Qifu Technology Announces First Quarter 2025 Unaudited Financial Results
- Total net revenue increased to RMB4.69 billion, up from RMB4.15 billion YoY
- Loan facilitation volume grew 15.8% YoY to RMB88.88 billion
- User base expanded 11.1% YoY to 268.2 million consumers
- Successfully raised US$690 million through convertible notes offering
- Maintained strong risk metrics with 90-day+ delinquency rate at 2.02%
- High repeat borrower contribution at 95.1% indicating customer loyalty
- Blended funding costs continued to decline sequentially
- Quarter-over-quarter decrease of 1.1% in total loan facilitation volume
- Sequential decline of 8.3% in capital-light loan volume
- Net income decreased to RMB1.79 billion from RMB1.91 billion in previous quarter
- Operating costs increased to RMB2.72 billion from RMB2.59 billion in previous quarter
Insights
Qifu Technology delivered solid Q1 2025 results with 15.8% YoY loan volume growth despite macroeconomic challenges in China.
Qifu Technology's Q1 2025 results demonstrate resilience in challenging macroeconomic conditions. The company achieved total facilitation and origination loan volume of
The company's user metrics show consistent expansion with 268.2 million registered users with potential credit needs (up
Importantly, Qifu is successfully executing its capital-light strategy, with
Asset quality remains solid with a 90-day+ delinquency rate of
Profitability remains robust with non-GAAP net income of
Qifu successfully completed a
The company's strategic focus on embedded finance partners (API channels) for new user acquisition and increased investment in AI applications across credit service offerings positions it well for future growth while diversifying acquisition channels and improving operational efficiency.
SHANGHAI, China, May 19, 2025 (GLOBE NEWSWIRE) -- Qifu Technology, Inc. (NASDAQ: QFIN; HKEx: 3660) (“Qifu Technology” or the “Company”), a leading AI-empowered Credit-Tech platform in China, today announced its unaudited financial results for the first quarter ended March 31, 2025.
First Quarter 2025 Business Highlights
- As of March 31, 2025, our platform has connected 163 financial institutional partners and 268.2 million consumers*1 with potential credit needs, cumulatively, an increase of
11.1% from 241.4 million a year ago. - Cumulative users with approved credit lines*2 were 58.4 million as of March 31, 2025, an increase of
11.6% from 52.3 million as of March 31, 2024. - Cumulative borrowers with successful drawdown, including repeat borrowers was 35.5 million as of March 31, 2025, an increase of
13.8% from 31.2 million as of March 31, 2024. - In the first quarter of 2025, financial institutional partners originated 24,401,374 loans*3 through our platform.
- Total facilitation and origination loan volume*4 reached RMB88,883 million, an increase of
15.8% from RMB76,784 million in the same period of 2024 and a decrease of1.1% from RMB89,885 million in the prior quarter. RMB43,811 million of such loan volume was under capital-light model, Intelligence Credit Engine (“ICE”) and total technology solutions*5, representing49.3% of the total, an increase of15.1% from RMB38,053 million in the same period of 2024 and a decrease of8.3% from RMB47,796 million in the prior quarter. - Total outstanding loan balance*6 was RMB140,273 million as of March 31, 2025, an increase of
5.5% from RMB132,964 million as of March 31, 2024 and an increase of2.4% from RMB137,014 million as of December 31, 2024. RMB78,681 million of such loan balance was under capital-light model, “ICE” and total technology solutions, an increase of11.4% from RMB70,641 million as of March 31, 2024 and a decrease of1.2% 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 first quarter of 2025 was approximately 10.17 months, compared with 10.10 months in the same period of 2024.
- 90 day+ delinquency rate*7 of loans originated by financial institutions across our platform was
2.02% as of March 31, 2025. - Repeat borrower contribution*8 of loans originated by financial institutions across our platform for the first quarter of 2025 was
95.1% .
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 2,022,501 loans across “V-pocket”, and 22,378,873 loans across other products.
