QFIN-S：ANNOUNCEMENTOFTHEFIRSTQUARTER2025FINANCIALRESULTS.pdf

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1、1Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in relia

2、nce upon the whole or any part of the contents of this announcement.Qifu Technology,Inc.奇富科技股份有限公司(Incorporated in the Cayman Islands with limited liability)(Stock Code:3660)ANNOUNCEMENT OFTHE FIRST QUARTER 2025 FINANCIAL RESULTSWe hereby announce our unaudited financial results for the first quarte

3、r ended March 31,2025(the“Q1 2025 Financial Results”).The Q1 2025 Financial Results are available for viewing at the website of The Stock Exchange of Hong Kong Limited at www.hkexnews.hk and our website at ir.qifu.tech.By order of the BoardQifu Technology,Inc.Haisheng WuChief Executive OfficerHong K

4、ong,May 20,2025As at the date of this announcement,the board of directors of the Company comprises Mr.Haisheng Wu,Mr.Alex Zuoli Xu and Mr.Dan Zhao as Directors;and Mr.Gang Xiao,Mr.Andrew Y Yan,Mr.Fan Zhao,Mr.Eric Xiaohuan Chen,Mr.Xiangge Liu and Ms.Jiao Jiao as Independent Directors.2Qifu Technology

5、 Announces First Quarter 2025 Unaudited Financial ResultsShanghai,China,May 19,2025,Qifu Technology,Inc.(NASDAQ:QFIN;HKEx:3660)(“Qifu Technology”or the“Company”),a leading AI-empowered Credit-Tech platform in China,today announced its unaudited financial results for the first quarter ended March 31,

6、2025.First Quarter 2025 Business Highlights As of March 31,2025,our platform has connected 163 financial institutional partners and 268.2 million consumers*1 with potential credit needs,cumulatively,an increase of 11.1%from 241.4 million a year ago.Cumulative users with approved credit lines*2 were

7、58.4 million as of March 31,2025,an increase of 11.6%from 52.3 million as of March 31,2024.Cumulative borrowers with successful drawdown,including repeat borrowers was 35.5 million as of March 31,2025,an increase of 13.8%from 31.2 million as of March 31,2024.In the first quarter of 2025,financial in

8、stitutional partners originated 24,401,374 loans*3 through our platform.Total facilitation and origination loan volume*4 reached RMB88,883 million,an increase of 15.8%from RMB76,784 million in the same period of 2024 and a decrease of 1.1%from RMB89,885 million in the prior quarter.RMB43,811 million

9、 of such loan volume was under capital-light model,Intelligence Credit Engine(“ICE”)and total technology solutions*5,representing 49.3%of the total,an increase of 15.1%from RMB38,053 million in the same period of 2024 and a decrease of 8.3%from RMB47,796 million in the prior quarter.Total outstandin

10、g loan balance*6 was RMB140,273 million as of March 31,2025,an increase of 5.5%from RMB132,964 million as of March 31,2024 and an increase of 2.4%from RMB137,014 million as of December 31,2024.RMB78,681 million of such loan balance was under capital-light model,“ICE”and total technology solutions,an

11、 increase of 11.4%from RMB70,641 million as of March 31,2024 and a decrease of 1.2%from RMB79,599 million as of December 31,2024.The weighted average contractual tenor of loans originated by financial institutions across our platform in the first quarter of 2025 was approximately 10.17 months,compar

12、ed with 10.10 months in the same period of 2024.90 day+delinquency rate*7 of loans originated by financial institutions across our platform was 2.02%as of March 31,2025.Repeat borrower contribution*8 of loans originated by financial institutions across our platform for the first quarter of 2025 was

13、95.1%.1 Refers to cumulative registered users across our platform.2“Cumulative users with approved credit lines”refers to the total number of users who had submitted their credit applications and were approved with a credit line at the end of each period.3 Including 2,022,501 loans across“V-pocket”,

14、and 22,378,873 loans across other products.4 Refers to the total principal amount of loans facilitated and originated during the given period.Retrospectively excluding the impact of discontinued service,which did not have and is not expected to have a material impact on our overall business,financia

