Qfin Holdings (QFIN) Q3 2025 earnings summary

Executive summary

• Navigated persistent macroeconomic and regulatory headwinds in China's consumer finance sector, focusing on risk management, AI advancement, and deepening partnerships with 167 financial institutions.

• Achieved 62.1 million cumulative users with approved credit lines and 38.1 million cumulative borrowers as of September 30, 2025.

• Maintained steady financial results with non-GAAP net income of RMB 1,508 million for Q3 2025, though down from prior periods, and a non-GAAP ROE of 25.0%.

• Leveraged AI-powered credit decisioning and diversified user acquisition channels to support operational efficiency.

• Prioritized long-term sustainability and leadership through compliance, technology innovation, and international expansion.

Financial highlights

• Q3 2025 net revenue was RMB 5.21 billion, up 19.1% year-over-year and nearly flat sequentially.

• Non-GAAP net income for Q3 2025 was RMB 1,508 million, down from RMB 1,825 million year-over-year.

• Total loan facilitation and origination volume reached RMB 83.3 billion, up 1.0% year-over-year and stable quarter-over-quarter.

• ABS issuance in Q3 was RMB 4.5 billion, up 29% year-over-year; total ABS issuance for nine months grew 41% to RMB 18.9 billion.

• Cumulative borrowers increased to 38.1 million, up 15.1% year-over-year.

Outlook and guidance

• Q4 2025 non-GAAP net income expected between RMB 1 billion and RMB 1.2 billion, with a year-on-year decline of 39% to 49%.

• Full year 2025 non-GAAP net income expected between RMB 6.28 billion and RMB 6.48 billion, a year-on-year change of -2% to +1%.

• Anticipates further pricing decline due to regulatory changes, with take rates expected at 3%-4% in the near term.

• Expects capital light and capital heavy business mix to remain flexible, likely near a 50/50 split in 2026.

• Focus remains on expanding the user base and deepening partnerships with financial institutions.