 30 to Sept 28, in celebration of my 25th year as a full-time artist. We recently held an exclusive preview in my hometown Penang, supported by Robb Report and Pen Marine. I am exploring opportunities to bring this exhibition to Malaysia, which would be very meaningful to me. How do you hope to inspire Malaysians with the exhibition? I hope it will encourage reflection, not just on nature and identity but also on resilience, compassion and emotional honesty. I believe art has the power to open hearts and spark meaningful conversations.
The Star
6 days ago
- Business
- The Star
Malaysia Airlines launches global campaign 'Time for Premium Escapades'
SEPANG: Malaysia Airlines launched its latest global campaign, Time for Premium Escapades, inviting travellers to elevate their journey with exclusive Business Class fares. The campaign runs from now to June 19 for travel periods until May 31 next year and offers access to a wide range of destinations across Asia, Australia, Europe and beyond. Travellers departing from Malaysia, Singapore and across Asean can enjoy all-in return fares starting from RM699 in Business Class for domestic routes, and from RM1,149 for international destinations. Enrich, the travel and lifestyle loyalty programme of Malaysia Airlines, is offering members early access to the campaign via an exclusive Priority Sale on June 4 and 5, with an additional 5% savings. Travellers who are not yet members can sign up for Enrich to access these exclusive deals during the Priority Sale designed for those seeking a comfortable, seamless journey from take-off to touchdown, the campaign offers exclusive fares across its extensive domestic and international network. Malaysia Aviation Group chief commercial officer (airlines) Dersenish Aresandiran said, 'At Malaysia Airlines, we are proud to offer a Business Class experience that reflects our continuous commitment to providing our passengers with comfort, innovation and the signature warmth of Malaysian Hospitality. 'From private terminal transfers and Chef-on-Call gourmet dining to lie-flat seats and full connectivity onboard, every detail has been carefully crafted to ensure a seamless and indulgent journey for our passengers. 'The introduction of our A330neo aircraft — featuring our all-new Elevation seats and individual suites with privacy doors — underscores our commitment to setting new standards in premium travel. Through the 'Time for Premium Escapades' campaign, we invite travellers to rediscover the joy of flying, where every moment is designed to feel exceptional.' Travellers flying Business Class can expect a seamless experience from the moment they arrive at the airport — including fast-track services, access to Malaysia Airlines' Golden Lounge and even private transfers at Kuala Lumpur International Airport Terminal 1 (KLIA T1) in partnership with Mercedes Benz. Comfort meets sophistication as guests can unwind in lie-flat seats, personalised service and complimentary Wi-Fi – available onboard select aircraft for all guests regardless of cabin class or loyalty tier, ensuring guests stay effortlessly connected throughout their journey. The journey is further elevated with a range of thoughtful enhancements designed to delight every type of traveller. Passengers can savour the airline's Best of Asia menu — a regional culinary showcase, now refreshed with new chef-curated dishes inspired by destinations across the network. Guests can also pre-select their preferred meals via Chef-on-Call for added personalisation. For added comfort on longer journeys, Business Class passengers can also enjoy premium touches such as pyjamas, while families are welcomed with child-friendly meals and activity packs for a more inclusive inflight experience on selected flights. Elegantly served and thoughtfully designed, the inflight offering reflects Malaysia Airlines' commitment to comfort, care and the warmth of Malaysian Hospitality. This campaign also features affordable and rewarding journeys in Economy Class, with great value across the network where travellers can enjoy all-in return fares starting from RM119 to domestic destinations and from RM469 for international destinations. Economy Class' travellers can expect the same warm service and thoughtful touches across regional and long haul routes. All fares are available for booking via the MHmobile app, and authorised travel agents worldwide. *Terms and conditions apply. Offers are subject to availability.
