CNFinance Holdings Ltd (CNF) 2025 Q2 法說會逐字稿

Good day, and welcome to the CNFinance Holdings Limited first-half of 2025 financial results conference call. (Operator Instructions) Please note this that is being recorded.

各位好，歡迎參加 CNFinance Holdings Limited 2025 年上半年財務業績電話會議。(操作員指示) 請注意，本次會議將被錄音。

I would now like to turn the conference over to IR Manager, Matthew Lou. Please go ahead.

現在我想把會議交給投資者關係經理 Matthew Lou。請開始。

Thank you. and welcome to the CNFinance first-half of 2025 financial results conference call. Our Director and Vice President, Mr. Qian Jun, will walk us through the operating and financial results. After that, we will have a Q&A session.

謝謝，歡迎參加 CNFinance 2025 年上半年財務業績電話會議。我們的董事兼副總裁錢軍先生將帶領大家回顧營運及財務業績。之後我們將進行問答環節。

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 US 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, target, going forward, outlook, and similar statements.

在開始之前，我想提醒各位，本次電話會議包含《1934 年證券交易法》（經修訂）第 21E 條所指的前瞻性陳述，以及《1995 年美國私人證券訴訟改革法》所界定的前瞻性陳述。這些前瞻性陳述可透過「將」、「預期」、「預見」、「未來」、「打算」、「計畫」、「相信」、「估計」、「目標」、「展望未來」、「前景」及類似表述加以識別。

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 US 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.

此類陳述基於管理層目前的預期以及當前市場與營運狀況，並涉及包含已知或未知風險、不確定性及其他因素的事件；上述因素均難以預測，且其中許多超出公司控制範圍，可能導致公司實際業績、表現或成就與前瞻性陳述所述存在重大差異。有關上述及其他風險、不確定性或因素的進一步資訊，已載於公司向美國證券交易委員會提交的文件中。除法律要求外，公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性陳述的義務。

Now, please welcome Mr. Qian Jun.

現在，讓我們歡迎錢軍先生。

(interpreted) Hello, everyone. In the first half of 2025 amidst the complex and ever-changing market environment, CNF adhere 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.

(口譯) 各位好。2025 年上半年，在複雜多變的市場環境下，CNF 堅持「生存第一、勝利第一」的指導原則，積極應對挑戰，穩步推進戰略調整與業務優化。現在我向各位匯報我們上半年營運及財務表現。

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 has 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%.

截至 2025 年 6 月 30 日，公司累計簽約銷售合作夥伴 2,184 家，同比增長 2%。共有 1,485 家銷售合作夥伴向我們推薦借款人，同比增長 3.3%。然而，由於我們主動控制放款規模並聚焦降低存量資產組合中的不良貸款，貸款交易筆數同比下降 78.1%，貸款發放總額同比下降 85.4%。

By the end of the second quarter, our loan balance stood at RMB11.2 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.

截至第二季度末，我們的貸款餘額為人民幣 112 億元，較去年同期下降 29.6%。我們堅持「盤活存量、優化增量」的策略，將資源聚焦於風險化解與資產質量提升。雖然該做法對短期業績帶來壓力，但為長期穩健增長奠定了堅實基礎。

In the first half of the year, our interest income was RMB416 million, a decline of 55% year on year. Our financing cost decreased by 32%. And operating expenses fell by 74%, demonstrating the company's strong cost control capabilities. Our net loss was RMB40.4 million, primarily due to an impairment loss provision of RMB31.3 million.

上半年，我們的利息收入為人民幣 4.16 億元，同比下降 55%。我們的融資成本下降 32%。營運費用下降 74%，展現公司強勁的成本管控能力。我們的淨虧損為人民幣 4,040 萬元，主要由於計提人民幣 3,130 萬元的減值損失準備。

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 a 103% NPL recovery rate in the first half.

截至 2025 年 6 月 30 日，公司貸款不良率為 16.9%。儘管不良率上升，但透過多元化的不良壓降措施，有效遏制了新增不良的增長，公司上半年實現 103% 的不良回收率。

During the first half, the company optimized its organizational structure and streamline 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 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 refine our existing products. and launched new ones that meet market demands.

上半年，公司優化組織架構並精簡人員，使營運成本顯著下降。總結而言，我們上半年的重點工作包括：第一，透過創新並運用有效的壓降工具降低不良貸款。第二，引入一批新的機構投資者（主要為本地 AMC），以穩定資金來源並確保融資渠道暢通。第三，拓展新的業務領域。我們完善現有產品，並推出符合市場需求的新產品。

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, will persist in the three key priorities: dedicating resources to NPL reduction, ensuring stable funding channels, and supporting new business development. Thank you.

面對持續的市場挑戰，公司將堅持「生存第一、勝利第一」的原則。以遏制不良貸款、優化新增增長為核心策略，持續推進三項重點工作：集中資源壓降不良、確保資金渠道穩定、支持新業務發展。謝謝。

(Operator Instructions) There are no questions at this time. I'd like to hand the call back over for any closing remarks.

(操作員指示) 目前沒有提問。我想把電話交回，請發表結語。

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.

謝謝，也再次感謝各位今天參與。如有任何進一步問題，歡迎透過 ir@cashchina.cn 與我們聯繫。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次會議到此結束。感謝各位出席今天的簡報。您現在可以掛線。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本逐字稿中標註為 (口譯) 的部分，為現場電話會議中由口譯員所說。該口譯員由主辦本活動的公司提供。