Financial Data and Key Metrics Changes - The company reported a GAAP net profit of RMB 430 million, marking an 18.6% quarter-over-quarter growth and a 113% year-over-year increase, achieving a record high in 13 quarters [7] - The net income margin increased to 13.9% from 9.9% in the previous quarter, while the net profit take rate rose to 1.58% from 1.31% quarter-over-quarter [26][30] - Total revenue from lending-related business decreased by 15% quarter-over-quarter, attributed to lower APR of loans and a shift towards the capital light model [31] Business Line Data and Key Metrics Changes - The online consumer finance business improved customer acquisition capabilities, launching the Linhua Jie flexible loan product, enhancing competitiveness [9][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][34] - The capital light model volume grew by 43% quarter-over-quarter, accounting for 28% of total GMV, up from 20% in the previous quarter [30] Market Data and Key Metrics Changes - GMV from Tier four, Tier five, and lower regions accounted for over 70% of inclusive finance GMV, 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 focus on a user-centric approach, enhancing user experience and promoting high-quality customer growth [13] - Strengthening synergies across ecosystem businesses to build a differentiated competitive advantage is a key strategy moving forward [14] - Increased investment in technology, particularly AI, 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 plans to increase its cash dividend payout ratio from 20% to 30% of net profit starting from the second half of 2025 [16] Other Important Information - The company has completed the upgrade of its risk management framework and established a robust risk management infrastructure [8] - The provision coverage ratio stood at 268%, the highest level since Q2 2024, indicating strong asset quality management [28] 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 well-prepared to navigate external challenges, maintaining confidence in achieving its 2025 performance target [39] 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 [42][43] 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] Question: What is the company's plan for shareholder returns going forward? - The company has increased its cash dividend payout ratio and remains committed to delivering value to shareholders while aligning its dividend policy with shareholder expectations [53]

Core Insights - LexinFintech Holdings Ltd. reported strong financial results for Q1 2025, with net income exceeding RMB 430 million, marking a 113% year-over-year increase and a 19% quarter-over-quarter increase [3][25][6] - The company is focusing on customer-centric approaches, technological innovation, and operational excellence to enhance competitiveness and resilience in a dynamic environment [4][5] - Despite macroeconomic challenges, management is confident in achieving significant year-over-year growth in net income for the full year 2025 [5][27] Financial Performance - Total operating revenue for Q1 2025 was RMB 3,104 million, a decrease of 4.3% from RMB 3,242 million in Q1 2024 [13] - Credit facilitation service income decreased by 17.3% to RMB 2,191 million, while tech-empowerment service income increased by 72.8% to RMB 625 million [16][17] - Net income attributable to ordinary shareholders was RMB 430 million, with adjusted net income reaching RMB 472 million, both representing over 100% increases from the previous year [6][25][49] User and Loan Metrics - The total number of registered users reached 232 million, an 8.1% increase from the previous year, with users holding credit lines increasing by 7.8% to 46.2 million [9] - Active users utilizing loan products in Q1 2025 increased by 6.0% to 4.8 million, while cumulative borrowers with successful drawdowns reached 34.5 million, up by 7.6% [9] - Total loan originations in Q1 2025 were RMB 51.6 billion, a decrease of 11.0% from RMB 58.0 billion in Q1 2024 [9] Risk Management and Credit Performance - Key risk metrics showed improvement, with a 90-day+ delinquency ratio of 3.3%, down from 3.6% at the end of 2024 [12] - The first payment default rate for new loan originations was below 1% as of March 31, 2025 [12] - The company has implemented effective risk management initiatives, contributing to sustained improvements in asset quality and reduced funding costs [6][3] Dividend Policy - The board of directors approved an increase in the cash dividend payout ratio from 25% to 30% of total net income, effective from the second half of 2025 [6][26]

Group 1 - Moretus Research provides high-quality equity research focused on U.S. public markets, aiming to deliver clarity, conviction, and alpha for serious investors [1] - The research framework identifies companies with durable business models, mispriced cash flow potential, and intelligent capital allocation, emphasizing a structured and repeatable approach [1] - Valuation methods are based on sector-relevant multiples tailored to each company's business model and capital structure, prioritizing comparability, simplicity, and relevance [1] Group 2 - Research coverage focuses on underappreciated companies experiencing structural changes or temporary dislocations, where disciplined analysis can yield asymmetric returns [1] - Moretus Research aims to elevate the standard for independent investment research by providing professional-grade insights and actionable valuation [1]

