Core Viewpoint - X Financial reported strong financial results for Q1 2025, with significant growth in loan facilitation, active borrowers, and net income, reflecting robust demand and effective risk management strategies [1][9]. Operational Highlights - Total loan amount facilitated and originated in Q1 2025 was RMB 35,149 million, up 63.4% year-over-year from RMB 21,505 million in Q1 2024 [3][7]. - The number of active borrowers reached 2,425,504, representing a 77.1% increase from 1,369,410 in the same period last year [3][7]. - Total outstanding loan balance at the end of Q1 2025 was RMB 58,403 million, a 33.3% increase from RMB 43,812 million in Q1 2024 [3][7]. - The company facilitated approximately 3.14 million loans in Q1 2025, a 75.6% increase year-over-year [7]. Financial Highlights - Total net revenue for Q1 2025 was RMB 1,937.5 million (US$ 267.0 million), a 60.4% increase from RMB 1,208.0 million in Q1 2024 [8][11]. - Net income for Q1 2025 was RMB 458.1 million (US$ 63.1 million), compared to RMB 363.1 million in Q1 2024, marking a 26.2% year-over-year increase [8][11]. - Non-GAAP adjusted net income for Q1 2025 was RMB 466.8 million (US$ 64.3 million), up 44.9% from RMB 322.2 million in the same period last year [8][11]. - Net income per basic ADS was RMB 10.92, a 46.8% increase from RMB 7.44 in Q1 2024 [8][11]. Asset Quality - Delinquency rates for loans past due for 31-60 days improved to 1.25% in Q1 2025 from 1.61% in Q1 2024, while delinquency rates for loans past due for 91-180 days decreased to 2.73% from 4.37% [3][12]. - The company maintained stable provisions for loans receivable at RMB 62.2 million, while provisions for contingent guarantee liabilities increased to RMB 63.7 million from RMB 47.9 million [12]. Funding and Liquidity - Cash and cash equivalents increased to RMB 1,389.5 million (US$ 191.5 million) as of March 31, 2025, up from RMB 984.6 million at year-end 2024 [14]. - Total restricted cash was RMB 712.3 million (US$ 98.2 million), bringing total cash (including restricted) to over RMB 2.1 billion [14]. - Shareholders' equity grew to RMB 7,435.4 million (US$ 1.02 billion), reflecting the growth of retained earnings [14]. Business Outlook - X Financial expects the total loan amount facilitated and originated in Q2 2025 to be in the range of RMB 37.5 billion to RMB 39.5 billion, indicating continued strong demand [18]. - The company has approved a new share repurchase program of up to US$ 100 million, effective from June 1, 2025, through November 30, 2026, reflecting confidence in long-term growth [18].
X Financial Reports First Quarter 2025 Unaudited Financial Results