15、l condition,and results of operations.5“ICE”is an open platform primarily on our“Qifu Jietiao”APP(previously known as“360 Jietiao”),we match borrowers and financial institutions through big data and cloud computing technology on“ICE”,and provide pre-loan investigation report of borrowers.For loans f

16、acilitated through“ICE”,the Company does not bear principal risk.Under total technology solutions,we have been offering end-to-end technology solutions to financial institutions based on on-premise deployment,SaaS or hybrid model since 2023.6“Total outstanding loan balance”refers to the total amount

17、 of principal outstanding for loans facilitated and originated at the end of each period,excluding loans delinquent for more than 180 days.Retrospectively excluding the impact of discontinued service,which did not have and is not expected to have a material impact on our overall business,financial c

18、ondition,and results of operations.7“90 day+delinquency rate”refers to the outstanding principal balance of on and off-balance sheet loans that were 91 to 180 calendar days past due as a percentage of the total outstanding principal balance of on and off-balance sheet loans across our platform as of

19、 a specific date.Loans that are charged-off and loans under“ICE”and total technology solutions are not included in the delinquency rate calculation.8“Repeat borrower contribution”for a given period refers to(i)the principal amount of loans borrowed during that period by borrowers who had historicall

20、y made at least one successful drawdown,divided by(ii)the total loan facilitation and origination volume through our platform during that period.3First Quarter 2025 Financial Highlights Total net revenue was RMB4,690.7 million(US$646.4 million),compared to RMB4,482.3 million in the prior quarter.Net

21、 income was RMB1,796.6 million(US$247.6 million),compared to RMB1,912.7 million in the prior quarter.Non-GAAP*9 net income was RMB1,926.2 million(US$265.4 million),compared to RMB1,972.4 million in the prior quarter.Net income per fully diluted American depositary share(“ADS”)was RMB12.62(US$1.74),c

22、ompared to RMB13.24 in the prior quarter.Non-GAAP net income per fully diluted ADS was RMB13.53(US$1.86),compared to RMB13.66 in the prior quarter.9 Non-GAAP income from operations,Non-GAAP net income,Non-GAAP operating margin,Non-GAAP net income margin and Non-GAAP net income per fully diluted ADS

23、are Non-GAAP financial measures.For more information on these Non-GAAP financial measures,please see the section of“Use of Non-GAAP Financial Measures Statement”and the table captioned“Unaudited Reconciliations of GAAP and Non-GAAP Results”set forth at the end of this press release.Mr.Haisheng Wu,Ch

24、ief Executive Officer and Director of Qifu Technology,commented,“First quarter came in stronger than typical seasonal trend despite the ongoing macroeconomic challenges.We observed an increase in users activities early in the quarter as public sentiment slightly improved in response to the strong st

25、imulus messages delivered by government officials.However,we remain prudent in our business planning as tariff-related economic uncertainties may persist throughout this year.We will continue to focus on improving the quality and sustainability of our business.During the quarter,we issued a record a

26、mount of ABS as the overall funding environment remained supportive.As a result,the blended funding cost continued to decline sequentially.Approximately 56%of the quarter-end loan balance was under the capital-light model,ICE and total technology solutions,demonstrating the efficiency of our platfor

27、m services.The contribution from non-credit risk bearing services also continued to help us mitigate certain risks in a challenging environment.During the quarter,nearly half of our new credit line users were acquired through embedded finance partners,which we also refer to as API channels,as we fur

28、ther diversify our user acquisition channels.Loan volumes through the API channels increased significantly in the quarter.With the growing maturity and efficiency of large language models,we will continue to allocate more resources to the application of AI across our credit service offerings.We expe

29、ct that these AI-powered tools will not only allow us to serve our users with better offerings at greater efficiency but also enable our financial institution clients to better utilize the cutting-edge AI technologies,through our open platform.We believe these efforts will enable us to better naviga

30、te through the current environment and position us well to capture long-term opportunities through innovative technologies,enhanced products and collaborative models.”“We are pleased to start 2025 with another quarter of solid financial results despite an uncertain macro environment.For the first qu

31、arter,total revenue was RMB4.69 billion and Non-GAAP net income was RMB1.93 billion,”Mr.Alex Xu,Chief Financial Officer,commented.“During the quarter,we successfully completed the US$690 million convertible notes offering and it gave us ample resources to accelerate our share repurchase programs.Our

