PINTEC ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FIRST HALF OF 2021

BEIJING, Oct. 26, 2021 (PR Newswire) - Pintec Technology Holdings Limited (Nasdaq: PT) ("PINTEC" or the "Company"), a leading independent technology platform enabling financial services in China, today announced its unaudited financial results for the six months ended June 30, 2021.

First Half 2021 Financial Highlights

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First Half 2021 Operating Highlights

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Mr. Victor Li, Chief Executive Officer of PINTEC, commented, "As we navigate through the short-term uncertainties into 2021, I am encouraged by our team's focus on executing our strategic business transformation initiatives and early signs of recovery in market demand. We continued to adjust insurance models, expand the strengths of our brands, deepen our partner channels, vigilantly manage risk profile while enhancing our asset quality. One of the key milestones I am excited to share is the recent new offering of the small and medium enterprise ("SME") technical services. Specifically, we plan to utilize our proven "SaaS + Fintech" model as a total solution in order to accelerate the digitization of SMEs, encompassing technology-based credit services and solutions to the manufacturing process and operations of these SMEs. As usual, we continue to deliver exceptional digitization services, and best-in-class solutions with innovative technology, thus to solidify our partnerships, satisfy our clients, and improve our overall delinquency rates.

In addition, for the first half of 2021, we significantly narrowed our net loss despite the expected period-over-period revenue contraction, primarily by significantly enhancing our gross margin by almost 2,900 basis points from optimized product portfolio, as well as disciplined cost management. Every line item of our expenses has declined, resulting in a total operating expense reduction of 46.8% compared to the same period in 2020. We will continue to be prudent in reviewing our cost measures, financial leverage and liquidity position to ensure the smooth execution of our growth plan for the future. We are delighted of the progress so far in 2021, and we are committed in achieving the goals we have previously set for our business transformation."

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First Half 2021 Financial Results

Total Revenues

Total revenues decreased by 63.6% to RMB91.6 million (US$14.2 million) for the first half of 2021 from RMB251.6 million for the same period of 2020.This decrease was mainly due to (i) the impact of Covid-19 which resulted in an industry downturn, and (ii) the Company's overall business transformation efforts.

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Cost of Revenues

Cost of revenues decreased by 76.2% to RMB49.6 million (US$7.7 million) for the first half of 2021 from RMB208.9 million for the same period of 2020. This decrease was mainly attributable to: (1) a decrease in funding cost from RMB14.8 million for the first half of 2020 to RMB2.0 million (US$0.3 million) for the same period of 2021, primarily due to maturity of the funding debts resulting in significant interest expense reduction;(2) a decrease from a provision for credit losses of RMB35.3 million for the first half of 2020 to a reversal of provision for credit losses of RMB7.5 million (US$1.2 million) for the same period of 2021, primarily due to the credit loss provision reversal from payment collection which was better than expected in the first half of 2021; (3) a decrease in servicing origination cost from RMB58.9 million for the first half of 2020 to RMB54.2 million (US$8.4 million) for the same period of 2021, primarily attributable to a reduction in collection expenses and user acquisition costs, partially offset by an increase in insurance brokerage operating expenses; (4) a decrease in cost on guarantee liability from RMB81.1 million for the first half of 2020 to a reversal of RMB0.6 million (US$0.1 million) for the same period of 2021, primarily because the Company's guaranteed liabilities gradually expired, and the cost associated with guaranteed liability recovered in the first half of 2021 were better than the actual cash outlays;(5) a decrease in price split cost to Jimu Holdings Limited and its subsidiaries and variable interest entities ("Jimu Group") from RMB18.9 million for the first half of 2020 to RMB1.5 million (US$0.2 million ) for the same period of 2021, primarily attributable to the termination of the risk-sharing model with Jimu Group. All of these efforts resulted in a significant improvement of the delinquency rates as compared to the first half of 2020.

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Gross Profit

Gross profit decreased slightly to RMB42.0 million (US$6.5 million) for the first half of 2021 from RMB42.7 million for the same period of 2020. Gross margin was 45.8% in the first half of 2021 compared to 17.0% in the same period of 2020.

Operating Expenses

Total operating expenses decreased by 46.8% to RMB76.0 million (US$11.8 million) for the first half of 2021 from RMB142.7 million for the same period of 2020. The Company has been continuously optimizing and refining its organizational structure, marketing strategies and product matrix since the beginning of 2020.

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Operating Loss

Operating loss decreased by 66.0% to RMB 34.0 million (US$5.3 million) for the first half of 2021 from RMB100.0 million for the same period of 2020.

