Financial Data and Key Metrics - Revenue increased by 6.3% YoY to RMB4.16 billion in Q2 2024, with a net take rate rising by over 1 percentage point YoY to 4.4% [6] - Non-GAAP net income grew by 23% YoY to RMB1.41 billion, and non-GAAP net income per diluted ADS increased by 32% YoY to RMB9.16 [6] - ROE reached 25.4% in Q2, outperforming industry peers [6] - Funding costs decreased by 56 basis points sequentially, totaling a 132 basis point reduction in H1 2024 [8] - 90-day delinquency rate was 3.4% in Q2, while day one delinquency rate decreased by 10 basis points and 30-day collection rate increased by 1.2 percentage points sequentially [7][21] Business Line Performance - Revenue from credit-driven services (capital-heavy) was RMB2.91 billion in Q2, down from RMB3.02 billion in Q1 but up from RMB2.79 billion YoY [17] - Revenue from platform services (capital-light) increased to RMB1.25 billion in Q2, up from RMB1.14 billion in Q1 and RMB1.13 billion YoY [18] - Loan volume under the ICE model increased slightly to 24.6%, with the revenue take rate rising by 54 basis points YoY [12] - Technology solutions business facilitated nearly RMB2 billion in bank loans cumulatively, with outstanding balances exceeding RMB1 billion [12] Market and Strategic Developments - The company served 160 financial institutions and over 53 million users with approved credit lines by the end of Q2 [4] - The embedded finance business saw loan volume more than double YoY, with new credit line users from this channel increasing from 36.4% in Q1 to 37.7% in Q2 [9] - The company is exploring collaborations with financial institutions under the embedded finance model, aiming to enhance service efficiency and promote financial inclusion [10][11] - The technology solutions business achieved an 80% standardization rate, with partnerships established with 12 financial institutions [12][13] Management Commentary on Operating Environment and Outlook - Despite macroeconomic challenges, the company achieved its highest quarterly profit in the past 11 quarters, driven by improved asset quality and operational efficiency [4][6] - Management expects funding costs to remain stable with potential for slight decreases in H2 2024 [8] - The company plans to maintain prudent operations, iterate products and services, and expand strategic partnerships to build a sustainable growth engine [16] - For Q3 2024, the company expects non-GAAP net income between RMB1.55 billion and RMB1.65 billion, representing YoY growth of 31% to 40% [27] Other Key Information - The company issued RMB4.6 billion in ABS in Q2, with H1 2024 ABS issuance up 30% YoY [8] - Sales and marketing expenses decreased by 12% QoQ and 16% YoY, reflecting a more prudent customer acquisition approach [19] - The company upgraded its AI copilot system, achieving a speech recognition accuracy rate of over 93% and intent recognition accuracy of over 95% [14][15] - The Board approved a dividend of $0.30 per Class A ordinary share or $0.60 per ADS for H1 2024 [24] Q&A Session Summary Question: Loan volume growth and take rate expectations for H2 2024 - Loan volume is expected to grow in H2 2024 due to stable credit demand, improved risk metrics, and diversified acquisition channels [30][31] - Take rate growth in Q3 is driven by declining credit and funding costs, better monetization through platform strategy, and increased contribution from the capital-light model [33] Question: Impact of Mr. Zhou Hongyi's resignation - Mr. Zhou resigned due to personal reasons, and his departure will not impact daily operations as he was not involved in them [35][36] Question: Share buyback pace and rationale - The company accelerated share buybacks, purchasing $211 million worth of stock by August 13, 2024, due to undervaluation and to maximize shareholder value [38] Question: Funding cost reduction and asset quality improvement - Funding costs declined due to lower ABS costs and increased ABS proportion, with limited room for further reduction [41] - Asset quality improved due to cautious loan origination, optimized risk models, and enhanced post-loan operations [42][43] Question: Customer acquisition pace in H2 2024 - The company plans to accelerate customer acquisition in H2 2024, leveraging diversified channels and embedded finance models to achieve quality loan growth [47][48]

August 2024 2Q2024 Result Presentation Strictly Private and Confidential Disclaimer This presentation has been prepared by Qifu Technology, Inc. (the "Company") solely for information purpose. By viewing or accessing the information contained in this material, you hereby acknowledge and agree that no representations, warranties or undertakings, express or implied, are made by the Company or any of its directors, shareholders, employees, agents, affiliates, advisors or representatives as to, and no reliance ...

