今年以来，消费对经济增长的贡献率提升明显，政策端则进一步落实行动，《提振消费专项行动方案》 中部署了8方面30项重点任务，从多方面提振消费。 消费金融作为重中之重，再度被重点提及：金融相关机构要积极支持提振消费，丰富金融产品，便利金 融服务，营造良好消费环境。 正值近期金融科技公司陆续发布2025年Q1财报，笔者发现乐信这家公司表现却格外亮眼，迎来了稳步 上升期。乐信的利润创下13个季度以来最高，凭借财报数据不断验证，一家金融科技公司的商业与社会 价值。 释放消费金融价值，兑现业绩高质量增长 乐信2025年Q1财报可以用"高质量增长"来概括。 公司营收31亿元；利润（Non-GAAP EBIT）5.8亿元，同比增长104.7%，环比增长25.3%，同环比均高 速增长。 进一步计算后发现，利润率连续四个季度大幅提升，其中，Q1利润率（净利润/平均在贷）环比增长 21%。这意味着，乐信利润增长飞轮越转越快，盈利质量持续提高。 究其原因，笔者从过去两年财报中发现一条"草蛇灰线"，即乐信坚持风险、数据双轮驱动，实现精细化 运营的战略转型。 反映到数据上，在资产质量方面，Q1乐信新增资产早期风险指标FPD7环比下降5% ...

证券研究报告 乐信 (LX US) 1Q25：利润环比+19%，风险再压降 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 22 日│美国 | 其他多元金融 | 乐信公告 1Q25 业绩：归母净利润 4.3 亿人民币（同比/环比：+113/+19%）， 净利润 take rate 提升至 1.59%（4Q24：1.31%）。净利润的同比增速符合 公司对今年利润同比显著增长的指引。年化净利润 take rate 的改善主要由 信用成本降低 219bps 至 3.4%驱动。信用成本降低主因贷款质量改善，以 及轻资本业务占比上升。首日逾期率环比降幅 11%，轻资本放款量占比升 至 28%（4Q24：20%）。放款量受节假日的季节性因素影响，同时公司当 前的业务重点或仍不是规模扩张。1Q25 新增放款量 516 亿人民币，环比略 降 0.8%。另外公司进一步提升股东回报，2H25 的分红比例将由现行的 25% 提升至 30%。我们认为公司 1 季度的业绩表现在持续兑现公司的业务逻辑， 即底层风控升级推动信用成本降低并带动利润提升，随 1H2 ...

交银国际研究 每日晨报 2025 年 5 月 23 日 今日焦点 | 第四范式 | | | | 6682 HK | | --- | --- | --- | --- | --- | | 1 | 季度核心先知 | AI | 平台加速增长，费用优化或 | 评级: 买入 | | 拉动 2025 | | 年实现盈利 | | | | 收盘价: 港元 | | 47.45 | 目标价: 港元 64.00 | 潜在涨幅: +34.9% | | 谷馨瑜, CPA | | | connie.gu@bocomgroup.com | | 1 季度收入加速增长 30%至 10.8 亿元，其中先知 AI 平台/SHIFT 智能解决 方案/式说 AIGS 服务收入分别同比+61%/-15%/-22%，先知 AI 平台占收比 提升至 74.8%。 AI agent 需求增长、产品迭代升级、多元化行业拓展共同推动先知 AI 平 台稳定增长。1 季度，先知平台进一步升级，集成 150+主流大模型及丰 富的 AI 应用矩阵。软件定义算力方面，升级 SageOne IA 一体机解决方 案，提升 GPU 利用率及推理性能。行业方面，除深耕优势领域外，进 ...

Investment Rating - The report assigns a "Buy" rating for the company, Lexin Group (LX US), with a target price of $11.80, indicating a potential upside of 36.1% from the current price of $8.67 [2][11]. Core Insights - The company has shown significant improvement in asset quality and has increased its dividend payout ratio. The dividend payout ratio was raised from 20% to 25% in November 2024, with plans to further increase it to 30% starting in the second half of 2025 [6][8]. - The net profit for Q1 2025 reached 430 million RMB, marking a 113.4% year-on-year increase, attributed mainly to a decrease in provisioning expenses [6][7]. - The company maintains guidance for substantial profit growth in 2025, with a projected net profit of 1.93 billion RMB, representing a 75% year-on-year increase [6][9]. Financial Performance Summary - Revenue for 2023 is projected at 13,057 million RMB, with a year-on-year growth of 32.3%. However, a decline of 4.6% is expected in 2025 [5][13]. - The net profit for 2024 is estimated at 1,100 million RMB, with a growth of 3.2% compared to 2023. The Non-GAAP net profit is expected to be 2,062 million RMB in 2025, reflecting a 71.4% increase [5][9]. - The company’s loan facilitation is projected to be 218 billion RMB in 2025, with a year-on-year growth of 3% [9][14]. Asset Quality and Risk Management - The 90-day delinquency rate improved to 3.3%, a decrease of 0.3 percentage points, indicating better asset quality [6][7]. - The company has shifted towards a low-risk business model, with the light asset model accounting for 28% of loan facilitation in Q1 2025, up from 20% in Q4 2024 [6][7]. Market Position and Comparison - The company’s market capitalization stands at approximately 1,149.56 million USD, with a year-to-date stock price increase of 49.48% [4][8]. - The stock has a 52-week high of $11.43 and a low of $1.62, showcasing significant volatility and potential for growth [4][8].

