Jiayin Group Inc. (NASDAQ: JFIN) saw its stock price plummet by 5.46% during Friday's intraday trading session following the release of its full-year 2024 financial results. The company reported mixed performance, with revenue growth accompanied by a significant decline in profitability.

According to the earnings report, Jiayin Group's revenue for FY 2024 reached CN¥5.80 billion, representing a 6.1% increase from the previous year. However, the company's net income fell by 19% to CN¥1.06 billion, with the profit margin dropping from 24% in FY 2023 to 18% in FY 2024. Earnings per share (EPS) also declined from CN¥24.26 to CN¥19.89 year-over-year.

The company attributed the decrease in profitability to higher expenses, particularly in marketing and research and development. Jiayin Group significantly increased its borrower acquisition efforts in 2024, leading to a CN¥375 million rise in marketing expenses compared to 2023. Additionally, R&D expenses grew by over CN¥76 million, reflecting a 25.7% year-over-year increase as the company focused on recruiting AI professionals and developing new systems to enhance operational efficiency. While these investments are aimed at strengthening long-term growth momentum, they have impacted short-term profitability. Despite the current setback, Jiayin Group remains optimistic about its future performance, projecting loan facilitation volume to reach RMB137-142 billion in 2025, representing a year-over-year growth of 36-41%.