Qfin Holdings Announces Second Quarter and Interim 2026 Unaudited Financial Results and Declares Semi-Annual Dividend
Rhea-AI Summary
Qfin Holdings (NASDAQ: QFIN; HKEx: 3660) reported unaudited results for Q2 and the first half of 2026 and declared a semi-annual dividend. Q2 2026 total net revenue was RMB3,566.6 million, down from RMB5,215.9 million a year earlier. Net income was RMB401.4 million, versus RMB1,730.5 million in Q2 2025, while non-GAAP net income was RMB454.9 million, compared with RMB1,849.0 million.
Total loan facilitation and origination volume fell 25.1% year over year to RMB63,377 million, and total outstanding loan balance decreased to RMB107,562 million. The company generated about RMB1.1 billion cash from operations, held approximately RMB10.6 billion in cash and short-term investments, and reported a 90 day+ delinquency rate of 2.83% as of June 30, 2026.
Positive
- Declared a semi-annual dividend for 2026
- Total net revenue RMB3,566.6 million in Q2 2026
- Income from operations RMB1,161.0 million; 32.6% operating margin
- Non-GAAP operating income RMB1,214.5 million; 34.1% margin
- Total operating costs cut to RMB2,405.6m from RMB3,079.7m
- Cash and short-term investments about RMB10.6 billion at quarter end
- Operating cash flow approximately RMB1.1 billion in Q2 2026
- 90 day+ delinquency rate at 2.83% as of June 30, 2026
- Day-1 delinquency rate 5.6% and 30-day collection 88.1%
- Repeat borrower contribution 89.4% of Q2 2026 loan volume
Negative
- Total net revenue decreased from RMB5,215.9m in Q2 2025
- Net income fell to RMB401.4m from RMB1,730.5m year over year
- Non-GAAP net income declined from RMB1,849.0m to RMB454.9m
- Loan volume down to RMB63,377m from RMB84,609m year over year
- Outstanding loan balance decreased to RMB107,562m from RMB140,080m
- Loan facilitation fees capital-heavy fell to RMB74.4m from RMB460.9m
- Referral service fees dropped to RMB370.8m from RMB986.4m
- Provision for loans receivable rose to RMB931.5m from RMB773.8m
- Non-recurring tax-related expense about RMB500m in Q2 2026
- Net income down from RMB879.8m in prior quarter to RMB401.4m
Key Figures
Previous Dividends,earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 17 | Full-year earnings | Positive | -8.4% | Full-year results and a raised semi-annual dividend coincided with an 8.45% decline. |
| Aug 14 | 2Q earnings | Positive | -4.0% | Resilient quarterly results and a raised dividend coincided with a 4.05% decline. |
| Mar 16 | Full-year earnings | Positive | +9.1% | Full-year results and a raised semi-annual dividend coincided with a 9.12% gain. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
QFIN's dividends-and-earnings announcements produced mixed outcomes, with two negative reactions despite positive or resilient event descriptions.
Key Terms
90 day+ delinquency rate financial
non-gaap financial
saas technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
SHANGHAI, China, Aug. 25, 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 second quarter and six months ended June 30, 2026 and declared its semi-annual dividend.
Second Quarter 2026 Business Highlights
- As of June 30, 2026, our platform has connected 168 financial institutional partners and 301.8 million consumers*1 with potential credit needs, cumulatively, an increase of
9.4% from 275.8 million a year ago. - Cumulative users with approved credit lines*2 were 65.6 million as of June 30, 2026, an increase of
9.0% from 60.2 million as of June 30, 2025. - Cumulative borrowers with successful drawdown, including repeat borrowers, was 39.9 million as of June 30, 2026, an increase of
8.5% from 36.8 million as of June 30, 2025. - In the second quarter of 2026, financial institutional partners originated 11,554,533 loans*3 through our platform.