金十图示：2025年05月16日（周五）热门中概股行情一览（美股盘中） 149.53亿市值 92.06亿市值 79.59亿市值 107.40 4.07 48.67 +1.64(+1.55%) +0.07(+1.88%) -0.16(-0.33%) 降層降暖 TALHAR 好未来 唯品会 的比较 77.44亿市值 79.33亿市值 63.55亿市值 18.98 15.04 10.49 +1.24(+6.99%) +0.54(+3.72%) +0.34(+3.30%) 金山区 So 名创优品 C ) 奇富科技 63.27亿市值 61.78亿市值 37.20亿市值 20.23 44.03 13.53 -0.55(-2.62%) -0.18(-0.41%) +0.25(+1.88%) 再鼎医药 陆金所控股 asza 汽车之家 zal-ab the may 26.09亿市值 32.74亿市值 30.39亿市值 30.18 25.66 3.01 +1.44(+4.99%) -0.09(-0.35%) +0.09(+3.08%) 雾芯科技 tom 爱奇艺 RELX 21.22亿市值 18.30亿市值 24.31亿市值 1. ...

Core Viewpoint - LexinFintech Holdings Ltd. is set to report its unaudited financial results for Q1 2025 on May 21, 2025, after U.S. market closes [1] Group 1: Financial Reporting - The financial results will be announced after the U.S. market closes on May 21, 2025 [1] - An earnings conference call is scheduled for 10:00 PM U.S. Eastern time on the same day [2] - Participants must register online to receive dial-in information for the conference call [2][3] Group 2: Company Overview - Lexin is a leading credit technology-empowered consumer financial service enabler in China [1][4] - The company's mission focuses on making financing more accessible for young consumers through technology and risk management [4] - Lexin connects consumers with financial institutions using a unique model that includes online and offline channels, big data, and AI-driven credit risk management [4]

乐信开盘股价即高位攀升，中盘一度涨至8.86美元，收盘时的11.81%涨幅已创下近一个半月新高。盘后 数据亦显示，乐信盘后再微涨0.23%。 智通财经 APP 获悉，美东时间周一(5月12日) 美股收盘，受中美贸易谈判取得关键性成果、公司业绩进 入确定增长快轨道等驱动因素影响，中国领先的新消费数字科技服务商乐信 (LX.US) 上涨11.81%，收 盘价8.71美元，当日成交额 3441.57万美元。 宏观消息面上，5月12日下午，《中美日内瓦经贸会谈联合声明》发布，引发全球市场关注，各国股市 普涨，中美股指期货也上涨，人民币升值的同时美元指数上涨。业内专家认为，联合声明意味着中美贸 易谈判取得阶段性成果，关税暂缓及下调幅度超市场预期，关税冲击大幅下降。 受此利好影响，美股市场在这一天彻底点燃了投资者的热情，三大指数集体收涨且均创下阶段新高。道 指涨幅高达2.81%，纳指更是势如破竹，涨4.35%，标普500指数涨幅为3.26%。 热门中概股在这波行情中同样表现出色，多数个股迎来上涨。纳斯达克中国金龙指数(HXC)大涨 5.40%，创下4月4日以来的新高。其中，佳裕达以67.71%的惊人涨幅领跑，世纪互联涨2 ...

74.11亿市值 88.55亿市值 76.47亿市值 3.91 46.76 17.73 -0.95(-1.99%) +0.15(+0.85%) +0.07(+1.83%) SON 名创优品 唯品会 唯品会 s ) 可富科技 72.19亿市值 60.28亿市值 55.72亿市值 14.02 42.96 17.81 -0.17(-1.20%) +0.32(+0.75%) +0.15(+0.85%) 好未来 再鼎医药 # =2 汽车之家 zai. Po TAL 好未来 55.44亿市值 31.49亿市值 31.04亿市值 9.15 26.59 28.14 -0.04(-0.49%) +0.96(+3.75%) -0.23(-0.79%) 陆金所控股 雾芯科技 ttps:// REL X O 微博 23.49亿市值 22.36亿市值 21.25亿市值 2.71 1.83 8.49 +0.08(+0.95%) -0.05(-1.81%) +0.03(+1.38%) 乐信 乐信 tory 爱奇艺 m | 老虎证券 LEXIN 18.49亿市值 13.93亿市值 16.28亿市值 1.92 9.25 8.28 +0.03( ...

