Qfin Holdings (QFIN) investor relations material

Executive summary

• Navigated a challenging regulatory and macro environment in 2025, with systemic restructuring in China's consumer finance sector and tightened market liquidity impacting loan growth and risk management.

• Achieved 63.6 million cumulative users with approved credit lines and 167 financial institution partners as of December 31, 2025, positioning as a leading AI-empowered credit-tech platform.

• Expanded technology solutions business and launched international operations, targeting both mature and developing overseas markets for long-term growth.

• Management emphasized proactive risk controls and prudent business planning amid macro and regulatory challenges.

• Cumulative borrowers with successful drawdown totaled 38.9 million, up 13.0% year-over-year.

Financial highlights

• Q4 2025 total loan facilitation and origination volume was RMB 70.3 billion, down 21.8% year-over-year; full-year volume rose 1.6% to RMB 327.1 billion.

• Q4 2025 net revenue was RMB 4.09 billion, down from RMB 5.21 billion in Q3 and RMB 4.48 billion a year ago; full-year 2025 net revenue was RMB 19.21 billion, up 11.9% year-over-year.

• Q4 2025 non-GAAP net income was RMB 1.07 billion, down 45.7% year-over-year; full-year non-GAAP net income was RMB 6.35 billion, down 1% year-over-year.

• Q4 2025 net income was RMB 1.02 billion, down from RMB 1.91 billion a year ago; full-year net income was RMB 5.98 billion, down 4.4% year-over-year.

• Net income per fully diluted ADS for Q4 2025 was RMB 7.82; non-GAAP was RMB 8.23.

Outlook and guidance

• For Q1 2026, expects non-GAAP net income between RMB 900 million and RMB 950 million, a year-over-year decline of 51%-53%.

• Will maintain a cautious approach in business planning for 2026, focusing on efficiency, cost control, and prudent risk management.

• Expects further downward adjustment in average loan pricing in 2026 as focus shifts to high-quality users.

• Plans to increase the proportion of capital-light business in 2026 for greater flexibility and risk diversification.

• Company expects continued volatility and is prepared to further streamline operations and optimize resources.