Qudian Inc. Reports Second Quarter 2025 Unaudited Financial Results

Rhea-AI Summary

Qudian (NYSE: QD) reported its Q2 2025 financial results, marked by significant changes in its business operations. Total revenues declined 93.5% to RMB3.5 million (US$0.5 million), while net income increased to RMB311.8 million (US$43.5 million). The company announced the strategic decision to wind down its last-mile delivery business due to increased industry competition.

Notable highlights include a substantial increase in interest and investment income of 392.3% to RMB440.5 million. The company maintained a strong cash position with RMB4,029.0 million in cash and cash equivalents. Under its share repurchase program, Qudian has purchased 22.7 million ADSs at an average price of $2.4 per ADS since June 2024, demonstrating continued commitment to shareholder value.

Positive

• Net income increased significantly to RMB311.8 million, up from RMB99.8 million year-over-year
• Interest and investment income surged 392.3% to RMB440.5 million
• Strong cash position with RMB4,029.0 million in cash and cash equivalents
• Active share repurchase program with US$300 million commitment through 2027

Negative

• Total revenues plummeted 93.5% to RMB3.5 million year-over-year
• Operating loss increased to RMB113.9 million from RMB57.4 million year-over-year
• General and administrative expenses rose 39.6% to RMB65.9 million
• Strategic decision to wind down last-mile delivery business due to competitive pressures

XIAMEN, China, Aug. 13, 2025 /PRNewswire/ -- Qudian Inc. ("Qudian" or "the Company" or "We") (NYSE: QD), a consumer-oriented technology company in China, today announced its unaudited financial results for the quarter ended June 30, 2025.

Second Quarter 2025 Financial Highlights:

• Total revenues were RMB3.5 million (US$0.5 million), compared to RMB53.3 million for the same period of last year
• Net income attributable to Qudian's shareholders was RMB311.8 million (US$43.5 million), compared to RMB99.8 million for the same period of last year; net income per diluted ADS was RMB1.86 (US$0.26) for the second quarter of 2025

After careful evaluation, the Company has decided to wind down its last-mile delivery business. This decision is in the best interest of the Company and aligned with the commitment to achieve sustainable growth and create shareholder value. Moving forward, the Company expects to remain steadfast in its commitment to executing its business transition and simultaneously maintaining prudent cash management to safeguard its balance sheet.

Second Quarter Financial Results

Sales income and others decreased by 93.5% to RMB3.5 million (US$0.5 million) from RMB53.3 million for the second quarter of 2024, which was primarily due to the decrease in sales income generated from last-mile delivery business as a result of the increased competition in the industry. The Company has decided to wind down its last-mile delivery business.

Total operating costs and expenses increased to RMB117.7 million (US$16.4 million) from RMB110.8 million for the second quarter of 2024.

Cost of revenues decreased by 93.6% to RMB3.0 million (US$0.4 million) from RMB46.2 million for the second quarter of 2024, primarily due to the decrease in service cost related to last-mile delivery business with the winding down of the business.

General and administrative expenses increased by 39.6% to RMB65.9 million (US$9.2 million) from RMB47.2 million for the second quarter of 2024, primarily due to the increase in depreciation and property tax expenses following the completion of the construction of the Company's headquarters.

Research and development expenses decreased by 25.5% to RMB11.3 million (US$1.6 million) from RMB15.2 million for the second quarter of 2024, as a result of the decrease in staff head count, which led to a corresponding decrease in staff salaries.

Loss from operations was RMB113.9 million (US$15.9 million), compared to RMB57.4 million for the second quarter of 2024, mainly due to the winding down of the Company's businesses and the increase in depreciation and property tax expenses following the completion of the construction of the Company's headquarters.

Interest and investment income, net increased by 392.3% to RMB440.5 million (US$61.5 million) from RMB89.5 million for the second quarter of 2024, mainly attributable to the increase of income from investments in the second quarter of 2025.

Gain on derivative instrument was RMB30.2 million (US$4.2 million), compared to RMB58.4 million for the second quarter of 2024. The gain was mainly attributable to the increase in quoted price of the underlying equity securities relating to the derivative instruments we held.

Net income attributable to Qudian's shareholders was RMB311.8 million (US$43.5 million), compared to RMB99.8 million in the second quarter of 2024. Net income per diluted ADS was RMB1.86 (US$0.26).

Cash Flow

As of June 30, 2025, the Company had cash and cash equivalents of RMB4,029.0 million (US$562.4 million) and restricted cash of RMB782.3 million (US$109.2 million). Restricted cash mainly represents security deposits held in designated bank accounts for the guarantee of short-term borrowings. Such restricted cash is not available to fund the general liquidity needs of the Company.