+0.01(+0.51%) +0.14(+4.80%) 0.00(0.00%) 搜狐 搜狐 7 小牛电动 ▼ 进雷 3.60亿市值 2.86亿市值 2.81亿市值 11.97 4.50 3.67 -0.01(-0.08%) +0.06(+1.52%) +0.12(+2.76%) 金融壹账通 斗鱼 宝尊电商 2740 2.42亿市值 2.32亿市值 1.78亿市值 6.20 7.70 3.03 +0.10(+1.64%) +0.08(+1.05%) +0.18(+6.32%) 第九城市 猎豹移动 途牛 # 选手 he at user 1.48亿市值 1.21亿市值 1.11亿市值 10.56 3.93 0.96 -0.58(-5.21%) +0.05(+5.24%) +0.18(+4.80%) y 云米 9821.91万市值 O Hote 天境生物 新氧 新氧 8407.86万市值 7275.94万市值 0.89 1.44 0.83 +0.01(+0.98%) 0.00(-0.01%) +0.04(+4.21%) 华米科技 磨菇街 2 极光 huami 3663.86万市值 1840.39万市值 5310.61 ...

智通财经APP 获悉，美东时间周五(5月 2日) 美股收盘，受中概股大涨、五一消费拉动、分期乐商城五 一黄金周消费动能强劲等驱动因素影响，中国领先的新消费数字科技服务商乐信 (LX.US) 上涨 9.07%， 收盘价8.42美元，当日成交额 2008.05万美元。 乐信股价的上涨，主要是五一消费超预期、分期乐商城五一黄金周消费动能强劲公司等因素影响。 市场层面，受4月份非农就业报告好于预期影响，美国三大股指全线收涨。截至收盘，道指涨1.39%， 标普500指数涨1.47%，纳指涨1.51%。其中，道指、标普500指数均录得九连涨，标普500指数创2004年 以来最长连涨纪录。 中概股普遍大涨，纳斯达克中国金龙指数涨3.51%。热门个股方面，小马智行涨超21%，世纪互联涨近 13%，亿航智能涨超9%，万国数据涨逾9%，腾讯音乐涨超7%，小鹏汽车涨逾5%。 今年"五一"假期，出行热度持续攀升。国铁集团预计，4月29日至5月6日，"五一"假期运输8天时间里， 全国铁路将发送旅客1.44亿人次，同比增长4.9%。 数据显示，"五一"假期第一天，多地旅游消费纷纷报捷。譬如，安徽省5A级旅游景区共接待游客36.3万 人次 ...

