Qfin Holdings Announces Fourth Quarter and Full Year 2025 Unaudited Financial Results and Raises Semi-Annual Dividend
Rhea-AI Summary
Qfin Holdings (NASDAQ: QFIN) reported fourth-quarter and full-year 2025 unaudited results and raised its semi-annual dividend on March 17, 2026. Total net revenue for 2025 was RMB19,205.1 million, with net income of RMB5,975.6 million and record operating cash flow of RMB11.1 billion. The company noted rising portfolio risk and tightened standards amid regulatory and macro uncertainty.
Operationally, platform users and approved credit lines both increased ~11%-12% year-over-year while certain loan volumes and ICE balances declined significantly.
Positive
- Total net revenue +11.9% YoY to RMB19,205.1 million in 2025
- Record operating cash flow of RMB11.1 billion in 2025
- Returned capital of RMB6.16 billion to shareholders in 2025 via repurchases and dividends
- User growth to 291.3 million cumulative registered users (up 11.5% YoY)
Negative
- Q4 loan facilitation and origination volume -21.8% YoY to RMB70,297 million
- Capital-light (ICE) loan volume -35.6% YoY in Q4 to RMB30,772 million
- ICE and tech outstanding loan balance -25.3% YoY to RMB59,497 million
- Provision for loans receivable nearly doubled YoY to RMB1,190.3 million in Q4
- Day-1 delinquency rate increased to 6.1% in Q4 2025
News Market Reaction – QFIN
In the Mar 18 session, QFIN declined 8.45%, reflecting a notable negative market reaction. Argus tracked a trough of -4.1% from its starting point during tracking. Our momentum scanner triggered 20 alerts that day, indicating elevated trading interest and price volatility. Trading volume was above average at 1.9x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Dividends,earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 14 | Q2 2025 results | Positive | -4.0% | Q2 2025 earnings with raised semi-annual dividend and resilient loan metrics. |
| Mar 16 | Q4 2024 results | Positive | +9.1% | Q4 and full-year 2024 results plus semi-annual dividend increase. |
| Aug 13 | Q2 2024 results | Positive | +12.3% | Q2 2024 earnings, board changes, and a higher semi-annual dividend. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Dividends/earnings releases have typically prompted sizable moves, with two strong positive reactions and one notable selloff despite broadly positive fundamentals.
Recent history shows QFIN using quarterly and interim results to highlight loan volumes, delinquency trends, and semi-annual dividend increases. In Q2 2024 and Q2 2025, dividends/earnings updates featured solid revenue, high repeat-borrower contributions and raised dividends, with mixed share-price reactions (from about -4% to over +12%). The Q4 2024 and full-year results similarly combined double-digit loan metrics with semi-annual dividend increases. Today’s Q4/FY 2025 release and dividend lift extend this pattern of pairing operational updates with shareholder-return actions.
Key Terms
non-gaap financial
ads financial
abs financial
delinquency rate financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
SHANGHAI, China, March 17, 2026 (GLOBE NEWSWIRE) -- Qfin Holdings, Inc. (NASDAQ: QFIN; HKEx: 3660) (“Qfin Holdings” or the “Company”), a leading AI-empowered Credit-Tech platform in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025 and raised semi-annual dividend.
Fourth Quarter 2025 Business Highlights
- As of December 31, 2025, our platform has connected 167 financial institutional partners and 291.3 million consumers*1 with potential credit needs, cumulatively, an increase of
11.5% from 261.2 million a year ago. - Cumulative users with approved credit lines*2 were 63.6 million as of December 31, 2025, an increase of
11.8% from 56.9 million as of December 31, 2024. - Cumulative borrowers with successful drawdown, including repeat borrowers was 38.9 million as of December 31, 2025, an increase of
13.0% from 34.4 million as of December 31, 2024. - In the fourth quarter of 2025, financial institutional partners originated 16,510,467 loans*3 through our platform.
- Total facilitation and origination loan volume*4 was RMB70,297 million, a decrease of
21.8% from RMB89,885 million in the same period of 2024. RMB30,772 million of such loan volume was under capital-light model, Intelligence Credit Engine (“ICE”) and total technology solutions*5, a decrease of35.6% from RMB47,796 million in the same period of 2024. - Total outstanding loan balance*6 was RMB126,012 million as of December 31, 2025, a decrease of
8.0% from RMB137,014 million as of December 31, 2024. RMB59,497 million of such loan balance was under capital-light model, “ICE” and total technology solutions, a decrease of25.3% from RMB79,599 million as of December 31, 2024. - The weighted average contractual tenor of loans originated by financial institutions across our platform in the fourth quarter of 2025 was approximately 11.0 months, compared with 10.0 months in the same period of 2024.
