Lufax Reports Second Quarter 2024 Financial Results
SHANGHAI, Aug. 21, 2024 /PRNewswire/ -- Lufax Holding Ltd ("Lufax" or the "Company") (NYSE: LU and HKEX: 6623), a leading financial services enabler for small business owners in China, today announced its unaudited financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 & First Half 2024 Financial Highlights
-- Total income was RMB5,976 million (US$822 million) in the second quarter
of 2024, compared to RMB9,270 million in the same period of 2023.
-- Net loss was RMB730 million (US$100 million) in the second quarter of
2024, compared to net profit of RMB1,004 million in the same period of
2023.
(In millions except percentages, unaudited) Three Months Ended June 30,
2023 2024 YoY
RMB RMB USD
Total income 9,270 5,976 822 (35.5 %)
Total expenses (7,957) (6,341) (873) (20.3 %)
Total expenses excluding credit (4,954) (3,485) (480) (29.7 %)
impairment losses, finance costs and
other (gains)/losses
Credit impairment losses, finance costs and (3,003) (2,856) (393) (4.9 %)
other (gains)/losses
Net profit/(loss) 1,004 (730) (100) (172.7 %)
(In millions except percentages, unaudited) Six Months Ended June 30,
2023 2024 YoY
RMB RMB USD
Total income 19,348 12,940 1,781 (33.1 %)
Total expenses (16,920) (12,857) (1,769) (24.0 %)
Total expenses excluding credit (10,639) (7,065) (972) (33.6 %)
impairment losses, finance costs and
other (gains)/losses
Credit impairment losses, finance costs and (6,281) (5,792) (797) (7.8 %)
other (gains)/losses
Net profit 1,736 (1,560) (215) (189.9 %)
Second Quarter 2024 Operational Highlights
-- Total outstanding balance of loans was RMB235.2 billion as of June 30,
2024 compared to RMB426.4 billion as of June 30, 2023, representing a
decrease of 44.8%, among which the outstanding balance of consumer
finance loans was RMB42.0 billion as of June 30, 2024, compared to
RMB32.8 billion as of June 30, 2023, representing an increase of 27.9%.
-- Total new loans enabled were RMB45.2 billion in the second quarter of
2024, compared to RMB53.5 billion in the same period of 2023,
representing a decrease of 15.5%, among which new consumer finance loans
were RMB22.1 billion in the second quarter of 2024, compared to RMB17.9
billion in the same period of 2023, representing an increase of 23.6%.
-- Cumulative number of borrowers increased by 17.4% to approximately 23.2
million as of June 30, 2024 from approximately 19.7 million as of June
30, 2023.
-- As of June 30, 2024, including the consumer finance subsidiary, the
Company bore risk on 56.7% of its outstanding balance, up from 27.5% as
of June 30, 2023. Credit enhancement partners bore risk on the other
42.2% of the outstanding balance, among which Ping An Property &
Casualty Insurance Company of China, Ltd. accounted for a majority.
-- As of June 30, 2024, excluding the consumer finance subsidiary, the
Company bore risk on 49.9% of its outstanding balance, up from 22.4% as
of June 30, 2023.
-- For the second quarter of 2024, the Company's retail credit enablement
business take rate([1]) based on loan balance was 9.3%, as compared to
7.0% for the second quarter of 2023.
-- C-M3 flow rate([2]) for the total loans the Company had enabled,
excluding the consumer finance subsidiary, was 0.9% in the second
quarter of 2024, compared to 1.0% in the first quarter of 2024. Flow
rates for the general unsecured loans and secured loans the Company had
enabled were 0.9% and 0.7% respectively in the second quarter of 2024,
as compared to 1.0% and 0.7% respectively in the first quarter of 2024.
-- Days past due ("DPD") 30+ delinquency rate([3]) for the total loans the
Company had enabled, excluding the consumer finance subsidiary, was 5.4%
as of June 30, 2024, as compared to 6.6% as of March 31, 2024. DPD 30+
delinquency rate for general unsecured loans was 5.8% as of June 30,
2024, as compared to 7.4% as of March 31, 2024. DPD 30+ delinquency rate
for secured loans was 4.1% as of June 30, 2024, as compared to 4.5% as
of March 31, 2024.
