VCREDIT (02003) announced that the group expects to report a consolidated net loss of RMB 5 billion to RMB 6 billion for the year ending December 31, 2025. The projected non-IFRS adjusted net loss is also in the range of RMB 5 billion to RMB 6 billion. This compares to a consolidated net profit of RMB 4.78 billion and a non-IFRS adjusted net profit of RMB 4.787 billion for the same period last year.

The anticipated loss for the current year is primarily attributed to challenging macroeconomic conditions and a tightening of overall credit liquidity since the latter part of the year, which have placed significant pressure on the consumer finance market. Concurrently, the ongoing deepening of financial regulation, particularly the implementation of Notice No. 9 [2025] by the National Financial Regulatory Administration, while setting the tone for the industry's long-term development, has also introduced some short-term volatility. These factors have impacted the group's business, leading to an increase in the payment delinquency rate for loan repayments during the year and a decline in loan origination volume in the latter part of the year.

In response, the group implemented adjustments to its risk policies during the year to reduce risk exposure. These measures include prioritizing higher-quality customer segments, optimizing customer acquisition channels, implementing refined customer segmentation in post-loan management, and adopting differentiated collection strategies based on risk profiles and delinquency stages. As a result, the first-payment delinquency rate, a leading indicator of the quality of the group's new loan assets, has shown an improving trend, decreasing from 1.10% in the third quarter of 2025 to 0.85% by the end of 2025.