Exhibit 99.1 Qifu Technology Announces First Quarter 2024 Unaudited Financial Results Shanghai, China, May 19, 2024, Qifu Technology, Inc. (NASDAQ: QFIN; HKEx: 3660) ("Qifu Technology" or the "Company"), a leading Credit-Tech platform in China, today announced its unaudited financial results for the first quarter ended March 31, 2024. First Quarter 2024 Business Highlights • As of March 31, 2024, our platform has connected 159 financial institutional partners and 241.4 million consumers with potential credi ...

Financial Performance - Total revenue for Q2 2024 was RMB 4,160.1 million (USD 572.4 million), an increase from RMB 3,914.3 million in the same period of 2023[12]. - Non-GAAP net profit for Q2 2024 was RMB 1,413.4 million (USD 194.5 million), compared to RMB 1,146.6 million in Q2 2023, reflecting a year-over-year growth of approximately 23.3%[12]. - Operating income was RMB 1,985.0 million (USD 273.1 million), compared to RMB 1,181.5 million in the same period last year, showing significant growth[16]. - Net profit was RMB 1,376.5 million (USD 189.4 million), an increase from RMB 1,093.4 million year-over-year, reflecting strong financial performance[17]. - The net profit margin for Q2 2024 was 33.1%, indicating a healthy profitability level for the company[18]. - The company reported a significant reduction in customer acquisition costs due to diversified channels and prudent strategies[11]. - The company’s diluted earnings per American Depositary Share (ADS) were RMB 8.92 (USD 1.22) for the period[19]. - The company’s non-GAAP diluted earnings per ADS were RMB 9.16 (USD 1.26), reflecting strong operational performance[20]. - For Q3 2024, the company expects to generate a net profit of RMB 1.5 billion to RMB 1.6 billion, and a non-GAAP net profit of RMB 1.55 billion to RMB 1.65 billion, representing a year-on-year growth of 31% to 40%[28]. Loan and Borrower Statistics - As of June 30, 2024, the platform has connected with 160 financial institution partners and 247.6 million consumers with potential credit demand, an increase of 12.2% from 220.6 million last year[9]. - The cumulative number of users with approved credit limits reached 53.6 million, up 13.0% from 47.4 million as of June 30, 2023[9]. - The number of borrowers who successfully withdrew funds (including repeat borrowers) was 32.0 million, a 12.3% increase from 28.5 million as of June 30, 2023[9]. - In Q2 2024, financial institution partners initiated 19,112,187 loans through the platform, with a total loan volume of RMB 95,425 million, a decrease of 23.2% from RMB 124,225 million in the same period last year[9]. - The loan volume initiated under the light capital model, Intelligent Credit Engine (ICE), and other technology solutions amounted to RMB 61,905 million, representing 64.9% of the total initiated amount, down from RMB 71,860 million or a decrease of 13.9% year-on-year[9]. - The total outstanding loan balance was RMB 157,778 million, a decrease of 14.5% from RMB 184,459 million as of June 30, 2023[9]. - The outstanding loan balance under the light capital model, ICE, and other technology solutions was RMB 103,817 million, down 9.6% from RMB 114,835 million as of June 30, 2023[9]. - The 90-day+ delinquency rate for loans initiated by financial institutions on the platform was 3.40% as of June 30, 2024[9]. - The loan refinancing volume for Q2 2024 was 93.0%[9]. Cash Flow and Financial Position - The operating cash flow for the quarter was approximately RMB 19.6 billion, indicating strong cash generation capabilities[12]. - The total cash and cash equivalents at the end of the quarter amounted to approximately RMB 84.9 billion, providing a solid financial foundation for future opportunities[12]. - Cash and cash equivalents rose from RMB 4,177,890 thousand to RMB 6,337,134 thousand, an increase of 51.7%[41]. - The cash generated from operating activities for the three months ended June 30, 2024, was RMB 1,961,616, an increase of 11.3% compared to RMB 1,761,575 in the same period of 2023[45]. - The company’s cash flow from operating activities showed a significant increase, indicating improved liquidity and operational efficiency[44]. Expenses and Cost Management - Sales and marketing expenses were RMB 366.4 million (USD 50.4 million), a decrease from RMB 436.5 million in the same period last year, reflecting a more cautious customer acquisition approach[15]. - General and administrative expenses were RMB 95.1 million (USD 13.1 million), down from RMB 112.8 million year-over-year, indicating improved operational efficiency[15]. - Operating costs and expenses for the six months ended June 30, 2024, decreased to RMB 4,964,159 thousand from RMB 5,324,968 thousand, a reduction of 6.8%[43]. Shareholder Returns and Dividends - The company has approved a semi-annual dividend of $0.30 per Class A ordinary share and $0.60 per American Depositary Share for the first half of 2024, with payment dates expected on October 29, 2024, and around November 1, 2024, respectively[26]. - As of August 13, 2024, the company has repurchased approximately 10.7 million American Depositary Shares at a total cost of about $211 million, averaging $19.7 per share, under a buyback plan authorized for up to $350 million[27]. Leadership and Governance - The board appointed Zhao Fan as the new chairman and Liu Xiangge as an independent director, effective August 13, 2024, indicating a strategic leadership change[24]. Asset and Liability Management - Total assets increased from RMB 45,818,572 thousand to RMB 46,983,049 thousand, representing a growth of 2.54%[41]. - Total liabilities increased from RMB 23,808,715 thousand to RMB 24,350,070 thousand, a rise of 2.27%[41]. - The total equity attributable to shareholders rose from RMB 21,937,483 thousand to RMB 22,568,768 thousand, an increase of 2.87%[41]. Accounting and Financial Reporting - The company follows the CECL model for expected credit losses, adjusting provisions based on estimated values at the initiation or acquisition of financial assets[68]. - The actual interest rate on receivables is calculated using the effective interest method, considering all contractual terms and estimated cash flows over the loan's expected term[69]. - The company recognizes share-based compensation expenses using the straight-line method, with reported income of RMB 49,337 thousand and RMB 11,971 thousand for the six months ending June 30, 2023, and 2024, respectively[69]. - Financial guarantees are accounted for under ASC 326, with provisions recognized at the start of the guarantee and subsequently amortized over the guarantee period[69]. - The company adopts a policy to recognize income from guaranteed premiums monthly, as service fees are collected in installments rather than upfront[69].