- Total facilitation and origination loan volume*4 was RMB63,377 million, a decrease of
25.1% from RMB84,609 million in the same period of 2025. RMB31,343 million of such loan volume was under capital-light model, Intelligence Credit Engine (“ICE”) and total technology solutions*5, a decrease of10.5% from RMB35,032 million in the same period of 2025. - Total outstanding loan balance*6 was RMB107,562 million as of June 30, 2026, a decrease of
23.2% from RMB140,080 million as of June 30, 2025. RMB53,983 million of such loan balance was under capital-light model, “ICE” and total technology solutions, a decrease of24.5% from RMB71,530 million as of June 30, 2025. - The weighted average contractual tenor of loans originated by financial institutions across our platform in the second quarter of 2026 was approximately 11.6 months, compared with 10.3 months in the same period of 2025.
- 90 day+ delinquency rate*7 of loans originated by financial institutions across our platform was
2.83% as of June 30, 2026. - Repeat borrower contribution*8 of loans originated by financial institutions across our platform for the second quarter of 2026 was
89.4% .
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 742,821 loans across “V-pocket”, and 10,811,712 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.
Second Quarter 2026 Financial Highlights
- Total net revenue was RMB3,566.6 million (US
$525.6 million ), compared to RMB3,909.3 million in the prior quarter. - Net income was RMB401.4 million (US
$59.2 million ), compared to RMB879.8 million in the prior quarter. - Non-GAAP*9 net income was RMB454.9 million (US
$67.0 million ), compared to RMB945.9 million in the prior quarter. - Net income per fully diluted American depositary share (“ADS”) was RMB3.28 (US
$0.48) , compared to RMB7.16 in the prior quarter. - Non-GAAP net income per fully diluted ADS was RMB3.72 (US
$0.55) , compared to RMB7.70 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.
Mr. Haisheng Wu, Chief Executive Officer and Director of Qfin Holdings, commented, “In the second quarter, we navigated a challenging market environment marked by continued industry contraction, tighter regulatory oversight, and a sudden industry-wide liquidity shock in late June. Despite these headwinds, we made steady progress in solidifying our user base, refining our risk models, and enhancing operational efficiency, and delivered improved risk and operational metrics.
“Looking ahead, we expect industry adjustments to continue, with funding conditions and risk management likely to remain under pressure. In response, we will adopt an even more prudent approach to growth, risk, and capital allocation to preserve our resilience through the cycle.
“We are advancing our overseas expansion strategy with discipline, carefully calibrating risk and capital deployment to ensure attractive returns. At the same time, we are transforming into an AI-native organization—not only to drive efficiency, but to create lasting organizational leverage.
“As the industry undergoes its inevitable shakeout, we are confident that our disciplined approach will position us not just to endure, but to emerge stronger after the dust settles in the future.”
“As industry adjustment deepens and market volatility increases, we maintained an unwavering focus on asset quality and operational efficiency. In the quarter, total net revenue reached RMB3.57 billion, with Non-GAAP net income of RMB454.9 million,” Mr. Alex Xu, Chief Financial Officer, commented. “We generated RMB1.1 billion in cash from operations. Total cash*10 and short-term investment stood at approximately RMB10.6 billion at the end of the second quarter. Our strong financial position gives us the flexibility to navigate this challenging market environment and advance our long-term growth strategy. At the same time, we are taking a more prudent approach to capital deployment, with a continued focus on operational refinement to drive better efficiency.”
Mr. Yan Zheng, Chief Risk Officer, added, “In this quarter, we delivered steady improvement in our risk metrics, reflecting our ongoing efforts to adapt and strengthen our risk strategies amid shifting market conditions. 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.