-- DPD 90+ delinquency rate([4]) for total loans enabled, excluding the
consumer finance subsidiary, was 3.4% as of June 30, 2024, as compared
to 4.4% as of March 31, 2024. DPD 90+ delinquency rate for general
unsecured loans was 3.7% as of June 30, 2024, as compared to 5.0% as of
March 31, 2024. DPD 90+ delinquency rate for secured loans was 2.5% as
of June 30, 2024, as compared to 2.6% as of March 31, 2024.
-- As of June 30, 2024, the non-performing loan (NPL) ratio(([5])) for
consumer finance loans was 1.4% as compared to 1.6% as of March 31,
2024.
Mr. YongSuk Cho, Chairman and Chief Executive Officer of Lufax, commented, "During the second quarter, our focus on quality over quantity yielded notable improvements of asset quality across both our Puhui and consumer finance portfolios. Loan quality trended higher within both segments, demonstrating the efficacy of our strategic approach. As our Puhui loan balance increasingly represents loans enabled under the 100% guarantee model, we anticipate the ongoing shift will drive further enhancements to our take rate going forward. Furthermore, as we continue to execute our strategy of obtaining and utilizing strong licenses to bolster our business, we expect our licenses will help us improve our funding costs, product diversity, and capital management efficiency. Looking ahead, we will seek to deepen our synergies with Ping An Group, leveraging their brand reputation, technological resources, and extensive network to strengthen our market position. These initiatives, combined with our direct sales force and ongoing emphasis on operational caution, uniquely position us to support China's small and micro enterprise economy. We are encouraged by our progress to date, and remain committed to drive persistent, high-quality growth for our customers and our shareholders."
Mr. Gregory Gibb, Co-Chief Executive Officer of Lufax, commented, "Our ongoing emphasis on operational refinements helped us strengthen our business during the second quarter. Our disciplined approach to credit standards led to enhancements in asset quality, with the C-M3 flow rate of Puhui loans improving to 0.9% and the NPL ratio for consumer finance loans decreasing to 1.4%. Meanwhile, the implementation of our 100% guarantee model for Puhui loans has positively impacted the take rate on our outstanding balance, which reached 9.3% this quarter. Our consumer finance segment also continued to grow, with a 23.6% year-over-year increase in new loan sales, representing 49% of total new loan sales in the quarter. Our prudent approach and ongoing operational refinements will be key as we pursue sustainable future growth."
Mr. Alston Peiqing Zhu, Chief Financial Officer of Lufax, commented, "During the second quarter, our leverage remained low, and our two main operating entities have maintained their strong capital positions. Our guarantee subsidiary's leverage ratio is stable at 2.4x, still comfortably below the 10x regulatory limit. At the same time, our consumer finance company has a healthy 14.7% capital adequacy ratio, surpassing the 10.5% regulatory requirement. Amidst a complex economic environment, we are seeing positive trends in asset quality and notable growth in consumer finance. We remain steadfast in our disciplined approach, aiming to construct a resilient platform for enduring success and shareholder value creation."
Second Quarter 2024 & First Half 2024 Financial Results
TOTAL INCOME
Total income was RMB5,976 million (US$822 million) in the second quarter of 2024, compared to RMB9,270 million in the same period of 2023, representing a decrease of 36%.
Three Months Ended June 30,
(In millions except percentages, 2023 2024 YoY
unaudited)
RMB % of income RMB % of income
Technology platform-based income 4,076 44.0 % 1,999 33.4 % (51.0 %)
Net interest income 3,367 36.3 % 2,716 45.4 % (19.3 %)
Guarantee income 1,149 12.4 % 850 14.2 % (26.0 %)
Other income 310 3.3 % 318 5.3 % 2.4 %
Investment income 370 4.0 % 94 1.6 % (74.6 %)
Share of net profits of investments (1) (0.0 %) 100.0 %
accounted for using the equity method
Total income 9,270 100.0 % 5,976 100.0 % (35.5 %)
Six Months Ended June 30,
(In millions except percentages, 2023 2024 YoY
unaudited)
RMB % of income RMB % of income
Technology platform-based income 9,086 47.0 % 4,552 35.2 % (49.9 %)
Net interest income 6,716 34.7 % 5,561 43.0 % (17.2 %)
Guarantee income 2,565 13.3 % 1,775 13.7 % (30.8 %)
Other income 538 2.8 % 637 4.9 % 18.4 %
Investment income 445 2.3 % 416 3.2 % (6.6 %)
Share of net profits of investments (2) (0.0 %) (1) (0.0 %) 56.5 %
accounted for using the equity method
Total income 19,348 100.0 % 12,940 100.0 % (33.1 %)
-- Technology platform-based income was RMB1,999 million (US$275 million)
in the second quarter of 2024, compared to RMB4,076 million in the same
period of 2023, representing a decrease of 51.0%, due to 1) the decrease
of retail credit service fees due to the decrease in loan balance and 2)
the decrease of referral and other technology platform-based income due
to the Company's exit from the Lujintong(([6])) business that it had
previously conducted.
