Financial Data and Key Metrics Changes - In Q2 2025, the company facilitated RMB38.99 billion in loans, representing a 10.9% sequential increase and a 71.4% year-over-year growth [6][11] - Total revenue reached RMB2.27 billion, up 17.3% sequentially and 65.6% year-over-year [7][11] - Non-GAAP adjusted net income for Q2 was RMB593.2 million, reflecting a robust year-over-year growth of 58.3% [12][14] - Return on equity improved to approximately 27.9%, indicating enhanced capital efficiency [15] Business Line Data and Key Metrics Changes - The total outstanding loan balance, excluding loans delinquent more than sixty days, reached RMB64.91 billion, a 55.3% increase from Q2 2024 [11] - The total number of loans facilitated increased to approximately 3,720,000, reflecting a growth of 70.8% year-over-year [11] - The average loan size was RMB10,476, with an active borrower base growing to approximately 2,850,000, a notable 73.7% increase year-over-year [11] Market Data and Key Metrics Changes - The thirty-one to sixty-day delinquency rate improved to 1.16%, down from 1.29% a year ago, reflecting nearly a 10% improvement year-over-year [8] - The ninety-one to one hundred and eighty days delinquency rate was 2.91%, substantially lower than the 4.38% in Q2 2024, demonstrating a meaningful 33% reduction year-over-year [8] Company Strategy and Development Direction - The company is focused on expanding market opportunities through new partnerships and enhancing its technology platform and underwriting models [6] - There is a deliberate moderation in growth expectations for 2025, with a projected total return amount of facility and originate in the range of RMB32 billion to RMB34 billion, emphasizing asset quality over pure volume growth [18] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the company's strategic path, emphasizing robust underwriting practices and prudent risk controls [20] - The regulatory environment in China is evolving, and the company is committed to compliance while viewing regulatory changes positively as they support a sustainable industry landscape [18] Other Important Information - The company has a share repurchase program with approximately US$68.2 million remaining under its new US$100 million authorization, effective through November 30, 2026 [16] - A cash dividend of US$0.28 per ADS has been approved, with payments expected around October 15, 2025 [17] Q&A Session Summary Question: Can you provide some light on the pivot from loan growth to asset quality? - Management clarified that asset quality has always been a priority, and while there was an initial focus on loan growth, the emphasis remains on maintaining asset quality [25][26] Question: Do you see opportunities to run the company leaner through artificial intelligence? - The company is already leveraging AI in client management, including collections and customer service, and plans to continue developing AI capabilities to reduce future costs [27][28]

Financial Highlights - X Financial achieved a Return on Equity (ROE) of 24%[10] - The company has authorized a share buyback program of $115 million for 2025-2026, targeting approximately 5.8 million shares at around $20 per share, representing roughly 14% of the current float[14] - X Financial's trailing twelve months (TTM) net income is $243 million, resulting in a Price-to-Earnings (P/E) ratio of 2.5x, with a market capitalization of approximately $600 million[17] - The company projects a 30% volume growth guidance in FY25[17] Business Model and Performance - X Financial's loan facilitation business delivered over 45% Return on Invested Capital (ROIC) in Q1 2025[21] - Total net revenue increased by 65.6% from RMB 1,372,588 thousand in 2Q 2024 to RMB 2,273,123 thousand in 2Q 2025 (USD 317,316 thousand)[83] - Net income increased by 27.1% from RMB 415,303 thousand in 2Q 2024 to RMB 528,016 thousand in 2Q 2025 (USD 73,709 thousand)[83] Balance Sheet - Cash and equivalents increased by 17.1% from RMB 984,611 thousand on 12/31/2024 to RMB 1,152,990 thousand in 2Q 2025 (USD 160,951 thousand)[85] - Total assets increased by 15.8% from RMB 11,819,288 thousand on 12/31/2024 to RMB 13,687,855 thousand in 2Q 2025 (USD 1,910,751 thousand)[85] - Total equity increased by 11.0% from RMB 6,953,154 thousand on 12/31/2024 to RMB 7,720,902 thousand in 2Q 2025 (USD 1,077,797 thousand)[85]

