投资者群体里有一句广为流传的话：投资是认知能力的变现。这句话运用到二级市场，简单说便是市场普遍的看法形成了股价， 而看法的变化则制造了股价的波动。以此引申开来，可以说利用好波动便是投资者获取超额收益的重要途径，而这其中的关键便 是及时发现预期差。 进一步来看，由于乐信业务结构较为丰富，而若要探究公司核心业务的真实状况，投资者的关注重点其实更应该聚焦在金融净收 入这一指标上。Q1期间，乐信的信贷服务与科技赋能两项业务的收入合计为28.2亿元，扣除资金及信贷成本等总计约10.0亿元后， 实现金融净收入18.2亿元，较去年第四季度不仅没有下滑，反而增加了近亿元，这一点可能也被众多投资者忽略了。 | (单位:千,份额和每股数据除外) | 2024 | 载至3月31日止三个月, | | | --- | --- | --- | --- | | | | 2025 | | | | 人民币 | 人民币 | 美元 | | 营业收入: | | | | | 值用便利服务收入 | 2, 648, 478 | 2, 190, 866 | 301, 910 | | 贷款便利化和服务费一 是非民族地之 | 1, 417, 249 | 1, ...

Core Insights - Lexin's Q1 2025 financial report shows a total revenue of 3.1 billion RMB, with a Non-GAAP EBIT of 580 million RMB, marking a year-on-year increase of 104.7% and a quarter-on-quarter increase of 25.3% [2][6] - The focus should be on the financial net income, which is derived from credit facilitation service income and tech-empowered service income, totaling 2.8157 billion RMB for Q1 2025 [2][3] - The core financial net income for Q1 2025 is 1.818 billion RMB, reflecting a quarter-on-quarter increase from 1.721 billion RMB in Q4 2024, indicating growth despite a decline in overall revenue [6] Revenue Breakdown - Credit facilitation service income for Q1 2025 is 2.648 billion RMB, while tech-empowerment service income is 361.5 million RMB [5] - Total operating costs for Q1 2025 amount to 2.045 billion RMB, with significant components including funding costs and various provisions [5][6] Asset Quality Improvement - The improvement in asset quality is evidenced by a 5% decrease in first payment default (FPD) rates and an 11% decrease in overall asset collection rates, contributing to a 9% reduction in the 90+ day delinquency rate [6] - The company's GAAP net profit reached 430 million RMB in Q1 2025, with a year-on-year growth of 113.4% and a quarter-on-quarter growth of 18.6% [6] Dividend Policy - Lexin plans to increase its dividend payout ratio from 25% to 30% of net profit starting in the second half of 2025, marking the second increase in dividend ratio within six months [7] Profitability Metrics - The take rate, defined as net profit over average loans, has increased from 0.66% in Q1 2024 to 1.58% in Q1 2025, with a quarterly profit margin growth of 21% [7]