经济观察网 11月20日，信也科技（NYSE: FINV）发布2025年第三季度未经审计财务报告。报告显示， 公司第三季度营收达35亿元人民币，净利润为6.4亿元人民币。在经营层面，当季促成交易额为512亿 元，在贷余额为771亿元。 截至三季度末，信也科技累计为全球近3840万用户提供信贷科技服务，其中国内用户达2840万人。国际 业务收入占总收入的25%，成为整体增长的重要动力。此外，公司海外累计借款用户规模已近1000万， 本季度新增借款用户达130万，环比增长18%。 ...

（文章来源：证券日报） 信也科技首席财务官徐佳圆表示："三季度公司保持稳健的营收能力和健康的现金流水平，并持续提升 股东回报力度。截至9月30日，今年我们已累计回购约6650万美元的股份，自2018年以来的总回购金额 已达4.37亿美元。" 信也科技首席执行官李铁铮表示："信也科技在第三季度的稳健业绩，印证了公司'立足本土、展望全 球'战略的前瞻性与有效性。未来，我们将继续深化技术研发、优化服务体验、拓展多元化布局，以坚 定的战略定力，实现更可持续的价值成长。" 截至三季度末，国内业务累计服务用户2840万人，以科技实力助推普惠金融事业发展。国际业务继续展 现强劲动能，国际收入已占总收入的25%，成为拉动整体增长的重要组成部分。截至目前，公司海外累 计借款用户规模近1000万，其中新增借款用户较上季度增长18%，达到130万。 信也科技持续加大在人工智能与大数据技术领域的投入，推动前沿科技在风控、运营及客户服务等环节 的深度融合。在人工智能应用层面，该公司对智能客服系统进行全面升级，提升了服务精准度，并基于 紧急程度实现自动化响应，显著优化了服务效率。报告期内，AI客服已完成超100万次自动化服务，在 降低客 ...

Core Insights - The credit industry is transitioning from "human-machine collaboration" to "human-machine integration," with AI evolving from a predictive role to a decision-making role, becoming a crucial force in the systemic restructuring of the industry [2] Group 1: AI in Credit Services - AI applications are making credit services more intelligent and inclusive, participating in decision-making rather than merely assessing risk [2] - AI's influence permeates every aspect of credit operations, redefining the operational logic of the entire industry [2] - Generative AI enhances customer acquisition by providing real-time insights into behavioral data, enabling institutions to identify potential customers more accurately [2] Group 2: Risk Management and Customer Service - AI models continuously self-learn and dynamically adjust scoring systems, making risk assessment more scientific and efficient [2] - Advanced algorithms like graph neural networks can identify complex fraud chains, allowing for early detection of potential risks [2] - Generative AI improves customer service by offering natural and immediate conversational experiences through semantic understanding and contextual awareness [2] Group 3: International Expansion and Financial Performance - The integration of large and small AI models is seen as a key direction for the next phase, combining the understanding capabilities of large models with the precision of small models in specific scenarios [3] - As of Q2 2025, the company has provided credit technology services to 8.7 million users through its overseas fintech platforms, with a cumulative transaction volume of 33.5 billion yuan [3] - International business accounted for 22.3% of the group's total revenue in Q2 2025, indicating a robust growth strategy in emerging markets like Indonesia, the Philippines, and Pakistan [3]

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Viewpoints - The implementation of new lending regulations introduces uncertainty, but the impact on leading companies is relatively controllable. The new regulations may reduce the enthusiasm of financial institutions to participate in the lending market, affecting industry liquidity and profitability for high-priced clients [2][5] - Loan growth has slowed, and asset quality risks are a concern. In Q2, the loan volume increased by 13.0% year-on-year, but the growth rate declined by 3.6 percentage points compared to Q1. Smaller platforms are leading in loan growth, indicating a strategic move to enhance competitiveness before the new regulations take effect [2][17] - Revenue performance varies among companies, with a slight increase in uncertainty regarding profitability. In Q2, the sample credit technology platforms saw a revenue growth rate of 18.8%, with net profit increasing by 36.7% year-on-year. However, some companies, like Yirendai, reported negative net profit growth [2][29] Summary by Sections New Regulations and Industry Ecology - The new lending regulations, effective from October 1, 2025, clarify the upper limit on loan interest rates and require transparency in service fees. This may lead to a contraction in financial supply for high-risk clients [5][6] - The regulations emphasize centralized management by banks and strict compliance, which may reduce the willingness of financial institutions to engage in the lending market [6][9] Loan Growth and Asset Quality - In Q2, the average overdue rate for 90 days or more decreased by 4 basis points to 2.20%. However, some companies, like Qifu and Xinye, saw an increase in early overdue rates, indicating potential asset quality deterioration [18][26] - The overall loan volume for sample companies grew by 13.0% year-on-year, but the growth rate declined compared to Q1, suggesting a cautious approach to lending amid regulatory changes [19][17] Revenue and Profitability - The revenue growth rate for sample credit technology platforms in Q2 was 18.8%, with significant contributions from companies like Xiaoying and Jiayin, which reported growth rates of 65.6% and 27.8%, respectively [27][29] - The net profit for the sample companies increased by 36.7% year-on-year, with leading companies like Lexin and Jiayin showing substantial growth rates [29][36] Credit Cost and Investor Returns - Credit impairment provisions increased by 17.6% year-on-year, reflecting heightened caution due to regulatory uncertainties. This may impact profitability in the short term [33][29] - Many credit technology platforms have initiated stock buyback plans, with Qifu's buyback amount reaching $227 million as of August 14, 2025, indicating a focus on shareholder returns [36][37]

