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 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 ...

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 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 ...

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。 2 0 2 3 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、 ...

Share Structure and Compliance - The company has 322,792,063 shares of Class A ordinary shares with a par value of $0.00001 per share issued and outstanding as of December 31, 2022[2] - The company is registered as a large accelerated filer under the Securities Exchange Act[4] - The company has submitted all required reports under the Securities Exchange Act Sections 13 or 15(d) in the past 12 months and has been in compliance with the submission requirements for the past 90 days[3] - The company has used US Generally Accepted Accounting Principles (GAAP) to prepare the financial statements included in this filing[5] - The company is not a shell company as defined in the Securities Exchange Act[6] Loan Performance Metrics - 180-day+ historical delinquency rate is a percentage equal to (i) the total principal amount of all loans facilitated by the company and overdue for more than 180 days in a fiscal quarter, minus the total overdue principal amount recovered for loans overdue for more than 180 days in the same fiscal quarter, divided by (ii) the total initial principal amount of loans facilitated by the company in that fiscal quarter[10] - 30-day recovery rate is a percentage equal to (i) the principal amount repaid within one month out of the total overdue principal as of a specified date, divided by (ii) the total overdue principal as of that date[10] - 90-day+ delinquency rate is a percentage equal to (i) the outstanding balance of on- and off-balance sheet loans facilitated by the company and overdue for 91 to 180 calendar days, divided by (ii) the total outstanding balance of on- and off-balance sheet loans facilitated by the company as of a specific date[10] - Loan facilitation volume refers to the total principal amount of loans facilitated or issued by the company's credit technology platform, traditional financial institutions, or other market participants in the credit industry during a specific period[10] - Outstanding loan balance refers to the total outstanding principal amount of loans facilitated or issued by the company's credit technology platform, traditional financial institutions, or other market participants in the credit industry as of the end of each period[11] - Repeat loan volume is a percentage where the numerator is the loan principal amount borrowed by borrowers who have had at least one successful withdrawal in the past during the period, and the denominator is the total loan facilitation volume through the company's platform during the period[11] - Users with approved credit lines refer to users who have submitted credit applications and have been approved for credit lines as of the end of each period[11] Forward-Looking Statements and Risks - The company's forward-looking statements include expectations regarding future business development, financial condition, and operating performance, as well as anticipated growth in China's credit technology industry[12] - The company's forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected[13] Variable Interest Entities (VIEs) - Variable Interest Entities (VIEs) accounted for 97%, 92%, and 92% of the company's total net revenue in 2020, 2021, and 2022 respectively[16] - The company relies on contractual arrangements with VIEs and their shareholders to control operations in China, which may not be as effective as direct ownership[17] - Legal uncertainties in China regarding the interpretation and enforcement of VIE contractual arrangements pose significant risks[18] - Potential changes in Chinese laws or regulations could lead to severe penalties or forced divestment of VIE-related business interests[19] - The company faces risks related to overseas issuance approvals, antitrust actions, cybersecurity, and data privacy regulations in China[20] - The company may be identified as a Commission-Identified Issuer under the HFCAA if PCAOB determines it cannot fully inspect and investigate audit firms in China and Hong Kong, potentially leading to a trading ban if identified for two consecutive years[21] - The Chinese government has significant regulatory power over the company's operations, which could severely limit or prevent the issuance of securities to investors, potentially causing a significant devaluation of securities[22] - The company's operations in