Qifu Technology Announces Fourth Quarter and Full Year 2024 Unaudited Financial Results and Raises Semi-Annual Dividend
Rhea-AI Summary
Qifu Technology (NASDAQ: QFIN) has released its Q4 and full-year 2024 financial results. In Q4, the company achieved total net revenue of RMB4,482.3 million and net income of RMB1,912.7 million. The platform connected 162 financial partners and 261.2 million consumers, with cumulative borrowers reaching 34.4 million.
Key Q4 metrics include:
- Total loan facilitation volume: RMB89,885 million (+0.4% YoY)
- 90-day+ delinquency rate: 2.09%
- Repeat borrower contribution: 93.9%
For full-year 2024, total revenue reached RMB17,165.7 million, with net income of RMB6,248.1 million. The company's capital-light model, ICE, and technology solutions represented 58% of year-end loan balance, demonstrating strong platform services growth despite macro-economic challenges.
Positive
- Net income increased significantly to RMB6,248.1 million in 2024, up from RMB4,268.6 million in 2023
- Record-breaking RMB9.34 billion cash generated from operations in 2024
- High repeat borrower contribution of 93.9% in Q4 2024
- Risk performance reached best level of the year in Q4, with Day-1 delinquency rate at 4.8%
- 58% of loan balance under capital-light model, reducing credit risk exposure
Negative
- Total loan facilitation volume decreased 12.8% YoY to RMB321,969 million in 2024
- Total outstanding loan balance declined 5.7% YoY to RMB137,014 million
- Loan facilitation and servicing fees-capital light decreased YoY and QoQ in Q4 2024
News Market Reaction 1 Alert
On the day this news was published, QFIN gained 9.12%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
SHANGHAI, China, March 16, 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 fourth quarter and full year ended December 31, 2024 and raised semi-annual dividend.
Fourth Quarter 2024 Business Highlights
- As of December 31, 2024, our platform has connected 162 financial institutional partners and 261.2 million consumers*1 with potential credit needs, cumulatively, an increase of
11.0% from 235.4 million a year ago. - Cumulative users with approved credit lines*2 were 56.9 million as of December 31, 2024, an increase of
11.8% from 50.9 million as of December 31, 2023. - Cumulative borrowers with successful drawdown, including repeat borrowers was 34.4 million as of December 31, 2024, an increase of
13.1% from 30.4 million as of December 31, 2023. - In the fourth quarter of 2024, financial institutional partners originated 24,814,923 loans*3 through our platform.
- Total facilitation and origination loan volume*4 reached RMB89,885 million, an increase of
0.4% from RMB89,561 million in the same period of 2023 and an increase of9.0% from RMB82,436 million in the prior quarter. RMB47,796 million of such loan volume was under capital-light model, Intelligence Credit Engine (“ICE”) and total technology solutions*5, representing53.2% of the total, an increase of23.2% from RMB38,798 million in the same period of 2023 and an increase of5.3% from RMB45,396 million in the prior quarter. - Total outstanding loan balance*6 was RMB137,014 million as of December 31, 2024, a decrease of
5.7% from RMB145,270 million as of December 31, 2023 and an increase of7.3% from RMB127,727 million as of September 30, 2024. RMB79,599 million of such loan balance was under capital-light model, “ICE” and total technology solutions, an increase of8.6% from RMB73,268 million as of December 31, 2023 and an increase of7.5% from RMB74,078 million as of September 30, 2024. - The weighted average contractual tenor of loans originated by financial institutions across our platform in the fourth quarter of 2024 was approximately 10.00 months, compared with 11.47 months in the same period of 2023.
- 90 day+ delinquency rate*7 of loans originated by financial institutions across our platform was
2.09% as of December 31, 2024. - Repeat borrower contribution*8 of loans originated by financial institutions across our platform for the fourth quarter of 2024 was
93.9% .
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 2,799,208 loans across “V-pocket”, and 22,015,715 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.
