Loan matching income in the fourth quarter decreased year-on-year, Fun Shop: off-balance-sheet transaction volume decreased

Loan matching income in the fourth quarter decreased year-on-year, Fun Shop: off-balance-sheet transaction volume decreased
On the afternoon of March 18th, Beijing time, Qudian Group (New York Stock Exchange: QD, hereinafter referred to as “Qudian”) announced the financial results of the fourth quarter of 2019 and the reorganization audit before the market.The report shows that in the fourth quarter of 2019, Qudian’s total revenue was 19.31.6 billion (2.$ 77.5 billion), a quarter-on-quarter decline of 25.4%; and the loan matching income and other income of the fun store, compared with the chain, gradually decreased by more than 20%.As for the loan assistance business, according to the report, Qudian ‘s loan matching income and other income in the fourth quarter of 2019 were 4.600 million (US $ 66.1 million), a decrease of 21.1%, also dropped by 20 a year.6%.Qudian’s explanation is “because off-balance sheet transactions have decreased.”The “off-balance sheet transaction” is defined in the report as “a transaction not recorded in the company’s balance sheet and guaranteed by the company”.In the fourth quarter of 2019, after adjusting for non-GAAP, Qudian ‘s net profit was 1.56.9 billion (22.5 million US dollars), down 85 quarter-on-quarter.2%, also dropped by 79 in a year.9%.In addition, in the fourth quarter of 2019, Qudian’s R & D expenses also dropped by 56% to 34.3 million yuan from 77.9 million in the same period last year.The main reason for the reduction is, according to Fun Store’s explanation, “employee salary reduction”.In terms of 2019 annual results, Qudian has maintained growth in total revenue, loan matching income and other income, net profit and research and development expenses.Regarding cash flow, the report shows that as of December 31, 2019, Qudian ‘s cash and cash equivalents were 28.60.9 billion (4.$ 10.9 billion); restricted cash is 12.57.6 billion yuan (1.$ 80.6 billion).Qudian said that the restricted cash mainly includes: one is the cash held by the merger trust through an independent bank account; the other is the deposit deposited in the designated bank account to guarantee off-balance sheet transactions.Such cash cannot meet the company’s general liquidity needs.As of December 31, 2019, the number of registered users in Fun Store was 79.46 million.As of the end of the fourth quarter, the overdue rate of the platform for more than 180 days was less than 3.2%.Zhu Qi, Vice President of Investor Relations at Qudian, said that under the circumstances of rising industry uncertainty and severe market environment, in order to better protect the safety of the company’s assets, the company has taken a variety of measures to maximize the control of risks.”The outbreak of a new coronavirus has brought more challenges to China’s online consumer credit industry.In the first quarter of 2020, Qudian will uphold the goal of holding company assets safety, continue to maintain strict letter review standards, and formulate business scale.”Zhu Qi said.As of the close of March 17 Eastern Time, Qudian closed at 1.$ 70, up 7.59%, the current total market value is 4.$ 3.1 billion.The reporter noted that the Dow rose by 5 that day.At 20%, the Nasdaq also rose by 6.twenty three%.On the evening of January 16, Beijing time, Fun Store issued an announcement announcing an additional $ 500 million equity repurchase plan.At the same time, Qudian announced the cancellation of the 2019 annual net profit target, and will not issue performance guidance for the fiscal year 2020 in the short term.At the end of the day, the fun store fell nearly 20%, and the total market value shrank by more than 90%.Sauna, Ye Wang Huang Xinyu editor Wang Jinyu proofreading Li Ming