4 Refers to the total principal amount of loans facilitated and originated during the given period. Retrospectively excluding the impact of discontinued service, which did not have and is not expected to have a material impact on our overall business, financial condition, and results of operations.
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. Retrospectively excluding the impact of discontinued service, which did not have and is not expected to have a material impact on our overall business, financial condition, and results of operations.
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.
First Quarter 2025 Financial Highlights
- Total net revenue was RMB4,690.7 million (US
$646.4 million ), compared to RMB4,482.3 million in the prior quarter. - Net income was RMB1,796.6 million (US
$247.6 million ), compared to RMB1,912.7 million in the prior quarter. - Non-GAAP*9 net income was RMB1,926.2 million (US
$265.4 million ), compared to RMB1,972.4 million in the prior quarter. - Net income per fully diluted American depositary share (“ADS”) was RMB12.62 (US
$1.74) , compared to RMB13.24 in the prior quarter. - Non-GAAP net income per fully diluted ADS was RMB13.53 (US
$1.86) , compared to RMB13.66 in the prior quarter.
9 Non-GAAP income from operations, Non-GAAP net income, 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 Qifu Technology, commented, “First quarter came in stronger than typical seasonal trend despite the ongoing macroeconomic challenges. We observed an increase in users’ activities early in the quarter as public sentiment slightly improved in response to the strong stimulus messages delivered by government officials. However, we remain prudent in our business planning as tariff-related economic uncertainties may persist throughout this year. We will continue to focus on improving the quality and sustainability of our business.
During the quarter, we issued a record amount of ABS as the overall funding environment remained supportive. As a result, the blended funding cost continued to decline sequentially. Approximately
With the growing maturity and efficiency of large language models, we will continue to allocate more resources to the application of AI across our credit service offerings. We expect that these AI-powered tools will not only allow us to serve our users with better offerings at greater efficiency but also enable our financial institution clients to better utilize the cutting-edge AI technologies, through our open platform. We believe these efforts will enable us to better navigate through the current environment and position us well to capture long-term opportunities through innovative technologies, enhanced products and collaborative models.”
“We are pleased to start 2025 with another quarter of solid financial results despite an uncertain macro environment. For the first quarter, total revenue was RMB4.69 billion and Non-GAAP net income was RMB1.93 billion,” Mr. Alex Xu, Chief Financial Officer, commented. “During the quarter, we successfully completed the US
Mr. Yan Zheng, Chief Risk Officer, added, “In the first quarter, we maintained a relatively stable risk profile as users’ activities came in stronger than normal. Although overall risk performance fluctuated from the best level we achieved in the prior quarter, it remained well within our target range. Among key leading indicators, Day-1 delinquency rate*10 was
10 “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.
11 “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.
First Quarter 2025 Financial Results
Total net revenue was RMB4,690.7 million (US
Net revenue from Credit Driven Services was RMB3,110.9 million (US
Loan facilitation and servicing fees-capital heavy were RMB429.8 million (US
Financing income*12 was RMB1,817.2 million (US
Revenue from releasing of guarantee liabilities was RMB778.2 million (US
Other services fees were RMB85.6 million (US
Net revenue from Platform Services was RMB1,579.8 million (US
Loan facilitation and servicing fees-capital light were RMB373.7 million (US
Referral services fees were RMB1,004.6 million (US
Other services fees were RMB201.5 million (US
Total operating costs and expenses were RMB2,716.0 million (US
Facilitation, origination and servicing expenses were RMB714.5 million (US
Funding costs were RMB122.7 million (US
Sales and marketing expenses were RMB591.5 million (US
General and administrative expenses were RMB196.5 million (US
Provision for loans receivable was RMB823.2 million (US
Provision for financial assets receivable was RMB39.9 million (US
Provision for accounts receivable and contract assets was RMB68.4 million (US
Provision for contingent liability was RMB159.3 million (US
Income from operations was RMB1,974.7 million (US
Non-GAAP income from operations was RMB2,104.3 million (US
Operating margin was
Income before income tax expense was RMB2,220.2 million (US
Income taxes expense was RMB423.6 million (US
Net income was RMB1,796.6 million (US
Non-GAAP net income was RMB1,926.2 million (US
Net income margin was
Net income attributed to the Company was RMB1,800.2 million (US
Non-GAAP net income attributed to the Company was RMB1,929.8 million (US
Net income per fully diluted ADS was RMB12.62 (US
Non-GAAP net income per fully diluted ADS was RMB13.53 (US
Weighted average basic ADS used in calculating GAAP net income per ADS was 140.48 million.
Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 142.62 million.
Ordinary shares outstanding as of March 31, 2025 was 268,930,496.
12 “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:
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Update on Share Repurchase
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 May 19, 2025, the Company had in aggregate purchased approximately 4.4 million ADSs on the open market for a total amount of approximately US
On March 25, 2025, the Board approved a new 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, which runs in addition to the Company’s 2025 Share Repurchase Plan. On March 27, 2025, the Company announced the completion of the offering of the convertible senior notes in an aggregate principal amount of US
Business Outlook
As macro-economic uncertainties persist, the Company intends to maintain a prudent approach in its business planning for 2025. Management will continue to focus on enhancing efficiency of the Company’s operations. As such, for the second quarter of 2025, the Company expects to generate a net income between RMB1.65 billion and RMB1.75 billion and a non-GAAP net income*13 between RMB1.75 billion and RMB1.85 billion, representing a year-on-year growth between
13 Non-GAAP net income represents net income excluding share-based compensation expenses.
Conference Call Preregistration
Qifu Technology’s management team will host an earnings conference call at 8:30 PM U.S. Eastern Time on Monday, May 19, 2025 (8:30 AM Beijing Time on Tuesday, May 20, 2025).
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/10047043-kj87y6.html
Upon registration, each participant will receive details for the conference call, including dial-in numbers 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.qifu.tech.
About Qifu Technology
Qifu Technology 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.qifu.tech.
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 RMB 7.2567 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. Qifu Technology 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 Qifu Technology’s 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 Qifu Technology does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For more information, please contact:
Qifu Technology
E-mail: ir@360shuke.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, | March 31, | March 31, | |
| 2024 | 2025 | 2025 | |
| RMB | RMB | USD | |
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | 4,452,416 | 8,578,822 | 1,182,193 |
| Restricted cash | 2,353,384 | 3,236,427 | 445,992 |
| Short term investments | 3,394,073 | 2,040,269 | 281,157 |
| Security deposit prepaid to third-party guarantee companies | 162,617 | 173,437 | 23,900 |
| Funds receivable from third party payment service providers | 462,112 | 347,416 | 47,875 |
| Accounts receivable and contract assets, net | 2,214,530 | 2,316,593 | 319,235 |
| Financial assets receivable, net | 1,553,912 | 1,530,084 | 210,851 |
| Amounts due from related parties | 8,510 | 3,242 | 447 |
| Loans receivable, net | 26,714,428 | 30,675,633 | 4,227,215 |
| Prepaid expenses and other assets | 1,464,586 | 1,510,818 | 208,196 |
| Total current assets | 42,780,568 | 50,412,741 | 6,947,061 |
| Non-current assets: | |||
| Accounts receivable and contract assets, net-noncurrent | 27,132 | 20,004 | 2,757 |
| Financial assets receivable, net-noncurrent | 170,779 | 189,379 | 26,097 |
| Amounts due from related parties | 51 | 39 | 5 |
| Loans receivable, net-noncurrent | 2,537,749 | 2,314,826 | 318,992 |