32、 strong financial position enables us to consistently execute our strategy,support business initiatives,and enhance returns to our shareholders.”Mr.Yan Zheng,Chief Risk Officer,added,“In the first quarter,we maintained a relatively stable risk profile as users activities came in stronger than normal

33、.Although overall risk performance fluctuated from the best level we achieved in the prior quarter,it remained well within our target range.Among key leading indicators,Day-1 delinquency rate*10 was 5.0%in the first quarter,and 30-day collection rate*11 was 88.1%.While macro volatility may induce sh

34、ort-term fluctuation in risk metrics,we look forward to maintaining relatively stable risk performance in the coming quarters as we seek growth opportunities in 2025.”410“Day-1 delinquency rate”is defined as(i)the total amount of principal that became overdue as of a specified date,divided by(ii)the

35、 total amount of principal that was due for repayment as of such specified date.11“30-day collection rate”is defined as(i)the amount of principal that was repaid in one month among the total amount of principal that became overdue as of a specified date,divided by(ii)the total amount of principal th

36、at became overdue as of such specified date.First Quarter 2025 Financial ResultsTotal net revenue was RMB4,690.7 million(US$646.4 million),compared to RMB4,153.2 million in the same period of 2024,and RMB4,482.3 million in the prior quarter.Net revenue from Credit Driven Services was RMB3,110.9 mill

37、ion(US$428.7 million),compared to RMB3,016.3 million in the same period of 2024,and RMB2,889.5 million in the prior quarter.Loan facilitation and servicing fees-capital heavy were RMB429.8 million(US$59.2 million),compared to RMB243.8 million in the same period of 2024 and RMB363.0 million in the pr

38、ior quarter.The year-over-year increase was primarily due to an increase in capital-heavy loan facilitation volume and longer effective loan tenor.The sequential increase was primarily due to the increase in effective loan tenor.Financing income*12 was RMB1,817.2 million(US$250.4 million),compared t

39、o RMB1,535.0 million in the same period of 2024 and RMB1,667.3 million in the prior quarter.The year-over-year and sequential increases were primarily due to the growth in the average outstanding balance of the on-balance-sheet loans.Revenue from releasing of guarantee liabilities was RMB778.2 milli

40、on(US$107.2 million),compared to RMB1,166.0 million in the same period of 2024,and RMB761.8 million in the prior quarter.The year-over-year decrease was mainly due to the decrease in the average outstanding balance of off-balance-sheet capital-heavy loans during the period.Other services fees were R

41、MB85.6 million(US$11.8 million),compared to RMB71.5 million in the same period of 2024,and RMB97.4 million in the prior quarter.The year-over-year and sequential changes reflected the changes in late payment fees under the credit driven services due to changes in collection rates of late paid loans.

42、Net revenue from Platform Services was RMB1,579.8 million(US$217.7 million),compared to RMB1,136.9 million in the same period of 2024 and RMB1,592.8 million in the prior quarter.Loan facilitation and servicing fees-capital light were RMB373.7 million(US$51.5 million),compared to RMB502.7 million in

43、the same period of 2024 and RMB515.1 million in the prior quarter.The year-over-year and sequential decreases were primarily due to the decreases in capital-light loan facilitation volume.Referral services fees were RMB1,004.6 million(US$138.4 million),compared to RMB548.8 million in the same period

44、 of 2024 and RMB907.2 million in the prior quarter.The year-over-year and sequential increases were mainly due to the increases in loan facilitation volume through ICE.Other services fees were RMB201.5 million(US$27.8 million),compared to RMB85.4 million in the same period of 2024 and RMB170.5 milli

45、on in the prior quarter.The year-over-year and sequential changes reflected trends in other value-added services and late payment fees.Total operating costs and expenses were RMB2,716.0 million(US$374.3 million),compared to RMB2,789.1 million in the same period of 2024 and RMB2,591.9 million in the

46、prior quarter.Facilitation,origination and servicing expenses were RMB714.5 million(US$98.5 million),compared to RMB736.0 million in the same period of 2024 and RMB734.7 million in the prior quarter.Funding costs were RMB122.7 million(US$16.9 million),compared to RMB156.0 million in the same period