小赢科技(XYF.US)盘前涨超9.6%，报14.1美元。消息面上，小赢科技第二季度营收同比增长 65.6%至 22.73亿元，净利润同比增长27.1%至5.28亿元。期内，促成和发放的贷款总额达到创纪录的389.9亿元， 同比增长71.4%；活跃借款人同比增长73.7% ，达到285万人。(格隆汇) ...

Financial Performance - Company reported Q2 financial results for the period ending June 30, 2025, with revenue of 2.273 billion RMB, a year-over-year increase of 65.6% [1] - Net profit increased by 27.1% year-over-year to 528 million RMB, with diluted earnings per ADS of 12.00 RMB, reflecting a 44.9% year-over-year growth [1] - Total loans facilitated and issued reached a record 38.99 billion RMB (approximately 5.43 billion USD), marking a 71.4% year-over-year increase [1] Borrower Growth and Asset Quality - Active borrowers grew by 73.7% year-over-year, reaching 2.85 million [1] - Company president Kent Li highlighted the addition of over 427,000 active borrowers in the quarter while maintaining healthy asset quality [1] - Delinquency rates improved, with 31-60 days overdue rate decreasing to 1.16% from 1.29% in the same period of 2024, and 91-180 days overdue rate dropping to 2.91% from 4.38% [1] Share Buyback and Dividend - From January 1 to August 15, 2025, the company repurchased approximately 16.7 million Class A ordinary shares for a total of about 47.7 million USD, fully utilizing a previous 50 million USD buyback authorization [2] - A new buyback plan of 100 million USD has been approved, with approximately 68.2 million USD remaining for repurchase [2] - The board announced a semi-annual dividend of 0.28 USD per ADS [3] Future Loan Projections - For Q3 2025, the company expects total loans facilitated and issued to be between 32 billion and 34 billion RMB, indicating a slowdown compared to the record levels in Q2 as management focuses more on asset quality and profitability rather than just loan growth [3]

Financial Performance - In Q2 2025, the total amount of loans facilitated and provided by the company reached 38.994 billion RMB, with a loan balance of 64.911 billion RMB as of June 30, 2025 [2][3] - The net income for Q2 2025 was 2.273 billion RMB, reflecting strong core profitability and prudent cost management [3] - The overdue rates for loans were reported as 1.16% for 31-60 days and 2.91% for 91-180 days [3] Strategic Initiatives - The company launched the "Be Your Own Light" annual support plan, which includes the "Small Store Flash Plan" and "User Lighting Plan" to provide financial support to small and micro enterprises [2] - A collaboration was established with Renmin University of China to create a "Digital Finance Laboratory," aiming to integrate academic research with practical applications in finance and AI [4] Technological Advancements - The company is set to introduce a virtual digital assistant named Win-Daidai in 2025, utilizing generative AI technology to enhance customer interaction and provide 24/7 intelligent customer service [4][5] - The focus on AI applications aims to improve financial services for small business owners and new citizens, showcasing the company's commitment to technological innovation [4][7] Social Responsibility - The company emphasizes consumer rights protection and has conducted user education activities, reaching approximately one million people through its anti-fraud initiatives [6] - The company’s public welfare efforts include the establishment of a public library in Jiangxi, which serves as a cultural hub for rural revitalization, and ongoing support for educational projects in Kenya [6]

