Core Viewpoint - Qudian Inc. reported a significant decline in revenue for its last-mile delivery business due to intense competition, leading to a potential winding down of this segment while focusing on prudent cash management and business transition [3][4][12]. Financial Performance - Total revenues decreased by 53.8% to RMB25.8 million (US$3.6 million) in Q1 2025 from RMB55.8 million in Q1 2024 [4][8]. - Sales income from the last-mile delivery business fell to approximately RMB23.8 million in Q1 2025, down from RMB53.8 million in the same period last year [3]. - Total operating costs and expenses decreased to RMB91.3 million (US$12.6 million) from RMB128.4 million in Q1 2024 [4]. Cost Management - Cost of revenues decreased by 54.8% to RMB26.2 million (US$3.6 million) due to reduced service costs related to the last-mile delivery business [5]. - General and administrative expenses decreased by 15.6% to RMB48.3 million (US$6.7 million) primarily due to lower staff compensations [5]. - Research and development expenses decreased by 17.6% to RMB13.1 million (US$1.8 million) as a result of a decrease in staff headcount [6]. Operational Loss and Income - Loss from operations was RMB65.5 million (US$9.0 million), an improvement from RMB72.5 million in Q1 2024 [6]. - Net income attributable to Qudian's shareholders was RMB150.1 million (US$20.7 million), compared to a net loss of RMB73.6 million in Q1 2024 [8][24]. Cash Flow and Assets - As of March 31, 2025, the company had cash and cash equivalents of RMB4,822.9 million (US$664.6 million) and restricted cash of RMB782.2 million (US$107.8 million) [10]. - Net cash provided by operating activities was RMB254.3 million (US$35.0 million) for Q1 2025, mainly due to realized investment income [11]. Share Repurchase Program - The Board approved a share repurchase program in March 2024, with a total of approximately US$52.0 million spent on repurchasing 21.8 million ADSs by May 26, 2025 [13][14].