Qi Fu Technology Quarterly Report Infographic: Revenue 40.9 Billion, Year-over-Year Decline of 9% Accelerating Overseas Business Expansion

How is AI Qifu Technology responding to operational challenges brought by the macro environment?

Leidi Network, Leijianping, March 18

Credit technology platform Qifu Technology (NASDAQ: QFIN; HKEX: 3660) announced its unaudited financial results for the fourth quarter ending December 31, 2025, and the full year, along with an interim dividend increase. The financial report shows that Qifu Technology’s revenue for 2025 was 19.2 billion yuan (approximately $2.746 billion), an 11.85% increase from 17.166 billion yuan in the same period last year.

Qifu Technology’s operating profit for 2025 was 6.678 billion yuan (about $955 million), compared to 7.529 billion yuan in the same period last year; adjusted operating profit was 7.057 billion yuan (about $1 billion), versus 7.7 billion yuan last year. The operating profit margin for 2025 was 34.8%; non-GAAP operating profit margin was 36.7%.

Tax expenses for 2025 totaled 1.4 billion yuan ($200 million); the effective tax rate was 18.1%, down from 20.4% in 2024.

Net profit attributable to shareholders for 2025 was 5.99 billion yuan ($857 million), compared to 6.264 billion yuan in 2024; non-GAAP net profit attributable to shareholders was 6.368 billion yuan ($911 million), versus 6.432 billion yuan last year. Net profit margin was 31.1%; non-GAAP net profit margin was 33.1%.

Qifu Technology maintained steady operations in 2025, with the loan balance at the end of Q4 decreasing by 8.8% quarter-over-quarter. The total loan facilitation volume for the year saw slight growth, meeting previous market guidance.

As of December 31, 2025, Qifu Technology had served 167 financial institutions, with registered users reaching 290 million, an 11.5% increase year-over-year. The total number of credit users increased to 63.36 million, up 11.8%, and the total number of borrowing users reached 38.9 million, a 13.0% increase.

In Q4 2025, the platform facilitated loans totaling 70.3 billion yuan, down 15.6% quarter-over-quarter and 21.8% year-over-year. The outstanding loan balance at the end of December 2025 was 126.01 billion yuan, down 8.8% from the previous quarter and 8% year-over-year.

For the full year, Qifu Technology facilitated loans totaling 327.07 billion yuan, a 1.6% increase year-over-year, with a repeat borrowing rate of 93.3%.

CEO and Director Wu Haisheng stated: “In Q4, macroeconomic uncertainty and regulatory policy changes led to tighter liquidity and increased risk levels across the industry, posing significant challenges to our operations. In response, we proactively adjusted by raising risk control thresholds, restructuring our business, and optimizing costs to mitigate adverse impacts. Given the intertwined challenges of regulatory changes and macroeconomic conditions, the industry has yet to stabilize, so we will continue to adopt a cautious approach to business planning.”

“While making necessary adjustments to our domestic operations, we are also expanding our overseas presence. During the quarter, we increased investment in overseas resources, obtained necessary licenses locally, and built local teams, expanding into multiple developing markets. We believe these overseas markets offer substantial growth opportunities and will help diversify our geographic business structure.”

Wu Haisheng added: “Given ongoing macro challenges and uncertainties, we will continue to strengthen the resilience of our core business. We will stay alert to external changes and take decisive measures when necessary to further improve operational efficiency and resource allocation.”

CFO Xu Zuoli said: “Despite the challenging market environment, we achieved most operational and financial targets in Q4. In 2025, total revenue was 19.21 billion yuan, and non-GAAP net profit was 6.35 billion yuan. Operating cash flow for the full year reached 11.1 billion yuan. As of the end of 2025, cash and short-term investments totaled approximately 10.7 billion yuan. We returned about 6.16 billion yuan ($880 million) to shareholders through stock buybacks and dividends. Additionally, we used a brief window to write off large-scale long-term debt, strengthening our balance sheet.”

Chief Risk Officer Zheng Yan noted: “In Q4, macroeconomic challenges and uncertainties significantly pressured market liquidity, and the risk level of our overall asset portfolio increased notably, especially among high-risk customer segments. Key risk indicators showed a first-day overdue rate of 6.1% and a 30-day recovery rate of 84.1%. However, risk control measures implemented in Q4 have begun to show results, with marginal improvements in new loan risk performance and a steady increase in their proportion.”