Yahoo
19-05-2025
- Business
- Yahoo
X Financial Reports First Quarter 2025 Unaudited Financial Results
SHENZHEN, China, May 19, 2025 /PRNewswire/ -- X Financial (NYSE: XYF) ("X Financial", the "Company" or "we"), a leading Chinese fintech platform, today announced its unaudited financial results for the first quarter of fiscal year 2025 ended March 31, 2025. First Quarter 2025 Operational Highlights Total loan amount facilitated and originated[1] in the first quarter of 2025 was RMB35,149 million, up 63.4% from RMB21,505 million in the same period of 2024. Total outstanding loan balance[2] at the end of the first quarter of 2025 was RMB58,403 million, up 33.3% from RMB43,812 million in the same period of 2024. The Company facilitated and originated approximately 3.14 million loans in the first quarter of 2025, an increase of 75.6% year-over-year. The average loan amount per transaction was RMB11,181. Number of active borrowers[3] in the first quarter of 2025 was 2.43 million, up 77.1% from 1.37 million in the same period of 2024, reflecting strong user growth. Cumulative number of active borrowers[4] reached 17.4 million as of March 31, 2025, an increase of 27.6% from 13.6 million in the same period of 2024. Asset quality continued to improve. The delinquency rate for all outstanding loans that are past due for 31-60 days[5] was 1.25% as of March 31, 2025 (improved from 1.61% in the same period of 2024), and the delinquency rate for all outstanding loans that are past due 91-180 days[6] was 2.73% (improved from 4.37% in the same period of 2024). First Quarter 2025 Operational HighlightsThree Months Ended March 31, 2024 Three Months Ended December 31, 2024 Three Months EndedMarch 31, 2025QoQ YoY Total loan amount facilitated and originated(RMB in million) 21,505 32,297 35,149 8.8 % 63.4 % Number of active borrowers 1,369,410 2,120,068 2,425,504 14.4 % 77.1 % As of March 31, 2024 As of December 31, 2024 As of March 31, 2025 Total outstanding loan balance (RMB in million) 43,812 52,327 58,403 Delinquency rates for all outstanding loans that are past due for 31-60 days 1.61 % 1.17 % 1.25 % Delinquency rates for all outstanding loans thatare past due for 91-180 days 4.37 % 2.48 % 2.73 % First Quarter 2025 Financial Highlights Total net revenue in the first quarter of 2025 was RMB1,937.5 million (US$267.0 million), representing an increase of 60.4% from RMB1,208.0 million in the same period of 2024. The robust revenue growth was driven by higher loan facilitation volume and solid interest and guarantee-related income. Income from operations in the first quarter of 2025 was RMB572.9 million (US$78.9 million), an increase of 52.1% compared to RMB376.5 million in the same period of 2024. The Company maintained a strong operating margin despite increased investments in borrower acquisitions and marketing to drive user acquisition, reflecting continued cost discipline and operating efficiency. Net income in the first quarter of 2025 was RMB458.1 million (US$63.1 million), compared with RMB363.1 million in the same period of 2024 (a 26.2% increase year-over-year). Non-GAAP[7] adjusted net income in the first quarter of 2025 excluding share-based compensation and certain investment-related items was RMB466.8 million (US$64.3 million), up 44.9% from RMB322.2 million in the same period of 2024. This reflects the Company's core profitability on an adjusted basis. Net income per basic and diluted American depositary share ("ADS") in the first quarter of 2025 was RMB10.92 and RMB10.56 (US$1.50 and US$1.46), respectively, compared with RMB7.44 and RMB7.32 in the same period of 2024. Non-GAAP adjusted net income per basic and diluted ADS in the first quarter of 2025 was RMB11.10 and RMB10.74 (US$1.53 and US$1.48), respectively, compared with RMB6.60 and RMB6.54 in the same period of 2024. Each ADS represents six Class A ordinary shares. First Quarter 2025 GAAP and Non-GAAP Financial Summary (In thousands, except for share and per share data) Three Months EndedMarch 31, 2024 Three Months EndedDecember 31, 2024 Three Months EndedMarch 31, 2025 QoQ YoY RMB RMB RMB Total net revenue 1,207,974 1,708,722 1,937,505 13.4 % 60.4 % Total operating costs and expenses (831,433) (1,183,510) (1,364,600) 15.3 % 64.1 % Income from operations 376,541 525,212 572,905 9.1 % 52.1 % Net income 363,139 385,626 458,127 18.8 % 26.2 % Non-GAAP adjusted net income 322,205 408,022 466,766 14.4 % 44.9 % Net income per ADS—basic 7.44 8.22 10.92 32.8 % 46.8 % Net income per ADS—diluted 7.32 8.04 10.56 31.3 % 44.3 % Non-GAAP adjusted net