Market Capitalization Summary - The market capitalizations of various companies are listed, with notable figures including 136.20 billion for a leading company and 88.05 billion for another significant player [2] - Companies like MINISO and VIPSHOP have market caps of 76.81 billion and 75.61 billion respectively, indicating strong positions in the market [2] - TAL Education and other firms show varying market caps, with TAL at 66.64 billion and others like Zai Auto and Huya at 35.18 billion and 29.68 billion respectively [2] Stock Performance Overview - Stock price changes are noted, with MINISO showing a slight increase of +0.07 (+0.41%) and VIPSHOP increasing by +0.24 (+1.70%) [2] - TAL Education's stock rose by +1.03 (+2.43%), while other companies like Dada and Yatsen experienced minor fluctuations [2] - Companies such as Lexin and Huya saw declines, with Lexin down by -0.49 (-5.71%) and Huya down by -0.19 (-4.24%) [2] Company Specific Insights - MINISO and VIPSHOP are highlighted as strong competitors in the retail sector, with significant market caps and positive stock performance [2] - TAL Education continues to show resilience with a notable market cap and stock price increase, reflecting investor confidence [2] - Companies like Dada and Yatsen are also mentioned, indicating a diverse range of players in the market with varying performance metrics [2]

Core Viewpoint - QFIN's stock price increased by 2.49% to $43.57 per share, with a market capitalization of $5.859 billion as of May 23 [1] - For the fiscal year ending December 31, 2024, QFIN reported total revenue of 17.166 billion RMB, a year-on-year increase of 5.38%, and a net profit attributable to shareholders of 6.264 billion RMB, a year-on-year increase of 46.18% [1] Group 1: Company Overview - QFIN is a leading credit technology platform in China, focused on providing innovative credit services to financial institutions, consumers, and small and micro enterprises [2][3] - The company aims to enhance the accessibility and personalization of credit services through technology solutions, helping financial institutions identify and assess potential borrowers [2][3] Group 2: Target Audience - The company targets consumers who are underserved by traditional financial institutions, particularly those with short credit histories and high growth potential [3] - QFIN also focuses on small and micro enterprises that lack sufficient credit history or collateral, offering tailored loan products to meet their needs [4] Group 3: Service Offerings - QFIN provides two main types of services: credit-driven services and platform services, both designed to improve the lending process and borrower experience [4][5] - Credit-driven services involve matching potential borrowers with financial institutions, where QFIN assumes some credit risk [4][6] - Platform services include a range of technology solutions for different stages of the loan lifecycle, such as borrower acquisition and credit assessment, without assuming credit risk [5][6] Group 4: Technology Solutions - The company utilizes its "Intelligent Credit Engine" (ICE) to provide smart marketing services and assist financial institutions in initial credit screening [6][7] - QFIN also offers risk management SaaS services to help financial institutions improve their credit assessment processes [7]

5月20日，全球领先的企业管治及投资者关系研究公司Extel（原《机构投资者》）公布2025年度亚洲 （除日本）最佳管理团队排名结果。中国领先的金融科技公司奇富科技（纳斯达克：QFIN；港交所： 3660）蝉联"最受尊敬公司"称号，并在"最佳首席执行官""最佳首席财务官""最佳投资者关系专业人 员"等多项细分榜单中位列第一，成为亚洲金融科技领域的耀眼标杆。 奇富科技之所以能在此次评选中脱颖而出，源于其将AI技术应用的领先成果，与信息披露透明度、公 司治理完善性及资本市场沟通有效性等方面的突出表现深度协同，构建了难以复制的竞争优势。 同日披露的2025年第一季度财报显示，奇富科技业务规模与用户粘性持续提升：累计连接163家金融机 构合作伙伴，注册用户达2.68亿，授信用户5840万；撮合贷款规模888.83亿元，同比增长15.8%。业绩 增长得益于其"AI+金融"战略的深入落地，公司正打造行业首个赋能信贷核心业务的智能体，该智能体 由多个智能模块组成，已在业务场景中推动流程重构与效率提升。 奇富科技的全链条竞争力离不开核心管理团队的引领。首席执行官吴海生荣膺"最佳首席执行官"，其在 宏观经济挑战中展现出卓越的战 ...

