Qudian Inc., a consumer-oriented technology company in China, has released its unaudited financial results for the first quarter of 2025. The company reported total revenues of RMB25.8 million (US$3.6 million), a decline from RMB55.8 million in the same period last year. Despite the decrease in revenue, Qudian achieved a significant turnaround in profitability, recording a net income attributable to shareholders of RMB150.1 million (US$20.7 million), compared to a net loss of RMB73.6 million in the first quarter of 2024. Non-GAAP net income was also RMB150.1 million (US$20.7 million), up from a non-GAAP net loss of RMB73.5 million in the previous year. The net income per diluted ADS for the quarter was RMB0.87 (US$0.12). The company's last-mile delivery business faced substantial challenges due to intense competition, leading to a sharp decline in revenue to approximately RMB23.8 million from RMB53.8 million in the same period last year. Qudian is considering winding down this segment as part of its business transition strategy. The company remains committed to prudent cash management to protect its balance sheet. As of March 31, 2025, Qudian had cash and cash equivalents totaling RMB4,822.9 million (US$664.6 million) and restricted cash of RMB782.2 million (US$107.8 million). Research and development expenses decreased by 17.6% to RMB13.1 million (US$1.8 million), attributed to a reduction in staff headcount and salaries. The loss from operations was RMB65.5 million (US$9.0 million), compared to RMB72.5 million in the first quarter of 2024. Interest and investment income saw a significant increase of 205.3% to RMB165.4 million (US$22.8 million), driven by higher investment returns. Additionally, Qudian recorded a gain of RMB47.3 million (US$6.5 million) on derivative instruments, a reversal from the RMB36.5 million loss reported in the first quarter of 2024.