- 90 day+ delinquency rate*7 of loans originated by financial institutions across our platform was
2.71% as of December 31, 2025. - Repeat borrower contribution*8 of loans originated by financial institutions across our platform for the fourth quarter of 2025 was
90.8% .
1 Refers to cumulative registered users across our platform.
2 “Cumulative users with approved credit lines” refers to the total number of users who had submitted their credit applications and were approved with a credit line at the end of each period.
3 Including 1,036,802 loans across “V-pocket”, and 15,473,665 loans across other products.
4 Refers to the total principal amount of loans facilitated and originated during the given period.
5 “ICE” is an open platform primarily on our “Qifu Jietiao” APP (previously known as “360 Jietiao”), we match borrowers and financial institutions through big data and cloud computing technology on “ICE”, and provide pre-loan investigation report of borrowers. For loans facilitated through “ICE”, the Company does not bear principal risk.
Under total technology solutions, we have been offering end-to-end technology solutions to financial institutions based on on-premise deployment, SaaS or hybrid model since 2023.
6 “Total outstanding loan balance” refers to the total amount of principal outstanding for loans facilitated and originated at the end of each period, excluding loans delinquent for more than 180 days.
7 “90 day+ delinquency rate” refers to the outstanding principal balance of on- and off-balance sheet loans that were 91 to 180 calendar days past due as a percentage of the total outstanding principal balance of on- and off-balance sheet loans across our platform as of a specific date. Loans that are charged-off and loans under “ICE” and total technology solutions are not included in the delinquency rate calculation.
8 “Repeat borrower contribution” for a given period refers to (i) the principal amount of loans borrowed during that period by borrowers who had historically made at least one successful drawdown, divided by (ii) the total loan facilitation and origination volume through our platform during that period.
Fourth Quarter 2025 Financial Highlights
- Total net revenue was RMB4,092.7 million (US
$585.3 million ), compared to RMB5,205.7 million in the prior quarter. - Net income was RMB1,016.1 million (US
$145.3 million ), compared to RMB1,432.5 million in the prior quarter. - Non-GAAP*9 net income was RMB1,070.6 million (US
$153.1 million ), compared to RMB1,508.2 million in the prior quarter. - Net income per fully diluted American depositary share (“ADS”) was RMB7.82 (US
$1.12) , compared to RMB10.80 in the prior quarter. - Non-GAAP net income per fully diluted ADS was RMB8.23 (US
$1.18) , compared to RMB11.36 in the prior quarter.
9 Non-GAAP income from operations, Non-GAAP net income, Non-GAAP net income attributed to the Company, Non-GAAP operating margin, Non-GAAP net income margin and Non-GAAP net income per fully diluted ADS are Non-GAAP financial measures. For more information on these Non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures Statement” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
Full Year 2025 Operational Highlights
- Total loan facilitation and origination volume*4 in 2025 was RMB327,069 million, representing an increase of
1.6% from RMB321,969 million in 2024. Loan facilitation volume*4 under Platform Services was RMB144,376 million, a decrease of15.4% from RMB170,589 million in 2024. - The weighted average contractual tenor of loans facilitated and originated was 10.50 months in full year 2025, compared with 10.05 months in 2024.
- Repeat borrower contribution was
93.3% in full year 2025, compared with93.1% in 2024.
Full Year 2025 Financial Highlights
- Total net revenue was RMB19,205.1 million (US
$2,746.3 million ), compared to RMB17,165.7 million in 2024. - Net income was RMB5,975.6 million (US
$854.5 million ), compared to RMB6,248.1 million in 2024. - Non-GAAP net income was RMB6,354.0 million (US
$908.6 million ), compared to RMB6,415.7 million in 2024. - Net income per fully diluted ADS was RMB44.02 (US
$6.30) , compared to RMB41.28 in 2024. - Non-GAAP net income per fully diluted ADS was RMB46.79 (US
$6.69) , compared to RMB42.39 in 2024.
Mr. Haisheng Wu, Chief Executive Officer and Director of Qfin Holdings, commented, “In the fourth quarter, we continued to face significant challenges in our operations as macro uncertainties and regulatory changes caused industry-wide liquidity squeeze and elevated risk levels. We tried to make proactive changes, including tightening risk standards, adjusting business mixes, and optimizing cost structure, to mitigate some of the impact. We will remain prudent in our business planning as the industry as a whole has yet to stabilize under the evolving regulatory guidelines and challenging macro environment.