-- Net interest income was RMB2,716 million (US$374 million) in the second
quarter of 2024, compared to RMB3,367 million in the same period of
2023, representing a decrease of 19.3%, mainly due to the decrease in
loan balance, partially offset by the increase of net interest income
from the Company's consumer finance business.
-- Guarantee income was RMB850 million (US$117 million) in the second
quarter of 2024, compared to RMB1,149 million in the same period of
2023, representing a decrease of 26.0%, primarily due to the decrease in
loan balance and a lower average fee rate.
-- Other income was RMB318 million (US$44 million) in the second quarter of
2024, compared to other income of RMB310 million in the same period of
2023. The increase was mainly due to the increased account management
fees driven by improved collection performance.
-- Investment income was RMB94 million (US$13 million) in the second
quarter of 2024, compared to RMB370 million in the same period of 2023,
mainly due to the increased losses associated with certain investment
assets.
---------------------------
[1] The take rate of retail credit enablement business is calculated by dividing the aggregated amount of loan enablement service fees, post-origination service fees, net interest income (excluding revenue from PAObank and LUAN credit subsidiaries), guarantee income and the penalty fees and account management fees by the average outstanding balance of loans enabled for each period.
[2] C-M3 flow rate estimates the percentage of current loans that will become non-performing at the end of three months, and is defined as the product of (i) the loan balance that is overdue from 1 to 29 days as a percentage of the total current loan balance of the previous month, (ii) the loan balance that is overdue from 30 to 59 days as a percentage of the loan balance that was overdue from 1 to 29 days in the
previous month, and (iii) the loan balance that is overdue from 60 to 89 days as a percentage of the loan balance that was overdue from 30 days to 59 days in the previous month. Loans from legacy products and consumer finance subsidiary are excluded from the flow rate calculation.
[3] DPD 30+ delinquency rate refers to the outstanding balance of loans for which any payment is 30 to 179 calendar days past due divided by the outstanding balance of loans. Loans from legacy products and consumer finance subsidiary are excluded from the calculation.
[4] DPD 90+ delinquency rate refers to the outstanding balance of loans for which any payment is 90 to 179 calendar days past due divided by the outstanding balance of loans. Loans from legacy products and consumer finance subsidiary are excluded from the calculation.
[5] Non-performing loan ratio for consumer finance loans is calculated by using the outstanding balance of consumer finance loans for which any payment is 91 or more calendar days past due and not written off, and certain restructured loans, divided by the outstanding balance of consumer finance loans.
[6] Lujintong was a platform the company launched in 2019, aiming to help its financial institution partners to acquire borrowers directly through dispersed sourcing nationwide. The company downscaled the operations of Lujintong in 2023 and ceased its operation by the end of April 2024.
TOTAL EXPENSES
Total expenses decreased by 20% to RMB6,341 million (US$873 million) in the second quarter of 2024 from RMB7,957 million in the same period of 2023. This decrease was mainly due to the decrease in sales and marketing expenses by 46% to RMB1,372 million (US$189 million) in the second quarter of 2024 from RMB2,540 million in the same period of 2023. Total expenses excluding credit impairment losses, finance costs and other (gains)/losses decreased by 30% to RMB3,485 million (US$480 million) in the second quarter of 2024 from RMB4,954 million in the same period of 2023.
