X Financial (XYF) investor relations material

Executive summary

• Achieved strong momentum in Q2 2025 with RMB38.99 billion in loan originations, up 71.4% year over year, and 3.72 million loans facilitated, serving 2.85 million active borrowers.

• Net income for Q2 2025 was RMB528 million, up 27.1% year over year; non-GAAP adjusted net income reached RMB593.2 million, up 58.3%.

• Revenue reached RMB2.27 billion, a 65.6% year-over-year increase, driven by robust borrower demand and platform expansion.

• Maintained a capital-light, high-ROE consumer lending platform, emphasizing scalable growth and disciplined capital allocation.

• Management focused on enhancing borrower experience, platform reliability, and disciplined risk management.

Financial highlights

• Total net revenue: RMB2.27 billion, up 65.6% year over year and 17.3% sequentially.

• Income from operations: RMB675.1 million, up 45.8% year over year; operating margin near 30%.

• Non-GAAP adjusted net income: RMB593.2 million, up 58.3% year over year; net income per ADS up 85.8%.

• Return on equity improved to 27.9% in Q2, up both sequentially and year over year.

• Cash and cash equivalents as of June 30, 2025, were RMB1,152.99 million, with total equity at RMB7,720.9 million.

Outlook and guidance

• 2025 total loan facilitation and origination expected in the range of RMB32–34 billion, reflecting a deliberate moderation to prioritize asset quality and profitability.

• Projecting 30% volume growth in FY2025, with continued focus on capital efficiency and shareholder returns.

• Management remains confident in resilient borrower demand and disciplined execution despite regulatory uncertainties.