While making necessary adjustments to our domestic businesses, we continued to focus our effort on establishing international operations. During the quarter, we allocated additional resources and expanded our footprint into several developing markets by acquiring necessary credentials and setting up local organizations. We believe these international markets present attractive growth opportunities and will enable us to diversify our business mixes geographically over the long term.
As macro challenges and uncertainties persist, we will continue to strive to maintain resilience of our baseline business. It is essential that we remain vigilant to the drastically changing environment, and we are prepared to take decisive action to further streamline our operations and optimize resource allocations.”
“We met most of our operational and financial targets in the fourth quarter under an extremely challenging environment. For 2025, total revenue was RMB19.21 billion and Non-GAAP net income was RMB6.35 billion,” Mr. Alex Xu, Chief Financial Officer, commented. “Meanwhile, we generated a record-setting RMB11.1 billion in cash from operations in 2025. Total cash*10 and short-term investment was in aggregate approximately RMB10.7 billion at the end of 2025. In 2025, we returned approximately RMB6.16 billion (US
Mr. Yan Zheng, Chief Risk Officer, added, “In the fourth quarter, we experienced noticeable increase in portfolio risks as macro headwinds and regulatory uncertainties continued to put significant pressure on market liquidity, particularly in the high-risk segment. Among key leading indicators, Day-1 delinquency rate*11 was
10 Including “Cash and cash equivalents”, “Restricted cash” and “Security deposit prepaid to third-party guarantee companies”.
11 “Day-1 delinquency rate” is defined as (i) the total amount of principal that became overdue as of a specified date, divided by (ii) the total amount of principal that was due for repayment as of such specified date.
12 “30-day collection rate” is defined as (i) the amount of principal that was repaid in one month among the total amount of principal that became overdue as of a specified date, divided by (ii) the total amount of principal that became overdue as of such specified date.
Fourth Quarter 2025 Financial Results
Total net revenue was RMB4,092.7 million (US
Net revenue from Credit Driven Services was RMB3,432.2 million (US
Loan facilitation and servicing fees-capital heavy were RMB200.3 million (US
Financing income*13 was RMB2,206.3 million (US
Revenue from releasing of guarantee liabilities was RMB916.6 million (US
Other services fees were RMB109.0 million (US
Net revenue from Platform Services was RMB660.5 million (US
Loan facilitation and servicing fees-capital light were RMB198.9 million (US
Referral services fees were RMB99.7 million (US
Other services fees were RMB361.9 million (US
Total operating costs and expenses were RMB3,225.3 million (US
Facilitation, origination and servicing expenses were RMB745.8 million (US
Funding costs were RMB141.4 million (US
Sales and marketing expenses were RMB550.6 million (US
General and administrative expenses were RMB142.8 million (US
Provision for loans receivable was RMB1,190.3 million (US
Provision for financial assets receivable was RMB46.5 million (US
Provision for accounts receivable and contract assets was RMB70.3 million (US
Provision for contingent liability was RMB337.7 million (US
Income from operations was RMB867.4 million (US
Non-GAAP income from operations was RMB921.9 million (US
Operating margin was
Income before income tax expense was RMB1,152.6 million (US
Income taxes expense was RMB136.5 million (US
Net income was RMB1,016.1 million (US
Non-GAAP net income was RMB1,070.6 million (US
Net income margin was
Net income attributed to the Company was RMB1,019.5 million (US
Non-GAAP net income attributed to the Company was RMB1,074.0 million (US
Net income per fully diluted ADS was RMB7.82 (US
Non-GAAP net income per fully diluted ADS was RMB8.23 (US
Weighted average basic ADS used in calculating GAAP net income per ADS was 128.78 million.
Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 130.54 million.
Ordinary shares outstanding as of December 31,2025 was 243,823,900.
13 “Financing income” is generated from loans facilitated through the Company’s platform funded by the consolidated trusts and Fuzhou Microcredit, which charge fees and interests from borrowers.
