The Zhitong Finance App learned that on November 19, Beijing time, China's leading fintech group FINV.US (FINV.US) announced unaudited financial reports for the third quarter of 2024 (Q3). The report shows that the company's operating fundamentals continue to improve, and the diversified business layout has achieved new results.

Xinye Technology achieved revenue of 3.276 billion yuan (RMB, same below) in the third quarter, up 2.5% year on year; net profit of 0.624 billion yuan, up 8.6% year on year. In terms of operating indicators, the quarter contributed to a transaction volume of nearly 52.2 billion yuan, an increase of 1.8% year on year; the loan balance was 68.1 billion yuan, up 3.3% year on year. By the end of the third quarter, the company had served a total of 32.6 million users in domestic and international markets.

Li Tiezheng, CEO of Xinye Technology, said, “Through technology-driven and effective implementation of the global strategy, Xinye Technology achieved steady growth and improved profitability this quarter, and domestic and international businesses have gained a lot. In the future, we will continue to be driven by technological innovation and service improvement to provide higher quality and more efficient fintech services and promote the development of digital services for inclusive finance at home and abroad.”

Xu Jiayuan, Chief Financial Officer of Xinye Technology, said, “Xinye Technology's many business indicators continued to grow this quarter, and the company continued to improve shareholder returns. In the first three quarters of this year, Shinya Technology invested a total of $81.1 million in share repurchases, an increase of 23% over last year, reflecting our firm confidence in business development and cash flow prospects.”

Deepening the strategic layout and healthy growth of domestic and foreign business

Recently, China issued a series of strong incremental policies to promote the role of consumer credit in promoting the upgrading of domestic consumption and boosting confidence in the domestic consumer market. In response to policy guidance, Xinye Technology continues to explore consumer service scenarios in the domestic market through innovative digital finance capabilities, and is committed to serving the high-quality development of the real economy.

In this context, Xinye Technology has maintained steady growth in the domestic market. In the first three quarters of this year, Xinye Technology's domestic transaction volume reached 142 billion yuan, an increase of 4% over the previous year. Other important business indicators also maintained their growth trend. At the same time, through continuous upgrading of risk control systems and promotion of an upward customer base strategy, risk indicators declined in the third quarter, and the share of high-quality customers remained leading the industry.

Xinye Technology strengthened its small and micro service efforts in the third quarter, continued to broaden small and micro business service scenarios, and enhance its ability to innovate products in multiple scenarios. The quarter contributed to a transaction volume of 15.4 billion yuan, an increase of 25% over the previous year, and the share of the domestic market in the quarter's transaction volume rose to 31%. In addition, the company has also improved the level of refined small and micro services through a series of normalized public welfare actions. Since this year, Xinye Technology's small and micro charity project “Good Small Stores” has provided customized support to 70 small stores with a sense of social responsibility.

In the third quarter, Xinye Technology's international business grew strongly, accounting for nearly 20% of revenue. New trading users surpassed the domestic market for two consecutive quarters. The international business has made encouraging progress in diversified operations and institutional cooperation: Xinye Technology obtained a “multi-finance license” (Multi-finance) in Indonesia under the supervision of the Indonesian Financial Services Supervisory Authority (OJK), demonstrating the confidence of local regulators in the company's business development in the country. At the same time, the company's international platform continues to develop cooperation with many well-known overseas financial institutions and Internet platforms.

Deeply involved in technology, innovative strength has been recognized internationally

Xinye Technology continues to be deeply involved in anti-fraud and risk control technology. Based on many cutting-edge technologies such as map algorithm technology, multi-angle vision technology, voiceprint core technology, and text embedding mining technology, Xinye Technology has proposed a number of innovative solutions with strong implementation in the entire Credit Technology chain. In the third quarter, Xinye Technology received authoritative recognition for its strength in the field of anti-fraud and risk control, and was selected as the industry's first AI security industry map. The map was published by the CSA of the International Cloud Security Alliance, a worldwide industry organization in the field of cybersecurity, in Greater China.

Furthermore, at the 2024 International Artificial Intelligence Joint Conference (IJCAI), one of the world's top artificial intelligence conferences, technical representatives of Xinye Technology presented the latest research results to the international AI community. A paper by a company employee on image recognition was included in the conference and an academic report was presented on site. The 9th “Shinya Technology Cup” Global AI Algorithm Contest, which is one of the IJCAI 2024 competition categories, also provided the winning teams with the world's top algorithm talents at the conference site.