Second Quarter 2026 Financial Results
Total net revenue was RMB3,566.6 million (US
Net revenue from Credit Driven Services was RMB2,596.7 million (US
Loan facilitation and servicing fees-capital heavy were RMB74.4 million (US
Financing income*13 was RMB1,839.9 million (US
Revenue from releasing of guarantee liabilities was RMB658.7 million (US
Other services fees were RMB23.8 million (US
Net revenue from Platform Services was RMB969.8 million (US
Loan facilitation and servicing fees-capital light were RMB201.7 million (US
Referral services fees were RMB370.8 million (US
Other services fees were RMB397.4 million (US
Total operating costs and expenses were RMB2,405.6 million (US
Facilitation, origination and servicing expenses were RMB676.1 million (US
Funding costs were RMB129.0 million (US
Sales and marketing expenses were RMB396.8 million (US
General and administrative expenses were RMB136.6 million (US
Provision for loans receivable was RMB931.5 million (US
Provision for financial assets receivable was RMB17.8 million (US
Provision for accounts receivable and contract assets was RMB120.3 million (US
Provision for contingent liabilities was RMB-2.7 million (US
Income from operations was RMB1,161.0 million (US
Non-GAAP income from operations was RMB1,214.5 million (US
Operating margin was
Income before income tax expense was RMB1,092.5 million (US
Income taxes expense was RMB691.1 million (US
The Company accrued a non-recurring tax-related expense of approximately RMB500 million in the second quarter, which was caused by a change in tax treatment of certain entities based on the updated interpretation of related tax regulations by the tax authorities.
Net income was RMB401.4 million (US
Non-GAAP net income was RMB454.9 million (US
Net income margin was
Net income attributed to the Company was RMB405.9 million (US
Non-GAAP net income attributed to the Company was RMB459.4 million (US
Net income per fully diluted ADS was RMB3.28 (US
Non-GAAP net income per fully diluted ADS was RMB3.72 (US
Weighted average basic ADS used in calculating GAAP net income per ADS was 121.77 million.
Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 123.61 million.
Ordinary shares outstanding as of June 30, 2026 was 243,165,684.
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.
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/4f9b1f61-b3dd-4e8a-bebd-060611404115
http://ml.globenewswire.com/Resource/Download/04ae1d37-88a8-4c1a-9a17-7852437ab208
Appointment of a New Independent Director
The board of directors of the Company (the “Board”) has approved the appointment of Prof. Dong Lou as an independent director of the Company, effective on August 25, 2026.
Prof. Dong Lou has served as a Chair Professor of Finance at the Hong Kong University of Science and Technology Business School since 2024, where he also holds the Citi Professorship in Business. He has served as the Director of the HKUST Institute for Financial Research and Associate Dean (Strategic Planning and Research) of the HKUST Business School since 2024. Prof. Lou also served as a Professor of Finance at the London School of Economics and Political Science from 2022 to 2025, having previously served as an Associate Professor from 2015 to 2022 and an Assistant Professor from 2009 to 2015. He currently serves as an Associate Editor of the Journal of Finance, the Journal of Financial Economics, and Management Science. Prof. Lou is a Council Member of the Society for Financial Studies, an Advisor to the Hong Kong Institute for Monetary and Financial Research, a Co-Director of the HKUST-DXM Joint Laboratory on AI in Finance, a Research Fellow at the Centre for Economic Policy Research, and a Senior Fellow of the Asian Bureau of Finance and Economic Research. Prof. Lou received his Ph.D. in Finance from Yale University in 2009 and his B.S. in Computer Science, Summa Cum Laude, from Columbia University in 2004.
Mr. Haisheng Wu, Chief Executive Officer and Director of Qfin Holdings, said, “We are honored to welcome Prof. Lou to join the Board and look forward to the contributions his talents and experience will bring to our Board and our operations.”