Full Year 2025 Financial Results
Total net revenue was RMB19,205.1 million (US
Net revenue from Credit Driven Services was RMB13,977.2 million (US
Loan facilitation and servicing fees-capital heavy were RMB1,604.9 million (US
Financing income was RMB8,569.1 million (US
Revenue from releasing of guarantee liabilities was RMB3,413.0 million (US
Other services fees were RMB390.3 million (US
Net revenue from Platform Services was RMB5,227.8 million (US
Loan facilitation and servicing fees-capital light were RMB1,162.6 million (US
Referral services fees were RMB2,738.8 million (US
Other services fees were RMB1,326.5 million (US
Total operating costs and expenses were RMB12,526.6 million (US
Facilitation, origination and servicing expenses were RMB3,001.9 million (US
Funding costs were RMB548.9 million (US
Sales and marketing expenses were RMB2,469.5 million (US
General and administrative expenses were RMB659.0 million (US
Provision for loans receivable was RMB3,625.0 million (US
Provision for financial assets receivable was RMB234.9 million (US
Provision for accounts receivable and contract assets was RMB319.5 million (US
Provision for contingent liability was RMB1,667.7 million (US
Income from operations was RMB6,678.4 million (US
Non-GAAP income from operations was RMB7,056.8 million (US
Operating margin was
Income before income tax expense was RMB7,376.1 million (US
Income taxes expense was RMB1,400.5 million (US
Net income attributed to the Company was RMB5,989.7 million (US
Non-GAAP net income attributed to the Company was RMB6,368.1 million (US
Net income margin was
Net income per fully diluted ADS was RMB44.02 (US
Non-GAAP net income per fully diluted ADS was RMB46.79 (US
Weighted average basic ADS used in calculating GAAP net income per ADS was 133.25 million.
Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 136.09 million.
30 Day+ Delinquency Rate by Vintage and 180 Day+ Delinquency Rate by Vintage
The following charts and tables display the historical cumulative 30 day+ delinquency rates by loan facilitation and origination vintage and 180 day+ delinquency rates by loan facilitation and origination vintage for all loans facilitated and originated through the Company’s platform. Loans under “ICE” and total technology solutions are not included in the 30 day+ charts and the 180 day+ charts:
http://ml.globenewswire.com/Resource/Download/428a7cd1-dcbb-4572-9d80-6c5a8ac8aed9
http://ml.globenewswire.com/Resource/Download/14148102-6499-451d-8b65-af1505c16a9b
Semi-Annual Dividend for the Second Half of 2025
The board of directors of the Company (the “Board”) has approved a dividend of US
Update on 2025 Share Repurchase Plan
On November 19, 2024, the Board approved a share repurchase plan (the “2025 Share Repurchase Plan”) whereby the Company is authorized to repurchase up to US
As of December 31, 2025, the Company had utilized substantially all of the total authorized value for the 2025 Share Repurchase Plan and in aggregate purchased approximately 15.9 million ADSs on the open market for a total amount of approximately US
Update on Convertible Senior Notes
On March 27, 2025, the Company completed the offering of convertible senior notes in an aggregate principal amount of US
On March 25, 2025, the Board approved a share repurchase plan (the “March 2025 Share Repurchase Plan”) whereby the Company is authorized to use to the net proceeds from the offering of convertible senior notes due 2030 to repurchase its ADSs and/or Class A ordinary shares. Concurrently with the pricing of the offering of the convertible senior notes, on March 25, 2025, the Company repurchased approximately 5.1 million ADSs with an aggregate value of approximately US
As of March 17, 2026, the Company had repurchased approximately US
Business Outlook
As macro environment uncertainties and regulatory pressure persist, the Company intends to put risk control as top priority for the time being and maintain a prudent approach in its business planning for the next couple of quarters. As such, for the first quarter of 2026, the Company expects to generate a net income between RMB830 million and RMB880 million and a non-GAAP net income*14 between RMB900 million and RMB950 million, representing a year-on-year decline between
14 Non-GAAP net income represents net income excluding share-based compensation expenses.
Conference Call Preregistration
Qfin Holdings’ management team will host an earnings conference call at 8:30 PM U.S. Eastern Time on Tuesday, March 17, 2026 (8:30 AM Beijing Time on Wednesday, March 18, 2026).
All participants wishing to join the conference call must pre-register online using the link provided below.
Registration Link: https://s1.c-conf.com/diamondpass/10053496-puzjin.html
Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.
Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of the Company's website at https://ir.qfin.com.
About Qfin Holdings
Qfin Holdings is a leading AI-empowered Credit-Tech platform in China. By leveraging its sophisticated machine learning models and data analytics capabilities, the Company provides a comprehensive suite of technology services to assist financial institutions and consumers and SMEs in the loan lifecycle, ranging from borrower acquisition, preliminary credit assessment, fund matching and post-facilitation services. The Company is dedicated to making credit services more accessible and personalized to consumers and SMEs through Credit-Tech services to financial institutions.
For more information, please visit: https://ir.qfin.com.
Use of Non-GAAP Financial Measures Statement
To supplement our financial results presented in accordance with U.S. GAAP, we use Non-GAAP financial measure, which is adjusted from results based on U.S. GAAP to exclude share-based compensation expenses. Reconciliations of our Non-GAAP financial measures to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details on the Non-GAAP financial measures.