Fourth Quarter 2024 Financial Highlights
- Total net revenue was RMB4,482.3 million (US
$614.1 million ), compared to RMB4,370.2 million in the prior quarter. - Net income was RMB1,912.7 million (US
$262.0 million ), compared to RMB1,798.8 million in the prior quarter. - Non-GAAP*9 net income was RMB1,972.4 million (US
$270.2 million ), compared to RMB1,825.1 million in the prior quarter. - Net income per fully diluted American depositary share (“ADS”) was RMB13.24 (US
$1.82) , compared to RMB12.18 in the prior quarter. - Non-GAAP net income per fully diluted ADS was RMB13.66 (US
$1.87) , compared to RMB12.35 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.
Full Year 2024 Operational Highlights
- Total loan facilitation and origination volume*4 in 2024 was RMB321,969 million, representing a decrease of
12.8% from RMB369,132 million in 2023. Loan facilitation volume*4 under Platform Services was RMB170,589 million, an increase of3.8% from RMB164,321 million in 2023. - The weighted average contractual tenor of loans facilitated and originated was 10.05 months in full year 2024, compared with 11.21 months in 2023.
- Repeat borrower contribution was
93.1% in full year 2024, compared with91.6% in 2023.
Full Year 2024 Financial Highlights
- Total net revenue was RMB17,165.7 million (US
$2,351.7 million ), compared to RMB16,290.0 million in 2023. - Net income was RMB6,248.1 million (US
$856.0 million ), compared to RMB4,268.6 million in 2023. - Non-GAAP net income was RMB6,415.7 million (US
$879.0 million ), compared to RMB4,454.2 million in 2023. - Net income per fully diluted ADS was RMB41.28 (US
$5.66) , compared to RMB26.08 in 2023. - Non-GAAP net income per fully diluted ADS was RMB42.39 (US
$5.81) , compared to RMB27.22 in 2023.
Mr. Haisheng Wu, Chief Executive Officer and Director of Qifu Technology, commented, “Although 2024 was a challenging year as macro-economic headwinds persisted, we have made timely adjustments to our operations throughout the year and focused our effort on improving the quality and sustainability of our business. With consistent execution, we closed the year with strong operational and financial results. Throughout 2024, we proactively expanded the scope of our platform services, which makes our business model more resilient and forms a solid foundation for high quality growth in 2025.
Approximately
While we started to see some tentative signs of improvement in user activities late in 2024, we will continue to take a prudent approach in our business planning in 2025. We will remain focused on quality growth and further empower our partners and users through our open platform. With the increasing maturity and efficiency of large language models, we expect to allocate more resources to the application of AI across the credit scenarios in the future. We believe such 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 report another quarter of solid financial results and close the year on a strong note in a still uncertain macro environment. For 2024, total revenue was RMB17.17 billion and Non-GAAP net income was RMB6.42 billion,” Mr. Alex Xu, Chief Financial Officer, commented. “Meanwhile, we generated a record-breaking RMB9.34 billion cash from operations in 2024. Our strong financial positions not only allow us to consistently execute our strategy and support business initiatives, but also enable us to further enhance returns to our shareholders by actively executing 2025 share repurchase plan and significantly raising semi-annual dividends.”
Mr. Yan Zheng, Chief Risk Officer, added, “Despite facing macro uncertainties, we significantly reduced our overall portfolio risks through 2024 by decisively tightening risk standards early in the year. Overall risk performance reached the best level for the year in the fourth quarter. 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.