Semi-Annual Dividend for the First Half of 2026
The Board has approved a dividend of US
Update on Share Repurchase
On March 25, 2025, the Board approved a share repurchase plan (the “March 2025 Share Repurchase Plan”) whereby the Company is authorized, with no definitive term, to use the net proceeds of approximately US
As of August 25, 2026, the Company had in aggregate purchased approximately 5.6 million ADSs concurrently with the pricing of the offering of the convertible senior notes and on the open market, for a total amount of approximately US
Business Outlook
As macro environment uncertainties and regulatory pressure persist, the Company intends to take an even more prudent approach in its business planning. As such, for the third quarter of 2026, the Company expects to generate a net income between RMB360 million and RMB460 million and a non-GAAP net income*14 between RMB400 million and RMB500 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, August 25, 2026 (8:30 AM Beijing Time on Wednesday, August 26, 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/10056626-hxqxg1.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 measures, which are 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 RMB6.7851 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, | June 30, | June 30, | ||
| 2025 | 2026 | 2026 | ||
| RMB | RMB | USD | ||
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | 4,696,817 | 4,118,956 | 607,059 | |
| Restricted cash | 2,844,101 | 3,561,676 | 524,926 | |
| Short term investments | 2,852,254 | 2,695,699 | 397,297 | |
| Security deposit prepaid to third-party guarantee companies | 325,698 | 257,935 | 38,015 | |
| Funds receivable from third party payment service providers | 848,163 | 92,973 | 13,703 | |
| Accounts receivable and contract assets, net | 950,267 | 482,948 | 71,178 | |
| Financial assets receivable, net | 1,510,205 | 874,950 | 128,952 | |
| Loans receivable, net | 34,680,954 | 28,993,314 | 4,273,086 | |
| Prepaid expenses and other assets | 772,999 | 1,336,730 | 197,010 | |
| Total current assets | 49,481,458 | 42,415,181 | 6,251,226 | |
| Non-current assets: | ||||
| Accounts receivable and contract assets, net-noncurrent | 21,992 | 16,595 | 2,446 | |
| Financial assets receivable, net-noncurrent | 209,459 | 91,926 | 13,548 | |
| Loans receivable, net-noncurrent | 4,002,159 | 7,189,399 | 1,059,586 | |
| Property and equipment, net | 636,994 | 640,894 | 94,456 | |
| Land use rights, net | 966,582 | 955,882 | 140,880 | |
| Intangible assets | 10,670 | 10,073 | 1,485 | |
| Goodwill | 45,200 | 45,166 | 6,657 | |
| Deferred tax assets | 1,379,933 | 1,567,040 | 230,953 | |
| Other non-current assets | 195,348 | 159,081 | 23,446 | |
| Total non-current assets | 7,468,337 | 10,676,056 | 1,573,457 | |
| TOTAL ASSETS | 56,949,795 | 53,091,237 | 7,824,683 | |
| LIABILITIES AND EQUITY | ||||
| Current liabilities: | ||||
| Payable to investors of the consolidated trusts-current | 9,922,559 | 11,003,442 | 1,621,707 | |
| Accrued expenses and other current liabilities | 2,935,726 | 2,899,533 | 427,338 | |
| Short term loans | 1,202,891 | 2,184,000 | 321,882 | |
| Convertible senior notes-current | 1,019,130 | - | - | |
| Guarantee liabilities-stand ready | 2,314,865 | 1,438,008 | 211,936 | |
| Guarantee liabilities-contingent | 1,872,149 | 969,009 | 142,814 | |
| Income tax payable | 1,083,176 | 1,059,890 | 156,208 | |
| Other tax payable | 9,333 | - | - | |