We use Non-GAAP income from operation, Non-GAAP operating margin, Non-GAAP net income, Non-GAAP net income margin, Non-GAAP net income attributed to the Company and Non-GAAP net income per fully diluted ADS in evaluating our operating results and for financial and operational decision-making purposes. Non-GAAP income from operation represents income from operation excluding share-based compensation expenses. Non-GAAP operating margin is equal to Non-GAAP income from operation divided by total net revenue. Non-GAAP net income represents net income excluding share-based compensation expenses. Non-GAAP net income margin is equal to Non-GAAP net income divided by total net revenue. Non-GAAP net income attributed to the Company represents net income attributed to the Company excluding share-based compensation expenses. Non-GAAP net income per fully diluted ADS represents net income excluding share-based compensation expenses per fully diluted ADS. Such adjustments have no impact on income tax. We believe that Non-GAAP income from operation, Non-GAAP operating margin, Non-GAAP net income, Non-GAAP net income margin, Non-GAAP net income attributed to the Company and Non-GAAP net income per fully diluted ADS help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in results based on U.S. GAAP. We believe that Non-GAAP income from operation and Non-GAAP net income provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. Our Non-GAAP financial information should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of Non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.9931 to US
Safe Harbor Statement
Any forward-looking statements contained in this announcement are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. 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 business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. Qfin Holdings may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), 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 the Company’s business outlook, 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, which factors include but not limited to the following: the Company’s growth strategies, changes in laws, rules and regulatory environments, the recognition of the Company’s brand, market acceptance of the Company’s products and services, trends and developments in the credit-tech industry, governmental policies relating to the credit-tech industry, general economic conditions in China and around the globe, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks and uncertainties is included in Qfin Holdings’ filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Qfin Holdings does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For more information, please contact:
Qfin Holdings
E-mail: ir@qfin.com
| Unaudited Condensed Consolidated Balance Sheets | |||
| (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("USD") except for number of shares and per share data, or otherwise noted) | |||
| December 31, | December 31, | December 31, | |
| 2024 | 2025 | 2025 | |
| RMB | RMB | USD | |
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | 4,452,416 | 4,696,817 | 671,636 |
| Restricted cash | 2,353,384 | 2,844,101 | 406,701 |
| Short term investments | 3,394,073 | 2,852,254 | 407,867 |
| Security deposit prepaid to third-party guarantee companies | 162,617 | 325,698 | 46,574 |
| Funds receivable from third party payment service providers | 462,112 | 848,163 | 121,286 |
| Accounts receivable and contract assets, net | 2,214,530 | 950,267 | 135,886 |
| Financial assets receivable, net | 1,553,912 | 1,510,205 | 215,956 |
| Amounts due from related parties | 8,510 | - | - |
| Loans receivable, net | 26,714,428 | 34,680,954 | 4,959,310 |
| Prepaid expenses and other assets | 1,464,586 | 772,999 | 110,537 |
| Total current assets | 42,780,568 | 49,481,458 | 7,075,753 |
| Non-current assets: | |||
| Accounts receivable and contract assets, net-noncurrent | 27,132 | 21,992 | 3,145 |
| Financial assets receivable, net-noncurrent | 170,779 | 209,459 | 29,952 |