Financial Performance - Revenues from variable interest entities (VIEs) accounted for 94.2%, 86.3%, and 77.2% of total revenues in 2022, 2023, and 2024, respectively[26]. - For the year ended December 31, 2024, total operating revenue reached RMB 14,203,594 thousand, with third-party revenues contributing RMB 10,958,115 thousand[52]. - The net income attributable to ordinary shareholders for the year ended December 31, 2024, was RMB 1,100,460 thousand, reflecting a stable performance[52]. - For the year ended December 31, 2023, total operating revenue was RMB 13,057,082 thousand, with third-party revenues at RMB 11,264,532 thousand[52]. - Total operating revenue for the year ended December 31, 2022, was RMB 9,865,811 thousand, with third-party revenues contributing RMB 9,297,734 thousand[53]. - Gross profit for the year ended December 31, 2024, was RMB 5,026,228 thousand, indicating effective cost management[52]. - Net income attributable to ordinary shareholders for the year was RMB 819,752 thousand, after accounting for income tax expense of RMB (202,640) thousand[53]. - The total operating cost for the year ended December 31, 2024, was RMB 9,177,366 thousand, demonstrating a significant scale of operations[52]. Dividends and Capital Contributions - Dividends made to investors were nil, RMB136 million, and RMB164 million (US$22.5 million) for the years ended December 31, 2022, 2023, and 2024[39]. - The aggregate amount of capital contributions by LexinFintech Holdings Ltd. to PRC subsidiaries was RMB3,756 million and RMB3,812 million (US$522 million) as of December 31, 2023 and 2024, respectively[37]. - The company plans to distribute dividends equivalent to approximately 15% to 30% of net profit for the previous six-month period, subject to board approval[47]. - In August 2023, the board approved a semi-annual cash dividend policy, with a declared dividend of US$0.058 per ordinary share for the six-month period ended June 30, 2023[47]. - The company anticipates a dividend payout ratio of 25% of total net profit for the entire year of 2025, as approved in November 2024[47]. Regulatory Environment and Compliance - The company has obtained necessary licenses and permits from PRC authorities for its operations, but future regulatory changes may require additional approvals[34]. - The company faces significant risks related to compliance with evolving PRC laws and regulations, which could adversely affect its operations and financial condition[75]. - The PRC government's oversight may influence the company's operations and limit its ability to offer securities to investors[72]. - Future changes in PRC laws could invalidate the company's contractual arrangements, leading to potential loss of operational control[82]. - The interpretation and enforcement of PRC laws regarding the company's operations remain uncertain, posing additional risks[89]. - The company must ensure compliance with PRC regulations regarding employee stock incentive plans to avoid fines and legal sanctions[148]. - The evolving PRC regulatory framework for internet-related businesses may create uncertainties that could disrupt the company's operations[108]. Financial Position and Assets - As of December 31, 2024, total assets reached RMB 22,240,779 thousand, with cash and cash equivalents amounting to RMB 2,254,213 thousand[54]. - Total liabilities as of December 31, 2024, were RMB 11,500,773 thousand, with borrowings totaling RMB 1,275,796 thousand[54]. - Total shareholders' equity remained stable at RMB 10,740,006 thousand as of December 31, 2024[54]. - Cash and cash equivalents increased to RMB 2,624,719 thousand as of December 31, 2023, compared to RMB 2,254,213 thousand in 2024[54]. - Financing receivables, net, were RMB 4,144,514 thousand as of December 31, 2023, indicating growth from previous periods[54]. - The company reported a significant increase in contract assets and service fees receivable, totaling RMB 6,712,799 thousand as of December 31, 2023[54]. Cash Flow and Investment Activities - The consolidated net cash provided by operating activities was RMB 1,081,458 thousand for the year ended December 31, 2024, a decrease from RMB 2,817,572 thousand in 2023[55]. - The net cash used in investing activities for 2024 was RMB (904,880) thousand, compared to RMB 2,334,452 thousand in 2023, indicating a significant reduction in investment outflows[55]. - In 2024, net cash provided by financing activities was RMB (387,277) thousand, a notable decline from RMB (3,882,952) thousand in 2023, reflecting changes in financing strategies[55]. - The net cash provided by funds to Group companies from the VIEs' investing activities for the year ended December 31, 2023, was RMB 1,108,503 thousand[45]. Risks Related to Variable Interest Entities (VIEs) - The company relies on contractual arrangements with variable interest entities (VIEs) for 77.2% of its revenues in 2024[79]. - The company’s contractual arrangements may not be as effective as ownership in directing the activities of the VIEs[84]. - The variable interest entities hold material assets, including intellectual properties and licenses, which could be jeopardized if these entities face bankruptcy or liquidation[97]. - The company may lose rights to economic benefits from variable interest entities if contractual arrangements are deemed invalid under new PRC regulations[100]. - The shareholders of the variable interest entities may have conflicts of interest that could adversely affect the company's control and economic benefits from these entities[90]. Taxation and Financial Liabilities - The company may face substantial tax liabilities if the PRC tax authorities determine that the contractual arrangements with variable interest entities were not conducted at arm's length[95]. - The company's financial position could be adversely affected by increased tax liabilities or penalties imposed on variable interest entities[96]. - The company may face unfavorable tax consequences if classified as a PRC resident enterprise, subjecting it to a 25% tax rate on worldwide income[150]. - Non-compliance with SAFE registration requirements could restrict the ability to distribute profits from PRC subsidiaries and expose the company to fines[145]. Market and Economic Conditions - Changes in China's economic and regulatory environment could materially impact the company's business operations and financial results[101]. - The market price for the company's American Depositary Shares (ADSs) may be volatile, and share repurchase programs may not enhance long-term shareholder value[75]. - The company strategically focuses on serving young generation consumers in China aged 23 to 40 to capture long-term growth potential[199]. Cybersecurity and Data Protection - The company is subject to complex and evolving laws regarding cybersecurity and data protection, which may require significant resources to comply[215]. - The PRC Cybersecurity Law requires network operators to implement security measures to protect personal information and prevent unauthorized access[217]. - The PRC Personal Information Protection Law (PIPL), effective November 2021, imposes strict rules on processing sensitive personal information, which includes personal identity numbers and location data[223].