For the second quarter of 2025, net cash used in operating activities was RMB1.1 million (US$0.2 million), mainly due to payments for labor-related and other general expenses. Net cash used in investing activities was RMB698.2 million (US$97.5 million), mainly due to the purchase of short-term investments. Net cash used in financing activities was RMB81.3 million (US$11.3 million), mainly due to the repurchase of ordinary shares.

Update on Share Repurchase

Our Board approved a share repurchase program in March 2024 to purchase up to US$300 million worth of Class A ordinary shares or ADSs in the next 36 months starting from June 13, 2024. From the launch of the share repurchase program on June 13, 2024 to August 12, 2025, the Company has in aggregate purchased 22.7 million ADSs in the open market for a total amount of approximately US$54.6 million (an average price of $2.4 per ADS) pursuant to the share repurchase program.

As of August 12, 2025, the Company had in aggregate purchased 177.0 million ADSs for a total amount of approximately US$748.8 million (an average price of $4.2 per ADS).

About Qudian Inc.

Qudian Inc. ("Qudian") is a consumer-oriented technology company. The Company historically focused on providing credit solutions to consumers. Qudian is exploring innovative business opportunities to satisfy consumers' demand by leveraging its technology capabilities.

For more information, please visit http://ir.qudian.com.

Use of Non-GAAP Financial Measures

We use Non-GAAP net income/loss attributable to Qudian's shareholders, a Non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We believe that Non-GAAP net income/loss attributable to Qudian's shareholders helps identify underlying trends in our business by excluding the impact of share-based compensation expenses, which are non-cash charges. We believe that Non-GAAP net income/loss attributable to Qudian's shareholders provides useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Non-GAAP net income/loss attributable to Qudian's shareholders 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, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for net loss /income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP.

We mitigate these limitations by reconciling the Non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance.

For more information on this Non-GAAP financial measure, please see the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.1636 to US$1.00, the noon buying rate in effect on June 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Statement Regarding Preliminary Unaudited Financial Information

The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited financial information.

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. Among other things, the expectation of its collection efficiency and delinquency, contain forward-looking statements. Qudian may also make written or oral forward-looking statements in its periodic reports to the SEC, 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. Statements that are not historical facts, including statements about Qudian's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Qudian's goal and strategies; Qudian's expansion plans; Qudian's future business development, financial condition and results of operations; Qudian's expectations regarding demand for, and market acceptance of, its products; Qudian's expectations regarding keeping and strengthening its relationships with customers, business partners and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Qudian's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Qudian does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
Qudian Inc.
Tel: +86-592-596-8208
E-mail: ir@qudian.com 

 

QUDIAN INC.
Unaudited Condensed Consolidated Statements of Operations
		Three months ended June 30,
(In thousands except for number		2024		2025
of shares and per-share data)				(Unaudited)		(Unaudited)
		RMB		RMB		US$
Revenues:
Sales income and others		53,328		3,490		487
Total revenues		53,328		3,490		487
Operating cost and expenses:
Cost of revenues		(46,248)		(2,956)		(413)
Sales and marketing		(1,054)		(671)		(94)
General and administrative		(47,165)		(65,853)		(9,193)
Research and development		(15,219)		(11,331)		(1,582)
(Provision for)/Reversal of expected credit losses on receivables and other assets		(751)		270		38
Impairment loss from other assets		(387)		(37,148)		(5,186)
Total operating cost and expenses		(110,824)		(117,689)		(16,430)
Other operating income		119		330		46
Loss from operations		(57,377)		(113,869)		(15,897)
Interest and investment income, net		89,485		440,506		61,492
Gain/(Loss) from equity method investments		820		(1,005)		(140)
Gain on derivative instruments		58,376		30,212		4,217
Foreign exchange loss, net		(1,186)		(11,343)		(1,583)
Other income		714		1,229		172
Other expenses		(342)		(447)		(62)
Net income before income taxes		90,490		345,283		48,199
Income tax expenses		9,297		(33,521)		(4,679)
Net income		99,787		311,762		43,520
Net income attributable to Qudian Inc.'s  shareholders		99,787		311,762		43,520
Earning per share for Class A and Class B ordinary shares:
Basic		0.54		1.92		0.27
Diluted		0.53		1.86		0.26
Earning per ADS (1 Class A ordinary share equals 1 ADSs):
Basic		0.54		1.92		0.27
Diluted		0.53		1.86		0.26
Weighted average number of Class A and Class B ordinary shares outstanding:
Basic		184,571,121		162,649,164		162,649,164
Diluted		189,684,527		167,456,506		167,456,506
Other comprehensive gain/(loss):
Foreign currency translation adjustment		14,489		(11,908)		(1,662)
Total comprehensive income		114,276		299,854		41,858
Total comprehensive income attributable to Qudian Inc.'s shareholders		114,276		299,854		41,858