income per ADS—basic 6.60 8.70 11.10 27.6 % 68.2 % Non-GAAP adjusted net income per ADS—diluted 6.54 8.46 10.74 27.0 % 64.2 % Mr. Kent Li, President of X Financial, commented: "We are pleased with how 2025 has begun. In the first quarter, we facilitated RMB35.1 billion in loans — a 9% sequential increase and 63% year-over-year growth. It was one of our strongest quarters ever, reflecting solid borrower demand and continued progress in risk management. Our team remains focused on expanding opportunities through both new partnerships and existing relationships, enhancing our technology platform and data-driven underwriting to support profitable scalability, and balancing growth and risk as we broaden access for qualified borrowers. We are also continually improving the borrower experience with faster decisions, simpler application processes, and greater transparency, while strengthening platform reliability and support tools to help customers manage loans with confidence. Despite the typical seasonal impact of the Chinese New Year holiday, we achieved sequential growth in both loan volume and revenue. Credit performance further improved, with delinquency rates for outstanding loans past due for 31-60 days and 91-180 days down 22% and 37% year-over-year, respectively. These results reflect steady progress in growing our platform responsibly, and we remain confident in our ability to deliver on our 2025 targets through disciplined execution and continued innovation." Mr. Frank Fuya Zhang, Chief Financial Officer of X Financial, added: "In Q1 2025, we delivered strong financial results with revenue up 60% year-over-year to RMB1.94 billion, net income of RMB458 million, and net income per basic ADS of RMB10.92. These results reflect our consistent execution and disciplined cost management." Business Outlook & Share Repurchase Plans： Business Outlook: Based on current trends, X Financial expects the total loan amount facilitated and originated in the second quarter of 2025 to be in the range of RMB37.5 billion to RMB39.5 billion, reflecting continued strong demand and consistent execution following a robust first quarter. Capital Return to Shareholders: X Financial has approved a new share repurchase program of up to US$100 million, effective from June 1, 2025 through November 30, 2026. This new program is in addition to the existing share repurchase plan approved in December 2024, which has approximately US$15.9 million in remaining authorization. The Company did not repurchase any shares during the first quarter of 2025. The program reflects the Company's continued confidence in its long-term growth and commitment to delivering shareholder value. Repurchases under the program will be subject to market conditions and other factors and may be modified or suspended at management's discretion. First Quarter 2025 Financial Results Revenue Growth and Business Drivers: In the first quarter of 2025, X Financial delivered robust growth, with total net revenue reaching RMB1,937.5 million (US$267.0 million), representing a 60.4% increase from RMB1,208.0 million in the first quarter of 2024. This growth was primarily driven by significantly higher loan facilitation volume, fueled by robust borrower demand and increased marketing and borrower acquisition investments. Revenue growth was broad-based across the Company's business lines: loan facilitation service fees rose 75.6% year-over-year to RMB1,078.4 million, post-origination service fees increased 74.2% to RMB266.0 million, and guarantee income more than doubled to RMB82.9 million. Other revenue also surged 172.0% to RMB200.0 million, mainly due to an increase in referral service fee for introducing borrowers to other platforms. These gains more than offset a modest 7.3% decline in financing income to RMB310.1 million, which resulted from lower average loan balances held by the Company. Importantly, X Financial achieved this strong top-line growth while maintaining disciplined cost management, even as it ramped up marketing and borrower acquisition spending to drive volume growth. Supported by higher profitability and the efficiency of its business model, the Company's return on equity[8] improved to approximately 25.5%, up from 24.1% in the prior-year quarter. Asset Quality and Provisions: Credit quality improvements during the quarter helped temper risk costs despite lending growth. Delinquency rates for loans 31–60 days and 91–180 days past due declined 22% and 37% year-over-year, respectively, positively impacting overall credit loss experience and