Jing Ji Guan Cha Bao·2025-05-23 11:50Economic Overview - The first quarter economic data from China indicates a positive signal, with a notable recovery in the consumer market, laying a solid foundation for the annual economic performance [1] - The total retail sales of consumer goods reached 12.4671 trillion yuan, a year-on-year increase of 4.6%, accelerating by 1.1 percentage points compared to the previous year [1] - In March, retail sales grew by 5.9% year-on-year, an acceleration of 1.9 percentage points compared to January-February, with a month-on-month growth of 0.58% [1] Financial Technology Companies Performance - Four Chinese financial technology companies focusing on consumer credit—Xiaoying Technology, Xinyi Technology, Lexin, and Qifu Technology—reported strong growth in their first-quarter financial results, reflecting the role of consumer finance in boosting consumption [1][2] - Xiaoying Technology reported a revenue of 1.938 billion yuan and a total loan facilitation of 35.149 billion yuan in the first quarter of fiscal year 2025, with a loan balance of 58.403 billion yuan [2][3] - Xinyi Technology achieved a revenue of 3.481 billion yuan and a net profit of 738 million yuan, with a total transaction amount of 52.1 billion yuan, marking a year-on-year growth of 7.9% [3][4] - Lexin's first-quarter revenue reached 3.1 billion yuan, with a non-GAAP EBIT of 580 million yuan, showing a significant year-on-year increase of 104.7% [4] - Qifu Technology reported a net income of 4.691 billion yuan, a year-on-year increase of 12.94%, with a total loan facilitation of 88.883 billion yuan, reflecting a growth of 15.8% [5] Market Trends and Future Outlook - The performance of financial technology companies is attributed to the recovery of the consumer market and the significant role of consumer credit in stimulating consumption [6] - Despite the positive first-quarter data, uncertainties remain regarding the sustainability and strength of the consumption recovery, with underlying issues such as income growth and consumer confidence needing further attention [6][7] - Recent government policies aimed at stabilizing the real estate market and expanding domestic demand have shown initial effectiveness, contributing to the overall economic stabilization [2][6] - The focus on service consumption as a key area for future economic stimulus reflects the government's commitment to enhancing consumer spending [6][7]