SHANGHAI, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Qifu Technology, Inc. (NASDAQ: QFIN; HKEx: 3660) (“Qifu Technology” or the “Company”), a leading Credit-Tech platform in China, today announced its unaudited financial results for the second quarter and six months ended June 30, 2024, announced board change and raised semi-annual dividend. Second Quarter 2024 Business Highlights As of June 30, 2024, our platform has connected 160 financial institutional partners and 247.6 million consumers*1 with potential credit ...

SHANGHAI, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Qifu Technology, Inc. (NASDAQ:QFIN, HKEx: 3660))) ("Qifu Technology" or the "Company"), a leading Credit-Tech platform in China, today announced that it will report its unaudited financial results for the second quarter ended June 30, 2024, after U.S. markets close on Tuesday, August 13, 2024. Qifu Technology's management team will host an earnings conference call at 8:30 PM U.S. Eastern Time on Tuesday, August 13, 2024 (8:30 AM Beijing Time on Wednesday, August 1 ...

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Investors interested in Technology Services stocks are likely familiar with Qifu Technology, Inc. (QFIN) and Maplebear (CART) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank is a proven strategy that targets com ...

SHANGHAI, June 27, 2024 (GLOBE NEWSWIRE) -- Qifu Technology, Inc. (NASDAQ:QFIN, HKEx: 3660))) ("Qifu Technology" or the "Company"), a leading Credit-Tech platform in China, today announced that the following proposed resolution submitted for shareholder approval has been duly adopted at its annual general meeting of shareholders held today: as an ordinary resolution, THAT, Deloitte Touche Tohmatsu Certified Public Accountants LLP shall be re-appointed as the auditor of the Company to hold office until the c ...

owngardenQifu Technology Inc (NASDAQ:QFIN) reported its first-quarter results highlighted by solid growth and firming profitability. The China-based fintech is managing mixed economic indicators in the region and ongoing consumer credit headwinds by tightening lending standards and streamlining the business. The latest results suggest the strategy is working. We last covered the stock in late 2022 when the company was still known as "360 DigiTech" before a corporate name change in March of last year. Wh ...