Qfin Holdings Announces Second Quarter and Interim 2025 Unaudited Financial Results; Raises Semi-Annual Dividend

Jam • • Markets • 9 views

Qfin Holdings (NASDAQ: QFIN) reported Q2 2025 results, with total net revenue of RMB5,215.9 million (US$728.1 million) and Non-GAAP net income of RMB1,849.0 million (US$258.1 million). Loan facilitation volume increased 16.1% YoY to RMB84,609 million and outstanding loan balance rose 13.4% YoY to RMB140,080 million. The platform connects 165 financial institutions and serves 275.8 million users. Despite challenges, Qfin maintained a 93.8% repeat borrower rate and optimized its business mix with 41.4% of loan volume under a capital-light model.

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Qfin Holdings (NASDAQ: QFIN) released its Q2 2025 earnings report, demonstrating resilience amid challenging market conditions. The company reported total net revenue of RMB5,215.9 million (US$728.1 million) and Non-GAAP net income of RMB1,849.0 million (US$258.1 million).

Key operational highlights include a total loan facilitation volume of RMB84,609 million, a 16.1% year-over-year increase; a total outstanding loan balance of RMB140,080 million, up 13.4% year-over-year; and a 90-day+ delinquency rate of 1.97%. Qfin’s platform now connects 165 financial institutions and serves 275.8 million registered users.

Despite headwinds from international trade tensions and regulatory updates, Qfin maintained solid fundamentals, evidenced by a 93.8% repeat borrower contribution. The company continues to optimize its business mix, with 41.4% of its loan volume operating under a capital-light model.

Qfin Holdings (NASDAQ: QFIN) ha pubblicato i risultati finanziari del secondo trimestre 2025, mostrando una performance resiliente nonostante le difficoltà di mercato. La società ha registrato ricavi netti totali per RMB5.215,9 milioni (US$728,1 milioni) e un utile netto Non-GAAP di RMB1.849,0 milioni (US$258,1 milioni).

Le principali metriche operative includono: volume totale di intermediazione prestiti pari a RMB84.609 milioni (in aumento del 16,1% su base annua), saldo totale dei prestiti in essere di RMB140.080 milioni (in crescita del 13,4% YoY) e un tasso di insolvenza oltre 90 giorni del 1,97%. La piattaforma collega ora 165 istituzioni finanziarie e serve 275,8 milioni di utenti registrati.

Nonostante le sfide derivanti dalle tensioni commerciali internazionali e dagli aggiornamenti normativi, Qfin ha mantenuto fondamentali solidi con un contributo dei prenditori ripetuti del 93,8% e ha continuato a ottimizzare il mix di business con il 41,4% del volume prestiti in un modello a basso impiego di capitale.

Qfin Holdings (NASDAQ: QFIN) informó sus resultados financieros del segundo trimestre de 2025, mostrando un desempeño resiliente pese a los desafíos del mercado. La compañía alcanzó ingresos netos totales de RMB5,215.9 millones (US$728.1 millones) y un beneficio neto Non-GAAP de RMB1,849.0 millones (US$258.1 millones).

Las métricas operativas clave incluyen: volumen total de facilitación de préstamos de RMB84,609 millones (sube 16.1% interanual), saldo total de préstamos pendientes de RMB140,080 millones (sube 13.4% interanual) y una tasa de morosidad a más de 90 días del 1.97%. La plataforma conecta ahora a 165 instituciones financieras y atiende a 275.8 millones de usuarios registrados.

A pesar de los retos por las tensiones comerciales internacionales y cambios regulatorios, Qfin mantuvo fundamentos sólidos con una contribución de prestatarios recurrentes del 93.8% y continuó optimizando su mezcla de negocio con el 41.4% del volumen de préstamos bajo un modelo de bajo uso de capital.

Qfin Holdings (NASDAQ: QFIN)은 2025년 2분기 재무 실적을 발표하며 시장 어려움 속에서도 견조한 실적을 보였습니다. 회사는 총 순매출 RMB5,215.9백만(미화 7억2810만 달러)과 Non-GAAP 순이익 RMB1,849.0백만(미화 2억5,810만 달러)을 기록했습니다.