Fourth Quarter 2024 Financial Results
Total net revenue was RMB4,482.3 million (US
Net revenue from Credit Driven Services was RMB2,889.5 million (US
Loan facilitation and servicing fees-capital heavy were RMB363.0 million (US
Financing income*12 was RMB1,667.3 million (US
Revenue from releasing of guarantee liabilities was RMB761.8 million (US
Other services fees were RMB97.4 million (US
Net revenue from Platform Services was RMB1,592.8 million (US
Loan facilitation and servicing fees-capital light were RMB515.1 million (US
Referral services fees were RMB907.2 million (US
Other services fees were RMB170.5 million (US
Total operating costs and expenses were RMB2,591.9 million (US
Facilitation, origination and servicing expenses were RMB734.7 million (US
Funding costs were RMB126.8 million (US
Sales and marketing expenses were RMB523.9 million (US
General and administrative expenses were RMB156.1 million (US
Provision for loans receivable was RMB598.4 million (US
Provision for financial assets receivable was RMB63.3 million (US
Provision for accounts receivable and contract assets was RMB77.5 million (US
Provision for contingent liability was RMB311.4 million (US
Income from operations was RMB1,890.3 million (US
Non-GAAP income from operations was RMB1,950.0 million (US
Operating margin was
Income before income tax expense was RMB1,932.7 million (US
Income taxes expense was RMB20.0 million (US
Net income was RMB1,912.7 million (US
Non-GAAP net income was RMB1,972.4 million (US
Net income margin was
Net income attributed to the Company was RMB1,916.6 million (US
Non-GAAP net income attributed to the Company was RMB1,976.4 million (US
Net income per fully diluted ADS was RMB13.24 (US
Non-GAAP net income per fully diluted ADS was RMB13.66 (US
Weighted average basic ADS used in calculating GAAP net income per ADS was 142.94 million.
Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 144.71 million.
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.
Full Year 2024 Financial Results
Total net revenue was RMB17,165.7 million (US
Net revenue from Credit Driven Services was RMB11,719.0 million (US
Loan facilitation and servicing fees-capital heavy were RMB1,016.5 million (US
Financing income was RMB6,636.5 million (US
Revenue from releasing of guarantee liabilities was RMB3,695.0 million (US
Other services fees were RMB371.0 million (US
Net revenue from Platform Services was RMB5,446.6 million (US
Loan facilitation and servicing fees-capital light were RMB2,116.8 million (US
Referral services fees were RMB2,842.6 million (US
Other services fees were RMB487.2 million (US
Total operating costs and expenses were RMB9,637.1 million (US
Facilitation, origination and servicing expenses were RMB2,900.7 million (US
Funding costs were RMB590.9 million (US
Sales and marketing expenses were RMB1,725.9 million (US
General and administrative expenses were RMB449.5 million (US
Provision for loans receivable was RMB2,773.3 million (US
Provision for financial assets receivable was RMB296.9 million (US
Provision for accounts receivable and contract assets was RMB421.5 million (US
Provision for contingent liability was RMB478.4 million (US
Income from operations was RMB7,528.6 million (US
Non-GAAP income from operations was RMB7,696.2 million (US
Operating margin was
Income before income tax expense was RMB7,892.4 million (US
Income taxes expense was RMB1,644.3 million (US
Net income attributed to the Company was RMB6,264.3 million (US
Non-GAAP net income attributed to the Company was RMB6,431.9 million (US
Net income margin was
Net income per fully diluted ADS was RMB41.28 (US
Non-GAAP net income per fully diluted ADS was RMB42.39 (US
Weighted average basic ADS used in calculating GAAP net income per ADS was 149.01 million.
Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 151.72 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/2a5d124f-5f90-4a71-a264-908b101a7e87
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Semi-Annual Dividend for the Second Half of 2024
The board of directors of the Company (the “Board”) has approved a dividend of US
Update on Share Repurchase
On March 12, 2024, the Board approved a share repurchase plan (the “2024 Share Repurchase Plan”) whereby the Company is authorized to repurchase its ADSs or Class A ordinary shares with an aggregate value of up to US
In the fourth quarter, the Company had in aggregate purchased approximately 3.1 million ADSs in the open market for a total amount of approximately US
On November 19, 2024, the Board approved a new share repurchase plan (the “2025 Share Repurchase Plan”) whereby the Company is authorized to repurchase up to US
As of March 14, 2025, the Company had in aggregate purchased approximately 2.2 million ADSs in the open market for a total amount of approximately 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 first quarter of 2025, the Company expects to generate a net income between RMB1.75 billion and RMB1.85 billion and a non-GAAP net income*13 between RMB1.80 billion and RMB1.90 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 7:30 AM U.S. Eastern Time on Monday, March 17, 2025 (7:30 PM Beijing Time on the same day).