Core Insights - The financial sector has provided an additional 170 trillion yuan to the real economy over the past five years, with inclusive loans for small and micro enterprises reaching 36 trillion yuan, which is 2.3 times the amount at the end of the 13th Five-Year Plan, and interest rates have decreased by 2 percentage points [1] Group 1: Industry Support and Development - The financial support from the banking and insurance sectors reflects a continuous improvement in the financing environment for private and small enterprises [1] - Digital risk control technology is a core competitive advantage for Dashu Xinke, which has been continuously developed and refined through extensive practice in small and micro lending [2] - Dashu Xinke has successfully applied digital risk control technology in large, unsecured operational loans, revolutionizing traditional methods and achieving a breakthrough in digital lending for small and micro enterprises [2] Group 2: Technological Advancements and Impact - Dashu Xinke has established a comprehensive digital credit capability system that covers key areas such as marketing, risk control, product development, operations, technology, and credit enhancement [2] - The digital small and micro credit technology from Dashu Xinke has been applied in over 70 banks, facilitating the issuance of more than 1 billion yuan in inclusive loans to over 800,000 clients [3] - The technology not only mobilizes bank credit funds towards the real economy but also promotes the development of the private sector, providing significant economic benefits to partners [3] Group 3: Future Outlook - As a leading provider of credit technology solutions, Dashu Xinke aims to continue innovating and enhancing its credit technology solutions to support banks in providing efficient financing services to more small and micro enterprises [3]

Core Viewpoint - QFIN's stock opened up 3.18% on August 25, reaching $32.45 per share, with a total market capitalization of $4.297 billion. The company reported a total revenue of 9.907 billion RMB for the period ending June 30, 2025, representing a year-on-year growth of 19.17%, and a net profit of 3.534 billion RMB, up 38.88% year-on-year [1][2]. Group 1: Company Overview - QFIN is a leading credit technology platform in China, focused on providing innovative credit services to financial institutions, enabling consumers and small businesses to access personalized credit solutions [2][3]. - The company collaborates with 133 financial institutions, including state-owned and regional banks, to enhance credit assessment and risk management [2]. Group 2: Target Audience - The company targets consumers who are underserved by traditional financial institutions, particularly those with short credit histories and high potential for growth [3][4]. - QFIN also focuses on small and micro enterprises that lack sufficient credit history or collateral, offering tailored loan products to meet their needs [4]. Group 3: Service Offerings - QFIN provides two main types of services: credit-driven services and platform services, both designed to improve the lending process and enhance credit assessment [4][5]. - Credit-driven services involve matching potential borrowers with financial institutions, where QFIN assumes some credit risk [5][6]. - Platform services include a range of technology solutions throughout the loan lifecycle, such as borrower acquisition and credit assessment, without assuming credit risk [6][7]. Group 4: Technology and Innovation - The company utilizes its proprietary Intelligent Credit Engine (ICE) to provide smart marketing services and assist financial institutions in initial credit screening [6][7]. - QFIN has also introduced a risk management SaaS service to help financial institutions improve their credit assessment processes [7].

Core Viewpoint - QFIN's stock price increased by 2.39% on August 21, 2023, reaching $30.389 per share, with a total market capitalization of $4.024 billion. The company reported a total revenue of 9.907 billion RMB for the period ending June 30, 2025, representing a year-on-year growth of 19.17%, and a net profit attributable to shareholders of 3.534 billion RMB, reflecting a growth of 38.88% year-on-year [1][2]. Financial Highlights - As of June 30, 2025, QFIN's total revenue was 9.907 billion RMB, up 19.17% year-on-year [1]. - The net profit attributable to shareholders was 3.534 billion RMB, showing a year-on-year increase of 38.88% [1]. Dividend Announcement - On August 18, 2023, QFIN announced a mid-term dividend distribution of $0.76 per ADR, with the ex-dividend date set for September 8, 2025, and the payment date on September 30, 2025 [2]. Company Overview - QFIN is a leading credit technology platform in China, focused on providing credit technology services to financial institutions, enabling consumers and small enterprises to access more convenient and personalized credit services [2][3]. - The company collaborates with 133 financial institutions, including state-owned and regional banks, as well as consumer finance companies, to enhance credit assessment and risk management [2]. Target Market - QFIN targets consumers who are underserved by traditional financial institutions, particularly those with short credit histories but stable incomes and high growth potential [3]. - The company also focuses on small and micro enterprises that lack sufficient credit history and collateral, offering tailored loan products to meet their needs [4]. Service Offerings - QFIN provides two main types of services: credit-driven services and platform services, both designed to enhance the lending process and improve credit assessment [4][5]. - Credit-driven services involve matching potential borrowers with financial institutions, where QFIN assumes credit risk for certain loan products [4]. - Platform services include a range of technology solutions throughout the loan lifecycle, such as borrower acquisition, credit assessment, and post-loan services, without assuming credit risk [5][6]. Technology Solutions - The company utilizes its "Intelligent Credit Engine" (ICE) to provide smart marketing services and assist financial institutions in preliminary credit screening [6]. - QFIN also offers risk management SaaS services to help financial institutions improve their credit assessment processes [7].