Loan Performance - Total loan amount facilitated and originated in Q2 2025 was RMB38,994 million, up 71.4% from RMB22,749 million in Q2 2024[8] - Total outstanding loan balance at the end of Q2 2025 was RMB64,911 million, an increase of 55.3% from RMB41,804 million in Q2 2024[8] - Number of active borrowers in Q2 2025 was 2.85 million, reflecting a 73.7% increase from 1.64 million in Q2 2024[8] - Delinquency rate for loans past due 31-60 days improved to 1.16% as of June 30, 2025, down from 1.29% in the same period of 2024[8] Financial Performance - Total net revenue in Q2 2025 was RMB2,273.1 million (US$317.3 million), representing a 65.6% increase from RMB1,372.6 million in Q2 2024[12] - Net income in Q2 2025 was RMB528.0 million, a 27.1% increase compared to RMB415.3 million in Q2 2024[12] - Non-GAAP adjusted net income in Q2 2025 was RMB593.2 million, up 58.3% from RMB374.7 million in Q2 2024[12] - Loan facilitation service revenue for Q2 2025 was RMB 1,369,443, a 87.2% increase from RMB 732,249 in Q2 2024[38] - Operating costs and expenses for Q2 2025 totaled RMB 1,598,067, a significant rise from RMB 909,535 in Q2 2024, reflecting a 75.7% increase[38] - Basic net income per share for Q2 2025 was RMB 2.10, compared to RMB 1.41 in Q2 2024, marking a 48.2% increase[39] - Comprehensive income for the first half of 2025 was RMB 982,365, an increase from RMB 788,177 in the same period of 2024[38] Shareholder Information - The company repurchased approximately 16.7 million Class A ordinary shares for a total consideration of approximately US$47.7 million under its share repurchase programs[17] - As of June 30, 2025, cash and cash equivalents totaled RMB1,152.99 million (US$161.0 million), a decrease from RMB1,389.5 million at March 31, 2025, primarily due to significant share repurchases[21] - Shareholders' equity grew to RMB7,720.9 million (US$1.08 billion), reflecting an increase in retained earnings[21] - The equity-to-assets ratio remained healthy at approximately 56.4%, indicating a conservative leverage profile[21] Asset and Liability Overview - Accounts receivable and contract assets increased to RMB3,161.64 million (US$441.35 million) as of June 30, 2025, up from RMB2,029.55 million[37] - Loans receivable from Credit Loans and other loans rose to RMB5,017.64 million (US$700.44 million) as of June 30, 2025, compared to RMB4,828.32 million[37] - Total assets reached RMB13,687.86 million (US$1,910.75 million) as of June 30, 2025, up from RMB11,819.29 million[37] - Total liabilities increased to RMB5,966.95 million (US$832.95 million) as of June 30, 2025, from RMB4,866.13 million[37] Regulatory Environment - The regulatory environment for internet-based lending remained consistent, with no major changes introduced during the quarter[22] - The company continues to engage proactively with regulators and ecosystem partners to diversify funding sources and expand product offerings[25] Business Outlook - Business outlook for Q3 2025 expects total loan amount facilitated to be in the range of RMB32.0 billion to RMB34.0 billion[14] Foreign Exchange and Provisions - The company reported a foreign exchange gain of RMB 2,101 in Q2 2025, compared to a loss of RMB 7,807 in Q2 2024[38] - The provision for loans receivable decreased to RMB 46,394 in Q2 2025 from RMB 95,865 in Q2 2024, indicating improved asset quality[38]