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/10045854-hg6t5r.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 7.2993 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, the Company’s cooperation with 360 Group, 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, | December 31, | December 31, | |
| 2023 | 2024 | 2024 | |
| RMB | RMB | USD | |
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | 4,177,890 | 4,452,416 | 609,978 |
| Restricted cash | 3,381,107 | 2,353,384 | 322,412 |
| Short term investments | 15,000 | 3,394,073 | 464,987 |
| Security deposit prepaid to third-party guarantee companies | 207,071 | 162,617 | 22,278 |
| Funds receivable from third party payment service providers | 1,603,419 | 462,112 | 63,309 |
| Accounts receivable and contract assets, net | 2,909,245 | 2,214,530 | 303,389 |
| Financial assets receivable, net | 2,522,543 | 1,553,912 | 212,885 |
| Amounts due from related parties | 45,346 | 8,510 | 1,166 |
| Loans receivable, net | 24,604,487 | 26,714,428 | 3,659,862 |
| Prepaid expenses and other assets | 329,920 | 1,464,586 | 200,647 |
| Total current assets | 39,796,028 | 42,780,568 | 5,860,913 |
| Non-current assets: | |||
| Accounts receivable and contract assets, net-noncurrent | 146,995 | 27,132 | 3,717 |
| Financial assets receivable, net-noncurrent | 596,330 | 170,779 | 23,397 |
| Amounts due from related parties | 4,240 | 51 | 7 |
| Loans receivable, net-noncurrent | 2,898,005 | 2,537,749 | 347,670 |
| Property and equipment, net | 231,221 | 362,774 | 49,700 |
| Land use rights,net | 977,461 | 956,738 | 131,073 |
| Intangible assets | 13,443 | 11,818 | 1,619 |
| Goodwill | 41,210 | 42,414 | 5,811 |
| Deferred tax assets | 1,067,738 | 1,206,325 | 165,266 |
| Other non-current assets | 45,901 | 36,270 | 4,969 |
| Total non-current assets | 6,022,544 | 5,352,050 | 733,229 |
| TOTAL ASSETS | 45,818,572 | 48,132,618 | 6,594,142 |
| LIABILITIES AND EQUITY | |||
| Current liabilities: | |||
| Payable to investors of the consolidated trusts-current | 8,942,291 | 8,188,454 | 1,121,814 |
| Accrued expenses and other current liabilities | 2,016,039 | 2,492,921 | 341,529 |
| Amounts due to related parties | 80,376 | 67,495 | 9,247 |
| Short term loans | 798,586 | 1,369,939 | 187,681 |
| Guarantee liabilities-stand ready | 3,949,601 | 2,383,202 | 326,497 |
| Guarantee liabilities-contingent | 3,207,264 | 1,820,350 | 249,387 |
| Income tax payable | 742,210 | 1,040,687 | 142,574 |
| Other tax payable | 163,252 | 109,161 | 14,955 |
| Total current liabilities | 19,899,619 | 17,472,209 | 2,393,684 |
| Non-current liabilities: | |||
| Deferred tax liabilities | 224,823 | 439,435 | 60,202 |
| Payable to investors of the consolidated trusts-noncurrent | 3,581,800 | 5,719,600 | 783,582 |
| Other long-term liabilities | 102,473 | 255,155 | 34,956 |
| Total non-current liabilities | 3,909,096 | 6,414,190 | 878,740 |
| TOTAL LIABILITIES | 23,808,715 | 23,886,399 | 3,272,424 |
| TOTAL QIFU TECHNOLOGY INC EQUITY | 21,937,483 | 24,190,043 | 3,314,022 |
| Noncontrolling interests | 72,374 | 56,176 | 7,696 |
| TOTAL EQUITY | 22,009,857 | 24,246,219 | 3,321,718 |