@ JIN10.COM 0.COM 0.COM 金十数据 | 一个交易工具 十数据 金十图示：2025年05月22日（周四）热门中概股行情一览（美股收盘） 135.31亿中值 76.78亿市值 87.85亿市值 16.92 3.88 46.95 -0.11(-0.65%) -0.06(-1.55%) -0.56(-1.18%) 降臨時間 SOS 名创优品 唯品会 唯曲会 的Libb 74.94亿市值 76.72亿市值 69.45亿市值 22.20 18.36 14.55 +0.14(+0.74%) +0.12(+0.80%) +1.43(+6.88%) 好未来 金山区 # 2 商富科技 TAL 好来观 65.52亿市值 57.77亿市值 36.90亿市值 10.82 42.96 13.42 -0.02(-0.18%) +0.45(+1.06%) -0.09(-0.67%) 再鼎医药 陆金所控股 == the com zai... 20 29.48亿市值 25.18亿市值 35.28亿市值 32.52 2.90 24.89 -0.07(-0.21%) +0.17(+0.69%) -0.04(-1.19%) 雾芯 ...

136.20亿市值 88.05亿市值 76.81亿市值 17.03 3.89 46.97 0.00(0.00%) -0.05(-1.32%) -0.54(-1.14%) MINI 名创优品 SOU 60 07亿美 陈国际城 唯品会 唯品会 CD Latible 75.61亿市值 69.07亿市值 76.47亿市值 18.30 22.08 14.69 +0.07(+0.41%) +0.24(+1.70%) +1.31(+6.31%) 好未来 金山区 # 0 ) 奇富科技 TAL 好未来 37.28亿市值 66.64亿市值 58.55亿市值 11.01 43.55 13.56 +0.17(+1.52%) +1.03(+2.43%) +0.05(+0.37%) 再鼎医药 陆金所控股 =2 汽车之家 zai- the com 25.57亿市值 35.18亿市值 29.68亿市值 2.95 32.43 25.06 -0.16(-0.49%) +0.34(+1.38%) +0.01(+0.34%) 雾芯科技 m | 老虎证券 RELX 24.61亿市值 23.84亿市值 15.75亿市值 9.53 2.02 8.95 + ...

Core Insights - LexinFintech Holdings Ltd. reported strong financial results for Q1 2025, with revenue of RMB 3.1 billion and a profit (Non-GAAP EBIT) of RMB 580 million, reflecting a year-over-year increase of 104.7% and a quarter-over-quarter increase of 25.3% [1] - The company has demonstrated resilience amid macroeconomic uncertainties, achieving its highest quarterly profit in 13 quarters, supported by a dual-driven strategy focusing on risk control and data management [1][8] Financial Performance - Lexin's early-stage risk metrics, FPD7, improved by 5% quarter-over-quarter, while the overall delinquency rate decreased by 11% QoQ, and the 90+ day delinquency rate fell by 9% QoQ, indicating enhanced asset quality [3] - The profit margin rose by 21% QoQ, marking the fourth consecutive quarter of improvement [3] - Funding costs decreased by 2.3% QoQ, continuing a seven-quarter trend of declines [4] Business Scale and User Growth - The transaction volume in Q1 reached RMB 51.62 billion, with a managed outstanding loan balance of RMB 107.33 billion [6] - The total number of users grew to 232 million, representing an 8.1% year-over-year increase [6] Dividend Policy - Lexin announced an increase in its cash dividend payout ratio from 25% to 30% of total net profit, effective from the second half of 2025, marking the second dividend hike in six months [7] Strategic Transformation - The company emphasized its strategic transformation over the past two years, focusing on risk-driven, data-driven, and refined operations, which has led to high-quality development [8] - Lexin invested RMB 156 million in R&D in Q1, a 15.3% year-over-year increase, enhancing its industry leadership [10] Risk Management and Technology Integration - Lexin upgraded its risk control system, achieving synergy between risk management and business operations, and improved customer segmentation accuracy by 10% [11] - The company developed intelligent risk control tools, reducing overall fraud incidence by 30% year-over-year [11] Ecosystem Business Development - Lexin's installment retail, personal consumption credit, and inclusive finance businesses showed solid progress, with the installment retail business transaction volume increasing by 16.2% QoQ [14] - The launch of "FlexiLoan" in the personal consumption credit sector catered to young users' needs, enhancing user retention and engagement [17] Inclusive Finance Initiatives - Lexin's Fenqile Inclusive Finance initiative connected 150,000 micro and small businesses with approximately RMB 4.3 billion in funding, with over 70% of transactions originating from fourth-tier cities and below [19] International Expansion - In Q1, Lexin upgraded its financial products in Mexico and Indonesia, reducing overseas customer acquisition costs by 19% QoQ while improving profitability [20][21] Consumer Protection Efforts - The company deployed AI-powered tools to enhance consumer service experiences, aiming to strengthen consumer trust and deliver secure financial experiences [22]

