Zhong Guo Jing Ying Bao·2025-09-07 09:15Core Viewpoint - The leading lending platforms have shown significant growth in Q2, with a focus on adapting to the upcoming regulatory changes in the lending industry, which are expected to accelerate industry consolidation and enhance risk control and consumer protection requirements [1][2][3]. Overall Performance Growth - The top three platforms, Qifu Technology, Lexin, and Xinye Technology, reported loan balances of 140.08 billion, 105.78 billion, and 75.4 billion RMB respectively, with year-on-year growth rates of 13.4%, -8.1%, and 17.4% [2]. - Lexin achieved a net profit of 510 million RMB in Q2, a 126% increase year-on-year, while Qifu Technology and Xinye Technology reported revenues of 5.216 billion and 3.578 billion RMB, reflecting year-on-year growth of 25.38% and 12.94% respectively [2]. - Qifu Technology's net profit attributable to ordinary shareholders reached 1.734 billion RMB, up 25.6% year-on-year, and Xinye Technology's net profit was 751.3 million RMB, a 36.35% increase [2]. Changes in Business Models - The business structure of platforms has shifted, with a decrease in loan volume under the light capital model due to the upcoming regulatory changes, leading to increased funding costs for both light and heavy capital models [4][5]. - Lexin reported a decrease in the light capital model's share of GMV from 27% in Q1 to 20% in Q2, while the heavy capital model's share increased from 73% to 80% [4]. - Qifu Technology's total loan volume reached 84.609 billion RMB, a 16.1% increase year-on-year, but a 4.8% decrease from the previous quarter, with light capital loans accounting for 41.4% of the total [5]. New Growth Opportunities - Platforms are actively seeking new growth points outside traditional loan facilitation, with Xinye Technology reporting international market revenue of 1.5072 billion RMB in H1 2025, a 30.2% year-on-year increase [7]. - Lexin's credit facilitation service revenue was 2.27 billion RMB, down 15.0% year-on-year, while technology-enabled service revenue grew by 55.3% to 830 million RMB [8]. - Qifu Technology emphasizes AI-driven financial technology as its core growth potential, with its subsidiary achieving a 150% year-on-year growth in business scale [8]. Industry Trends - The industry is expected to focus on three main directions: deepening scenario finance, enhancing small and micro finance services using AI models, and strengthening data asset operations to improve risk control accuracy [8][9]. - The upcoming regulatory changes are anticipated to accelerate industry consolidation, favoring platforms with strong compliance capabilities and high technological barriers [9].