Three Months Ended June 30,
(In millions except percentages, unaudited) 2023 2024 YoY
RMB % of income RMB % of income
Sales and marketing expenses 2,540 27.4 % 1,372 22.9 % (46.0 %)
General and administrative expenses 493 5.3 % 511 8.5 % 3.5 %
Operation and servicing expenses 1,576 17.0 % 1,327 22.2 % (15.8 %)
Technology and analytics expenses 344 3.7 % 275 4.6 % (20.0 %)
Credit impairment losses 2,998 32.3 % 2,560 42.8 % (14.6 %)
Finance costs 136 1.5 % 13 0.2 % (90.2 %)
Other (gains)/losses - net (130) (1.4 %) 282 4.7 % 316.6 %
Total expenses 7,957 85.8 % 6,341 106.1 % (20.3 %)
Six Months Ended June 30,
(In millions except percentages, unaudited) 2023 2024 YoY
RMB % of income RMB % of income
Sales and marketing expenses 5,570 28.8 % 2,890 22.3 % (48.1 %)
General and administrative expenses 1,249 6.5 % 993 7.7 % (20.5 %)
Operation and servicing expenses 3,134 16.2 % 2,655 20.5 % (15.3 %)
Technology and analytics expenses 686 3.5 % 528 4.1 % (23.0 %)
Credit impairment losses 6,130 31.7 % 5,422 41.9 % (11.5 %)
Finance costs 324 1.7 % 71 0.6 % (78.0 %)
Other (gains)/losses - net (173) (0.9 %) 299 2.3 % 273.0 %
Total expenses 16,920 87.5 % 12,857 99.4 % (24.0 %)
-- Sales and marketing expenses decreased by 46.0% to RMB1,372 million
(US$189 million) in the second quarter of 2024 from RMB2,540 million in
the same period of 2023. The decrease was mainly due to 1) the decreased
loan-related expenses as a result of the decrease in loan balance and 2)
decreased retention expenses and referral expenses from platform service
attributable to the Company's exit from the Lujintong business that it
had previously conducted.
-- General and administrative expenses increased by 3.5% to RMB511 million
(US$70 million) in the second quarter of 2024 from RMB493 million in the
same period of 2023, mainly due to the increased investment in newly
acquired businesses.
-- Operation and servicing expenses decreased by 15.8% to RMB1,327 million
(US$183 million) in the second quarter of 2024 from RMB1,576 million in
the same period of 2023, due to the Company's expense control measures
and decrease of loan balance, partially offset by increased commission
associated with improved collection performance.
-- Technology and analytics expenses decreased by 20.0% to RMB275 million
(US$38 million) in the second quarter of 2024 from RMB344 million in the
same period of 2023, primarily due to the Company's expense control
measures.
-- Credit impairment losses decreased by 14.6% to RMB2,560 million (US$352
million) in the second quarter of 2024 from RMB2,998 million in the same
period of 2023, mainly due to the decrease in actual losses of loans as
a result of the improvement of credit performance, partially offset by
the upfront provision from loans under the 100% guarantee model.
-- Finance costs decreased by 90.2% to RMB13 million (US$2 million) in the
second quarter of 2024 from RMB136 million in the same period of 2023,
mainly due to the decrease of interest expenses as a result of repayment
of C-Round Convertible Promissory Notes and other debts, partially
offset by the decrease of interest income from bank deposits.
-- Other losses were RMB282 million (US$39 million) in the second quarter
of 2024, compared to other gains of RMB130 million in the same period of
2023, mainly due to the increase of foreign exchange losses and losses
associated with certain risk assets.
NET LOSS
Net loss was RMB730 million (US$100 million) in the second quarter of 2024, compared to a net profit of RMB1,004 million in the same period of 2023, as a result of the aforementioned factors.
LOSS PER ADS
Basic and diluted loss per American Depositary Share ("ADS") were both RMB1.38 (US$0.19) in the second quarter of 2024. Each one ADS represents two ordinary shares.
BALANCE SHEET
The Company had RMB37,114 million (US$5,107 million) in cash at bank as of June 30, 2024, as compared to RMB39,599 million as of December 31, 2023. Net assets of the Company amounted to RMB82,676 million (US$11,377 million) as of June 30, 2024, as compared to RMB93,684 million as of December 31, 2023.
SEMI-ANNUAL DIVIDEND
In light of the net loss recorded for the six months ended June 30, 2024, the board of directors of the Company has determined that no semi-annual dividend shall be paid at this time.
