Executive Summary
XXF Group Holdings Ltd reported a challenging QQ4 2024, with revenue of 330.67 million CNY, down 51.94% year over year from 688.09 million CNY in QQ4 2023. Gross profit was 114.55 million CNY, delivering a gross margin of 34.64%. EBITDA reached 80.72 million CNY (EBITDA margin 24.41%), and operating income was 52.25 million CNY (operating margin 15.80%). Net income stood at 10.14 million CNY (net margin 3.07%), with basic EPS of 0.0066 CNY (diluted 0.0063 CNY). The substantial top-line decline reflects weaker auto loan origination and leasing activity in a tightening credit environment in China, while profitability metrics remained relatively resilient on a cost base that did not contract in line with revenue.
Key Performance Indicators
Key Insights
Revenue: 330.67m CNY; YoY -51.94%; QoQ 0.00%
Gross Profit: 114.55m CNY; YoY -43.74%; QoQ 0.00%
Operating Income: 52.25m CNY; YoY -39.91%; QoQ 0.00%
Net Income: 10.14m CNY; YoY -78.33%; QoQ 0.00%
EPS (diluted): 0.0063 CNY; YoY -92.71%; QoQ 0.00%
EBITDA: 80.72m CNY; EBITDA Margin 24.41%
Operating Margin: 15.80%
Net Margin: 3.07%
Tax Rate (effective): ~23.0%
Cash Flow: CFO -97.86m CNY; Free Cash Flow -95.00m CNY; Cash Balance (end period): 340.60m CNY
Balance Sheet: Total Assets 3.311B CNY...
Financial Highlights
Revenue: 330.67m CNY; YoY -51.94%; QoQ 0.00%
Gross Profit: 114.55m CNY; YoY -43.74%; QoQ 0.00%
Operating Income: 52.25m CNY; YoY -39.91%; QoQ 0.00%
Net Income: 10.14m CNY; YoY -78.33%; QoQ 0.00%
EPS (diluted): 0.0063 CNY; YoY -92.71%; QoQ 0.00%
EBITDA: 80.72m CNY; EBITDA Margin 24.41%
Operating Margin: 15.80%
Net Margin: 3.07%
Tax Rate (effective): ~23.0%
Cash Flow: CFO -97.86m CNY; Free Cash Flow -95.00m CNY; Cash Balance (end period): 340.60m CNY
Balance Sheet: Total Assets 3.311B CNY; Total Liabilities 2.481B CNY; Total Equity 822.13m CNY
Leverage & Liquidity: Short-term debt 1.15664B CNY; Long-term debt 1.13511B CNY; Net Debt 1.95216B CNY; Current Ratio 1.241x; Quick Ratio 1.113x; Cash Ratio 0.254x; Debt to Capitalization 0.736; Debt to Equity 2.79x
Valuation: P/B 8.45x; P/E 171.31x; P/S 21.02x
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
330.67M |
-51.94% |
0.00% |
| Gross Profit |
114.55M |
-43.74% |
0.00% |
| Operating Income |
52.25M |
-39.91% |
0.00% |
| Net Income |
10.14M |
-78.33% |
0.00% |
| EPS |
0.01 |
-92.71% |
0.00% |
Key Financial Ratios
operatingProfitMargin
15.8%
priceEarningsRatio
171.31
Management Commentary
No earnings call transcript is provided in the dataset; management commentary and quotes from the QQ4 2024 call are not available for extraction in this report.
Forward Guidance
No explicit forward guidance was disclosed for 2025 in the QQ4 2024 materials. Based on the results and industry context, the near-term outlook hinges on deleveraging and stabilization of auto-lease volumes, improved working capital efficiency, and potential portfolio quality improvements. Investors should watch: (1) debt maturity profiles and refinancing terms for 2025–2026; (2) trajectory of receivables and inventory to assess cash flow recovery; (3) any management cadence on cost optimization and diversification of revenue streams (IT services, insurance agency) to support earnings stabilization.