Investment Rating - The report maintains an "Overweight" rating for Qifu Technology-S (3660) with a target price of HKD 115.43, corresponding to a 2024 P/E of 6.8x [4] Core Views - The expansion of on-balance sheet loans is the primary driver of profit growth, with financing income increasing by 44% YoY to RMB 1.535 billion in Q1 2024 [4] - Quality growth is identified as the core focus for the company's future development, with continued share buybacks demonstrating management confidence [4] - The company's net take rate (Non-GAAP net profit/average loan balance) expanded to 3.5% in Q1 2024, up from 2.9% in Q1 2023 and 3.2% in Q4 2023 [4] Financial Performance - Q1 2024 revenue reached RMB 4.153 billion, representing a YoY increase of 15.39% but a QoQ decrease of 7.61% [4] - Adjusted net profit for Q1 2024 was RMB 1.205 billion, showing a YoY growth of 23.40% and a QoQ increase of 4.70% [4] - The company's 90+ day delinquency rate rose to 3.35%, primarily due to increased overdue amounts and a decrease in loan balances [4] Future Projections - Revenue is projected to grow to RMB 16.591 billion in 2024, RMB 17.727 billion in 2025, and RMB 18.967 billion in 2026, with YoY growth rates of 1.8%, 6.8%, and 7.0% respectively [4] - Adjusted net profit is expected to reach RMB 4.738 billion in 2024, RMB 5.022 billion in 2025, and RMB 5.738 billion in 2026, with YoY growth rates of 6.4%, 6.0%, and 14.3% respectively [4] Operational Highlights - Q1 2024 credit disbursement amounted to RMB 99.2 billion, a YoY decrease of 9.3%, with approximately 61% of loans provided through the light capital model [4] - The company is actively implementing a USD 350 million share buyback program, with progress ahead of schedule [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Qifu Technology, Inc. 奇富科技股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3660） 2024年第一季度財務業績公告 我們謹此公佈截至2024年3月31日止第一季度的未經審核財務業績（「2024年第一 季度財務業績」）。 2024年第一季度財務業績可於香港聯合交易所有限公司網站www.hkexnews.hk及 我們的網站ir.qifu.tech查閱。 承董事會命 奇富科技股份有限公司 主席 周鴻禕 香港，2024年5月20日 於本公告日期，本公司董事會包括董事周鴻禕先生、吳海生先生、徐祚立先生、 趙丹先生及焦嬌女士；及獨立董事肖鋼先生、閻焱先生、趙帆先生及陳曉歡先生。 1 奇富科技公佈2024年第一季度未經審核財務業績 中國上海，2024年5月19日，中國領先的信貸科技平台奇富科技股份有限公司（納斯達克： QFIN；港交所：3660）（「奇富科技」或「本公司」）今日公 ...

Corporate Structure and Compliance - The company is classified as a large accelerated filer under the Securities Exchange Act[4]. - The financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP)[5]. - The company has not reported any securities under Section 12(g) of the Exchange Act[2]. - There are no outstanding securities that require reporting under Section 15(d) of the Exchange Act[2]. - The company has submitted all required reports under the Exchange Act in the past 12 months[4]. - The company has not indicated any errors in previously issued financial statements that would require restatement[5]. - The company has not been classified as a shell company under the Exchange Act[6]. - The company has established a series of contractual agreements to effectively control variable interest entities (VIEs) in China, including shareholder voting rights, equity pledge agreements, and loan agreements[17]. - The company relies on contractual arrangements with VIEs and their shareholders for all business operations, which may not be as effective as direct ownership[18]. - The company may incur substantial costs in enforcing the terms of the contractual arrangements with VIEs, which are governed by Chinese law[17]. - The company is subject to significant oversight and discretion from the Chinese government, which could adversely affect its operations and the value of its American depositary shares[69]. - The company has been recognized as a committee-designated issuer under the HFCAA, which may lead to trading prohibitions if it continues to use an accounting firm located in jurisdictions that PCAOB cannot inspect[21]. - The PCAOB has not been able to fully inspect or investigate registered accounting firms based in mainland China and Hong Kong, which poses a risk to the company's compliance with the HFCAA[21]. - The company has not received any notifications regarding its status as a "critical information infrastructure operator" under Chinese law, creating uncertainty about additional obligations[110]. Financial Performance - The total net income for 2023 was RMB 16,290,027 thousand, a slight decrease from RMB 16,553,930 thousand in 2022[37]. - Operating costs and expenses totaled RMB 11,433,063 thousand in 2023, compared to RMB 12,081,746 thousand in 2022, indicating a reduction in operational expenditures[37]. - The company reported a net operating income of RMB 4,856,964 thousand in 2023, compared to RMB 4,472,184 thousand in 2022, reflecting growth in operational performance[37]. - Net profit for 2023 reached RMB 4,268,577, a 6.6% increase from RMB 4,005,568 in 2022[38]. - Basic