| Total current liabilities | 20,359,829 | 19,553,882 | 2,881,885 | |
| Non-current liabilities: | ||||
| Deferred tax liabilities | 320,149 | 330,932 | 48,773 | |
| Payable to investors of the consolidated trusts-noncurrent | 9,930,000 | 7,049,800 | 1,039,012 | |
| Convertible senior notes | 1,583,213 | 760,750 | 112,121 | |
| Other long-term liabilities | 599,561 | 611,485 | 90,122 | |
| Total non-current liabilities | 12,432,923 | 8,752,967 | 1,290,028 | |
| TOTAL LIABILITIES | 32,792,752 | 28,306,849 | 4,171,913 | |
| TOTAL QFIN HOLDINGS, INC EQUITY | 24,114,915 | 24,750,320 | 3,647,749 | |
| Noncontrolling interests | 42,128 | 34,068 | 5,021 | |
| TOTAL EQUITY | 24,157,043 | 24,784,388 | 3,652,770 | |
| TOTAL LIABILITIES AND EQUITY | 56,949,795 | 53,091,237 | 7,824,683 | |
| 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 June 30, | Six months ended June 30, | ||||||||||||
| 2025 | 2026 | 2026 | 2025 | 2026 | 2026 | ||||||||
| RMB | RMB | USD | RMB | RMB | USD | ||||||||
| Credit driven services | 3,565,549 | 2,596,712 | 382,708 | 6,676,415 | 5,554,121 | 818,576 | |||||||
| Loan facilitation and servicing fees-capital heavy | 460,858 | 74,362 | 10,960 | 890,633 | 210,582 | 31,036 | |||||||
| Financing income | 2,204,963 | 1,839,891 | 271,166 | 4,022,184 | 3,861,502 | 569,115 | |||||||
| Revenue from releasing of guarantee liabilities | 805,272 | 658,682 | 97,078 | 1,583,494 | 1,411,280 | 207,997 | |||||||
| Other services fees | 94,456 | 23,777 | 3,504 | 180,104 | 70,757 | 10,428 | |||||||
| Platform services | 1,650,346 | 969,845 | 142,938 | 3,230,177 | 1,921,768 | 283,233 | |||||||
| Loan facilitation and servicing fees-capital light | 326,829 | 201,712 | 29,729 | 700,538 | 412,813 | 60,841 | |||||||
| Referral services fees | 986,396 | 370,760 | 54,643 | 1,991,018 | 846,429 | 124,748 | |||||||
| Other services fees | 337,121 | 397,373 | 58,566 | 538,621 | 662,526 | 97,644 | |||||||
| Total net revenue | 5,215,895 | 3,566,557 | 525,646 | 9,906,592 | 7,475,889 | 1,101,809 | |||||||
| Facilitation, origination and servicing | 781,029 | 676,097 | 99,644 | 1,495,521 | 1,493,363 | 220,094 | |||||||
| Funding costs | 142,118 | 129,016 | 19,015 | 264,775 | 257,317 | 37,924 | |||||||
| Sales and marketing | 662,685 | 396,832 | 58,486 | 1,254,180 | 852,755 | 125,681 | |||||||
| General and administrative | 175,879 | 136,640 | 20,138 | 372,361 | 295,288 | 43,520 | |||||||
| Provision for loans receivable | 773,849 | 931,517 | 137,289 | 1,597,036 | 2,166,181 | 319,256 | |||||||
| Provision for financial assets receivable | 66,631 | 17,817 | 2,626 | 106,494 | 38,771 | 5,714 | |||||||
| Provision for accounts receivable and contract assets | 79,905 | 120,343 | 17,736 | 148,350 | 140,705 | 20,737 | |||||||
| Provision (reversal) for contingent liabilities | 397,614 | (2,684 | ) | (396 | ) | 556,957 | 91,668 | 13,510 | |||||
| Total operating costs and expenses | 3,079,710 | 2,405,578 | 354,538 | 5,795,674 | 5,336,048 | 786,436 | |||||||
| Income from operations | 2,136,185 | 1,160,979 | 171,108 | 4,110,918 | 2,139,841 | 315,373 | |||||||
| Interest income, net | 73,265 | 28,370 | 4,181 | 141,039 | 62,355 | 9,190 | |||||||
| Foreign exchange gain | 108,449 | 15,442 | 2,276 | 110,572 | 23,829 | 3,512 | |||||||
| Fair value change of derivatives | (170,407 | ) | (20,306 | ) | (2,993 | ) | (170,407 | ) | (65,273 | ) | (9,620 | ) | |
| Gain on debt extinguishment | - | 83,181 | 12,259 | - | 198,031 | 29,186 | |||||||
