Qfin Holdings Inc. (QFIN-S, 03660) released unaudited results for the fourth quarter and full year ended 31 December 2025.

Financial Performance • FY 2025 net revenue rose 11.87 % year-on-year to RMB 19.21 billion, driven by a 19.28 % increase in Credit-Driven Services to RMB 13.98 billion. • FY 2025 net income slipped 4.36 % to RMB 5.98 billion, while non-GAAP net income edged down 0.96 % to RMB 6.35 billion. Net income margin fell to 31.1 % from 36.4 % in 2024. • Operating margin contracted to 34.8 % (FY 2024: 43.9 %). • Q4 2025 revenue declined 8.68 % year-on-year to RMB 4.09 billion; net income dropped 46.85 % to RMB 1.02 billion.

Operational Metrics • Platform-connected users reached 291.30 million (+11.5 % YoY); approved credit-line users totalled 63.60 million (+11.8 %), and cumulative borrowers hit 38.90 million (+13.0 %). • Q4 2025 loan facilitation and origination volume fell 21.8 % to RMB 70.30 billion; capital-light volume shrank 35.6 % to RMB 30.77 billion. • Total outstanding loan balance stood at RMB 126.01 billion (−8.0 % YoY). • 90-day-plus delinquency rate was 2.71 % at period-end, while repeat borrowers accounted for 90.8 % of Q4 originations.

Balance Sheet & Cash Flow • FY 2025 operating cash flow reached a record RMB 11.08 billion. • Cash, restricted cash and short-term investments aggregated RMB 10.69 billion at year-end. • Approximately US$880 million was returned to shareholders in 2025 through share repurchases and dividends.

Capital Actions • The US$450 million 2025 share-repurchase plan has been virtually completed, with 15.9 million ADSs bought at an average US$28.20. • A further US$460 million principal amount of the company’s 0.50 % 2030 convertible notes has been repurchased for US$399 million, leaving about US$230 million outstanding.

Dividend • The board declared a semi-annual dividend of US$0.39 per ordinary share (US$0.78 per ADS) for H2 2025. Record date: 22 April 2026; payment dates: 8 May 2026 (shares) and around 14 May 2026 (ADSs).

Outlook Management projects Q1 2026 net income of RMB 0.83 – 0.88 billion and non-GAAP net income of RMB 0.90 – 0.95 billion, implying a year-on-year decline of roughly 51 %–53 %, citing continued macro and regulatory pressures and a conservative risk stance.