China require licenses and permits from Chinese government authorities, and future additional licenses or approvals may be necessary due to regulatory uncertainties[23] - Future securities issuances to foreign investors may require approval or filing with the China Securities Regulatory Commission (CSRC) and cybersecurity review by the Cyberspace Administration of China (CAC), with potential penalties for non-compliance[24] - The company's ability to pay dividends and repay debt depends on dividends from its Chinese subsidiaries and service fees from variable interest entities (VIEs)[25] - Chinese subsidiaries are restricted in paying dividends to the holding company due to regulatory requirements, including mandatory reserves and surplus funds[26] - The company's Chinese subsidiaries and consolidated variable interest entities (VIEs) have restrictions on transferring net assets or paying dividends, with restricted amounts of RMB 2,740.4 million, RMB 8,283.6 million, and RMB 14,436.1 million (USD 2,093.0 million) as of December 31, 2020, 2021, and 2022, respectively[27] - The company's Chinese VIE paid service fees to the wholly foreign-owned enterprise (WFOE) of RMB 89.7 million, RMB 5,001.9 million, and RMB 420.3 million (USD 60.9 million) in 2020, 2021, and 2022, respectively[29] - The company's Chinese VIE paid service fees to other Chinese subsidiaries of RMB 286.4 million, RMB 616.5 million, and RMB 3.3 million (USD 0.5 million) in 2020, 2021, and 2022, respectively[29] - The company's Chinese subsidiaries repaid net loans of RMB 51.7 million in 2021 and received net funding of RMB 67.2 million and RMB 7.7 million (USD 1.1 million) in 2020 and 2022, respectively[28] - The company's Chinese VIE repaid net loans of RMB 1,588.3 million (USD 230.3 million) in 2022 after receiving net funding of RMB 3.6 million and RMB 205.5 million in 2020 and 2021, respectively[28] - The company's Chinese subsidiaries paid service fees to the Chinese VIE totaling RMB 20.3 million, RMB 258.2 million, and RMB 103.1 million (USD 14.9 million) in 2020, 2021, and 2022, respectively[30] - The company declared dividends of USD 146.4 million in 2022, with plans to distribute recurring cash dividends equivalent to 15%-20% of quarterly net profit starting from Q3 2021[31] - Under Chinese tax laws, dividends distributed to overseas entities from Chinese subsidiaries are subject to a 10% withholding tax, which can be reduced to 5% under certain tax treaties[27] - The company's Chinese VIE provided net loans to Chinese subsidiaries of RMB 20.0 million and RMB 3,658.3 million in 2020 and 2021, respectively, while Chinese subsidiaries provided net loans of RMB 859.9 million (USD 124.7 million) to the VIE in 2022[30] Financial Performance - Total net revenue for 2022 reached RMB 16,553,930 thousand (USD 2,400,094 thousand), showing a slight decrease from RMB 16,635,645 thousand in 2021[36] - Credit-driven services revenue in 2022 was RMB 11,586,251 thousand (USD 1,679,849 thousand), an increase from RMB 10,189,167 thousand in 2021[36] - Platform services revenue in 2022 decreased to RMB 4,967,679 thousand (USD 720,245 thousand) from RMB 6,446,478 thousand in 2021[36] - Net profit for 2022 was RMB 4,005,568 thousand (USD 580,753 thousand), down from RMB 5,764,513 thousand in 2021[37] - Basic earnings per share for 2022 were RMB 12.87 (USD 1.87), compared to RMB 18.82 in 2021[37] - Total operating costs and expenses for 2022 increased to RMB 12,081,746 thousand (USD 1,751,688 thousand) from RMB 9,849,446 thousand in 2021[36] - Provision for contingent liabilities in 2022 was RMB 4,367,776 thousand (USD 633,268 thousand), up from RMB 3,078,224 thousand in 2021[36] - Share-based compensation expenses for 2022 totaled RMB 199,737 thousand (USD 28,959 thousand), a decrease from RMB 253,922 thousand in 2021[38] - The company's weighted average number of shares outstanding (diluted) in 2022 was 322,018,510, up from 321,397,753 in 2021[37] - Cash and cash equivalents increased from RMB 1,445,802 thousand in 2018 to RMB 7,165,584 thousand in 2022, representing a growth of 395.6% over five years[40] - Total assets grew from RMB 7,349,735 thousand in 2018 to RMB 40,343,170 thousand in 2022, a 449% increase over five years[40] - Net cash provided by operating activities reached RMB 5,922,515 thousand in 2022, up 99.1% from RMB 2,973,075 thousand in 2019[42] - Net cash used in investing activities was RMB 7,355,975 thousand in 2022, compared to RMB 8,860,441 thousand used in 2019[42] - Total net revenue for 2022 was RMB 16,553,930 thousand, with variable interest entities contributing RMB 15,362,636 thousand[45] - Operating