earnings per share for 2023 was RMB 13.36, up from RMB 12.87 in 2022, reflecting a 3.8% growth[38]. - The company’s total equity reached RMB 22,009,857 in 2023, up from RMB 18,931,297 in 2022, marking a 10.8% increase[41]. - The company reported a total liability of RMB 27,597,272 thousand, leading to total equity of RMB 19,791,799 thousand[53]. - The company’s net profit attributable to ordinary shareholders was RMB 1,077,675 thousand, reflecting a significant increase compared to previous periods[50]. - The company’s total assets reached RMB 45,818,572, an increase of 13.5% from RMB 40,343,170 in 2022[41]. - The company’s cash flow from investing activities for 2023 was a net outflow of RMB 11,147,789, compared to a net outflow of RMB 7,355,975 in 2022[43]. Market Operations and Strategy - The company operates primarily in the People's Republic of China, with significant implications for its business operations[8]. - The company aims to strengthen relationships with borrowers, financial institution partners, and data partners[11]. - The company has a significant focus on expanding its market presence and exploring potential mergers and acquisitions[11]. - The company expects growth in the Chinese credit technology industry and anticipates increased demand for its credit technology products[11]. - The company is focused on enhancing its technology and credit assessment capabilities to manage credit risk effectively and improve service offerings[74]. - The company plans to declare and distribute regular cash dividends starting from the first half of 2023, amounting to approximately 20% to 30% of the after-tax net profit for the preceding six-month period[34]. - The company has plans for market expansion and new product development, aiming to enhance its competitive position in the industry[50]. Regulatory Environment and Risks - The company faces various risks related to conducting business in China, including compliance with complex and evolving regulations, which could adversely affect its operations and the value of its American Depositary Shares (ADS)[20]. - There is significant uncertainty regarding the interpretation and enforcement of VIE contractual arrangements under current and future Chinese laws, which may impact the company's operational control[19]. - If the company or any VIE is found to violate existing or future Chinese laws or regulations, it may face severe penalties or be forced to relinquish its interests in those businesses[19]. - The Chinese government has significant power to regulate the company's operations and foreign investment, which could severely limit its ability to issue or continue issuing securities[22]. - The uncertainty surrounding the Chinese legal system and its rapid regulatory changes may lead to significant adverse impacts on the company's operations and the value of its ADS[22]. - The company faces significant risks related to regulatory uncertainties in the credit technology industry, which could adversely affect its financial condition and operational performance[65]. - The company is subject to ongoing regulatory scrutiny regarding its microfinance and financing guarantee practices, which could adversely affect its financial condition and operational performance[86]. - The company may face significant negative impacts if regulatory authorities deem its rectification efforts insufficient or unsatisfactory[81]. - The company is subject to the new financing guarantee regulations, which restrict unapproved entities from providing guarantee services, affecting its operational strategies[78]. Credit and Loan Management - The variable interest entities' revenue accounted for 94% of the total net revenue in 2023, up from 92% in both 2021 and 2022[16]. - The company reported a 180-day+ historical overdue rate, which is a percentage of loans overdue for more than 180 days, calculated based on the total principal amount of loans facilitated during a fiscal quarter[10]. - The company reported a recovery rate of overdue principal amounts within 30 days, calculated as a percentage of the total overdue principal[10]. - The company aims to maintain a low overdue rate for loans facilitated through its platform while expanding its borrower base and improving product utilization[72]. - The company relies on proprietary credit analysis models to assess borrower creditworthiness, and any flaws in these models could severely impact its reputation and market share[66]. - The company has implemented comprehensive collection policies and procedures to ensure compliance with current laws and regulations[154]. - The company relies on various collection methods for overdue loans, and any failure in these methods could lead to a decline in recovery rates[150]. Technology and Data Security - The company utilizes a light capital model, which