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Net Loss

Net loss decreased by 60.7% to RMB41.0 million (US$6.3 million) for the first half of 2021 from RMB104.2 million for the same period of 2020.

Net loss attributable to ordinary shareholders decreased by 62.8% to RMB38.8million (US$6.0 million) for the first half of 2021 from RMB104.3million for the same period of 2020.

Adjusted net loss decreased by 60.0% to RMB38.8 million (US$6.0 million) for the first half of 2021 from RMB96.9 million for the same period of 2020.

Net Loss Per Share

Basic and diluted net loss per ordinary share in the first half of 2021 were both RMB0.13(US$0.02). Basic and diluted net loss per American Depositary Share ("ADS") in the first half of 2021 were both RMB0.91 (US$0.14). Each ADS represents seven of the Company's Class A ordinary shares.

Adjusted basic and diluted net loss per ordinary share in the first half of 2021 were both RMB0.12 (US$0.02). Adjusted basic and diluted net loss per ADS in the first half of 2021 were both RMB0.84 (US$0.14).

Balance Sheet

The Company had combined cash and cash equivalents, short-term and long-term restricted cash of RMB368.9 million (US$57.1 million) as of June 30, 2021, compared to RMB522.3 million as of December 31, 2020.

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The Company's total net financing receivables, including short-term and long-term receivables, increased by 9.6% to RMB80.7 million (US$12.5 million) as of June 30, 2021, compared to RMB73.6 million as of December 31, 2020, primarily due to the increase of the personal installment loans and the small and medium enterprise loans provided by our Ganzhou Aixin Network Micro Finance Co., Ltd.

Use of Non-GAAP Financial Measures

In evaluating its business, the Company considers and uses adjusted net income/loss as a supplemental measure to review and assess its operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines adjusted net income/loss as net income/loss excluding share-based compensation expenses.

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The Company believes that this non-GAAP financial measure can help management evaluate the Company's operating performance and formulate business plans. Adjusted net income/loss enables management to assess operating results without considering the impact of share-based compensation expenses. The Company also believes that this non-GAAP financial measure provides useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by management in their financial and operational decision-making.

This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as an analytical tool. One of the key limitations of using adjusted net income/loss is that it does not reflect all items of income and expenses that affect the Company's operations. The company will continue to incur share-based compensation expenses in its business, which are reflected in the presentation of its adjusted net income/loss. Further, this non-GAAP financial measure may differ from non-GAAP financial information used by other companies, including peer companies, and therefore its comparability may be limited.

The Company compensates for these limitations by reconciling this non-GAAP financial measure to the most directly comparable U.S. GAAP financial measure, net income/loss, which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.

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Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.4566 to US$1.00, the noon buying rate in effect on June 30, 2021, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

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Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. 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," "confident" and similar statements. Among other things, the quotations from management in this announcement, as well as PINTEC's strategic and operational plans, contain forward-looking statements. PINTEC may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. 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. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, the Company's limited operating history, regulatory uncertainties relating to the markets and industries where the Company operates, and the need to further diversify its financial partners, the Company's reliance on a limited number of business partners, the impact of current or future PRC laws or regulations on wealth management financial products, and the Company's ability to meet the standards necessary to maintain the listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq's continued listing criteria.Further information regarding these and other risks, uncertainties or factors is included in the Company'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 the Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

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About PINTEC

PINTEC is a leading independent technology platform enabling financial services in China. By connecting business and financial partners on its open platform, PINTEC enables them to provide financial services to end users efficiently and effectively. The Company offers its partners a full suite of customized solutions, ranging from digital retail lending, digital business lending, robotic process automation, to wealth management and insurance products. Leveraging its scalable and reliable technology infrastructure, PINTEC serves a wide range of industry verticals covering online travel, e-commerce, telecommunications, online education, SaaS platforms, financial technology, internet search, and online classifieds and listings, as well as various types of financial partners including banks, brokers, insurance companies, investment funds and trusts, consumer finance companies and other similar institutions. For more information, please visit ir.pintec.com.

For further information, please contact:

Pintec Technology Holdings Ltd.

Phone: +86 (10) 8564-3600

E-mail:[email protected]

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Pintec Technology Holdings Ltd.

Unaudited Condensed Consolidated Balance Sheets

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Pintec Technology Holdings Ltd.

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss

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Pintec Technology Holdings Ltd.

Unaudited Reconciliations of GAAP and Non-GAAP Results

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