| Property and equipment, net | 362,774 | 405,926 | 55,938 |
| Land use rights, net | 956,738 | 951,557 | 131,128 |
| Intangible assets | 11,818 | 11,420 | 1,574 |
| Goodwill | 42,414 | 42,407 | 5,844 |
| Deferred tax assets | 1,206,325 | 1,244,757 | 171,532 |
| Other non-current assets | 36,270 | 34,112 | 4,701 |
| Total non-current assets | 5,352,050 | 5,214,427 | 718,568 |
| TOTAL ASSETS | 48,132,618 | 55,627,168 | 7,665,629 |
| LIABILITIES AND EQUITY | |||
| Current liabilities: | |||
| Payable to investors of the consolidated trusts-current | 8,188,454 | 6,541,069 | 901,383 |
| Accrued expenses and other current liabilities | 2,492,921 | 3,337,707 | 459,948 |
| Amounts due to related parties | 67,495 | 48,442 | 6,675 |
| Short term loans | 1,369,939 | 1,219,431 | 168,042 |
| Guarantee liabilities-stand ready | 2,383,202 | 2,377,408 | 327,616 |
| Guarantee liabilities-contingent | 1,820,350 | 1,794,747 | 247,323 |
| Income tax payable | 1,040,687 | 1,054,537 | 145,319 |
| Other tax payable | 109,161 | 3,897 | 537 |
| Total current liabilities | 17,472,209 | 16,377,238 | 2,256,843 |
| Non-current liabilities: | |||
| Deferred tax liabilities | 439,435 | 569,734 | 78,511 |
| Payable to investors of the consolidated trusts-noncurrent | 5,719,600 | 10,354,000 | 1,426,819 |
| Convertible senior notes | - | 4,912,524 | 676,964 |
| Other long-term liabilities | 255,155 | 297,730 | 41,028 |
| Total non-current liabilities | 6,414,190 | 16,133,988 | 2,223,322 |
| TOTAL LIABILITIES | 23,886,399 | 32,511,226 | 4,480,165 |
| TOTAL QIFU TECHNOLOGY INC EQUITY | 24,190,043 | 23,063,344 | 3,178,216 |
| Noncontrolling interests | 56,176 | 52,598 | 7,248 |
| TOTAL EQUITY | 24,246,219 | 23,115,942 | 3,185,464 |
| TOTAL LIABILITIES AND EQUITY | 48,132,618 | 55,627,168 | 7,665,629 |
| 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 March 31, | |||
| 2024 | 2025 | 2025 | |
| RMB | RMB | USD | |
| Credit driven services | 3,016,282 | 3,110,866 | 428,690 |
| Loan facilitation and servicing fees-capital heavy | 243,766 | 429,775 | 59,225 |
| Financing income | 1,534,986 | 1,817,221 | 250,420 |
| Revenue from releasing of guarantee liabilities | 1,166,018 | 778,222 | 107,242 |
| Other services fees | 71,512 | 85,648 | 11,803 |
| Platform services | 1,136,901 | 1,579,831 | 217,706 |
| Loan facilitation and servicing fees-capital light | 502,715 | 373,709 | 51,498 |
| Referral services fees | 548,824 | 1,004,622 | 138,441 |
| Other services fees | 85,362 | 201,500 | 27,767 |
| Total net revenue | 4,153,183 | 4,690,697 | 646,396 |
| Facilitation, origination and servicing | 736,026 | 714,492 | 98,460 |
| Funding costs | 155,963 | 122,657 | 16,903 |
| Sales and marketing | 415,617 | 591,495 | 81,510 |
| General and administrative | 106,415 | 196,482 | 27,076 |
| Provision for loans receivable | 847,921 | 823,187 | 113,438 |
| Provision for financial assets receivable | 99,003 | 39,863 | 5,493 |
| Provision for accounts receivable and contract assets | 111,473 | 68,445 | 9,432 |
| Provision for contingent liabilities | 316,664 | 159,343 | 21,958 |
| Total operating costs and expenses | 2,789,082 | 2,715,964 | 374,270 |
| Income from operations | 1,364,101 | 1,974,733 | 272,126 |
| Interest income, net | 50,058 | 67,774 | 9,340 |
| Foreign exchange gain | 82 | 2,123 | 293 |
| Other income, net | 111,968 | 175,600 | 24,198 |
| Income before income tax expense | 1,526,209 | 2,220,230 | 305,957 |
| Income taxes expense | (366,065) | (423,631) | (58,378) |
| Net income | 1,160,144 | 1,796,599 | 247,579 |
| Net loss attributable to noncontrolling interests | 4,143 | 3,576 | 493 |