Core Viewpoint - Q1 2025 performance of Qifu Technology exceeded previous expectations, driven by higher loan volumes and improved funding costs [1][2] Financial Performance - Q1 2025 revenue increased by 13% year-on-year and 5% quarter-on-quarter to 4.69 billion yuan, while non-GAAP net profit rose by 60% year-on-year but decreased by 2% quarter-on-quarter to 1.93 billion yuan [1][2] - The net service fee rate was approximately 5.6%, slightly down from 5.96% in Q4 2024, attributed to a decrease in average funding costs and stable asset quality [2] Loan Volume and Structure - Q1 2025 loan volume increased by 16% year-on-year but decreased by 1% quarter-on-quarter to 88.9 billion yuan, with technology solution loans accounting for about 49% [1] - The company expects loan volume growth of 5%-10% year-on-year for 2025, maintaining previous forecasts [1] Shareholder Returns - The company maintains a semi-annual dividend policy, with cash dividends of $0.6 and $0.7 per ADS planned for 1H24 and 2H24 respectively [2] - As of May 19, 2025, the company has repurchased 9.1 million ADS for approximately $405 million, with total repurchase expected to be no less than $680 million for 2025 [2] Regulatory Environment - The introduction of the "Assisted Loan New Regulations" is expected to promote industry standardization and eliminate unreasonable pricing behaviors, benefiting compliant institutions like the company [3] Earnings Forecast and Valuation - Earnings forecasts for 2025 and 2026 have been raised by 2% and 4% to 7.17 billion yuan and 7.82 billion yuan respectively due to optimized funding and credit costs [3] - The company's current trading multiples are 7.1x and 6.5x for 2025 and 2026 P/E in the US market, and 6.6x and 6.0x in the Hong Kong market, with target prices maintained at $60.0 and HK$253.4 [3]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Summary: Qifu Technology, Inc. (QFIN) - QFIN currently holds a Momentum Style Score of B, indicating a positive momentum outlook [2] - The company has a Zacks Rank of 1 (Strong Buy), suggesting strong potential for outperformance in the market [3] - Over the past week, QFIN shares increased by 4.02%, outperforming the Zacks Technology Services industry, which rose by 2.63% [5] - In a longer timeframe, QFIN's monthly price change is 14.66%, compared to the industry's 10.22% [5] - Over the last quarter, QFIN shares rose by 8.35%, and over the past year, they have surged by 112.04%, while the S&P 500 saw movements of -2.63% and 13.25%, respectively [6] - The average 20-day trading volume for QFIN is 1,527,784 shares, indicating a bullish sign with rising stock prices [7] Earnings Outlook - Recent earnings estimate revisions for QFIN show positive trends, with 2 estimates moving higher and none lower over the past two months [9] - The consensus earnings estimate for QFIN increased from $6.58 to $6.93 in the last 60 days, reflecting a positive outlook [9] - For the next fiscal year, 2 estimates have also moved upwards, with no downward revisions [9] Conclusion - Given the strong performance metrics and positive earnings outlook, QFIN is positioned as a promising momentum pick for investors [11]

Investment Rating - The investment rating for the company is "Buy" for both US and Hong Kong stocks [7]. Core Views - The company's 1Q25 performance met expectations with revenue of 46.9 billion RMB, reflecting a quarter-over-quarter increase of 4.7% and a year-over-year increase of 12.9%. The net profit attributable to shareholders was 18.0 billion RMB, which was slightly below the previous quarter but showed a significant year-over-year increase of 54.6% [1][4]. - The company is expected to maintain a cautious lending strategy amid industry changes, with a projected moderate growth in loan volume for 2025 [2][3]. - The risk indicators have shown slight fluctuations but remain at healthy levels, with a C-M2 ratio of 0.60% and a provisioning coverage ratio of 666% [3]. Summary by Sections Financial Performance - 1Q25 revenue was 46.9 billion RMB, with a net profit of 18.0 billion RMB, aligning with the company's guidance [1]. - Loan volume for 1Q25 was 889 billion RMB, showing a slight quarter-over-quarter decline of 1.1% but a year-over-year increase of 15.8% [2]. Risk Indicators - The C-M2 ratio increased to 0.60%, while the first-day overdue rate rose to 5.0%. However, these levels are still considered healthy compared to historical averages [3]. - The provisioning coverage ratio improved to 666%, indicating strong profit quality [3]. Profit Forecast - The company has adjusted its net profit forecasts for 2025, 2026, and 2027 to 71 billion RMB, 77 billion RMB, and 82 billion RMB respectively, with target prices set at 55.6 USD and 220.9 HKD [4][11]. Valuation Methods - The target prices are derived from both PE and DCF valuation methods, with a PE of 6.5x for 2025E [11][12].

Investment Rating - The investment rating for the company is "Buy" for both US and Hong Kong stocks [7]. Core Views - The company's 1Q25 performance met expectations with revenue of 46.9 billion RMB, reflecting a quarter-on-quarter increase of 4.7% and a year-on-year increase of 12.9%. The net profit attributable to shareholders was 18.0 billion RMB, which was slightly below the previous quarter but showed a significant year-on-year increase of 54.6% [1][4]. - The company is expected to maintain a cautious lending strategy, with a projected moderate growth in loan volume for 2025, supported by high-quality earnings and substantial shareholder returns [1][2]. Summary by Sections Financial Performance - 1Q25 loan volume was 889 billion RMB, showing a slight quarter-on-quarter decrease of 1.1% but a year-on-year increase of 15.8%. The loan balance reached 1,403 billion RMB, with a quarter-on-quarter increase of 2.4% and a year-on-year increase of 5.5% [2]. - The net profit take rate for 1Q25 was 5.2%, down from 5.9% in the previous quarter, indicating a potential impact on short-term profitability [3]. Risk Indicators - The C-M2 ratio increased to 0.60% in 1Q25 from 0.57% in 4Q24, while the first-day overdue rate rose to 5.0%. However, these levels remain healthy compared to historical averages [3]. - The provision coverage ratio improved to 666% from 617% in the previous quarter, indicating strong earnings quality [3]. Earnings Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 have been slightly adjusted to 71 billion RMB, 77 billion RMB, and 82 billion RMB respectively, with target prices maintained at 55.6 USD for US stocks and 220.9 HKD for Hong Kong stocks [4][8].