| TOTAL LIABILITIES AND EQUITY | 45,818,572 | 48,132,618 | 6,594,142 |
| 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, | ||||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | 2024 | ||||||||
| RMB | RMB | USD | RMB | RMB | USD | ||||||||
| Credit driven services | 3,248,263 | 2,889,500 | 395,860 | 11,738,560 | 11,719,027 | 1,605,500 | |||||||
| Loan facilitation and servicing fees-capital heavy | 481,195 | 362,958 | 49,725 | 1,667,119 | 1,016,514 | 139,262 | |||||||
| Financing income | 1,485,446 | 1,667,340 | 228,425 | 5,109,921 | 6,636,511 | 909,198 | |||||||
| Revenue from releasing of guarantee liabilities | 1,211,787 | 761,827 | 104,370 | 4,745,898 | 3,695,017 | 506,215 | |||||||
| Other services fees | 69,835 | 97,375 | 13,340 | 215,622 | 370,985 | 50,825 | |||||||
| Platform services | 1,247,240 | 1,592,752 | 218,206 | 4,551,467 | 5,446,629 | 746,185 | |||||||
| Loan facilitation and servicing fees-capital light | 696,985 | 515,062 | 70,563 | 3,213,955 | 2,116,797 | 290,000 | |||||||
| Referral services fees | 446,486 | 907,207 | 124,287 | 950,016 | 2,842,637 | 389,440 | |||||||
| Other services fees | 103,769 | 170,483 | 23,356 | 387,496 | 487,195 | 66,745 | |||||||
| Total net revenue | 4,495,503 | 4,482,252 | 614,066 | 16,290,027 | 17,165,656 | 2,351,685 | |||||||
| Facilitation, origination and servicing | 731,787 | 734,659 | 100,648 | 2,659,912 | 2,900,704 | 397,395 | |||||||
| Funding costs | 161,016 | 126,841 | 17,377 | 645,445 | 590,935 | 80,958 | |||||||
| Sales and marketing | 551,590 | 523,936 | 71,779 | 1,939,885 | 1,725,877 | 236,444 | |||||||
| General and administrative | 108,037 | 156,061 | 21,380 | 421,076 | 449,505 | 61,582 | |||||||
| Provision for loans receivable | 639,886 | 598,353 | 81,974 | 2,151,046 | 2,773,323 | 379,944 | |||||||
| Provision for financial assets receivable | 148,198 | 63,251 | 8,665 | 386,090 | 296,857 | 40,669 | |||||||
| Provision for accounts receivable and contract assets | 91,105 | 77,450 | 10,611 | 175,799 | 421,481 | 57,743 | |||||||
| Provision for contingent liabilities | 784,323 | 311,372 | 42,658 | 3,053,810 | 478,404 | 65,541 | |||||||
| Total operating costs and expenses | 3,215,942 | 2,591,923 | 355,092 | 11,433,063 | 9,637,086 | 1,320,276 | |||||||
| Income from operations | 1,279,561 | 1,890,329 | 258,974 | 4,856,964 | 7,528,570 | 1,031,409 | |||||||
| Interest income, net | 46,970 | 74,951 | 10,268 | 217,307 | 237,015 | 32,471 | |||||||
| Foreign exchange (loss) gain | (815 | ) | 2,680 | 367 | 2,356 | 1,512 | 207 | ||||||
| Other income, net | 5,209 | (35,251 | ) | (4,829 | ) | 230,936 | 125,325 | 17,169 | |||||
| Investment loss | - | - | - | (30,112 | ) | - | - | ||||||
| Income before income tax expense | 1,330,925 | 1,932,709 | 264,780 | 5,277,451 | 7,892,422 | 1,081,256 | |||||||
| Income taxes expense | (223,237 | ) | (20,042 | ) | (2,746 | ) | (1,008,874 | ) | (1,644,306 | ) | (225,269 | ) | |
| Net income | 1,107,688 | 1,912,667 | 262,034 | 4,268,577 | 6,248,116 | 855,987 | |||||||
| Net loss attributable to noncontrolling interests | 4,052 | 3,970 | 544 | 16,759 | 16,198 | 2,219 | |||||||