| Net income attributable to ordinary shareholders of the Company | 1,164,287 | 1,800,175 | 248,072 |
| Net income per ordinary share attributable to ordinary shareholders of Qifu Technology, Inc. | |||
| Basic | 3.73 | 6.41 | 0.88 |
| Diluted | 3.65 | 6.31 | 0.87 |
| Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. | |||
| Basic | 7.46 | 12.82 | 1.76 |
| Diluted | 7.30 | 12.62 | 1.74 |
| Weighted average shares used in calculating net income per ordinary share | |||
| Basic | 312,027,192 | 280,958,513 | 280,958,513 |
| Diluted | 318,915,157 | 285,237,588 | 285,237,588 |
| 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 March 31, | |||
| 2024 | 2025 | 2025 | |
| RMB | RMB | USD | |
| Net cash provided by operating activities | 1,958,267 | 2,805,685 | 386,634 |
| Net cash used in investing activities | (3,138,175) | (3,240,186) | (446,510) |
| Net cash provided by financing activities | 1,775,409 | 5,449,071 | 750,902 |
| Effect of foreign exchange rate changes | 2,095 | (5,121) | (705) |
| Net increase in cash and cash equivalents | 597,596 | 5,009,449 | 690,321 |
| Cash, cash equivalents, and restricted cash, beginning of period | 7,558,997 | 6,805,800 | 937,864 |
| Cash, cash equivalents, and restricted cash, end of period | 8,156,593 | 11,815,249 | 1,628,185 |
| 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 March 31, | |||
| 2024 | 2025 | 2025 | |
| RMB | RMB | USD | |
| Net income | 1,160,144 | 1,796,599 | 247,579 |
| Other comprehensive income, net of tax of nil: | |||
| Foreign currency translation adjustment | 2,010 | (15,362) | (2,117) |
| Other comprehensive income (loss) | 2,010 | (15,362) | (2,117) |
| Total comprehensive income | 1,162,154 | 1,781,237 | 245,462 |
| Comprehensive loss attributable to noncontrolling interests | 4,143 | 3,576 | 493 |
| Comprehensive income attributable to ordinary shareholders | 1,166,297 | 1,784,813 | 245,955 |
| 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 March 31, | |||
| 2024 | 2025 | 2025 | |
| RMB | RMB | USD | |
| Reconciliation of Non-GAAP Net Income to Net Income | |||
| Net income | 1,160,144 | 1,796,599 | 247,579 |
| Add: Share-based compensation expenses | 44,645 | 129,614 | 17,861 |
| Non-GAAP net income | 1,204,789 | 1,926,213 | 265,440 |
| GAAP net income margin | |||
| Non-GAAP net income margin | |||
| Net income attributable to shareholders of Qifu Technology, Inc. | 1,164,287 | 1,800,175 | 248,072 |
| Add: Share-based compensation expenses | 44,645 | 129,614 | 17,861 |
| Non-GAAP net income attributable to shareholders of Qifu Technology, Inc. | 1,208,932 | 1,929,789 | 265,933 |
| Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS - diluted | 159,457,579 | 142,618,794 | 142,618,794 |
| Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. - diluted | 7.30 | 12.62 | 1.74 |
| Non-GAAP net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. - diluted | 7.58 | 13.53 | 1.86 |
| Reconciliation of Non-GAAP Income from operations to Income from operations | |||
| Income from operations | 1,364,101 | 1,974,733 | 272,126 |
| Add: Share-based compensation expenses | 44,645 | 129,614 | 17,861 |
| Non-GAAP Income from operations | 1,408,746 | 2,104,347 | 289,987 |
| GAAP operating margin | |||
| Non-GAAP operating margin | |||
FAQ
What were QFIN's key financial results for Q1 2025?
How much did QFIN raise in their convertible notes offering?
What is QFIN's current delinquency rate and loan performance?
How many users does QFIN have as of Q1 2025?
What is QFIN's repeat borrower contribution rate for Q1 2025?