involves technology-enabled services throughout the loan lifecycle without assuming credit risk[10]. - The deployment of AI-enabled tools, such as the Argus engine, is essential for accurate credit scoring and risk modeling, with potential inaccuracies impacting partnerships with financial institutions[146]. - The company faces inherent risks in protecting user privacy and complying with evolving regulatory frameworks regarding personal data collection and security[106]. - The company has taken measures to protect personal information but still faces challenges related to data security and compliance with applicable laws[106]. - The company is closely monitoring regulatory requirements and seeking guidance from regulatory authorities to ensure compliance with applicable laws and regulations[90]. Financial Partnerships and Funding - The company has established trust arrangements with financial institution partners for loan facilitation, which may impact its financial condition if expected returns are not met[175]. - The company relies on partnerships with several trust companies and asset management firms to secure funding through trust and asset management plans[131]. - The company’s largest financial institution partner, Jincheng Bank, is crucial for exploring innovative collaborations, with potential risks if its business or reputation deteriorates[130]. - The company cannot guarantee sustainable funding from financial institution partners, which may impact reputation, operational performance, and financial condition[125]. - The company may lose funding sources if it fails to effectively match regional banks with local borrowers, which could significantly impact operational performance and profitability[127]. Human Resources and Management - The company’s ability to attract and retain talented employees is crucial for supporting business growth and operational efficiency[73]. - The company may face significant challenges in retaining key management personnel, which could disrupt operations and negatively impact financial performance[177]. - The company’s operations depend heavily on the continued service of its management team, particularly in risk management and product development[177]. Legal and Compliance Issues - The company faces potential negative impacts on its reputation and business performance due to improper actions by third-party collection service providers[154]. - The company may incur substantial costs and resource expenditures to comply with the Sarbanes-Oxley Act, which could affect its financial performance[180]. - The company is unable to ensure that it can renew contracts with service providers on favorable terms, which may affect its operational capabilities[158]. - The company has not tested its disaster recovery plan under actual disaster conditions, which may hinder its ability to recover data and services during interruptions[166]. Economic and Market Conditions - The overall scale may be affected by various factors, including brand awareness, market interest rates, and macroeconomic conditions, which could negatively impact loan matching growth and revenue[120]. - The company’s revenue from loan products may decline due to reduced discretionary spending among consumers and small businesses amid economic downturns[191]. - The competitive landscape in China's credit technology industry is intensifying, with competitors potentially having more financial, technical, and marketing resources, which could adversely affect the company's business performance and financial condition[147]. - The average wage in China is expected to continue rising, impacting labor costs and potentially affecting the company's financial performance unless costs can be controlled or passed on to users[184]. Environmental, Social, and Governance (ESG) Considerations - The company is increasingly sensitive to ESG issues due to heightened attention from the Chinese government and investors, which may impact financing and compliance costs[190]. - The company may face additional costs and risks related to environmental, social, and governance matters, which could adversely affect its business and financial performance[189]. - The company’s ability to adapt to changing ESG expectations is critical to avoid reputational damage and potential financial losses[190].

作为数字经济时代的新质生产力，人工智能的赋能作用日渐凸显，千行百业在人工智能技术突破中加快转型升级步伐。4月17日，奇富科技直播间从AI新质生产力出发，围绕当前中小微企业面临的营销困局，探讨AI赋能小微企业数字化转型的可能性。 (图：奇富科技直播间) AI破局中小企业营销难题 当前，对于中小企业而言，数字化转型既带来了机遇，也带来了挑战，许多中小企业缺乏足够的资源和技术支持，难以独立完成数字化转型。而随着人工智能时代来临，这一困境迎来了转机，AI通过将计算机图形学、语音识别、语义理解等技术深度融合，全场景赋能企业实现降本增效。比如在金融领域，AI可以帮助企业实现智能化服务，包括诊断金融市场、客户潜在需求、交易风险等问题，从而优化业务决策和降低风险及成本。                                                                                                                                                                             ...