underscoring effective risk management despite higher loan volumes. Provision for loans receivable remained stable at RMB62.2 million, while provision for contingent guarantee liabilities increased to RMB63.7 million from RMB47.9 million, aligned with expanded guaranteed loan volume. Overall, credit-related costs were well-controlled, benefiting from improved asset quality and collections effectiveness. Profitability and Margins: X Financial achieved robust profitability in Q1 2025 while investing in growth initiatives. Operating margin[8] was approximately 29.6%, slightly lower than 31.2% in Q1 2024. The increase in operating costs and expenses was mainly attributable to the increase in borrower acquisition costs as a result of the elevated marketing efforts in the current period, though the Company continued to demonstrate strong revenue expansion and disciplined expense management. Net profit margin8 was about 23.6%, with net income growing 26.2% year-over-year. Net income per basic ADS rose significantly to RMB10.92, up 46.8% year-over-year. Funding and Liquidity: The Company's balance sheet remains solid, supporting ongoing growth. Cash and cash equivalents increased to RMB1,389.5 million (US$191.5 million) as of March 31, 2025, up from RMB984.6 million at year-end 2024, driven by strong operating cash generation and efficient working capital management. Total restricted cash was RMB712.3 million (US$98.2 million), bringing total cash (including restricted) to over RMB2.1 billion. Shareholders' equity grew to RMB7,435.4 million (US$1.02 billion), reflecting the growth of retained earnings. The equity-to-assets ratio exceeded 60%, underscoring a conservative leverage profile and ample capital buffers. Regulatory Update: The regulatory landscape for online consumer finance in Mainland China remains dynamic and continues to evolve, presenting both challenges and opportunities. We remain fully committed to regulatory compliance and closely aligned with policy developments. A recent notice from the National Financial Regulatory Administration regarding internet-based lending reaffirmed the existing regulatory trajectory rather than introducing significant changes. The overarching objective continues to be fostering responsible credit access while ensuring financial stability. We view increased oversight of loan facilitation platforms as positive, reflecting regulatory recognition of our role in the broader financial ecosystem and supporting industry maturity and long-term viability. Given that the online consumer finance sector is relatively young, the regulatory framework continues to develop. While new policies may result in higher compliance costs or operational adjustments, they also open opportunities for innovation, standardization, and sustainable growth. We will proactively engage with regulators and partners, diversifying funding channels, broadening loan offerings, and strengthening risk controls to support healthy business development under the evolving regulatory framework. [1] Represents the total amount of loans that the Company facilitated and originated during the relevant period. [2] Represents the total amount of loans outstanding for loans that the Company facilitated and originated at the end of the relevant period. Loans that are delinquent for more than 60 days are excluded in the outstanding loan balance, except for Xiaoying Housing Loans. As Xiaoying Housing Loans is a secured loan product and the Company is entitled to payment by exercising its rights to the collateral, the Company does not exclude Xiaoying Housing Loans delinquent for more than 60 days in the outstanding loan balance. [3] Represents borrowers who made at least one transaction on the Company's platform during the relevant period. [4] Represents borrowers who made at least one transaction on the Company's platform since inception through the end of the relevant period. [5] Represents the balance of the outstanding principal for Xiaoying Credit Loans that were 31 to 60 days past due as a percentage of the total balance of outstanding principal for Xiaoying Credit Loans that the Company facilitated and originated as of a specific date. Xiaoying Credit Loans that are delinquent for more than 60 days are excluded when calculating the denominator. Starting from the first quarter of 2021, substantially all of the loans facilitated and originated by the Company have been Xiaoying Credit Loans. [6] To make the delinquency rate by balance comparable to the peers, the Company also defines the delinquency rate as