JFIN Jiayin Group Inc

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of November 2024

 

Commission File Number: 001-38806

Jiayin Group Inc.

 

18th Floor, Building No. 1, Youyou Century Plaza,

428 South Yanggao Road, Pudong New Area, Shanghai 200122

People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒		Form 40-F ☐

 

 

 

 

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EXHIBIT INDEX

 

Exhibit No.		Description
Exhibit 99.1		Press Release: Jiayin Group Inc. Reports Third Quarter 2024 Unaudited Financial Results

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

		Jiayin Group Inc.
		By:	/s/ Dinggui Yan
		Name:	Dinggui Yan
		Title:	Director and Chief Executive Officer

 

Date: November 20, 2024

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Jiayin Group Inc. Reports Third Quarter 2024 Unaudited Financial Results

 

SHANGHAI, China, November 20, 2024 (GLOBE NEWSWIRE) --Jiayin Group Inc. (“Jiayin” or the “Company”) (NASDAQ: JFIN), a leading fintech platform in China, today announced its unaudited financial results for the third quarter ended September 30, 2024.

 

Third Quarter 2024 Operational and Financial Highlights:

 

 

Mr. Yan Dinggui, the Company’s Founder, Director and Chief Executive Officer, commented: “As we close out the third quarter of 2024, I’m proud to report continued strong performance, with a significant year-over-year increase in both loan facilitation volume and related revenue. Our loan facilitation volume reached RMB26.7 billion in the third quarter, a 10.3% increase compared with the same period last year. Loan facilitation service revenue grew 18.1% to RMB1,105.7 million. This growth reflects our strategic focus on innovation, risk management, and market diversification. We’ve successfully leveraged technology to enhance operational efficiency and borrower experience, while maintaining a sharp eye on risk resilience. We are confident that our adaptable business model and commitment to sustainable growth will enable us to capture new opportunities and deliver long-term value to our shareholders. ”

 

 

 

1 “Loan facilitation volume” refers the loan facilitation volume facilitated in Mainland China during the period presented.

2 “Repeat borrowing rate” refers to the repeat borrowers as a percentage of all of our borrowers in Mainland China.

“Repeat borrowers” during a certain period refers to borrowers who have borrowed in such period and have borrowed at least twice since such borrowers’ registration on our platform until the end of such period.

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Third Quarter 2024 Financial Results

 

Net revenue was RMB1,444.9 million (US$205.9 million), representing a decrease of 1.5% from the same period of 2023.

Revenue from loan facilitation services was RMB1,105.7 million (US$157.6 million), representing an increase of 18.1% from the same period of 2023. The increase was primarily driven by service fee optimization within our loan facilitation operations and increased loan facilitation volume from the Company’s institutional funding partners.

Revenue from releasing of guarantee liabilities was RMB251.7 million (US$35.9 million) compared with RMB397.9 million in the same period of 2023.The year-over-year decrease was primarily due to the decrease in average outstanding loan balances for which the Company provided guarantee services.

 

Other revenue was RMB87.5 million (US$12.4 million), compared with RMB131.9 million for the same period of 2023. The decrease was mainly due to the decrease in revenue from individual investor referral services.

Facilitation and servicing expense was RMB419.1 million (US$59.7 million) compared with RMB544.3 million for the same period of 2023. This was primarily due to decreased expenses related to financial guarantee services, which was partially offset by the effect of increased loan facilitation volume.

Allowance for uncollectible receivables, contract assets, loans receivable and others was RMB11.6 million (US$1.7 million), representing an increase of 36.5% from the same period of 2023, primarily due to increased balances of receivables arising from loan facilitation.

Sales and marketing expense was RMB550.3 million (US$78.4 million), representing an increase of 34.9% from the same period of 2023, primarily due to an increase in borrower acquisition expenses.

General and administrative expense was RMB56.1 million (US$8.0 million), representing an increase of 5.5% from the same period of 2023, primarily driven by an increase in expenditures for employee compensation and related benefits.

Research and development expense was RMB95.9 million (US$13.7 million), representing an increase of 36.0% from the same period of 2023, primarily driven by an increase in expenditures for employee compensation and related benefits.

Income from operation was RMB311.9 million (US$44.4 million), representing a decrease of 18.3% from the same period of 2023.

Net income was RMB269.6 million (US$38.4 million), representing a decrease of 16.8% from RMB323.9 million in the same period of 2023.

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Basic and diluted net income per share were both RMB1.27 (US$0.18) compared with RMB1.51 in the third quarter of 2023. Basic and diluted net income per ADS were both RMB5.08 (US$0.72) compared with RMB6.04 in the third quarter of 2023. Each ADS represents four Class A ordinary shares of the Company.