47、of 2024 and RMB126.8 million in the prior quarter.The year-over-year and sequential decreases were mainly due to lower average costs of ABS and trusts,partially offsetting by increases in fundings from ABS and trusts.5Sales and marketing expenses were RMB591.5 million(US$81.5 million),compared to RM

48、B415.6 million in the same period of 2024 and RMB523.9 million in the prior quarter.The year-over-year and sequential increases were primarily due to the increase in the allocation of marketing resources to embedded finance channels and content feed advertisements to generate more effective leads.Ge

49、neral and administrative expenses were RMB196.5 million(US$27.1 million),compared to RMB106.4 million in the same period of 2024 and RMB156.1 million in the prior quarter.The year-over-year and sequential increases were primarily due to an increase in share-based compensations.Provision for loans re

50、ceivable was RMB823.2 million(US$113.4 million),compared to RMB847.9 million in the same period of 2024 and RMB598.4 million in the prior quarter.The year-over-year decrease reflected the Companys consistent approach in assessing provisions commensurate with its underlying loan profile.The sequentia

51、l increase was primarily due to an increase in loan origination volume of on-balance-sheet loans and the Companys consistent approach in assessing provisions commensurate with its underlying loan profile.Provision for financial assets receivable was RMB39.9 million(US$5.5 million),compared to RMB99.

52、0 million in the same period of 2024 and RMB63.3 million in the prior quarter.The year-over-year decrease reflected the Companys consistent approach in assessing provisions commensurate with its underlying loan profile.The sequential decrease was mainly due to the decline in capital-heavy loan facil

53、itation volume.Provision for accounts receivable and contract assets was RMB68.4 million(US$9.4 million),compared to RMB111.5 million in the same period of 2024 and RMB77.5 million in the prior quarter.The year-over-year and sequential decreases reflected the Companys consistent approach in assessin

54、g provisions commensurate with its underlying loan profile and changes in capital-heavy and capital-light loan facilitation volume.Provision for contingent liability was RMB159.3 million(US$22.0 million),compared to RMB316.7 million in the same period of 2024 and RMB311.4 million in the prior quarte

55、r.The year-over-year and sequential decreases reflected the Companys consistent approach in assessing provisions commensurate with its underlying loan profile.The sequential decrease also reflected the decline in capital-heavy loan facilitation volume.Income from operations was RMB1,974.7 million(US

56、$272.1 million),compared to RMB1,364.1 million in the same period of 2024 and RMB1,890.3 million in the prior quarter.Non-GAAP income from operations was RMB2,104.3 million(US$290.0 million),compared to RMB1,408.7 million in the same period of 2024 and RMB1,950.0 million in the prior quarter.Operati

57、ng margin was 42.1%.Non-GAAP operating margin was 44.9%.Income before income tax expense was RMB2,220.2 million(US$306.0 million),compared to RMB1,526.2 million in the same period of 2024 and RMB1,932.7 million in the prior quarter.Income taxes expense was RMB423.6 million(US$58.4 million),compared

58、to RMB366.1 million in the same period of 2024 and RMB20.0 million in the prior quarter.The sequential increase was mainly due to the writeback of withholding taxes in the prior quarter related to the Companys dividend payment and share repurchases,as the Company became eligible to a lower tax rate.

59、Net income was RMB1,796.6 million(US$247.6 million),compared to RMB1,160.1 million in the same period of 2024 and RMB1,912.7 million in the prior quarter.Non-GAAP net income was RMB1,926.2 million(US$265.4 million),compared to RMB1,204.8 million in the same period of 2024 and RMB1,972.4 million in t

60、he prior quarter.Net income margin was 38.3%.Non-GAAP net income margin was 41.1%.Net income attributed to the Company was RMB1,800.2 million(US$248.1 million),compared to RMB1,164.3 million in the same period of 2024 and RMB1,916.6 million in the prior quarter.6Non-GAAP net income attributed to the

61、 Company was RMB1,929.8 million(US$265.9 million),compared to RMB1,208.9 million in the same period of 2024 and RMB1,976.4 million in the prior quarter.Net income per fully diluted ADS was RMB12.62(US$1.74).Non-GAAP net income per fully diluted ADS was RMB13.53(US$1.86).Weighted average basic ADS us