Conference Call Information
The Company's management will hold an earnings conference call at 9:00 P.M. U.S. Eastern Time on Wednesday, August 21, 2024 (9:00 A.M. Beijing Time on Thursday, August 22, 2024) to discuss the financial results. For participants who wish to join the call, please complete online registration using the link provided below in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the event passcode, and a unique access PIN, which can be used to join the conference call.
Registration Link: https://dpregister.com/sreg/10191825/fd49d1bf63
A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.lufaxholding.com.
The replay will be accessible through August 28, 2024, by dialing the following numbers:
United States: 1-877-344-7529
International: 1-412-317-0088
Conference ID: 8154019
About Lufax
Lufax is a leading financial services enabler for small business owners in China. The Company offers financing products designed principally to address the needs of small business owners. In doing so, the Company has established relationships with 85 financial institutions in China as funding partners, many of which have worked with the Company for over three years.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the rate in effect as of June 30, 2024, as certified for customs purposes by the Federal Reserve Bank of New York.
Safe Harbor Statement
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. Statements that are not historical facts, including statements about Lufax' s beliefs and expectations, are forward-looking statements. Lufax has based these forward-looking statements largely on its current expectations and projections about future events and financial trends, which 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. These forward-looking statements include, but are not limited to, statements about Lufax' s goals and strategies; Lufax' s future business development, financial condition and results of operations; expected changes in Lufax' s income, expenses or expenditures; expected growth of the retail credit enablement; Lufax' s expectations regarding demand for, and market acceptance of, its services; Lufax's expectations regarding its relationship with borrowers, platform investors, funding sources, product providers and other business partners; general economic and business conditions; and government policies and regulations relating to the industry Lufax operates in. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Lufax's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Lufax does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
Lufax Holding Ltd
Email: Investor_Relations@lu.com
ICR, LLC
Robin Yang
Tel: +1 (646) 308-0546
Email: lufax.ir@icrinc.com
LUFAX HOLDING LTD
UNAUDITED INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS
(All amounts in thousands, except share data, or otherwise noted)
Three Months Ended June 30, Six Months Ended June 30,
2023 2024 2023 2024
RMB RMB USD RMB RMB USD
Technology platform-based income 4,075,697 1,998,817 275,046 9,086,070 4,551,892 626,361
Net interest income 3,366,917 2,715,749 373,699 6,715,547 5,560,940 765,211
Guarantee income 1,148,646 850,152 116,985 2,565,405 1,775,400 244,303
Other income 310,170 317,600 43,703 537,632 636,783 87,624
Investment income 370,043 93,899 12,921 445,007 415,657 57,196
Share of net profits of investments accounted for using (1,151) (1,587) (691) (95)
the equity method
Total income 9,270,322 5,976,217 822,355 19,348,074 12,939,981 1,780,601
Sales and marketing expenses (2,540,067) (1,371,539) (188,730) (5,570,120) (2,889,635) (397,627)
General and administrative (493,345) (510,695) (70,274) (1,249,416) (993,199) (136,669)
expenses
Operation and servicing expenses (1,576,137) (1,327,251) (182,636) (3,134,026) (2,654,672) (365,295)
Technology and analytics (344,131) (275,395) (37,896) (685,616) (527,733) (72,618)
expenses
Credit impairment losses (2,997,706) (2,560,088) (352,280) (6,129,506) (5,421,572) (746,033)
Finance costs (135,649) (13,249) (1,823) (324,288) (71,405) (9,826)
Other gains/(losses) - net 130,444 (282,488) (38,872) 172,856 (298,990) (41,142)