| Amounts due from related parties | 51 | - | - |
| Loans receivable, net-noncurrent | 2,537,749 | 4,002,159 | 572,301 |
| Property and equipment, net | 362,774 | 636,994 | 91,089 |
| Land use rights, net | 956,738 | 966,582 | 138,219 |
| Intangible assets | 11,818 | 10,670 | 1,526 |
| Goodwill | 42,414 | 45,200 | 6,464 |
| Deferred tax assets | 1,206,325 | 1,379,933 | 197,328 |
| Other non-current assets | 36,270 | 195,348 | 27,934 |
| Total non-current assets | 5,352,050 | 7,468,337 | 1,067,958 |
| TOTAL ASSETS | 48,132,618 | 56,949,795 | 8,143,711 |
| LIABILITIES AND EQUITY | |||
| Current liabilities: | |||
| Payable to investors of the consolidated trusts-current | 8,188,454 | 9,922,559 | 1,418,907 |
| Accrued expenses and other current liabilities | 2,492,921 | 2,935,726 | 419,803 |
| Amounts due to related parties | 67,495 | - | - |
| Short term loans | 1,369,939 | 1,202,891 | 172,011 |
| Convertible senior notes-current | - | 1,019,130 | 145,734 |
| Guarantee liabilities-stand ready | 2,383,202 | 2,314,865 | 331,021 |
| Guarantee liabilities-contingent | 1,820,350 | 1,872,149 | 267,714 |
| Income tax payable | 1,040,687 | 1,083,176 | 154,892 |
| Other tax payable | 109,161 | 9,333 | 1,335 |
| Total current liabilities | 17,472,209 | 20,359,829 | 2,911,417 |
| Non-current liabilities: | |||
| Deferred tax liabilities | 439,435 | 320,149 | 45,781 |
| Payable to investors of the consolidated trusts-noncurrent | 5,719,600 | 9,930,000 | 1,419,971 |
| Convertible senior notes-noncurrent | - | 1,583,213 | 226,396 |
| Other long-term liabilities | 255,155 | 599,561 | 85,736 |
| Total non-current liabilities | 6,414,190 | 12,432,923 | 1,777,884 |
| TOTAL LIABILITIES | 23,886,399 | 32,792,752 | 4,689,301 |
| TOTAL QFIN HOLDINGS, INC EQUITY | 24,190,043 | 24,114,915 | 3,448,386 |
| Noncontrolling interests | 56,176 | 42,128 | 6,024 |
| TOTAL EQUITY | 24,246,219 | 24,157,043 | 3,454,410 |
| TOTAL LIABILITIES AND EQUITY | 48,132,618 | 56,949,795 | 8,143,711 |
| Unaudited Condensed Consolidated Statements of Operations (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”) except for number of shares and per share data, or otherwise noted) | |||||||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||
| 2024 | 2025 | 2025 | 2024 | 2025 | 2025 | ||||||||
| RMB | RMB | USD | RMB | RMB | USD | ||||||||
| Credit driven services | 2,889,500 | 3,432,203 | 490,798 | 11,719,027 | 13,977,218 | 1,998,716 | |||||||
| Loan facilitation and servicing fees-capital heavy | 362,958 | 200,329 | 28,647 | 1,016,514 | 1,604,903 | 229,498 | |||||||
| Financing income | 1,667,340 | 2,206,269 | 315,492 | 6,636,511 | 8,569,063 | 1,225,360 | |||||||
| Revenue from releasing of guarantee liabilities | 761,827 | 916,631 | 131,076 | 3,695,017 | 3,412,952 | 488,046 | |||||||
| Other services fees | 97,375 | 108,974 | 15,583 | 370,985 | 390,300 | 55,812 | |||||||
| Platform services | 1,592,752 | 660,524 | 94,453 | 5,446,629 | 5,227,841 | 747,571 | |||||||
| Loan facilitation and servicing fees-capital light | 515,062 | 198,928 | 28,446 | 2,116,797 | 1,162,563 | 166,244 | |||||||
| Referral services fees | 907,207 | 99,652 | 14,250 | 2,842,637 | 2,738,786 | 391,641 | |||||||
| Other services fees | 170,483 | 361,944 | 51,757 | 487,195 | 1,326,492 | 189,686 | |||||||
| Total net revenue | 4,482,252 | 4,092,727 | 585,251 | 17,165,656 | 19,205,059 | 2,746,287 | |||||||
| Facilitation, origination and servicing | 734,659 | 745,774 | 106,644 | 2,900,704 | 3,001,938 | 429,271 | |||||||
| Funding costs | 126,841 | 141,374 | 20,216 | 590,935 | 548,936 | 78,497 | |||||||
| Sales and marketing | 523,936 | 550,552 | 78,728 | 1,725,877 | 2,469,546 | 353,140 | |||||||
| General and administrative | 156,061 | 142,800 | 20,420 | 449,505 | 658,980 | 94,233 | |||||||
| Provision for loans receivable | 598,353 | 1,190,252 | 170,204 | 2,773,323 | 3,625,042 | 518,374 | |||||||
| Provision for financial assets receivable | 63,251 | 46,545 | 6,656 | 296,857 | 234,924 | 33,594 | |||||||