62、ed in calculating GAAP net income per ADS was 140.48 million.Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 142.62 million.Ordinary shares outstanding as of March 31,2025 was 268,930,496.12“Financing income”is generated from loans facilitated through the Co

63、mpanys platform funded by the consolidated trusts and Fuzhou Microcredit,which charge fees and interests from borrowers.730 Day+Delinquency Rate by Vintage and 180 Day+Delinquency Rate by VintageThe following charts and tables display the historical cumulative 30 day+delinquency rates by loan facili

64、tation and origination vintage and 180 day+delinquency rates by loan facilitation and origination vintage for all loans facilitated and originated through the Companys platform.Loans under“ICE”and total technology solutions are not included in the 30 day+charts and the 180 day+charts:30 Day+Delinque

65、ncy Rate by Vintage2022Q43.50%4.00%3.00%2.00%1.50%1.00%0.50%0.00%2.50%MOB2MOB3MOB4MOB5MOB6MOB7MOB8MOB9MOB10MOB11MOB12MOB13MOB14MOB15MOB16MOB17MOB18MOB19MOB20MOB21MOB22MOB23MOB24MOB252020Q12022Q12022Q22022Q32020Q32020Q42023Q12021Q12023Q22021Q22023Q32021Q32023Q42024Q12024Q22024Q32024Q42021Q42020Q2180

66、Day+Delinquency Rate by Vintage3.00%3.50%4.00%2.50%2.00%1.50%1.00%0.50%0.00%MOB7MOB8MOB9MOB10MOB11MOB12MOB13MOB14MOB15MOB16MOB17MOB182020Q12022Q12020Q22022Q22020Q32022Q32020Q42022Q42021Q12023Q12021Q22023Q22021Q32023Q32023Q42024Q12024Q22024Q32021Q48Update on Share RepurchaseOn November 19,2024,the Bo

67、ard approved a share repurchase plan(the“2025 Share Repurchase Plan”)whereby the Company is authorized to repurchase up to US$450 million worth of its ADSs or Class A ordinary shares over the next 12 months starting from January 1,2025.As of May 19,2025,the Company had in aggregate purchased approxi

68、mately 4.4 million ADSs on the open market for a total amount of approximately US$178 million(inclusive of commissions)at an average price of US$40.2 per ADS pursuant to the 2025 Share Repurchase Plan.On March 25,2025,the Board approved a new share repurchase plan(the“March 2025 Share Repurchase Pla

69、n”)whereby the Company is authorized to use to the net proceeds from the offering of convertible senior notes due 2030 to repurchase its ADSs and/or Class A ordinary shares,which runs in addition to the Companys 2025 Share Repurchase Plan.On March 27,2025,the Company announced the completion of the

70、offering of the convertible senior notes in an aggregate principal amount of US$690 million due 2030.Concurrently with the pricing of this offering,the Company repurchased approximately 5.1 million ADSs with an aggregate value of approximately US$227 million at a price of US$44.23 per ADS.The Compan

71、y expects to use the remaining net proceeds,which is approximately US$450 million,from the offering of the convertible senior notes to repurchase additional ADSs and/or Class A ordinary shares on the open market and/or through other means from time to time under the March 2025 Share Repurchase Plan.

72、Business OutlookAs macro-economic uncertainties persist,the Company intends to maintain a prudent approach in its business planning for 2025.Management will continue to focus on enhancing efficiency of the Companys operations.As such,for the second quarter of 2025,the Company expects to generate a n

73、et income between RMB1.65 billion and RMB1.75 billion and a non-GAAP net income*13 between RMB1.75 billion and RMB1.85 billion,representing a year-on-year growth between 24%and 31%.This outlook reflects the Companys current and preliminary views,which is subject to material changes.13 Non-GAAP net i

74、ncome represents net income excluding share-based compensation expenses.Conference Call PreregistrationQifu Technologys management team will host an earnings conference call at 8:30 PM U.S.Eastern Time on Monday,May 19,2025(8:30 AM Beijing Time on Tuesday,May 20,2025).All participants wishing to joi

75、n the conference call must pre-register online using the link provided below.Registration Link:https:/s1.c- registration,each participant will receive details for the conference call,including dial-in numbers and a unique access PIN.Please dial in 10 minutes before the call is scheduled to begin.Add