Total expenses (7,956,591) (6,340,705) (872,510) (16,920,116) (12,857,206) (1,769,210)
Profit before income tax 1,313,731 (364,488) (50,155) 2,427,958 82,775 11,390
expenses
Income tax expenses (310,113) (365,503) (50,295) (691,970) (1,642,727) (226,047)
Net profit/(loss) for the period 1,003,618 (729,991) (100,450) 1,735,988 (1,559,952) (214,657)
Net profit/(loss) attributable to:
Owners of the Group 965,349 (792,072) (108,993) 1,637,325 (1,662,535) (228,772)
Non-controlling interests 38,269 62,081 8,543 98,663 102,583 14,116
Net profit/(loss) for the period 1,003,618 (729,991) (100,450) 1,735,988 (1,559,952) (214,657)
Earnings per share
-Basic earnings/(loss) per share 0.84 (0.69) (0.09) 1.43 (1.45) (0.20)
-Diluted earnings/(loss) per share 0.84 (0.69) (0.09) 1.43 (1.45) (0.20)
-Basic earnings/(loss) per ADS 1.68 (1.38) (0.19) 2.86 (2.90) (0.40)
-Diluted earnings/(loss) per ADS 1.68 (1.38) (0.19) 2.86 (2.90) (0.40)
LUFAX HOLDING LTD
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(All amounts in thousands, except share data, or otherwise noted)
As of December
31, As of June 30,
2023 2024
RMB RMB USD
Assets
Cash at bank 39,598,785 37,113,898 5,107,042
Restricted cash 11,145,838 10,683,924 1,470,157
Financial assets at fair value through profit or loss 28,892,604 29,249,592 4,024,878
Financial assets at fair value through other comprehensive income - 1,739,416 239,352
Financial assets at amortized cost 3,011,570 2,918,120 401,547
Accounts and other receivables and contract assets 7,293,671 5,410,456 744,504
Loans to customers 129,693,954 112,708,888 15,509,259
Deferred tax assets 5,572,042 5,476,280 753,561
Property and equipment 180,310 162,426 22,351
Investments accounted for using the equity method 2,609
Intangible assets 874,919 1,016,210 139,835
Right-of-use assets 400,900 349,884 48,146
Goodwill 8,911,445 9,171,729 1,262,072
Other assets 1,444,362 929,279 127,873
Total assets 237,023,009 216,930,102 29,850,575
Liabilities
Payable to platform users 985,761 781,083 107,481
Borrowings 38,823,284 41,002,213 5,642,092
Customer deposits - 3,126,937 430,281
Current income tax liabilities 782,096 447,523 61,581
Accounts and other payables and contract liabilities 6,977,118 15,188,201 2,089,966
Payable to investors of consolidated structured entities 83,264,738 61,693,369 8,489,290
Financing guarantee liabilities 4,185,532 3,507,405 482,635
Deferred tax liabilities 524,064 427,332 58,803
Lease liabilities 386,694 342,671 47,153
Convertible promissory note payable 5,650,268 5,898,783 811,700
Other liabilities 1,759,672 1,838,182 252,942
Total liabilities 143,339,227 134,253,699 18,473,924
Equity
Share capital 75 75 10
Share premium 32,142,233 22,306,417 3,069,465
Treasury shares (5,642,768) (5,642,768) (776,471)
Other reserves 155,849 544,621 74,942
Retained earnings 65,487,099 63,824,564 8,782,552
Total equity attributable to owners of the Company 92,142,488 81,032,909 11,150,499
Non-controlling interests 1,541,294 1,643,494 226,152
Total equity 93,683,782 82,676,403 11,376,652
Total liabilities and equity 237,023,009 216,930,102 29,850,575
LUFAX HOLDING LTD
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts in thousands, except share data, or otherwise noted)
Three Months Ended June 30, Six Months Ended June 30
2023 2024 2023 2024
RMB RMB USD RMB RMB USD
Net cash generated from/(used in) 1,994,730 2,997,614 412,485 5,280,779 3,500,146 481,636
operating activities
Net cash (used in)/generated from (339,249) (224,994) (30,960) 1,835,491 2,522,047 347,045
investing activities
Net cash (used in) financing activities (8,844,090) (4,688,244) (645,124) (11,621,316) (4,189,061) (576,434)
Effects of exchange rate changes on 393,412 78,616 10,818 427,092 85,317 11,740
cash and cash equivalents
Net (decrease)/increase in cash and (6,795,197) (1,837,008) (252,781) (4,077,954) 1,918,449 263,987
cash equivalents
Cash and cash equivalents at the 32,254,754 22,235,553 3,059,714 29,537,511 18,480,096 2,542,946
beginning of the period
Cash and cash equivalents at the end of 25,459,557 20,398,545 2,806,933 25,459,557 20,398,545 2,806,933
the period
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SOURCE Lufax Holding Ltd