주요 운영 지표로는 총 대출 중개금액 RMB84,609백만(전년 동기 대비 16.1% 증가), 총 미상환 대출 잔액 RMB140,080백만(전년 동기 대비 13.4% 증가), 그리고 90일 이상 연체율 1.97%이 포함됩니다. 플랫폼은 현재 165개 금융기관과 연결되어 있으며 2억7,580만 등록 사용자에게 서비스를 제공합니다.

국제 무역 긴장과 규제 변화라는 도전에도 불구하고 Qfin은 반복 대출자의 기여 비중 93.8%로 견고한 펀더멘털을 유지했고, 대출 볼륨의 41.4%를 자본 경량 모델로 운용하며 사업 구성을 지속 최적화했습니다.

Qfin Holdings (NASDAQ: QFIN) a publié ses résultats financiers du deuxième trimestre 2025, affichant des performances résilientes malgré les tensions du marché. La société a réalisé un chiffre d’affaires net total de 5 215,9 millions RMB (728,1 M$) et un résultat net Non-GAAP de 1 849,0 millions RMB (258,1 M$).

Les principaux indicateurs opérationnels incluent : un volume total d’intermédiation de prêts de 84 609 millions RMB (en hausse de 16,1 % en glissement annuel), un encours de prêts total de 140 080 millions RMB (en hausse de 13,4 % en glissement annuel) et un taux de délinquance 90 jours+ de 1,97 %. La plateforme relie désormais 165 établissements financiers et sert 275,8 millions d’utilisateurs enregistrés.

Malgré les défis liés aux tensions commerciales internationales et aux évolutions réglementaires, Qfin a conservé des fondamentaux solides avec une contribution des emprunteurs récurrents de 93,8 % et a poursuivi l’optimisation de son mix commercial avec 41,4 % du volume de prêts en modèle allégé en capital.

Qfin Holdings (NASDAQ: QFIN) legte seine Finanzergebnisse für das zweite Quartal 2025 vor und zeigte trotz Marktfriktionen eine robuste Leistung. Das Unternehmen erzielte gesamte Nettoumsätze von RMB5.215,9 Millionen (US$728,1 Millionen) und Non-GAAP Nettogewinn von RMB1.849,0 Millionen (US$258,1 Millionen).

Wesentliche operative Kennzahlen umfassen: Gesamtvolumen der Kreditvermittlung von RMB84.609 Millionen (plus 16,1% im Jahresvergleich), ausstehender Gesamtkreditbestand von RMB140.080 Millionen (plus 13,4% YoY) und eine 90-Tage-Plus-Ausfallquote von 1,97%. Die Plattform verbindet nun 165 Finanzinstitute und bedient 275,8 Millionen registrierte Nutzer.

Trotz Herausforderungen durch internationale Handelskonflikte und regulatorische Anpassungen behielt Qfin solide Fundamentaldaten mit einem Anteil wiederkehrender Kreditnehmer von 93,8% bei und optimierte weiterhin die Geschäftsstruktur, wobei 41,4% des Kreditvolumens im kapitalarmen Modell laufen.

Positive

  • Total net revenue increased to RMB5,215.9 million, up from RMB4,160.1 million YoY
  • Total loan facilitation volume grew 16.1% YoY to RMB84,609 million
  • Total outstanding loan balance increased 13.4% YoY to RMB140,080 million
  • Strong user growth with 275.8 million registered users, up 11.4% YoY
  • High repeat borrower contribution at 93.8%, indicating strong customer loyalty
  • Record ABS issuance with declining blended funding costs

Negative

  • Day-1 delinquency rate increased to 5.1%
  • 30-day collection rate declined to 87.3%
  • Capital-light loan facilitation fees decreased YoY from RMB524.4M to RMB326.8M
  • Total loan volume decreased 4.8% QoQ from RMB88,883M to RMB84,609M
  • Operating costs increased significantly YoY from RMB2,175.1M to RMB3,079.7M

Insights

Qfin’s Q2 results show 25% revenue growth with resilient profits despite macro challenges, alongside a higher dividend.