76、itionally,a live and archived webcast of the conference call will be available on the Investor Relations section of the Companys website at https:/ir.qifu.tech.About Qifu TechnologyQifu Technology is a leading AI-empowered Credit-Tech platform in China.By leveraging its sophisticated machine learnin

77、g models and data analytics capabilities,the Company provides a comprehensive suite of technology services to assist financial institutions and consumers and SMEs in the loan lifecycle,ranging from borrower acquisition,preliminary credit assessment,fund matching and post-facilitation services.The Co

78、mpany is dedicated to making credit services more accessible and personalized to consumers and SMEs through Credit-Tech services to financial institutions.For more information,please visit:https:/ir.qifu.tech.9Use of Non-GAAP Financial Measures StatementTo supplement our financial results presented

79、in accordance with U.S.GAAP,we use Non-GAAP financial measure,which is adjusted from results based on U.S.GAAP to exclude share-based compensation expenses.Reconciliations of our Non-GAAP financial measures to our U.S.GAAP financial measures are set forth in tables at the end of this earnings releas

80、e,which provide more details on the Non-GAAP financial measures.We use Non-GAAP income from operation,Non-GAAP operating margin,Non-GAAP net income,Non-GAAP net income margin,Non-GAAP net income attributed to the Company and Non-GAAP net income per fully diluted ADS in evaluating our operating resul

81、ts and for financial and operational decision-making purposes.Non-GAAP income from operation represents income from operation excluding share-based compensation expenses.Non-GAAP operating margin is equal to Non-GAAP income from operation divided by total net revenue.Non-GAAP net income represents n

82、et income excluding share-based compensation expenses.Non-GAAP net income margin is equal to Non-GAAP net income divided by total net revenue.Non-GAAP net income attributed to the Company represents net income attributed to the Company excluding share-based compensation expenses.Non-GAAP net income

83、per fully diluted ADS represents net income excluding share-based compensation expenses per fully diluted ADS.Such adjustments have no impact on income tax.We believe that Non-GAAP income from operation,Non-GAAP operating margin,Non-GAAP net income,Non-GAAP net income margin,Non-GAAP net income attr

84、ibuted to the Company and Non-GAAP net income per fully diluted ADS help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in results based on U.S.GAAP.We believe that Non-GAAP income from operation and Non-GAAP net income

85、provide useful information about our operating results,enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.Our Non-GAAP financial informatio

86、n should be considered in addition to results prepared in accordance with U.S.GAAP,but should not be considered a substitute for or superior to U.S.GAAP results.In addition,our calculation of Non-GAAP financial information may be different from the calculation used by other companies,and therefore c

87、omparability may be limited.Exchange Rate InformationThis announcement contains translations of certain RMB amounts into U.S.dollars at specified rates solely for the convenience of the reader.Unless otherwise noted,all translations from RMB to U.S.dollars are made at a rate of RMB7.2567 to US$1.00,

88、the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31,2025.Safe Harbor StatementAny forward-looking statements contained in this announcement are made under the“safe harbor”provisions of the U.S.Private Securities Litigatio

89、n Reform Act of 1995.Forward-looking statements can be identified by terminology such as“will,”“expects,”“anticipates,”“future,”“intends,”“plans,”“believes,”“estimates”and similar statements.Among other things,the business outlook and quotations from management in this announcement,as well as the Co

90、mpanys strategic and operational plans,contain forward-looking statements.Qifu Technology may also make written or oral forward-looking statements in its periodic reports to the U.S.Securities and Exchange Commission(“SEC”),in announcements made on the website of The Stock Exchange of Hong Kong Limi

91、ted(the“Hong Kong Stock Exchange”),in its annual report to shareholders,in press releases and other written materials and in oral statements made by its officers,directors or employees to third parties.Statements that are not historical facts,including the Companys business outlook,beliefs and expec

92、tations,are forward-looking statements.Forward-looking statements involve inherent risks and uncertainties.A number of factors could cause actual results to differ materially from those contained in any forward-looking statement,which factors include but not limited to the following:the Companys gro