| Other income, net | 24,509 | (175,156 | ) | (25,815 | ) | 200,109 | (125,747 | ) | (18,533 | ) | |||
| Income before income tax expense | 2,172,001 | 1,092,510 | 161,016 | 4,392,231 | 2,233,036 | 329,108 | |||||||
| Income taxes expense | (441,521 | ) | (691,141 | ) | (101,862 | ) | (865,152 | ) | (951,858 | ) | (140,287 | ) | |
| Net income | 1,730,480 | 401,369 | 59,154 | 3,527,079 | 1,281,178 | 188,821 | |||||||
| Net loss attributable to noncontrolling interests | 3,514 | 4,544 | 670 | 7,090 | 8,059 | 1,188 | |||||||
| Net income attributable to ordinary shareholders of the Company | 1,733,994 | 405,913 | 59,824 | 3,534,169 | 1,289,237 | 190,009 | |||||||
| Net income per ordinary share attributable to ordinary shareholders of Qfin Holdings, Inc. | |||||||||||||
| Basic | 6.52 | 1.67 | 0.25 | 12.93 | 5.29 | 0.78 | |||||||
| Diluted | 6.38 | 1.64 | 0.24 | 12.59 | 5.23 | 0.77 | |||||||
| Net income per ADS attributable to ordinary shareholders of Qfin Holdings, Inc. | |||||||||||||
| Basic | 13.04 | 3.34 | 0.50 | 25.86 | 10.58 | 1.56 | |||||||
| Diluted | 12.76 | 3.28 | 0.48 | 25.18 | 10.46 | 1.54 | |||||||
| Weighted average shares used in calculating net income per ordinary share | |||||||||||||
| Basic | 265,842,311 | 243,544,051 | 243,544,051 | 273,358,655 | 243,516,554 | 243,516,554 | |||||||
| Diluted | 271,838,718 | 247,221,838 | 247,221,838 | 280,821,385 | 246,653,086 | 246,653,086 | |||||||
| 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 June 30, | Six months ended June 30, | ||||||||||||
| 2025 | 2026 | 2026 | 2025 | 2026 | 2026 | ||||||||
| RMB | RMB | USD | RMB | RMB | USD | ||||||||
| Net cash provided by operating activities | 2,622,004 | 1,085,112 | 159,926 | 5,427,689 | 3,182,482 | 469,040 | |||||||
| Net cash (used in) provided by investing activities | (8,191,142 | ) | (2,365,931 | ) | (348,695 | ) | (11,431,328 | ) | 41,310 | 6,088 | |||
| Net cash provided by (used in) financing activities | 1,995,605 | (619,880 | ) | (91,359 | ) | 7,444,676 | (3,048,480 | ) | (449,290 | ) | |||
| Effect of foreign exchange rate changes | (29,290 | ) | (23,547 | ) | (3,471 | ) | (34,411 | ) | (35,598 | ) | (5,247 | ) | |
| Net (decrease) increase in cash and cash equivalents | (3,602,823 | ) | (1,924,246 | ) | (283,599 | ) | 1,406,626 | 139,714 | 20,591 | ||||
| Cash, cash equivalents, and restricted cash, beginning of period | 11,815,249 | 9,604,878 | 1,415,584 | 6,805,800 | 7,540,918 | 1,111,394 | |||||||
| Cash, cash equivalents, and restricted cash, end of period | 8,212,426 | 7,680,632 | 1,131,985 | 8,212,426 | 7,680,632 | 1,131,985 | |||||||
| 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 June 30, | ||||||
| 2025 | 2026 | 2026 | ||||
| RMB | RMB | USD | ||||
| Net income | 1,730,480 | 401,369 | 59,154 | |||
| Other comprehensive income, net of tax of nil: | ||||||
| Foreign currency translation adjustment | (119,202 | ) | (19,102 | ) | (2,815 | ) |
| Other comprehensive income (loss) | (119,202 | ) | (19,102 | ) | (2,815 | ) |
| Total comprehensive income | 1,611,278 | 382,267 | 56,339 | |||
| Comprehensive loss attributable to noncontrolling interests | 3,514 | 4,544 | 670 | |||
| Comprehensive income attributable to ordinary shareholders | 1,614,792 | 386,811 | 57,009 | |||
| Six months ended June 30, | ||||||
| 2025 | 2026 | 2026 | ||||
| RMB | RMB | USD | ||||
| Net income | 3,527,079 | 1,281,178 | 188,821 | |||
| Other comprehensive income, net of tax of nil: | ||||||