Qfin Holdings delivered solid financial performance in Q2 2025 despite macroeconomic headwinds. Total net revenue reached RMB5.22 billion ($728.1 million), representing a 25.4% year-over-year increase and 11.2% sequential growth. The company’s total facilitation and origination loan volume grew 16.1% year-over-year to RMB84.61 billion, though it decreased 4.8% from the previous quarter.

The revenue composition reveals an interesting strategic shift. Credit Driven Services generated RMB3.57 billion, accounting for 68.4% of total revenue. This segment saw strong growth as Qfin increased its on-balance-sheet lending, with financing income rising 30.5% year-over-year to RMB2.21 billion. Meanwhile, Platform Services revenue grew 32.2% year-over-year to RMB1.65 billion, with referral services fees increasing 58.2% due to higher loan facilitation through the ICE platform.

Profitability remained resilient despite increased provisioning. Non-GAAP net income reached RMB1.85 billion ($258.1 million), down slightly from RMB1.93 billion in Q1 2025. The company’s higher provisioning reflects a prudent approach to risk management amid economic uncertainties. Total provisions across various categories amounted to RMB1.32 billion, up significantly from RMB830 million in the same period last year.

The company’s risk metrics show slight deterioration, with the 90-day+ delinquency rate at 1.97% and Day-1 delinquency at 5.1%. The 30-day collection rate of 87.3% indicates some pressure on borrowers’ repayment ability. Management acknowledged ongoing portfolio risk fluctuations due to geopolitical uncertainties and macro headwinds affecting users’ financial wellbeing.

Notably, Qfin is diversifying its user acquisition channels, with over half of new credit line users coming through embedded finance (API) partners. The company also maintained strong cash generation, with RMB2.62 billion in operating cash flow for the quarter. The announcement of a raised semi-annual dividend further demonstrates management’s confidence in the business’s financial health despite the challenging environment.

08/14/2025 – 06:00 PM

SHANGHAI, China, Aug. 14, 2025 (GLOBE NEWSWIRE) — Qfin Holdings, Inc. (NASDAQ: QFIN; HKEx: 3660), a leading AI-powered Credit-Tech platform in China, today announced its unaudited financial results for the second quarter and six months ended June 30, 2025, and raised its semi-annual dividend.

Second Quarter 2025 Business Highlights: Key Metrics and User Growth

  • As of June 30, 2025, Qfin’s platform has connected 165 financial institutional partners and 275.8 million consumers, reflecting a substantial potential credit need and an increase of 11.4% from 247.6 million a year ago.
  • The platform boasts 60.2 million cumulative users with approved credit lines as of June 30, 2025, marking a 12.3% increase from 53.6 million as of June 30, 2024.
  • As of June 30, 2025, Qfin served 36.8 million cumulative borrowers with successful drawdowns, including repeat borrowers, a 14.9% increase from 32.0 million as of June 30, 2024.
  • In Q2 2025, financial institutional partners originated 23,638,189 loans through Qfin’s platform, demonstrating the platform’s robust facilitation capabilities.
  • Total facilitation and origination loan volume reached RMB84,609 million, a 16.1% surge from RMB72,864 million in the same period of 2024, even with a 4.8% decrease from RMB88,883 million in the prior quarter. Under a capital-light model, Intelligence Credit Engine (“ICE”), and total technology solutions, RMB35,032 million of such loan volume was facilitated, representing 41.4% of the total. This represents a decrease of 11.0% from RMB39,344 million in the same period of 2024 and a decrease of 20.0% from RMB43,811 million in the prior quarter.
  • The total outstanding loan balance was RMB140,080 million as of June 30, 2025, a 13.4% rise from RMB123,551 million as of June 30, 2024, and a slight 0.1% dip from RMB140,273 million as of March 31, 2025. RMB71,530 million of such loan balance was under capital-light model, “ICE” and total technology solutions, an increase of 2.8% from RMB69,589 million as of June 30, 2024 and a decrease of 9.1% from RMB78,681 million as of March 31, 2025.
  • In Q2 2025, the loans originated by financial institutions across Qfin’s platform had a weighted average contractual tenor of around 10.33 months, an increase from 9.97 months in the same period of 2024.
  • The delinquency rate (90 day+) of loans originated by financial institutions across Qfin’s platform stood at 1.97% as of June 30, 2025.
  • Repeat borrowers continued to fuel Qfin’s platform, accounting for 93.8% of loans originated by financial institutions in Q2 2025, underscoring robust customer retention.