Core Insights - X Financial reported strong financial results for Q2 2025, with total net revenue reaching RMB 2,273.1 million (approximately $317.3 million), representing a year-over-year increase of 65.6% [2][8] - The company facilitated and originated loans totaling RMB 38.99 billion (approximately $5.43 billion), marking a 71.4% increase year-over-year [2][8] - Active borrowers increased by 427,000 in the quarter, bringing the total to 2.85 million, a rise of 73.7% year-over-year [2][8] Financial Performance - Total net revenue for Q2 2025 was RMB 2,273.1 million, up from RMB 1,372.6 million in Q2 2024, reflecting a 65.6% increase [2][8] - Net income rose to RMB 528.0 million (approximately $73.7 million), a 27.1% increase from RMB 415.3 million in the same quarter last year [2][8] - Non-GAAP adjusted net income for the quarter was RMB 593.2 million (approximately $82.8 million), up 58.3% year-over-year [2][8] Business Outlook - For Q3 2025, X Financial expects total loan facilitation and origination to be between RMB 32.0 billion and RMB 34.0 billion, indicating a strategic moderation from Q2 levels to focus on asset quality and profitability [9] - The company has repurchased approximately 16.7 million Class A ordinary shares for about $47.7 million under its share repurchase program, with $68.2 million remaining under a new $100 million program [9] - A semi-annual dividend of $0.28 per ADS has been declared, payable to shareholders on record as of September 26, 2025 [9]

作者：行情君 8月19日，小赢科技将于(美东)盘前披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美 国当地时间，实际披露日期以公司公告为准）。 资料显示，小赢科技有限责任公司是中国知名的持牌金融科技公司,秉承"以科技赋能普惠为己任,成就金 融向善之美好"的公司使命,致力于以互联网技术和服务为核心,携手各类金融合作伙伴,打造专精于小微 信贷的普惠金融服务平台。 本文源自：金融界 8月18日，小赢科技(XYF)开盘上涨2.37%，截至21:30，报13.8美元/股，成交18.41万美元，总市值5.82 亿美元。 财务数据显示，截至2025年03月31日，小赢科技收入总额19.38亿人民币，同比增长60.39%；归母净利 润4.58亿人民币，同比增长26.16%。 大事提醒： ...

Core Viewpoint - Xiaoying Technology (XYF) has shown a positive market performance with a 2.12% increase in stock price, reaching $13.96 per share, and a total market capitalization of $589 million [1] Financial Performance - As of March 31, 2025, Xiaoying Technology reported total revenue of 1.938 billion RMB, reflecting a year-on-year growth of 60.39% [1] - The company's net profit attributable to shareholders reached 458 million RMB, marking a year-on-year increase of 26.16% [1] Upcoming Events - Xiaoying Technology is scheduled to disclose its mid-year report for the fiscal year 2025 on August 20, with the actual disclosure date subject to company announcement [1] Company Profile - Xiaoying Technology is a well-known licensed fintech company in China, committed to empowering inclusive finance through technology, focusing on small and micro credit services in collaboration with various financial partners [1]

Core Insights - The overall performance of the seven fintech companies, including Lufax, Qifu Technology, Xinye Technology, Lexin, Xiaoying Technology, Jiayin Technology, and Yirendai, showed mixed results, but asset quality continued to improve [1] Performance Analysis - Lufax reported the highest revenue of 5.543 billion yuan in Q3 2024, but its revenue decreased by 31.14% year-on-year, with net profit declining by over 100% [2] - Jiayin Technology also experienced a decline in both revenue and profit, with Q3 2024 revenue at 1.445 billion yuan, down 1.46% year-on-year, and net profit at 270 million yuan, down 16.73% [3] - Qifu Technology achieved a revenue of 4.370 billion yuan in Q3 2024, with a year-on-year revenue growth of 2% and a net profit increase of approximately 50%, making it one of the few companies with positive growth [3] Asset Quality Improvement - Despite some companies facing performance pressures, the overdue rates indicated an improvement in asset quality across the fintech sector [4] - As of September 30, 2024, Xinye Technology's overdue rate for loans over 90 days was 2.50%, while Yirendai showed improvements in various overdue categories [4] - Qifu Technology's overdue rate for loans over 90 days decreased to 2.72% from 3.4% in the previous quarter, reflecting better risk management [4] Market Outlook - Analysts noted a divergence in financial indicators among the listed fintech companies, but a common trend of improving overdue rates and asset recovery was observed [5] - The companies are expected to focus on enhancing business quality and efficiency, while also consolidating less profitable marginal businesses [5]