Company Overview - X Financial is a leading Chinese fintech platform[9] - As of March 31, 2025, the loan balance was RMB 58,403 million[11] - In the first quarter of 2025, the total loan facilitation and origination amount was RMB 35,149 million[10] - The company utilizes a technology-driven approach to servicing borrowers and funding partners[20] Financial Performance - Total net revenue for FY2024 was RMB 5,872 million, compared to RMB 4,815 million in FY2023[57] - Non-GAAP adjusted net income for FY2024 was RMB 1,539 million, compared to RMB 1,277 million in FY2023[59] - Total net revenue for 1Q 2025 was RMB 1,938 million, compared to RMB 1,208 million in 1Q 2024[57] - Non-GAAP adjusted net income for 1Q 2025 was RMB 467 million, compared to RMB 322 million in 1Q 2024[59] Balance Sheet - As of March 31, 2025, total assets were RMB 12,093 million[75] - As of March 31, 2025, total equity was RMB 7,435 million[75]

Financial Performance - Total loan facilitation and origination amount reached RMB 32,297 million in Q4 2024 [10] - The loan balance as of December 31, 2024, was RMB 52,327 million [12] - Total net revenue for FY2024 was RMB 5,872 million, compared to RMB 4,815 million in FY2023 [59] - Non-GAAP adjusted net income for FY2024 was RMB 1,539 million, compared to RMB 1,277 million in FY2023 [61] - Operating margin for FY2024 was 319%, compared to 304% in FY2023 [64] - Non-GAAP adjusted net income margin for FY2024 was 262%, compared to 265% in FY2023 [66] - Net revenue per employee for FY2024 was RMB 10,429 thousand, compared to RMB 9,242 thousand in FY2023 [69] Business Model and Strategies - The company operates a loan facilitation model based on 100% institutional funding [14] - The company utilizes credit insurance and financial guarantee models to protect institutional funding partners against default [17, 20] - The company employs a technology-driven approach to servicing borrowers and funding partners, utilizing a proprietary risk management model [25, 26]