| Net income attributable to ordinary shareholders of the Company | 1,111,740 | 1,916,637 | 262,578 | 4,285,336 | 6,264,314 | 858,206 | |||||||
| Net income per ordinary share attributable to ordinary shareholders of Qifu Technology, Inc. | |||||||||||||
| Basic | 3.51 | 6.70 | 0.92 | 13.36 | 21.02 | 2.88 | |||||||
| Diluted | 3.44 | 6.62 | 0.91 | 13.04 | 20.64 | 2.83 | |||||||
| Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. | |||||||||||||
| Basic | 7.02 | 13.40 | 1.84 | 26.72 | 42.04 | 5.76 | |||||||
| Diluted | 6.88 | 13.24 | 1.82 | 26.08 | 41.28 | 5.66 | |||||||
| Weighted average shares used in calculating net income per ordinary share | |||||||||||||
| Basic | 316,325,750 | 285,872,913 | 285,872,913 | 320,749,805 | 298,012,150 | 298,012,150 | |||||||
| Diluted | 323,305,948 | 289,427,077 | 289,427,077 | 328,508,945 | 303,449,864 | 303,449,864 | |||||||
| 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, | ||||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | 2024 | ||||||||
| RMB | RMB | USD | RMB | RMB | USD | ||||||||
| Net cash provided by operating activities | 2,351,791 | 3,051,606 | 418,067 | 7,118,350 | 9,343,311 | 1,280,027 | |||||||
| Net cash used in investing activities | (1,885,694 | ) | (945,611 | ) | (129,548 | ) | (11,147,789 | ) | (7,994,081 | ) | (1,095,184 | ) | |
| Net cash (used in) provided by financing activities | (911,621 | ) | (1,873,516 | ) | (256,671 | ) | 1,066,458 | (2,114,463 | ) | (289,680 | ) | ||
| Effect of foreign exchange rate changes | (877 | ) | 31,464 | 4,311 | 9,615 | 12,036 | 1,649 | ||||||
| Net (decrease) increase in cash and cash equivalents | (446,401 | ) | 263,943 | 36,159 | (2,953,366 | ) | (753,197 | ) | (103,188 | ) | |||
| Cash, cash equivalents, and restricted cash, beginning of period | 8,005,398 | 6,541,857 | 896,231 | 10,512,363 | 7,558,997 | 1,035,578 | |||||||
| Cash, cash equivalents, and restricted cash, end of period | 7,558,997 | 6,805,800 | 932,390 | 7,558,997 | 6,805,800 | 932,390 | |||||||
| Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/Income | ||||
| (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, | ||||
| 2023 | 2024 | 2024 | ||
| RMB | RMB | USD | ||
| Net income | 1,107,688 | 1,912,667 | 262,034 | |
| Other comprehensive income, net of tax of nil: | ||||
| Foreign currency translation adjustment | (3,606 | ) | 145,610 | 19,948 |
| Other comprehensive (loss) income | (3,606 | ) | 145,610 | 19,948 |
| Total comprehensive income | 1,104,082 | 2,058,277 | 281,982 | |
| Comprehensive loss attributable to noncontrolling interests | 4,052 | 3,970 | 544 | |
| Comprehensive income attributable to ordinary shareholders | 1,108,134 | 2,062,247 | 282,526 | |
| Year ended December 31, | ||||
| 2023 | 2024 | 2024 | ||
| RMB | RMB | USD | ||
| Net income | 4,268,577 | 6,248,116 | 855,987 | |
| Other comprehensive income, net of tax of nil: | ||||
| Foreign currency translation adjustment | 17,118 | 46,534 | 6,375 | |
| Other comprehensive income | 17,118 | 46,534 | 6,375 | |
| Total comprehensive income | 4,285,695 | 6,294,650 | 862,362 | |
