Core Viewpoint - The investment in Qifu Technology is driven by the vast market potential of China's fintech sector, the company's established compliance position, and its high growth potential post-business recovery [1] Short-term Expectations - Qifu Technology reported a revenue of 5.216 billion yuan in Q2, exceeding market expectations with a quarter-on-quarter growth of 11.2% and a year-on-year growth of 25.4% [1] - The company achieved a significant breakthrough in capital cost management, issuing 7.8 billion yuan through ABS financing, a 70% year-on-year increase, while reducing comprehensive funding costs by 10 basis points [2] - Core risk control indicators improved, with the FPD7+ (first 7 days overdue rate) decreasing by 5% in June, indicating better loan quality, and a 60% year-on-year increase in new borrowers [3] - The company has a high provision coverage ratio of 662%, reflecting a strong safety net for potential risks [3] - Qifu's strategy of proactively reducing high-risk business is expected to lay a solid foundation for long-term stability, despite short-term scale pressures [3] Mid-term Expectations - Qifu Technology is rapidly expanding its 2B business and exploring globalization, with a 150% year-on-year increase in empowered loan volume in Q2 [6] - The upgraded core product, "FocusPRO Credit Super Intelligent Agent," has achieved T+0 zero rejection approval and is being implemented in over 20 financial institutions [6][8] - The company is enhancing its technical ecosystem through partnerships and joint laboratories, which will improve its bargaining power and market penetration [8] - Successful completion of its first small-scale loan in the UK demonstrates the adaptability of its AI risk control model to international markets [9] Long-term Expectations - Qifu Technology aims to evolve its AI technology system into a foundational operating system for global financial infrastructure, representing its core competitive advantage [10] - The integration of 670 models and 7129 strategies in its end-to-end risk identification system has improved the AUC index to 64.6%, indicating significant risk management enhancements [10][12] - The company has gained recognition in global academic circles, which will support its credibility in future overseas market expansions [12][13] - Qifu's comprehensive financial operating system addresses the limitations of traditional banking systems and emerging economies, positioning it as a potential architect of global digital finance [13][15]
奇富科技：从基本面优化到AI突破与全球输出，预期差正在被重塑