Group 1 - The company reported a strong performance in Q2, with a revenue of 3.58 billion yuan and a net profit of 750 million yuan, reflecting a year-on-year growth in transaction volume of 10.9% to 54 billion yuan and an 18.1% increase in loan balance to 77.5 billion yuan [4] - Domestic transaction volume reached 50.8 billion yuan in Q2, with a year-on-year growth of 9.5%, while the loan balance was 75.4 billion yuan, up 17.4% [1][4] - The company has repurchased shares worth 63.8 million dollars in the first half of the year, supporting its strategic initiatives [1] Group 2 - The company invested nearly 130 million yuan in R&D in Q2, marking an 8.2% increase year-on-year, focusing on enhancing its fraud detection systems [2] - The upgraded defense system against complex AI fraud achieved a detection accuracy of 98.8%, while the self-developed visual AI can identify forged images with a recognition rate of 95% [2] - The company has implemented multiple verification methods, including dynamic facial recognition and real-time video authentication, to enhance security measures [2] Group 3 - The international business transaction volume exceeded 3.2 billion yuan in Q2, showing a year-on-year growth of 39%, with revenue nearing 800 million yuan, up 41.5% [1] - As of the end of Q2, the company has served a total of 8.7 million overseas users, indicating a diversified business expansion [1]

Core Insights - Xinyi Technology reported its Q2 2025 unaudited financial results, achieving revenue of 3.58 billion RMB and a net profit of 750 million RMB [1] - The company facilitated a transaction volume of 54 billion RMB in the quarter, reflecting a year-on-year growth of 10.9%, with a loan balance of 77.5 billion RMB, up 18.1% year-on-year [1] Domestic Performance - In the domestic market, the transaction volume reached 50.8 billion RMB, marking a year-on-year increase of 9.5%, while the loan balance was 75.4 billion RMB, up 17.4% year-on-year [1] - The company served 430,000 domestic micro and small enterprises, facilitating a transaction volume of 15.3 billion RMB, which accounted for 30% of the group's domestic transaction volume [1] International Performance - The international business saw a transaction volume exceeding 3.2 billion RMB, representing a year-on-year growth of 39%, with revenue nearing 800 million RMB, up 41.5%, contributing 22.3% to the group's total revenue [1] - As of the end of Q2, the company had served a cumulative total of 8.7 million overseas users, indicating a continued diversification of its business layout [1] Financing Activity - In June, the company completed the issuance of convertible senior notes totaling 150 million USD, maturing in 2030 [1]

Core Viewpoint - QFIN's stock price increased by 2.21% to $30.56 per share, with a total market capitalization of $4.047 billion as of August 19. The company reported a total revenue of 4.691 billion RMB for the fiscal year ending March 31, 2025, representing a year-on-year growth of 12.94%, and a net profit of 1.8 billion RMB, reflecting a significant increase of 54.62% [1][2]. Company Overview - QFIN is a leading credit technology platform in China, focused on providing innovative credit services to financial institutions, enabling consumers and small businesses to access personalized credit solutions [2][3]. - The company collaborates with 133 financial institutions, including state-owned and regional banks, to enhance credit assessment and risk management processes [2]. Target Consumers - The company targets consumers who are underserved by traditional financial institutions, particularly those with limited credit histories but stable incomes and high growth potential [3][4]. - QFIN utilizes advanced technology and credit analysis capabilities to identify low-risk borrowers, thereby expanding the borrower base for financial institutions [3]. Small and Micro Enterprises - Since late 2020, QFIN has tailored loan products for high-quality small and micro enterprises, which are often overlooked by traditional banks [4]. - The company leverages data analysis to identify small businesses with low default risks, facilitating their access to credit [4]. Service Offerings - QFIN provides two main types of services: credit-driven services and platform services, both designed to enhance the lending process and improve credit assessment [4][5]. - Credit-driven services involve matching potential borrowers with financial institutions, where QFIN assumes some credit risk [4][6]. - Platform services offer customized technological solutions throughout the loan lifecycle, including borrower acquisition and credit assessment, without assuming credit risk [5][6]. Technology Solutions - The company employs a light capital model, providing a comprehensive suite of technology-driven services that cover the entire loan lifecycle [6]. - QFIN's Intelligent Credit Engine (ICE) offers smart marketing services to financial institutions, enhancing borrower matching and initial credit screening [6][7]. - The company also provides risk management SaaS services to help financial institutions improve their credit assessment processes [7].