the balance of the outstanding principal for Xiaoying Credit Loans that were 91 to 180 days past due as a percentage of the total balance of outstanding principal for the Xiaoying Credit Loans that the Company facilitated and originated as of a specific date. Xiaoying Credit Loans that are delinquent for more than 180 days are excluded when calculating the denominator. [7] We use in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, (iii) adjusted net income (loss) per diluted ADS, (iv) adjusted net income (loss) per basic share, and (v) adjusted net income (loss) per diluted share, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments, gain (loss) from financial investments at equity method and impairment losses on long-term investments. [8] Financial Ratios:– Operating margin: It is calculated as Income from Operations divided by Total Net Revenue for the period.– Net profit margin: It is calculated as Net Income divided by Total Net Revenue for the period.– Return on equity: It is calculated as the annualized Net Income divided by Average Total Equity for the period. Average Total Equity is calculated using the opening and closing balances of the period. Conference Call X Financial's management team will host an earnings conference call at 7:30 AM U.S. Eastern Time on May 20, 2025 (7:30 PM Beijing / Hong Kong Time on May 20, 2025). Dial-in details for the earnings conference call are as follows: United States: 1-888-346-8982 Hong Kong: 852-301-84992 Mainland China: 4001-201203 International: 1-412-902-4272 Passcode: X Financial Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call. A replay of the conference call may be accessed by phone at the following numbers until May 27, 2025: United States: 1-877-344-7529 International: 1-412-317-0088 Passcode: 9119292 About X Financial X Financial (NYSE: XYF) (the "Company") is a leading Chinese fintech platform. The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitate and originate loans to prime borrowers under a risk assessment and control system. For more information, please visit Use of Non-GAAP Financial Measures In evaluating our business, we consider and use non-GAAP measures as supplemental measures to review and assess our operating performance. We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We believe that the use of the non-GAAP financial measures facilitates investors' assessment of our operating performance and help investors to identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income (loss) from operations and net income (loss). We also believe that the non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We use in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, (iii) adjusted net income (loss) per diluted ADS, (iv) adjusted net income (loss) per basic share, and (v) adjusted net income (loss) per diluted share, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments, gain (loss) from financial investments at equity method and impairment losses on long-term investments. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, investors should not consider them in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We mitigate these limitations by reconciling the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure. For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release. Exchange Rate Information This press release contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2567 to US$1.00, the exchange rate in effect as of March 31, 2025, as published in the Federal Reserve Board's H.10 statistical release. Percentages stated in this release are calculated based on the RMB amounts. Disclaimer Safe Harbor Statement This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the followings: the Company's goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China; the demand for and market acceptance of its marketplace's products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law. Use of Projections This announcement also contains certain financial forecasts (or guidance) with respect to the Company's projected financial results. The Company's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections or guidance for the purpose of their inclusion in this announcement, and accordingly, they did not express an opinion or provide any other form assurance with respect thereto for the purpose of this announcement. This guidance should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company, or that actual results will not differ materially from those set forth in the prospective financial