93、wth strategies,changes in laws,rules and regulatory environments,the recognition of the Companys brand,market acceptance of the Companys products and services,trends and developments in the credit-tech industry,governmental policies relating to the credit-tech industry,general economic conditions in

94、 China and around the globe,and assumptions underlying or related to any of the foregoing.Further information regarding these and other risks and uncertainties is included in Qifu Technologys filings with the SEC and announcements on the website of the Hong Kong Stock Exchange.All information provid

95、ed in this press release is as of the date of this press release,and Qifu Technology does not undertake any obligation to update any forward-looking statement,except as required under applicable law.For more information,please contact:Qifu TechnologyE-mail:10Unaudited Condensed Consolidated Balance

96、Sheets(Amounts in thousands of Renminbi(“RMB”)and U.S.dollars(“USD”)except for number of shares and per share data,or otherwise noted)December 31,March 31,March 31,202420252025RMBRMBUSDASSETSCurrent assets:Cash and cash equivalents4,452,4168,578,8221,182,193Restricted cash2,353,3843,236,427445,992Sh

97、ort term investments3,394,0732,040,269281,157Security deposit prepaid to third-party guarantee companies162,617173,43723,900Funds receivable from third party payment service providers462,112347,41647,875Accounts receivable and contract assets,net2,214,5302,316,593319,235Financial assets receivable,n

98、et1,553,9121,530,084210,851Amounts due from related parties8,5103,242447Loans receivable,net26,714,42830,675,6334,227,215Prepaid expenses and other assets1,464,5861,510,818208,196Total current assets42,780,56850,412,7416,947,061Non-current assets:Accounts receivable and contract assets,net-noncurren

99、t27,13220,0042,757Financial assets receivable,net-noncurrent170,779189,37926,097Amounts due from related parties51395Loans receivable,net-noncurrent2,537,7492,314,826318,992Property and equipment,net362,774405,92655,938Land use rights,net956,738951,557131,128Intangible assets11,81811,4201,574Goodwil

100、l42,41442,4075,844Deferred tax assets1,206,3251,244,757171,532Other non-current assets36,27034,1124,701Total non-current assets5,352,0505,214,427718,568TOTAL ASSETS48,132,61855,627,1687,665,629LIABILITIES AND EQUITYCurrent liabilities:Payable to investors of the consolidated trusts-current8,188,4546

101、,541,069901,383Accrued expenses and other current liabilities2,492,9213,337,707459,948Amounts due to related parties67,49548,4426,675Short term loans1,369,9391,219,431168,042Guarantee liabilities-stand ready2,383,2022,377,408327,616Guarantee liabilities-contingent1,820,3501,794,747247,323Income tax

102、payable1,040,6871,054,537145,319Other tax payable109,1613,897537Total current liabilities17,472,20916,377,2382,256,843Non-current liabilities:Deferred tax liabilities439,435569,73478,511Payable to investors of the consolidated trusts-noncurrent5,719,60010,354,0001,426,819Convertible senior notes4,91

103、2,524676,964Other long-term liabilities255,155297,73041,028Total non-current liabilities6,414,19016,133,9882,223,322TOTAL LIABILITIES23,886,39932,511,2264,480,165TOTAL QIFU TECHNOLOGY INC EQUITY24,190,04323,063,3443,178,216Noncontrolling interests56,17652,5987,248TOTAL EQUITY24,246,21923,115,9423,18

104、5,464TOTAL LIABILITIES AND EQUITY48,132,61855,627,1687,665,62911Unaudited Condensed Consolidated Statements of Operations(Amounts in thousands of Renminbi(“RMB”)and U.S.dollars(“USD”)except for number of shares and per share data,or otherwise noted)Three months ended March 31,202420252025RMBRMBUSDCr

105、edit driven services3,016,2823,110,866428,690 Loan facilitation and servicing fees-capital heavy243,766429,77559,225 Financing income1,534,9861,817,221250,420 Revenue from releasing of guarantee liabilities1,166,018778,222107,242 Other services fees71,51285,64811,803Platform services1,136,9011,579,8

106、31217,706 Loan facilitation and servicing fees-capital light502,715373,70951,498 Referral services fees548,8241,004,622138,441 Other services fees85,362201,50027,767Total net revenue4,153,1834,690,697646,396 Facilitation,origination and servicing736,026714,49298,460 Funding costs155,963122,65716,903

