Qfin Holdings (QFIN) Q2 2025 earnings summary

Executive summary

• Achieved strong growth despite global economic and regulatory headwinds, leveraging AI to enhance credit solutions and operational efficiency, with 60.2 million cumulative users and partnerships with 165 financial institutions.

• Cumulative loan origination volume reached RMB 84.6 billion in Q2 2025, up 16.1% year-over-year.

• Non-GAAP net income for Q2 2025 was RMB 1,849 million, a 30.8% increase year-over-year, with non-GAAP ROE at 31.5%.

• Embedded finance and AI-driven risk management remain core to strategy, with significant expansion in user base and product innovation.

• Platform connected 275.8 million consumers as of June 30, 2025, up 11.4% year-over-year.

Financial highlights

• Q2 net revenue reached RMB 5,216 million, up from RMB 4,160.1 million year-over-year and RMB 4,690.7 million sequentially.

• Non-GAAP net income was RMB 1,849 million, up from RMB 1,413.4 million year-over-year but down from RMB 1,926.2 million sequentially.

• Take rate improved to 5.4%, nearly one percentage point higher year-over-year.

• Outstanding loan balance at quarter-end was RMB 140.1 billion, a 13.4% year-over-year increase.

• Cash from operations was RMB 2,622 million; total cash and equivalents at RMB 13.34 billion.

Outlook and guidance

• Q3 non-GAAP net income expected between RMB 1.6 billion and RMB 1.8 billion, reflecting prudent planning amid ongoing uncertainty.

• Loan origination pace to be more cautious in H2 due to regulatory changes; clearer outlook expected by Q4.

• Take rate expected to remain around 5% in Q3, with some near-term volatility possible.

• Management to maintain a prudent approach amid macroeconomic uncertainties and focus on operational efficiency.

• Strategic vision includes overseas expansion and strengthening core credit business in China.