Investment Rating - The investment rating for the company is "Buy" for both US and Hong Kong stocks [7]. Core Views - The company's 1Q25 performance met expectations with revenue of 46.9 billion RMB, reflecting a quarter-over-quarter increase of 4.7% and a year-over-year increase of 12.9%. The net profit attributable to shareholders was 18.0 billion RMB, which was slightly below the previous quarter but showed a year-over-year increase of 54.6% [1][4]. - The company is expected to maintain a cautious lending strategy, with a projected moderate growth in loan volume for 2025, supported by high-quality earnings and significant shareholder returns [1][2]. Summary by Sections Financial Performance - 1Q25 loan volume was 889 billion RMB, showing a slight quarter-over-quarter decrease of 1.1% but a year-over-year increase of 15.8%. The loan balance reached 1,403 billion RMB, with a quarter-over-quarter increase of 2.4% and a year-over-year increase of 5.5% [2]. - The net profit take rate for 1Q25 was 5.2%, down from 5.9% in the previous quarter, indicating a potential impact on short-term profitability [3]. Risk Indicators - The C-M2 ratio increased to 0.60% in 1Q25 from 0.57% in 4Q24, while the first-day overdue rate rose to 5.0% from 4.8%. Despite these increases, the risk indicators remain at healthy levels, below the average of 0.62% from 1Q21 to 4Q24 [3]. - The provision coverage ratio improved to 666% from 617% in the previous quarter, indicating strong earnings quality [3]. Earnings Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 have been slightly adjusted to 71 billion RMB, 77 billion RMB, and 82 billion RMB respectively, with target prices maintained at 55.6 USD for US stocks and 220.9 HKD for Hong Kong stocks [4][8].

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of May 21, 2025, highlighting significant players in the industry [1]. Group 1: Market Capitalization Rankings - Alibaba leads the list with a market capitalization of 2986.04 billion [3]. - Xiaomi ranks second with a market capitalization of 1805.85 billion [3]. - Pinduoduo follows closely in third place with a market capitalization of 1666.38 billion [3]. - Meituan and NetEase occupy the fourth and fifth positions with market capitalizations of 1069.68 billion and 766.11 billion, respectively [3][4]. Group 2: Additional Rankings - JD.com is ranked eighth with a market capitalization of 489.39 billion [4]. - Baidu and Li Auto are positioned at 11th and 12th with market capitalizations of 307.12 billion and 302.4 billion, respectively [4][5]. - The rankings continue with companies like Kuaishou, Tencent Music, and Beike, showcasing a diverse range of technology and internet firms [5][6]. Group 3: Market Trends - The data reflects the competitive landscape of the Chinese technology sector, with significant fluctuations in market capitalizations among the top players [1]. - The rankings are calculated based on the latest market values, indicating the dynamic nature of the industry [6].

Core Viewpoint - CICC has raised the profit forecast for Qifu Technology-S (03660) for 2025 and 2026 by 2% and 4% respectively, due to optimized funding/credit costs and higher-than-expected loan disbursement in Q1 2025 [1] Financial Performance - Qifu Technology's Q1 2025 revenue increased by 13% year-on-year and 5% quarter-on-quarter to 4.69 billion yuan, while non-GAAP net profit rose by 60% year-on-year but decreased by 2% quarter-on-quarter to 1.93 billion yuan, exceeding previous expectations [2] - The company’s net service fee rate was approximately 5.6%, slightly down from 5.96% in Q4 2024, attributed to a decrease in average funding costs and stable asset quality [4] Loan Disbursement and Customer Acquisition - In Q1 2025, the company optimized customer acquisition channels, adding 7 embedded finance partners, with loan disbursement increasing by 16% year-on-year to 88.9 billion yuan, although the quarter-on-quarter growth rate slightly declined due to seasonal factors [3] - The company expects loan disbursement to grow by 5%-10% year-on-year in 2025, maintaining previous forecasts [3] Shareholder Returns - The company maintains a semi-annual dividend policy, planning to distribute cash dividends of $0.6 and $0.7 per ADS for the first and second halves of 2024 respectively [5] - As of May 19, 2025, the company has repurchased 9.1 million ADS for approximately $404.5 million, with an expected total repurchase amount of no less than $680 million for 2025 [5] Industry Development - The introduction of the "Loan Assistance New Regulations" on April 1 aims to enhance the regulatory framework of the industry, potentially eliminating unreasonable pricing and charging behaviors, which may benefit compliant and well-operating institutions like Qifu Technology [6]