information. Inclusion of the prospective financial information in this announcement should not be regarded as a representation by any person that the results contained in the prospective financial information will actually be achieved. You should review this information together with the Company's historical information. For more information, please contact: X FinancialMr. Noah Kauffman (Chief Financial Strategy Officer)E-mail: ir@ Christensen IRIn China: Mr. Rene VanguestainePhone: +86-178-1749-0483E-mail: In U.S.: Ms. Linda BergkampPhone: +1-480-614-3004E-mail: X FinancialUnaudited Condensed Consolidated Balance Sheets(In thousands, except for share and per share data) As of December 31, 2024 As of March 31, 2025 As of March 31, 2025 RMB RMB USD ASSETS Cash and cash equivalents 984,611 1,389,456 191,472 Restricted cash, net 676,793 712,349 98,164 Accounts receivable and contract assets, net 2,029,550 2,409,743 332,071 Loans receivable from Credit Loans and other loans, net 4,828,317 4,212,291 580,469 Deposits to institutional cooperators, net 1,958,297 2,126,352 293,019 Prepaid expenses and other current assets, net 34,079 33,411 4,605 Financial guarantee derivative 1,038 6,454 889 Deferred tax assets, net 197,713 188,017 25,909 Long term investments 498,038 495,129 68,231 Property and equipment, net 15,833 16,767 2,311 Intangible assets, net 36,592 36,506 5,031 Financial investments 513,476 429,794 59,227 Other non-current assets 44,951 36,736 5,062 TOTAL ASSETS 11,819,288 12,093,005 1,666,460 LIABILITIES Payable to investors and institutional funding partners at amortized cost 2,184,086 1,718,948 236,877 Contingent guarantee liabilities 187,641 190,198 26,210 Deferred guarantee income 164,725 159,566 21,989 Short-term borrowings 328,500 603,500 83,165 Accrued payroll and welfare 94,717 48,266 6,651 Other tax payable 279,993 322,396 44,426 Income tax payable 591,491 618,616 85,248 Accrued expenses and other current liabilities 941,506 958,670 132,107 Other non-current liabilities 27,516 19,816 2,731 Deferred tax liabilities 65,959 17,602 2,426 TOTAL LIABILITIES 4,866,134 4,657,578 641,830 Commitments and Contingencies Equity: Common shares (250,678,439 and 253,256,363 shares outstanding as of December 31, 2024 and March 31, 2025) 207 207 29 Treasury stock (509,644) (503,448) (69,377) Additional paid-in capital 3,207,028 3,225,944 444,547 Retained earnings 4,174,511 4,632,638 638,395 Other comprehensive income 81,052 80,086 11,036 Total X Financial shareholders' equity 6,953,154 7,435,427 1,024,630 Non-controlling interests - - - TOTAL EQUITY 6,953,154 7,435,427 1,024,630 TOTAL LIABILITIES AND EQUITY 11,819,288 12,093,005 1,666,460 X Financial Unaudited Condensed Consolidated Statements of Comprehensive Income Three Months Ended March 31, (In thousands, except for share and per share data) 2024 2025 2025 RMB RMB USD Net revenuesLoan facilitation service 614,150 1,078,379 148,605 Post-origination service 152,742 266,041 36,661 Financing income 334,628 310,140 42,739 Guarantee income 32,926 82,929 11,428 Other revenue 73,528 200,016 27,563 Total net revenue 1,207,974 1,937,505 266,996 Operating costs and expenses:Origination and servicing 426,547 473,725 65,281 Borrower acquisitions and marketing 248,374 709,007 97,704 General and administrative 38,474 51,744 7,131 Provision for accounts receivable and contract assets 8,655 9,048 1,247 Provision for loans receivable 61,540 62,196 8,571 Provision for contingent guarantee liabilities 47,893 63,748 8,785 Change in fair value of financial guarantee derivative - (5,417) (746) (Reversal of) provision for credit losses for deposits and other financial assets (50) 549 76 Total operating costs and expenses 831,433 1,364,600 188,049 Income from operations 376,541 572,905 78,947 Interest income (expenses), net (4,291) (2,719) (375) Foreign exchange (gain) loss (424) (12,482) (1,720) Income from financial investments1 8,327 (3,678) (507) Other income, net 4,046 1,935 267 Income before income taxes 384,199 555,961 76,612 Income tax expense (65,025) (116,528) (16,058) Gain (loss) from equity in affiliates, net of tax 2,046 (2,182) (301) Gain (loss) from financial investments at equity method, net of tax1 41,919 20,876 2,877 Net income 363,139 458,127 63,130 Less: net income attributable to non-controlling interests - - - Net income attributable to X Financial shareholders 363,139 458,127 63,130 Net income 363,139 458,127 63,130 Other comprehensive income, net of tax of nil:Gain (loss) from equity in affiliates 30 - - Income (loss) from financial