| Provision for accounts receivable and contract assets | 77,450 | 70,315 | 10,055 | 421,481 | 319,532 | 45,692 | |||||||
| Provision for contingent liabilities | 311,372 | 337,708 | 48,292 | 478,404 | 1,667,742 | 238,484 | |||||||
| Total operating costs and expenses | 2,591,923 | 3,225,320 | 461,215 | 9,637,086 | 12,526,640 | 1,791,285 | |||||||
| Income from operations | 1,890,329 | 867,407 | 124,036 | 7,528,570 | 6,678,419 | 955,002 | |||||||
| Interest income, net | 74,951 | 54,971 | 7,861 | 237,015 | 278,626 | 39,843 | |||||||
| Foreign exchange gain | 2,680 | 33,723 | 4,822 | 1,512 | 159,570 | 22,818 | |||||||
| Fair value change of derivatives | - | (48,847 | ) | (6,985 | ) | - | (175,691 | ) | (25,123 | ) | |||
| Gain on debt extinguishment | - | 270,135 | 38,629 | - | 270,135 | 38,629 | |||||||
| Other (expense) income, net | (35,251 | ) | (24,780 | ) | (3,543 | ) | 125,325 | 165,076 | 23,606 | ||||
| Income before income tax expense | 1,932,709 | 1,152,609 | 164,820 | 7,892,422 | 7,376,135 | 1,054,775 | |||||||
| Income taxes expense | (20,042 | ) | (136,506 | ) | (19,520 | ) | (1,644,306 | ) | (1,400,492 | ) | (200,268 | ) | |
| Net income | 1,912,667 | 1,016,103 | 145,300 | 6,248,116 | 5,975,643 | 854,507 | |||||||
| Net loss attributable to noncontrolling interests | 3,970 | 3,446 | 493 | 16,198 | 14,048 | 2,009 | |||||||
| Net income attributable to ordinary shareholders of the Company | 1,916,637 | 1,019,549 | 145,793 | 6,264,314 | 5,989,691 | 856,516 | |||||||
| Net income per ordinary share attributable to ordinary shareholders of Qfin Holdings, Inc. | |||||||||||||
| Basic | 6.70 | 3.96 | 0.57 | 21.02 | 22.48 | 3.21 | |||||||
| Diluted | 6.62 | 3.91 | 0.56 | 20.64 | 22.01 | 3.15 | |||||||
| Net income per ADS attributable to ordinary shareholders of Qfin Holdings, Inc. | |||||||||||||
| Basic | 13.40 | 7.92 | 1.14 | 42.04 | 44.96 | 6.42 | |||||||
| Diluted | 13.24 | 7.82 | 1.12 | 41.28 | 44.02 | 6.30 | |||||||
| Weighted average shares used in calculating net income per ordinary share | |||||||||||||
| Basic | 285,872,913 | 257,551,859 | 257,551,859 | 298,012,150 | 266,496,992 | 266,496,992 | |||||||
| Diluted | 289,427,077 | 261,071,759 | 261,071,759 | 303,449,864 | 272,171,878 | 272,171,878 | |||||||
| Unaudited Condensed Consolidated Statements of Cash Flows (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”) except for number of shares and per share data, or otherwise noted) | |||||||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||
| 2024 | 2025 | 2025 | 2024 | 2025 | 2025 | ||||||||
| RMB | RMB | USD | RMB | RMB | USD | ||||||||
| Net cash provided by operating activities | 3,051,606 | 3,154,623 | 451,105 | 9,343,311 | 11,083,748 | 1,584,956 | |||||||
| Net cash used in investing activities | (945,611 | ) | (1,005,164 | ) | (143,737 | ) | (7,994,081 | ) | (13,082,044 | ) | (1,870,707 | ) | |
| Net cash (used in) provided by financing activities | (1,873,516 | ) | (4,212,147 | ) | (602,329 | ) | (2,114,463 | ) | 2,783,865 | 398,087 | |||
| Effect of foreign exchange rate changes | 31,464 | (21,535 | ) | (3,079 | ) | 12,036 | (50,451 | ) | (7,215 | ) | |||
| Net increase (decrease) in cash and cash equivalents | 263,943 | (2,084,223 | ) | (298,040 | ) | (753,197 | ) | 735,118 | 105,121 | ||||
| Cash, cash equivalents, and restricted cash, beginning of period | 6,541,857 | 9,625,141 | 1,376,377 | 7,558,997 | 6,805,800 | 973,216 | |||||||
| Cash, cash equivalents, and restricted cash, end of period | 6,805,800 | 7,540,918 | 1,078,337 | 6,805,800 | 7,540,918 | 1,078,337 | |||||||
| Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss) (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”) except for number of shares and per share data, or otherwise noted) | |||||
| Three months ended December 31, | |||||
| 2024 | 2025 | 2025 | |||
| RMB | RMB | USD | |||
| Net income | 1,912,667 | 1,016,103 | 145,300 | ||
| Other comprehensive income, net of tax of nil: | |||||
| Foreign currency translation adjustment | 145,610 | (50,929 | ) | (7,283 | ) |
| Other comprehensive income (loss) | 145,610 | (50,929 | ) | (7,283 | ) |