| Foreign currency translation adjustment | (134,565 | ) | (52,940 | ) | (7,802 | ) |
| Other comprehensive income (loss) | (134,565 | ) | (52,940 | ) | (7,802 | ) |
| Total comprehensive income | 3,392,514 | 1,228,238 | 181,019 | |||
| Comprehensive loss attributable to noncontrolling interests | 7,090 | 8,059 | 1,188 | |||
| Comprehensive income attributable to ordinary shareholders | 3,399,604 | 1,236,297 | 182,207 | |||
| 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 June 30, | ||||||
| 2025 | 2026 | 2026 | ||||
| RMB | RMB | USD | ||||
| Reconciliation of Non-GAAP Net Income to Net Income | ||||||
| Net income | 1,730,480 | 401,369 | 59,154 | |||
| Add: Share-based compensation expenses | 118,484 | 53,482 | 7,882 | |||
| Non-GAAP net income | 1,848,964 | 454,851 | 67,036 | |||
| GAAP net income margin | 33.2 | % | 11.3 | % | ||
| Non-GAAP net income margin | 35.4 | % | 12.8 | % | ||
| Net income attributable to shareholders of Qfin Holdings, Inc. | 1,733,994 | 405,913 | 59,824 | |||
| Add: Share-based compensation expenses | 118,484 | 53,482 | 7,882 | |||
| Non-GAAP net income attributable to shareholders of Qfin Holdings, Inc. | 1,852,478 | 459,395 | 67,706 | |||
| Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS - diluted | 135,919,359 | 123,610,919 | 123,610,919 | |||
| Net income per ADS attributable to ordinary shareholders of Qfin Holdings, Inc. - diluted | 12.76 | 3.28 | 0.48 | |||
| Non-GAAP net income per ADS attributable to ordinary shareholders of Qfin Holdings, Inc. - diluted | 13.63 | 3.72 | 0.55 | |||
| Reconciliation of Non-GAAP Income from operations to Income from operations | ||||||
| Income from operations | 2,136,185 | 1,160,979 | 171,108 | |||
| Add: Share-based compensation expenses | 118,484 | 53,482 | 7,882 | |||
| Non-GAAP Income from operations | 2,254,669 | 1,214,461 | 178,990 | |||
| GAAP operating margin | 41.0 | % | 32.6 | % | ||
| Non-GAAP operating margin | 43.2 | % | 34.1 | % | ||
| Six months ended June 30, | ||||||
| 2025 | 2026 | 2026 | ||||
| RMB | RMB | USD | ||||
| Reconciliation of Non-GAAP Net Income to Net Income | ||||||
| Net income | 3,527,079 | 1,281,178 | 188,821 | |||
| Add: Share-based compensation expenses | 248,098 | 119,575 | 17,623 | |||
| Non-GAAP net income | 3,775,177 | 1,400,753 | 206,444 | |||
| GAAP net income margin | 35.6 | % | 17.1 | % | ||
| Non-GAAP net income margin | 38.1 | % | 18.7 | % | ||
| Net income attributable to shareholders of Qfin Holdings, Inc. | 3,534,169 | 1,289,237 | 190,009 | |||
| Add: Share-based compensation expenses | 248,098 | 119,575 | 17,623 | |||
| Non-GAAP net income attributable to shareholders of Qfin Holdings, Inc. | 3,782,267 | 1,408,812 | 207,632 | |||
| Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS - diluted | 140,410,693 | 123,326,543 | 123,326,543 | |||
| Net income per ADS attributable to ordinary shareholders of Qfin Holdings, Inc. - diluted | 25.18 | 10.46 | 1.54 | |||
| Non-GAAP net income per ADS attributable to ordinary shareholders of Qfin Holdings, Inc. - diluted | 26.94 | 11.42 | 1.68 | |||
| Reconciliation of Non-GAAP Income from operations to Income from operations | ||||||
| Income from operations | 4,110,918 | 2,139,841 | 315,373 | |||
| Add: Share-based compensation expenses | 248,098 | 119,575 | 17,623 | |||
| Non-GAAP Income from operations | 4,359,016 | 2,259,416 | 332,996 | |||
| GAAP operating margin | 41.5 | % | 28.6 | % | ||
| Non-GAAP operating margin | 44.0 | % | 30.2 | % | ||
