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X Financial (XYF) investor relations material
X Financial Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary21 Nov, 2025
Executive summary
Q3 2025 marked a shift to a more disciplined, regulated operating environment, with loan origination reaching RMB 33.64 billion, up 18.7% year over year but down 13.7% sequentially, reflecting a focus on prudent growth and asset quality.
Net income for Q3 2025 was RMB 421.2 million, up 12.1% year over year but down 20.2% from the previous quarter, with a high-ROE, capital-light platform supporting scalable, efficient growth.
Active borrowers reached 2.44 million, up 24.2% year over year, while cumulative active borrowers rose 28.1% to 19.69 million.
Operational enhancements included improved borrower experience, streamlined application processes, and strengthened risk controls.
Despite a softer environment, profitability and positive earnings were maintained, demonstrating resilience.
Financial highlights
Total net revenue in Q3 2025 was RMB 1.96 billion, up 23.9% year over year but down 13.7% sequentially.
Income from operations was RMB 331.9 million, down 29.9% year over year and 46.4% sequentially, mainly due to higher provisions.
Non-GAAP adjusted net income was RMB 438.2 million, up 1% year over year and down 26.1% from Q2.
Total assets stood at RMB 14.69 billion, up 26.4% year over year; shareholders' equity was RMB 7.93 billion, up 15%.
Cash and cash equivalents stood at RMB 890.9 million as of September 30, 2025.
Outlook and guidance
Q4 2025 loan origination is expected to be RMB 21–23 billion; full-year 2025 guidance is RMB 128.8–130.8 billion.
Management prioritizes asset quality, credit discipline, and profitability over aggressive volume growth.
Management anticipates continued regulatory and credit challenges but remains confident in long-term growth and disciplined execution.
Impact of 82% YoY delinquency rate increase?
Rationale for Q4 loan origination guidance decline
Mitigating regulatory impact on pricing/margins
What drives delinquency rate stabilization?
Explore new business initiatives for capital
How will new regulations impact loan pricing?
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Next X Financial earnings date
Q4 202519 Mar, 2026
Next X Financial earnings date
Q4 202519 Mar, 2026
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Frequently asked questions
X Financial, listed on the NYSE under the ticker XYF, is a technology-driven personal finance company based in Shenzhen, China. Founded in 2014, the company operates an online marketplace that connects borrowers with institutional funding partners. X Financial's primary products include Xiaoying Card Loan and Xiaoying Preferred Loan. The company also provides home equity loans through the Xiaoying housing loan product and offers investment products such as funds, money market, and insurance products via the Xiaoying Wealth Management platform. Additionally, X Financial engages in technology development, consulting, and guarantee services. The company is headquartered in Shenzhen, China, and its shares are listed on the NYSE.
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