Cash and cash equivalents were RMB741.2 million (US$105.6 million) as of September 30, 2024, compared with RMB880.2 million as of June 30, 2024.

 

The following table provides the delinquency rates of all outstanding loans on the Company’s platform in Mainland China as of the respective dates indicated.

 

		Delinquent for
As of		1-30 days	31-60 days	61-90 days	91 -180 days	More than 180 days
		(%)
December 31, 2021		1.31	0.90	0.72	1.78	2.12
December 31, 2022		1.01	0.67	0.51	1.18	2.02
December 31, 2023		1.13	0.90	0.68	1.48	2.07
March 31, 2024		0.99	0.85	0.68	1.63	2.62
June 30, 2024		0.96	0.83	0.67	1.61	2.60
September 30, 2024		0.93	0.76	0.55	1.32	2.49

 

The following chart and table display the historical cumulative M3+ Delinquency Rate by Vintage for loan products facilitated through the Company’s platform in Mainland China.

 

 

 

 

 

 

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Business Outlook

 

The Company expects its loan facilitation volume for the fourth quarter of 2024 to reach no less than RMB25 billion. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

 

Recent Development

 

Dividend Policy

 

The board of directors of the Company (the “Board”) previously approved and adopted a dividend policy on March 28, 2023, (the “Existing Dividend Policy”) under which the Company may choose to declare and distribute a cash dividend twice each fiscal year, starting from 2023, at an aggregate amount of no less than 15% of the net income after tax of the Company in the previous fiscal year.

 

On November 19, 2024, the Board approved and adopted an amended dividend policy (the “Amended Dividend Policy”) to replace the Company’s Existing Dividend Policy in its entirety, with immediate effect. Under the Amended Dividend Policy, the Company may choose to declare and distribute a cash dividend once each fiscal year, starting from 2025, at an aggregate amount of no less than 15% of the net income after tax of the Company in the previous fiscal year. The determination to make dividend distributions in any particular fiscal year will be made at the discretion of the Board based upon factors such as the Company’s results of operations, cash flow, general financial condition, capital requirements, contractual restrictions and other factors as the Board may deem relevant.

 

Share Repurchase Plan Update

 

In March 2024, the Company’s Board of Directors approved an adjustment to the existing share repurchase plan, pursuant to which the aggregate value of ordinary shares authorized for repurchase under the plan shall not exceed US$30 million.

 

On June 4, 2024, the Company’s Board of Directors approved to extend the share repurchase plan for a period of 12 months, commencing on June 13, 2024, and ending on June 12, 2025. Pursuant to the extended share repurchase plan, the Company may repurchase its ordinary shares through June 12, 2025, with an aggregate value not exceeding the remaining balance under the share repurchase plan. As of November 20, 2024, the Company had repurchased approximately 3.5 million of its ADSs for approximately US$15.0 million.

 

 

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Conference Call

 

The Company will conduct a conference call to discuss its financial results on November 20, 2024, at 8:00 AM U.S. Eastern Time (9:00 PM Beijing/Hong Kong Time on the same day).

 

To join the conference call, all participants must use the following link to complete the online registration process in advance. Upon registering, each participant will receive access details for this event including the dial-in numbers, a PIN number, and an e-mail with detailed instructions to join the conference call.

 

Participant Online Registration:

 

https://register.vevent.com/register/BIc807864fea404df38423af62dcb33615

 

A live and archived webcast of the conference call will be available on the Company’s investors relations website at http://ir.jiayintech.cn/.

 

About Jiayin Group Inc.

 

Jiayin Group Inc. is a leading fintech platform in China committed to facilitating effective, transparent, secure and fast connections between underserved individual borrowers and financial institutions. The origin of the business of the Company can be traced back to 2011. The Company operates a highly secure and open platform with a comprehensive risk management system and a proprietary and effective risk assessment model which employs advanced big data analytics and sophisticated algorithms to accurately assess the risk profiles of potential borrowers. For more information, please visit http://ir.jiayintech.cn/.

 

 

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Exchange Rate Information

 

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at a 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 RMB7.0176 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2024. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

 

 

Safe Harbor / Forward-Looking Statements

 

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to 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. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements in this announcement include, but are not limited to, statements in the section entitled, “Business Outlook,” such as forecast of loan facilitation volume, and statements made by the Company’s Founder, Director and Chief Executive Officer, such as the Company’s future growth. Forward-looking statements involve inherent risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Potential risks and uncertainties include, but are not limited to, those relating to the Company’s ability to retain existing investors and borrowers and attract new investors and borrowers in an effective and cost-efficient way, the Company’s ability to increase the investment volume and loan facilitation volume of loans facilitated through its marketplace, effectiveness of the Company’s credit assessment model and risk management system, PRC laws and regulations relating to the online individual finance industry in China, general economic conditions in China, and the Company’s ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Stock Market or other stock exchange. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.