1 Refers to cumulative registered users across our platform.
2 “Cumulative users with approved credit lines” refers to the total number of users who had submitted their credit applications and were approved with a credit line at the end of each period.
3 Including 1,891,320 loans across “V-pocket”, and 21,746,869 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.

Q2 2025 Financial Performance: Revenue Growth & Profitability

  • Total net revenue reached RMB5,215.9 million (US$728.1 million), surpassing the prior quarter’s RMB4,690.7 million.
  • Net income amounted to RMB1,730.5 million (US$241.6 million), slightly lower than the previous quarter’s RMB1,796.6 million, likely due to increased provisioning.
  • Non-GAAP net income totaled RMB1,849.0 million (US$258.1 million), compared to RMB1,926.2 million in the prior quarter.
  • Net income per fully diluted American depositary share (“ADS”) was RMB12.76 (US$1.78), versus RMB12.62 in the prior quarter.
  • Correspondingly, Non-GAAP net income per fully diluted ADS was RMB13.63 (US$1.90), surpassing the prior quarter’s RMB13.53.

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.

Haisheng Wu, CEO and Director of Qfin Holdings, noted the challenges posed by international trade tensions and regulatory changes during the quarter. “Overall risks continued to fluctuate, and we started to tighten risk standards in response to the uncertain dynamic. We will remain prudent in our business planning for the rest of the year and will continue to focus on improving the quality and sustainability of our business,” Wu stated.

Wu also highlighted the company’s record ABS issuance and declining blended funding cost, even in the face of liquidity shortages in certain industry segments. Approximately 51% of the quarter-end loan balance was facilitated under the capital-light model, ICE, and total technology solutions, reflecting timely adjustments to the business mix. Notably, over half of new credit line users were acquired through embedded finance (API) partners, diversifying user acquisition channels.

Alex Xu, CFO, commented on the “solid financial results despite a rapidly changing uncertain macro environment” and the RMB2.62 billion in cash generated from operations. Xu also emphasized the company’s prudent approach to risk assessment, reflected in the new provision booking ratio, which is near historical highs.

Yan Zheng, CRO, acknowledged “continued fluctuation in portfolio risks” due to geopolitical uncertainties and macroeconomic headwinds. Key leading indicators included a Day-1 delinquency rate of 5.1% and a 30-day collection rate of 87.3%. However, Zheng noted improved risk performance for new loans in the most recent month due to tightened risk standards.

Key Financial Breakdown

Total net revenue was RMB5,215.9 million (US$728.1 million), compared to RMB4,160.1 million in the same period of 2024, and RMB4,690.7 million in the prior quarter.

Net revenue from Credit Driven Services was RMB3,565.5 million (US$497.7 million), compared to RMB2,912.2 million in the same period of 2024, and RMB3,110.9 million in the prior quarter.

Loan facilitation and servicing fees-capital heavy were RMB460.9 million (US$64.3 million), compared to RMB151.1 million in the same period of 2024 and RMB429.8 million in the prior quarter.

Financing income*12 was RMB2,205.0 million (US$307.8 million), compared to RMB1,690.1 million in the same period of 2024 and RMB1,817.2 million in the prior quarter.

Revenue from releasing of guarantee liabilities was RMB805.3 million (US$112.4 million), compared to RMB972.6 million in the same period of 2024, and RMB778.2 million in the prior quarter.

Other services fees were RMB94.5 million (US$13.2 million), compared to RMB98.4 million in the same period of 2024, and RMB85.6 million in the prior quarter.

Net revenue from Platform Services was RMB1,650.3 million (US$230.4 million), compared to RMB1,247.9 million in the same period of 2024 and RMB1,579.8 million in the prior quarter.

Loan facilitation and servicing fees-capital light were RMB326.8 million (US$45.6 million), compared to RMB524.4 million in the same period of 2024 and RMB373.7 million in the prior quarter.