107、 Sales and marketing415,617591,49581,510 General and administrative106,415196,48227,076 Provision for loans receivable847,921823,187113,438 Provision for financial assets receivable99,00339,8635,493 Provision for accounts receivable and contract assets111,47368,4459,432 Provision for contingent liab

108、ilities316,664159,34321,958Total operating costs and expenses2,789,0822,715,964374,270Income from operations1,364,1011,974,733272,126 Interest income,net50,05867,7749,340 Foreign exchange gain822,123293 Other income,net111,968175,60024,198Income before income tax expense1,526,2092,220,230305,957 Inc

109、ome taxes expense(366,065)(423,631)(58,378)Net income1,160,1441,796,599247,579 Net loss attributable to noncontrolling interests4,1433,576493Net income attributable to ordinary shareholders of the Company1,164,2871,800,175248,072Net income per ordinary share attributable to ordinary shareholders of

110、Qifu Technology,Inc.Basic3.736.410.88Diluted3.656.310.87Net income per ADS attributable to ordinary shareholders of Qifu Technology,Inc.Basic7.4612.821.76Diluted7.3012.621.74Weighted average shares used in calculating net income per ordinary shareBasic312,027,192280,958,513280,958,513Diluted318,915,

111、157285,237,588285,237,58812Unaudited Condensed Consolidated Statements of Cash Flows(Amounts in thousands of Renminbi(“RMB”)and U.S.dollars(“USD”)except for number of shares and per share data,or otherwise noted)Three months ended March 31,202420252025RMBRMBUSDNet cash provided by operating activiti

112、es1,958,2672,805,685386,634Net cash used in investing activities(3,138,175)(3,240,186)(446,510)Net cash provided by financing activities1,775,4095,449,071750,902Effect of foreign exchange rate changes2,095(5,121)(705)Net increase in cash and cash equivalents597,5965,009,449690,321Cash,cash equivalen

113、ts,and restricted cash,beginning of period7,558,9976,805,800937,864Cash,cash equivalents,and restricted cash,end of period8,156,59311,815,2491,628,18513Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss)(Amounts in thousands of Renminbi(“RMB”)and U.S.dollars(“USD”)except for n

114、umber of shares and per share data,or otherwise noted)Three months ended March 31,202420252025RMBRMBUSDNet income1,160,1441,796,599247,579Other comprehensive income,net of tax of nil:Foreign currency translation adjustment2,010(15,362)(2,117)Other comprehensive income(loss)2,010(15,362)(2,117)Total

115、comprehensive income1,162,1541,781,237245,462Comprehensive loss attributable to noncontrolling interests4,1433,576493Comprehensive income attributable to ordinary shareholders1,166,2971,784,813245,95514Unaudited Reconciliations of GAAP and Non-GAAP Results(Amounts in thousands of Renminbi(“RMB”)and

116、U.S.dollars(“USD”)except for number of shares and per share data,or otherwise noted)Three months ended March 31,202420252025RMBRMBUSDReconciliation of Non-GAAP Net Income to Net IncomeNet income1,160,1441,796,599247,579Add:Share-based compensation expenses44,645129,61417,861Non-GAAP net income1,204,

117、7891,926,213265,440GAAP net income margin27.9%38.3%Non-GAAP net income margin29.0%41.1%Net income attributable to shareholders of Qifu Technology,Inc.1,164,2871,800,175248,072Add:Share-based compensation expenses44,645129,61417,861Non-GAAP net income attributable to shareholders of Qifu Technology,I

118、nc.1,208,9321,929,789265,933Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS diluted159,457,579142,618,794142,618,794Net income per ADS attributable to ordinary shareholders of Qifu Technology,Inc.-diluted7.3012.621.74Non-GAAP net income per ADS a

119、ttributable to ordinary shareholders of Qifu Technology,Inc.-diluted7.5813.531.86Reconciliation of Non-GAAP Income from operations to Income from operationsIncome from operations1,364,1011,974,733272,126Add:Share-based compensation expenses44,645129,61417,861Non-GAAP Income from operations1,408,7462,104,347289,987GAAP operating margin32.8%42.1%Non-GAAP operating margin33.9%44.9%