investments 2,225 (768) (106) Foreign currency translation adjustments 1,218 (198) (27) Comprehensive income 366,612 457,161 62,997 Less: comprehensive income attributable to non-controlling interests - - - Comprehensive income attributable to X Financial shareholders 366,612 457,161 62,997 Net income per share—basic 1.24 1.82 0.25 Net income per share—diluted 1.22 1.76 0.24 Net income per ADS—basic 7.44 10.92 1.50 Net income per ADS—diluted 7.32 10.56 1.46 Weighted average number of ordinary shares outstanding—basic 293,788,724 252,292,800 252,292,800 Weighted average number of ordinary shares outstanding—diluted 296,894,415 260,864,033 260,864,033 1 The Company has revised the presentation of the gain (loss) from financial investments at equity method after income tax expense, which previously reported as "Income (loss) from financial investments" before income tax expense. Additionally, "Impairment losses on long-term investments" accounted under the equity method have been reclassified into the gain (loss) from equity in affiliates after income tax expense. This change in presentation does not affect the net income for any periods presented. X FinancialUnaudited Reconciliations of GAAP and Non-GAAP Results Three Months Ended March 31, (In thousands, except for share and per share data) 2024 2025 2025RMB RMB USD GAAP net income 363,139 458,127 63,130 Less: Income (loss) from financial investments (net of tax of nil) 8,327 (3,678) (507) Less: Impairment losses on financial investments (net of tax of nil) - - - Less: Impairment losses on long-term investments (net of tax) - - - Less: Gain (loss) from financial investments at equity method (net of tax of nil) 41,919 20,876 2,877 Add: Share-based compensation expenses (net of tax of nil) 9,312 25,837 3,560 Non-GAAP adjusted net income 322,205 466,766 64,320 Non-GAAP adjusted net income per share—basic 1.10 1.85 0.25 Non-GAAP adjusted net income per share—diluted 1.09 1.79 0.25 Non-GAAP adjusted net income per ADS—basic 6.60 11.10 1.53 Non-GAAP adjusted net income per ADS—diluted 6.54 10.74 1.48 Weighted average number of ordinary shares outstanding—basic 293,788,724 252,292,800 252,292,800 Weighted average number of ordinary shares outstanding—diluted 296,894,415 260,864,033 260,864,033 View original content: SOURCE X Financial Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
14-03-2025
- Business
- Zawya
Qatar: Real estate trading volume hits $354mln in February 2025
Doha: The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at the Ministry of Justice in February 2025 amounted to QR1,292,500,196. Data from the real estate analytical bulletin issued by the Ministry of Justice revealed that 365 real estate transactions were recorded during the month. The municipalities of Doha, Al Rayyan, and Al Dhaayen topped the list for the most active transactions in terms of financial value, according to the real estate market index, followed by Al Wakrah, Umm Salal, Al Khor and Al Dhakira, and Al Shamal. The real estate market index for February 2025 showed that the financial value of transactions in Doha municipality amounted to QR478,470,312. In Al Rayyan, the financial values of transactions was QR 316,994,510 , while in Al Dhaayen, it was QR232,149,925. Transactions in Al Wakrah amounted to QR101,259,540, and Umm Slal recorded QR79,988,096. Al Khor and Al Dhakira recorded QR52,057,857, while transactions in Al Shamal totaled QR31,099,956. In terms of the traded space index, indicators revealed that Al Rayyan, Doha, and Al Dhaayen municipalities recorded the most active municipalities, in terms of traded real estate spaces during February 2025: Al Rayyan (29%), followed by Doha (26%), and Al Dhaayen (18%). Al Wakrah recorded 10%, and Umm Salal recorded 7%, while the municipalities of Al Shamal and Al Khor and Al Dhakira recorded 5% of the total traded spaces. Concerning the index of the number of real estate transactions (sold properties), trading indices revealed that the most active municipalities during February were Doha with 32%, followed by Al Rayyan with 23%, then Al Dhaayen with 13%, and Al Wakrah with 11%. Umm Salal recorded traded transactions of 10%, Al Khor and Al Dhakira with 6%, and Al Shamal with 5% of the total real estate transactions. An average per square foot prices for February ranged between (394-767) in Doha, (259-493) in Al Wakrah, (319-448) in Al Rayyan, (284-496) in Umm Salal, (327-514) in Al Dhaayen, and (321 -323) in Al Khor and Al Dhakira. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. ( The Peninsula Newspaper