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For investor and media inquiries, please contact:

 

Jiayin Group

 

Mr. Shawn Zhang

Email: ir@jiayinfintech.cn

 

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JIAYIN GROUP INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except for share and per share data)

 

		As of December 31,				As of September 30,
		2023				2024
		RMB				RMB				US$
ASSETS
Cash and cash equivalents			370,193				741,206				105,621
Restricted cash			2,435				—				—
Accounts receivable and contract assets, net			2,103,545				2,820,024				401,850
Financial assets receivables, net			991,628				514,263				73,282
Prepaid expenses and other current assets, net			1,922,056				807,660				115,091
Deferred tax assets, net			61,174				86,783				12,366
Property and equipment, net			40,332				44,708				6,371
Right-of-use assets, net			49,659				54,057				7,703
Long-term investment			101,481				175,702				25,037
Other non-current assets			2,263				2,983				425
TOTAL ASSETS			5,644,766				5,247,386				747,746
LIABILITIES AND EQUITY
Deferred guarantee income			886,862				380,717				54,252
Contingent guarantee liabilities			933,947				351,370				50,070
Payroll and welfare payable			94,856				111,369				15,870
Tax payables			568,819				605,076				86,223
Accrued expenses and other current liabilities			731,863				895,795				127,650
Lease liabilities			47,958				54,244				7,730
TOTAL LIABILITIES			3,264,305				2,398,571				341,795
TOTAL SHAREHOLDERS' EQUITY			2,380,461				2,848,815				405,951
TOTAL LIABILITIES AND EQUITY			5,644,766				5,247,386				747,746

 

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JIAYIN GROUP INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in thousands, except for share and per share data)

 

		For the Three Months Ended September 30,												For the Nine Months Ended September 30,
		2023				2024								2023				2024
		RMB				RMB				US$				RMB				RMB				US$
Net revenue			1,466,344				1,444,872				205,893				3,866,330				4,396,539					626,502
Operating costs and expenses:
Facilitation and servicing			(544,251	)			(419,056	)			(59,715	)			(1,174,305	)			(1,694,188		)			(241,420	)
Allowance for uncollectible receivables,    contract assets, loans receivable and others			(8,491	)			(11,638	)			(1,658	)			(29,011	)			(10,993		)			(1,566	)
Sales and marketing			(407,940	)			(550,289	)			(78,416	)			(1,209,461	)			(1,396,660		)			(199,022	)
General and administrative			(53,209	)			(56,099	)			(7,994	)			(149,673	)			(167,310		)			(23,841	)
Research and development			(70,532	)			(95,925	)			(13,669	)			(203,400	)			(272,014		)			(38,762	)
Total operating costs and expenses			(1,084,423	)			(1,133,007	)			(161,452	)			(2,765,850	)			(3,541,165		)			(504,611	)
Income from operation			381,921				311,865				44,441				1,100,480				855,374					121,891
Interest income, net			2,957				2,934				418				4,940				9,168					1,306
Other income, net			2,567				8,742				1,246				13,579				74,966					10,683
Income before income taxes and loss    from investment in affiliates			387,445				323,541				46,105				1,118,999				939,508					133,880
Income tax expense			(61,806	)			(53,927	)			(7,685	)			(185,055	)			(158,559		)			(22,594	)
Loss from investment in affiliates			(1,738	)			—				—				(4,002	)			—					—
Net income			323,901				269,614				38,420				929,942				780,949					111,286
Less: net income (loss) attributable to    non-controlling interest			108				2				—				85				(4		)			(1	)
Net income attributable to    Jiayin Group Inc.			323,793				269,612				38,420				929,857				780,953					111,287
Weighted average shares used in    calculating net income per share:
- Basic and diluted			214,740,208				212,672,997				212,672,997				214,168,317				212,380,527					212,380,527
Net income per share:
- Basic and diluted			1.51				1.27				0.18				4.34				3.68					0.52
Net income per ADS:
- Basic and diluted			6.04				5.08				0.72				17.36				14.72					2.08
Net income			323,901				269,614				38,420				929,942				780,949					111,286
Other comprehensive income (loss),    net of tax of nil:
Foreign currency translation adjustments			2,044				(7,008	)			(999	)			8,014				(9,891		)			(1,409	)
Comprehensive income			325,945				262,606				37,421				937,956				771,058					109,877
Comprehensive income (loss)    attributable to non-controlling interest			147				(69	)			(10	)			(4	)			(13		)			(2	)
Total comprehensive income    attributable to Jiayin Group Inc.			325,798				262,675				37,431				937,960				771,071					109,879

 

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