income for 2022 was RMB 4,472,184 thousand, with variable interest entities contributing RMB 3,681,001 thousand[45] - Net profit attributable to ordinary shareholders of the company was RMB 4,024,173 thousand in 2022[45] - Total liabilities increased from RMB 2,893,781 thousand in 2018 to RMB 16,749,918 thousand in 2022, a 478.7% rise[40] - Shareholders' equity grew from RMB 4,440,196 thousand in 2018 to RMB 18,931,297 thousand in 2022, a 326.4% increase[40] - Restricted cash increased from RMB 567,794 thousand in 2018 to RMB 3,346,779 thousand in 2022, a 489.5% growth[40] - Cash and cash equivalents increased to RMB 7,165,584 thousand in 2022, up from RMB 6,116,360 thousand in 2021[48][49] - Restricted cash rose to RMB 3,346,779 thousand in 2022, compared to RMB 2,643,587 thousand in 2021[48][49] - Total assets grew to RMB 40,343,170 thousand in 2022, up from RMB 33,504,995 thousand in 2021[48][49] - Total liabilities increased to RMB 21,411,873 thousand in 2022, compared to RMB 18,288,386 thousand in 2021[48][49] - Net cash provided by operating activities was RMB 5,922,515 thousand in 2022, up from RMB 5,789,700 thousand in 2021[52][53] - Net cash used in investing activities was RMB 7,355,975 thousand in 2022, compared to RMB 6,064,328 thousand in 2021[52][53] - Net cash provided by financing activities was RMB 3,204,068 thousand in 2022, up from RMB 2,263,720 thousand in 2021[52][53] - Total equity increased to RMB 18,931,297 thousand in 2022, compared to RMB 15,216,609 thousand in 2021[48][49] - Receivables from financial assets net amounted to RMB 3,670,919 thousand in 2022, down from RMB 4,404,208 thousand in 2021[48][49] - Net loans receivable grew to RMB 18,484,656 thousand in 2022, up from RMB 12,703,830 thousand in 2021[48][49] Regulatory and Operational Risks - The credit technology industry is rapidly evolving, making it difficult for the company to effectively assess its future prospects[58] - The company faces uncertainties in regulations and management practices for its lending and financing guarantee businesses, which could adversely affect its operations and financial performance[58] - The company relies on proprietary credit profiling models, and any defects or inefficiencies in these models could significantly impact its reputation and market share[58] - The company's business is subject to complex and evolving data privacy and cybersecurity laws in China, which could lead to increased operational costs and potential reputational damage[59] - The company operates through a variable interest entity (VIE) structure, which may not be as effective as direct ownership and could be subject to regulatory changes in China[60] - The company's American Depositary Shares (ADS) may be delisted from U.S. exchanges if the PCAOB is unable to inspect its auditors, potentially impacting the value of investments[61] - The company faces challenges in maintaining low delinquency rates on loans facilitated through its platform[62] - The company must continue to develop and enhance the effectiveness, accuracy, and efficiency of its proprietary credit assessment and analysis technologies[62] - The company operates in a rapidly changing regulatory environment in China, which could impact its ability to maintain historical growth rates[62] - 90+ day delinquency rates for loans facilitated through the platform were 1.48%, 1.54%, and 2.03% for the years ending December 31, 2020, 2021, and 2022, respectively[64] - The company plans to focus on higher-quality users and enhance technology and credit assessment capabilities to manage credit risk effectively[64] - The company faces risks related to borrower defaults and increased delinquency rates if economic conditions worsen[64] - Regulatory uncertainties in the assisted lending business could adversely affect the company's operations and financial performance[65] - The establishment of the National Financial Regulatory Administration in 2023 introduces changes and uncertainties in the regulatory environment[66] - The company may need to adjust operations to comply with evolving laws, regulations, and policies, such as the "141 Notice" on cash loan regulations[66] - The "Interim Measures for the Administration of Internet Loans of Commercial Banks" prohibits banks from outsourcing credit assessment and risk control processes[67] - The company has adjusted its cooperation model with financial institution partners in response to regulatory requirements, including the 141号文 and supplementary financing guarantee regulations[68] - The company ceased providing guarantees or credit enhancement services through unlicensed variable