Investment Rating - The report assigns a "Buy" rating for the company, Lexin Group (LX US), with a target price of $11.80, indicating a potential upside of 36.1% from the current price of $8.67 [2][11]. Core Insights - The company has shown significant improvement in asset quality and has increased its dividend payout ratio, which is expected to rise from 20% to 25% in November 2024, and further to 30% in the second half of 2025 [6][8]. - The net profit for Q1 2025 reached 430 million RMB, marking a 113.4% year-on-year increase, attributed mainly to a decrease in provisioning expenses [6][7]. - The report anticipates a substantial growth in net profit for 2025, projected at 1.93 billion RMB, representing a 75% year-on-year increase [6][9]. Financial Performance Summary - Revenue for 2023 is reported at 13,057 million RMB, with a year-on-year growth of 32.3%. However, a decline of 4.6% is expected in 2025 [5][13]. - The net profit for 2024 is projected at 1,100 million RMB, with a slight increase to 1,927 million RMB in 2025 [5][13]. - The company’s net take rate improved to 1.58% in Q1 2025, reflecting a 27 basis points increase from the previous quarter [6][7]. Business Metrics - The company’s loan facilitation for Q1 2025 was 51.6 billion RMB, showing a year-on-year decline of 11% but stabilizing since Q2 2024 [6][7]. - The 90-day delinquency rate improved to 3.3%, down by 0.3 percentage points from the previous quarter, indicating an overall enhancement in asset quality [6][7]. - The average loan balance for Q1 2025 was 107 billion RMB, with a year-on-year decrease of 11.7% [6][7]. Forecast Adjustments - The report has adjusted its forecasts for 2025, maintaining the loan facilitation estimate at 218 billion RMB, while increasing the net profit forecast to 1.93 billion RMB, up by 16.1% from previous estimates [9][10].

Investor Presentation Disclaimer This presentation has been prepared by LexinFintech Holdings Ltd (the "Company") pursuant to Section 5(d) of the U.S. Securities Act of 1933, as amended (the "Securities Act") solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any investment activity or trading strategy, nor may it or any part of it form the basis of or be relied on in connection with any contract o ...

Financial Data and Key Metrics Changes - The company's GAAP net profit reached RMB 430 million, marking a record high in 13 quarters, with quarter-over-quarter growth of 18.6% and year-over-year growth of 113% [7] - The net income margin increased to 13.9% from 9.9% in the previous quarter, and the net profit take rate rose to 1.58% from 1.31% [26][36] - Total revenue from lending-related business decreased by 15% quarter-over-quarter, primarily due to lower APR of loans and a shift in GMV towards the capital light model [32] Business Line Data and Key Metrics Changes - The online consumer finance business improved customer acquisition capabilities, launching the Linhua Jie flexible loan product, which enhanced competitiveness [10] - The installment e-commerce business saw a 16.2% increase in GMV, despite a 16.4% decrease in service income due to accounting differences [11][35] - The capital light model volume grew by 43% quarter-over-quarter, accounting for 28% of total GMV, up from 20% [29] Market Data and Key Metrics Changes - GMV from Tier four, Tier five, and lower regions accounted for over 70% of inclusive finance GMV in the first quarter, indicating strong penetration in lower-tier cities [12] - The overseas business achieved profitability, with acquisition costs decreasing by 19% quarter-over-quarter [12] Company Strategy and Development Direction - The company will maintain a user-centric approach, enhancing user experience and promoting high-quality customer growth [13] - Strengthening synergies across ecosystem businesses is a priority, with plans to deepen presence in lower-tier cities and explore various business models [14][15] - Increased investment in technology, particularly AI, is planned to enhance operational efficiency and competitiveness [15] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sustained growth in net profit for the full year 2025, despite macroeconomic uncertainties [16] - The company is well-prepared to navigate external challenges, including new regulations and geopolitical uncertainties [41] Other Important Information - The company announced an increase in cash dividend payout ratio from 20% to 25% starting in 2025, with a further increase to 30% effective from the second half of 2025 [16][55] Q&A Session Summary Question: How does the company address external challenges such as new rules on loan facilitation and geopolitical uncertainties? - The company supports regulatory efforts to standardize the industry and is confident in navigating these challenges, including exploring potential listings on different exchanges [41][42] Question: What are the progress and development plans for the ecosystem business? - The company continues to enhance risk management capabilities and operational efficiency, focusing on tailored product offers and expanding customer acquisition channels [44][46] Question: What are the main reasons for the changes in revenue structure this quarter? - The revenue variance was primarily due to lower credit facilitation service income, higher early repayments, and a shift towards the capital light model [50][52]