股 票 研 究 [Table_industryInfo] 综合金融 [ Table_Main[奇I Tnaf 富bol]e 科_Ti技tle] - S（3660） [评Tab级le_：Inv est] 增持 当前价格（港元）： 64.00 成本管控推动增长，股份回购彰显信心 2024.03.14 海 ——奇富科技2023 年年报点评 [ 交Ta易bl数e_M据a rket] 外 刘欣琦(分析师) 孙坤(分析师) 52周内股价区间（港元） 52.30-81.00 当前股本（百万股） 326 公 021-38676647 021-38038260 当前市值（百万港元） 20,838 司 liuxinqi@gtjas.com sunkun024098@gtjas.com 证书编号 S0880515050001 S0880523030001 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 公司营收下降、利润增长，主因销售费用、资金成本等下降带来成本下降。未来公司 国 奇富科技-S 恒生指数 将更重视精细化运营，收紧风控策略，实现有质量的增长。 香 17% 摘要： 港 9% [T abl ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Qifu Technology, Inc. 奇富科技股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3660） 2023年第四季度及全年 財務業績、半年度股息以及股份回購新計劃公告 2023年全年總撮合及發起貸款規模 *1 達人民幣4,758億元 2023年全年淨利潤人民幣43億元及非公認會計原則 *2 淨利潤人民幣45億元 2023年全年現金股息 *3 預計為170百萬美元，且自2023年6月股份回購計劃 實行以來回購美國存託股總值 *4 約為132百萬美元 公佈一項3.5億美元股份回購新計劃並重申現行半年股息政策 中國上海，2024年3月12日，中國領先的信貸科技平台奇富科技股份有限公司（納斯達克： QFIN；港交所：3660）（「奇富科技」或「本公司」）今日公佈其截至2023年12月31日止第四季度 及截至該日止年度全年的未經審核財務業績、宣派半年度股息及公佈一項股份回購新計劃。 202 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Qifu Technology, Inc. 奇富科技股份有限公司 （股份代號：3660） 2023年第四季度及全年 財務業績、半年度股息以及股份回購新計劃公告 我們謹此公佈截至2023年12月31日止第四季度及截至該日止年度全年的未經審核 財務業績（「2023年第四季度及2023財年財務業績」）、半年度股息以及股份回購新 計劃。 2023 年第四季度及 2023 財年財務業績可於香港聯合交易所有限公司網站 www.hkexnews.hk及我們的網站ir.qifu.tech查閱。 承董事會命 奇富科技股份有限公司 主席 周鴻禕 香港，2024年3月13日 於本公告日期，本公司董事會包括董事周鴻禕先生、吳海生先生、徐祚立先生、 陳曉歡先生、趙丹先生及焦嬌女士；及獨立董事肖鋼先生、閻焱先生及趙帆先生。 1 奇富科技公佈2023年第四季度及全年 未經審核財務業績、宣派半年度股息及公佈一項股份回購新計劃 （於開曼群 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Qifu Technology, Inc. 奇富科技股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3660） 2023年第三季度財務業績公告 我們謹此公佈截至2023年9月30日止第三季度的未經審核財務業績（「2023年第三 季度財務業績」）。 2023年第三季度財務業績可於香港聯合交易所有限公司網站 www.hkexnews.hk及 我們的網站ir.qifu.tech查閱。 承董事會命 奇富科技股份有限公司 主席 周鴻禕 香港，2023年11月17日 於本公告日期，本公司董事會包括董事周鴻禕先生、吳海生先生、徐祚立先生、 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Qifu Technology, Inc. 奇富科技股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3660） 2023年第二季度及中期財務業績 及半年度股息公告 我們謹此公佈截至2023年6月30日止第二季度及六個月的未經審核財務業績 （「2023年第二季度及中期財務業績」）以及半年度股息。根據香港聯合交易所有限 公司證券上市規則（「香港上市規則」）第13.48(1)條的規定，2023年第二季度及中 期財務業績作為截至2023年6月30日止六個月的中期報告提供予我們的股東。 2023 年第二季度及中期財務業績可於香港聯合交易所有限公司網 站www.hkexnews.hk及我們的網站ir.qifu.tech查閱。 承董事會命 奇富科技股份有限公司 主席 周鴻禕 香港，2023年8月22日 於本公告日期，本公司董事會包括董事周鴻禕先生、吳海生先生、徐祚立先生、 陳曉歡先生、趙丹先生及焦嬌女士；及 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Qifu Technology, Inc. 奇富科技股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3660） 2023年第一季度財務業績公告以及股息政策的變動 我們謹此公佈截至2023年3月31日止第一季度的未經審核財務業績以及股息政策 的變動。 本業績公告可於香港聯合交易所有限公司網站 www.hkexnews.hk及我們的網站 ir.qifu.tech查閱。 承董事會命 奇富科技股份有限公司 董事長 周鴻禕 香港，2023年5月19日 於本公告日期，本公司董事會包括董事周鴻禕先生、吳海生先生、徐祚立先生、 ...