Qifu Technology Q4 Revenue of 4.093 Billion Yuan, Down 9% Year-over-Year

Qifu Technology’s revenue for Q4 2025 was 4.093 billion yuan (about $585 million), a 9% decrease from 4.482 billion yuan in the same period last year.

In Q4 2025, net income from credit-driven services was 3.432 billion yuan ($491 million), up from 2.89 billion yuan in Q4 2024; last quarter was 3.869 billion yuan.

Loan facilitation and service fees for Q4 2025 totaled 200 million yuan ($28.6 million), down from 363 million yuan in Q4 2024 and 514 million yuan in the previous quarter. The decline was mainly due to reduced scale of high-capital loans facilitation.

Financing income in Q4 2025 was 2.2 billion yuan (about $315 million), up from 1.667 billion yuan in Q4 2024 and 2.341 billion yuan last quarter. The increase was mainly due to higher average on-balance loans, while the decrease was driven by lower interest rates on on-balance loans.

Income from unsecured guarantee liabilities in Q4 2025 was 917 million yuan ($131 million), up from 762 million yuan in Q4 2024 and 913 million yuan last quarter, mainly due to increased average balances of off-balance high-capital loans.

Other service fees in Q4 2025 were 109 million yuan ($15.6 million), compared to 97.4 million yuan in Q4 2024 and 100 million yuan last quarter.

Net platform service revenue for Q4 2025 was 661 million yuan ($94.5 million), down from 1.593 billion yuan in Q4 2024 and 1.337 billion yuan in the previous quarter.

Qifu Technology Q4 Costs and Expenses of 3.225 Billion Yuan, Up 24% Year-over-Year

Q4 2025 costs and expenses totaled 3.225 billion yuan, a 24% increase from 2.59 billion yuan in the same period last year.

Breakdown includes: financing costs of 141 million yuan ($20 million), sales and marketing expenses of 551 million yuan ($78.7 million), general and administrative expenses of 143 million yuan, and loan loss provisions of 1.19 billion yuan ($170 million).

Q4 Operating Profit of 866 Million Yuan, Operating Margin 21%

Q4 2025 operating income was 866 million yuan ($124 million), compared to 1.89 billion yuan in the same quarter last year and 1.7 billion yuan in the previous quarter. The operating profit margin for Q4 2025 was 21.2%.

Adjusted operating profit for Q4 2025 was 922 million yuan ($132 million), down from 1.95 billion yuan in the same period last year. Non-GAAP operating profit margin was 22.5%.

Tax expenses for Q4 2025 were 137 million yuan ($19.5 million), compared to 20 million yuan in the same quarter last year and 400 million yuan last quarter.

Qifu Technology Q4 Net Profit of 1 Billion Yuan, Down 47% Year-over-Year

Q4 2025 net profit was 1.016 billion yuan ($145 million), compared to 1.913 billion yuan in Q4 2024 and 1.433 billion yuan last quarter. The net profit margin for Q4 2025 was 24.8%.

Adjusted net profit for Q4 2025 was 1.07 billion yuan, down from 1.972 billion yuan in the same period last year; non-GAAP net profit margin was 26.2%.

2025 Share Repurchase of $450 Million

According to the company’s dividend policy, the board approved a dividend for H2 2025 to holders of Class A common shares and American Depositary Shares (ADS), payable by May 8, 2026, and around May 14, 2026, respectively. The dividend is $0.39 per Class A share or $0.78 per ADS.

On November 19, 2024, the board approved a share repurchase plan (“2025 Share Repurchase Plan”) authorizing the company to buy back up to $450 million of ADS or Class A shares over the next 12 months starting January 1, 2025.

By December 31, 2025, the company had nearly exhausted the authorized repurchase amount, buying approximately 15.9 million ADS at an average price of $28.2 per share, totaling about $450 million (including commissions).

Qifu Technology expects net profit of 830 million to 880 million yuan and non-GAAP net profit of 900 million to 950 million yuan in Q1 2026, representing a decline of 51% to 53% year-over-year.

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