interest entities since September 2020, now relying on third-party guarantee companies or licensed entities[68] - The company's payment model involves charging service fees to financial institutions instead of interest from borrowers, with third-party payment system providers handling repayment processing[69] - Product pricing has been reduced based on regulatory developments, calculated using an internal rate of return method, with potential further adjustments due to regulatory or business strategy changes[70] - The company's credit assessment assistance to commercial banks relies on personal credit data, which may be considered a "data-driven risk control model" under regulations like 141号文[72] - The company may be viewed as engaging in credit reporting business or services, potentially requiring third-party licensed entities to ensure compliance with the Credit Reporting Business Management Measures[72] - If financial institution partners temporarily or permanently stop providing funding due to regulatory uncertainty or compliance concerns, the company's operations could be adversely affected[72] - The company has completed rectification measures based on self-inspection results and is now under normalized regulatory supervision[73] - The company's small loan business is subject to complex and evolving regulations, with potential risks of non-compliance impacting operations[74] - The company's financing guarantee business is limited by regulations that cap guarantee liabilities at 10 times net assets and 10% of net assets for a single guarantor[75] - The company's cross-provincial online small loan business may require additional approvals if new regulations are adopted[76] - The company's subsidiary, Fuzhou Small Loan, has increased its registered capital to RMB 5 billion and is currently permitted to operate cross-provincial business[77] - The company faces uncertainties in obtaining necessary licenses and approvals for its small loan and financing guarantee businesses, which could impact future growth[78] - The company is subject to regulations on credit information services, with potential penalties for non-compliance[79] - New credit information regulations require companies to obtain a credit business license within an 18-month transition period, with significant uncertainties in interpretation and implementation[80] - The company has completed the rectification of credit information disconnection and established cooperation agreements with licensed credit agencies to ensure compliance with regulatory requirements[82] - The company's loan pricing may exceed the legal interest rate limit, with a maximum internal rate of return (IRR) of 36% for all loans as of December 31, 2022[83][88] - As of December 31, 2022, the outstanding loan balance with an IRR exceeding 24% was RMB 5.4 billion (USD 800 million), accounting for 4.1% of the total outstanding loan balance[88] - The company faces potential risks if historical loan products are deemed non-compliant with interest rate and fee caps, which could require repayment to borrowers[87] - The company has reduced loan pricing and may further adjust it due to regulatory changes or business strategy shifts[88] - The company is subject to potential penalties or criminal liabilities if it fails to comply with regulatory requirements, which could adversely affect its business and financial performance[82][88] - The company's paperless transaction process on its mobile platform may lead to borrower misunderstandings, particularly regarding the internal rate of return (IRR) method used to calculate total interest and service fees[89] - Misleading product promotions and app disclosures could result in legal penalties, borrower complaints, and reputational damage, potentially harming the company's ability to retain and attract borrowers[90] - Fraudulent activities on the platform may negatively impact the company's operating performance, brand reputation, and reduce the use of its loan products and services[91] - The company relies on its proprietary credit profiling model and AI-powered Argus engine to assess borrower creditworthiness, but defects or inefficiencies in these tools could significantly harm its reputation and market share[92] - The Argus engine's effectiveness in detecting new fraud schemes and conducting accurate credit assessments may become outdated, potentially limiting the company's ability to control delinquency rates[94] - The company's risk management team is crucial for iterating and testing the Argus engine, and any disruption in this team could severely impact business operations and financial performance[