| Comprehensive loss attributable to noncontrolling interests | 16,759 | 16,198 | 2,219 | |
| Comprehensive income attributable to ordinary shareholders | 4,302,454 | 6,310,848 | 864,581 | |
| 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, | |||||
| 2023 | 2024 | 2024 | |||
| RMB | RMB | USD | |||
| Reconciliation of Non-GAAP Net Income to Net Income | |||||
| Net income | 1,107,688 | 1,912,667 | 262,034 | ||
| Add: Share-based compensation expenses | 42,572 | 59,720 | 8,182 | ||
| Non-GAAP net income | 1,150,260 | 1,972,387 | 270,216 | ||
| GAAP net income margin | 24.6 | % | 42.7 | % | |
| Non-GAAP net income margin | 25.6 | % | 44.0 | % | |
| Net income attributable to shareholders of Qifu Technology, Inc. | 1,111,740 | 1,916,637 | 262,578 | ||
| Add: Share-based compensation expenses | 42,572 | 59,720 | 8,182 | ||
| Non-GAAP net income attributable to shareholders of Qifu Technology, Inc. | 1,154,312 | 1,976,357 | 270,760 | ||
| Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS -diluted | 161,652,974 | 144,713,538 | 144,713,538 | ||
| Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted | 6.88 | 13.24 | 1.82 | ||
| Non-GAAP net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted | 7.14 | 13.66 | 1.87 | ||
| Reconciliation of Non-GAAP Income from operations to Income from operations | |||||
| Income from operations | 1,279,561 | 1,890,329 | 258,974 | ||
| Add: Share-based compensation expenses | 42,572 | 59,720 | 8,182 | ||
| Non-GAAP Income from operations | 1,322,133 | 1,950,049 | 267,156 | ||
| GAAP operating margin | 28.5 | % | 42.2 | % | |
| Non-GAAP operating margin | 29.4 | % | 43.5 | % | |
| Year ended December 31, | |||||
| 2023 | 2024 | 2024 | |||
| RMB | RMB | USD | |||
| Reconciliation of Non-GAAP Net Income to Net Income | |||||
| Net income | 4,268,577 | 6,248,116 | 855,987 | ||
| Add: Share-based compensation expenses | 185,604 | 167,613 | 22,963 | ||
| Non-GAAP net income | 4,454,181 | 6,415,729 | 878,950 | ||
| GAAP net income margin | 26.2 | % | 36.4 | % | |
| Non-GAAP net income margin | 27.3 | % | 37.4 | % | |
| Net income attributable to shareholders of Qifu Technology, Inc. | 4,285,336 | 6,264,314 | 858,206 | ||
| Add: Share-based compensation expenses | 185,604 | 167,613 | 22,963 | ||
| Non-GAAP net income attributable to shareholders of Qifu Technology, Inc. | 4,470,940 | 6,431,927 | 881,169 | ||
| Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS -diluted | 164,254,473 | 151,724,932 | 151,724,932 | ||
| Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted | 26.08 | 41.28 | 5.66 | ||
| Non-GAAP net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted | 27.22 | 42.39 | 5.81 | ||
| Reconciliation of Non-GAAP Income from operations to Income from operations | |||||
| Income from operations | 4,856,964 | 7,528,570 | 1,031,409 | ||
| Add: Share-based compensation expenses | 185,604 | 167,613 | 22,963 | ||
| Non-GAAP Income from operations | 5,042,568 | 7,696,183 | 1,054,372 | ||
| GAAP operating margin | 29.8 | % | 43.9 | % | |
| Non-GAAP operating margin | 31.0 | % | 44.8 | % | |
FAQ
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