| Total comprehensive income | 2,058,277 | 965,174 | 138,017 | ||
| Comprehensive loss attributable to noncontrolling interests | 3,970 | 3,446 | 493 | ||
| Comprehensive income attributable to ordinary shareholders | 2,062,247 | 968,620 | 138,510 | ||
| Year ended December 31, | |||||
| 2024 | 2025 | 2025 | |||
| RMB | RMB | USD | |||
| Net income | 6,248,116 | 5,975,643 | 854,507 | ||
| Other comprehensive income, net of tax of nil: | |||||
| Foreign currency translation adjustment | 46,534 | (207,571 | ) | (29,682 | ) |
| Other comprehensive income (loss) | 46,534 | (207,571 | ) | (29,682 | ) |
| Total comprehensive income | 6,294,650 | 5,768,072 | 824,825 | ||
| Comprehensive loss attributable to noncontrolling interests | 16,198 | 14,048 | 2,009 | ||
| Comprehensive income attributable to ordinary shareholders | 6,310,848 | 5,782,120 | 826,834 | ||
| Unaudited Reconciliations of GAAP and Non-GAAP Results (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”) except for number of shares and per share data, or otherwise noted) | |||||
| Three months ended December 31, | |||||
| 2024 | 2025 | 2025 | |||
| RMB | RMB | USD | |||
| Reconciliation of Non-GAAP Net Income to Net Income | |||||
| Net income | 1,912,667 | 1,016,103 | 145,300 | ||
| Add: Share-based compensation expenses | 59,720 | 54,493 | 7,792 | ||
| Non-GAAP net income | 1,972,387 | 1,070,596 | 153,092 | ||
| GAAP net income margin | 42.7 | % | 24.8 | % | |
| Non-GAAP net income margin | 44.0 | % | 26.2 | % | |
| Net income attributable to shareholders of Qfin Holdings, Inc. | 1,916,637 | 1,019,549 | 145,793 | ||
| Add: Share-based compensation expenses | 59,720 | 54,493 | 7,792 | ||
| Non-GAAP net income attributable to shareholders of Qfin Holdings, Inc. | 1,976,357 | 1,074,042 | 153,585 | ||
| Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS - diluted | 144,713,538 | 130,535,880 | 130,535,880 | ||
| Net income per ADS attributable to ordinary shareholders of Qfin Holdings, Inc. - diluted | 13.24 | 7.82 | 1.12 | ||
| Non-GAAP net income per ADS attributable to ordinary shareholders of Qfin Holdings, Inc. - diluted | 13.66 | 8.23 | 1.18 | ||
| Reconciliation of Non-GAAP Income from operations to Income from operations | |||||
| Income from operations | 1,890,329 | 867,407 | 124,036 | ||
| Add: Share-based compensation expenses | 59,720 | 54,493 | 7,792 | ||
| Non-GAAP Income from operations | 1,950,049 | 921,900 | 131,828 | ||
| GAAP operating margin | 42.2 | % | 21.2 | % | |
| Non-GAAP operating margin | 43.5 | % | 22.5 | % | |
| Year ended December 31, | |||||
| 2024 | 2025 | 2025 | |||
| RMB | RMB | USD | |||
| Reconciliation of Non-GAAP Net Income to Net Income | |||||
| Net income | 6,248,116 | 5,975,643 | 854,507 | ||
| Add: Share-based compensation expenses | 167,613 | 378,374 | 54,107 | ||
| Non-GAAP net income | 6,415,729 | 6,354,017 | 908,614 | ||
| GAAP net income margin | 36.4 | % | 31.1 | % | |
| Non-GAAP net income margin | 37.4 | % | 33.1 | % | |
| Net income attributable to shareholders of Qfin Holdings, Inc. | 6,264,314 | 5,989,691 | 856,516 | ||
| Add: Share-based compensation expenses | 167,613 | 378,374 | 54,107 | ||
| Non-GAAP net income attributable to shareholders of Qfin Holdings, Inc. | 6,431,927 | 6,368,065 | 910,623 | ||
| Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS - diluted | 151,724,932 | 136,085,939 | 136,085,939 | ||
| Net income per ADS attributable to ordinary shareholders of Qfin Holdings, Inc. - diluted | 41.28 | 44.02 | 6.30 | ||
| Non-GAAP net income per ADS attributable to ordinary shareholders of Qfin Holdings, Inc. - diluted | 42.39 | 46.79 | 6.69 | ||
| Reconciliation of Non-GAAP Income from operations to Income from operations | |||||
| Income from operations | 7,528,570 | 6,678,419 | 955,002 | ||
| Add: Share-based compensation expenses | 167,613 | 378,374 | 54,107 | ||
| Non-GAAP Income from operations | 7,696,183 | 7,056,793 | 1,009,109 | ||
| GAAP operating margin | 43.9 | % | 34.8 | % | |
| Non-GAAP operating margin | 44.8 | % | 36.7 | % | |