 

 

QUDIAN INC.
Unaudited Condensed Consolidated Balance Sheets
			As of March 31,		As of June 30,
(In thousands except for number			2025		2025
of shares and per-share data)					(Unaudited)	(Unaudited)
			RMB		RMB	US$
ASSETS:
Current assets:
Cash and cash equivalents			4,822,853		4,028,995	562,426
Restricted cash and cash equivalents			782,169		782,251	109,198
Time and structured deposit			2,203,627		1,758,770	245,515
Derivative instruments-asset			18,139		38,793	5,415
Short-term investments			1,430,652		2,850,688	397,941
Accounts receivables			15,068		9,225	1,288
Other current assets			1,098,972		925,915	129,253
Total current assets			10,371,480		10,394,637	1,451,036
Non-current assets:
Right-of-use assets			123,731		101,715	14,199
Investment in equity method investee			146,012		144,822	20,216
Long-term investments			78,987		78,616	10,974
Property and equipment, net			1,584,931		1,747,669	243,965
Intangible assets			2,064		1,922	268
Other non-current assets			345,448		280,115	39,102
Total non-current assets			2,281,173		2,354,859	328,724
TOTAL ASSETS			12,652,653		12,749,496	1,779,760

 

 

QUDIAN INC.
Unaudited Condensed Consolidated Balance Sheets (Continued)
			As of March 31,		As of June 30,
(In thousands except for number			2025		2025
of shares and per-share data)					(Unaudited)	(Unaudited)
			RMB		RMB	US$
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings			720,000		720,000	100,508
Short-term lease liabilities			13,015		7,352	1,026
Derivative instruments-liability			129,436		-	-
Accrued expenses and other current liabilities			377,375		371,442	51,851
Income tax payable			33,313		39,383	5,498
Total current liabilities			1,273,139		1,138,177	158,883
Non-current liabilities:
Deferred tax liabilities			-		27,427	3,829
Long-term lease liabilities			20,795		5,126	716
Total non-current liabilities			20,795		32,553	4,545
Total liabilities			1,293,934		1,170,730	163,428
Shareholders' equity:
Class A Ordinary shares			132		132	18
Class B Ordinary shares			44		44	6
Treasury shares			(1,491,531)		(1,571,141)	(219,323)
Additional paid-in capital			4,025,406		4,025,209	561,897
Accumulated other comprehensive profit/(loss)			4,444		(7,464)	(1,042)
Retained earnings			8,820,224		9,131,986	1,274,776
Total equity			11,358,719		11,578,766	1,616,332
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			12,652,653		12,749,496	1,779,760

 

 

QUDIAN INC.
Unaudited Reconciliation of GAAP And Non-GAAP Results
			Three months ended June 30,
			2024		2025
(In thousands except for number					(Unaudited)		(Unaudited)
of shares and per-share data)			RMB		RMB		US$
Total net income attributable to Qudian Inc.'s shareholders			99,787		311,762		43,520
Add: Share-based compensation expenses			1		-		-
Non-GAAP net income attributable to Qudian Inc.'s shareholders			99,788		311,762		43,520
Non-GAAP net income per share—basic			0.54		1.92		0.27
Non-GAAP net income per share—diluted			0.53		1.86		0.26
Weighted average shares outstanding—basic			184,571,121		162,649,164		162,649,164
Weighted average shares outstanding—diluted			189,684,527		167,456,506		167,456,506

 

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SOURCE Qudian Inc.

FAQ

What were Qudian's (QD) key financial results for Q2 2025?

Qudian reported total revenues of RMB3.5 million, net income of RMB311.8 million, and earnings per diluted ADS of RMB1.86 for Q2 2025.

Why is Qudian discontinuing its last-mile delivery business?

Qudian is winding down its last-mile delivery business due to increased competition in the industry and as part of its commitment to achieve sustainable growth and create shareholder value.

How much cash does Qudian (QD) have as of Q2 2025?

As of June 30, 2025, Qudian had RMB4,029.0 million (US$562.4 million) in cash and cash equivalents and RMB782.3 million (US$109.2 million) in restricted cash.

What is the status of Qudian's share repurchase program?

Since June 2024, Qudian has purchased 22.7 million ADSs for US$54.6 million at an average price of $2.4 per ADS, part of a US$300 million repurchase program running through 2027.

How did Qudian's investment income perform in Q2 2025?

Qudian's interest and investment income increased by 392.3% to RMB440.5 million (US$61.5 million) from RMB89.5 million in Q2 2024.