Referral services fees were RMB986.4 million (US$137.7 million), compared to RMB623.5 million in the same period of 2024 and RMB1,004.6 million in the prior quarter.

Other services fees were RMB337.1 million (US$47.1 million), compared to RMB100.0 million in the same period of 2024 and RMB201.5 million in the prior quarter.

Total operating costs and expenses were RMB3,079.7 million (US$429.9 million), compared to RMB2,175.1 million in the same period of 2024 and RMB2,716.0 million in the prior quarter.

Facilitation, origination and servicing expenses were RMB781.0 million (US$109.0 million), compared to RMB722.2 million in the same period of 2024 and RMB714.5 million in the prior quarter.

Funding costs were RMB142.1 million (US$19.8 million), compared to RMB161.3 million in the same period of 2024 and RMB122.7 million in the prior quarter.

Sales and marketing expenses were RMB662.7 million (US$92.5 million), compared to RMB366.4 million in the same period of 2024 and RMB591.5 million in the prior quarter.

General and administrative expenses were RMB175.9 million (US$24.6 million), compared to RMB95.1 million in the same period of 2024 and RMB196.5 million in the prior quarter.

Provision for loans receivable was RMB773.8 million (US$108.0 million), compared to RMB849.5 million in the same period of 2024 and RMB823.2 million in the prior quarter.

Provision for financial assets receivable was RMB66.6 million (US$9.3 million), compared to RMB70.2 million in the same period of 2024 and RMB39.9 million in the prior quarter.

Provision for accounts receivable and contract assets was RMB79.9 million (US$11.2 million), compared to RMB123.8 million in the same period of 2024 and RMB68.4 million in the prior quarter.

Provision for contingent liability was RMB397.6 million (US$55.5 million), compared to RMB-213.3 million in the same period of 2024 and RMB159.3 million in the prior quarter.

Income from operations was RMB2,136.2 million (US$298.2 million), compared to RMB1,985.0 million in the same period of 2024 and RMB1,974.7 million in the prior quarter.

Non-GAAP income from operations was RMB2,254.7 million (US$314.7 million), compared to RMB2,021.9 million in the same period of 2024 and RMB2,104.3 million in the prior quarter.

Operating margin was 41.0%. Non-GAAP operating margin was 43.2%.

Income before income tax expense was RMB2,172.0 million (US$303.2 million), compared to RMB2,076.6 million in the same period of 2024 and RMB2,220.2 million in the prior quarter.

Income taxes expense was RMB441.5 million (US$61.6 million), compared to RMB700.1 million in the same period of 2024 and RMB423.6 million in the prior quarter.

Net income was RMB1,730.5 million (US$241.6 million), compared to RMB1,376.5 million in the same period of 2024 and RMB1,796.6 million in the prior quarter.

Non-GAAP net income was RMB1,849.0 million (US$258.1 million), compared to RMB1,413.4 million in the same period of 2024 and RMB1,926.2 million in the prior quarter.

Net income margin was 33.2%. Non-GAAP net income margin was 35.4%.

Net income attributed to the Company was RMB1,734.0 million (US$242.1 million), compared to RMB1,380.5 million in the same period of 2024 and RMB1,800.2 million in the prior quarter.

Non-GAAP net income attributed to the Company was RMB1,852.5 million (US$258.6 million), compared to RMB1,417.4 million in the same period of 2024 and RMB1,929.8 million in the prior quarter.

Net income per fully diluted ADS was RMB12.76 (US$1.78).

Non-GAAP net income per fully diluted ADS was RMB13.63 (US$1.90).

Weighted average basic ADS used in calculating GAAP net income per ADS was 132.92 million.

Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 135.92 million.

Ordinary shares outstanding as of June 30, 2025 was 264,857,728.

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.

Historical Delinquency Rates

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 can be reviewed in the released document below.

https://ml.globenewswire.com/api/1.0/download/818a1162-cfc1-4fcb

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Jam

Jam

Jan, a seasoned journalist, specializes in major corporations' stock industry and the IT tech internet field. With years of experience, she's known for dissecting global tech giants' stock moves, analyzing financial impacts and industry trends. Jan excels at simplifying complex data and tech concepts, and her work appears in renowned financial and tech publications.
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