QFNHFNasdaqFinance ServicesUS GAAP · USD

Qfin Holdings, Inc.

Qfin Holdings, Inc. is a U.S.-listed credit-technology company based in Shanghai that operates an AI-enabled platform for China’s lending ecosystem. It provides technology services that support borrower acquisition, credit assessment, fund matching, and post-facilitation work for financial institutions serving consumers and small businesses.

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Revenue19.2bn USD
+11.9 %y/y
Operating profit (EBIT)6,678m USD
−11.3 %y/y
EBIT margin34.8%
−9.1 ppy/y
Net income5,976m USD
−4.4 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

05101520bn USD2020: 13.6 bn USD2020: EBIT 3.8 bn USD20202021: 16.6 bn USD2021: EBIT 6.8 bn USD20212022: 16.6 bn USD2022: EBIT 4.5 bn USD20222023: 16.3 bn USD2023: EBIT 4.9 bn USD20232024: 17.2 bn USD2024: EBIT 7.5 bn USD20242025: 19.2 bn USD2025: EBIT 6.7 bn USD202519.26.7
RevenueOperating profit (EBIT)
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Business

Share of revenue
Credit-Tech Platform Services55 %

Technology services that support the full loan lifecycle for financial institutions.

Loan Facilitation Services20 %

Services that connect borrowers with funding sources and support origination workflows.

Post-Facilitation Services10 %

Ongoing services after loan matching, including servicing-related support.

Financial Guarantee Services10 %

Guarantee-related services that provide credit support to funding partners.

Other Technology Services5 %

Ancillary data, analytics, and platform services used by lending partners.

Products

Reported · share of revenue
44.6%17.8%14.3%8.4%FY2025100 %
  • Financial Service44.6 %
  • Releasing of Guarantee Liabilities17.8 %
  • Referral Services14.3 %
  • Loan Facilitation and Servicing Fees Risk Taking8.4 %
  • Other Services Risk Free Model6.9 %
  • Other8.1 %

Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Qfin primarily serves financial institutions that need technology to originate and manage consumer and SME lending. Its platform is also used indirectly by consumers and small businesses that seek credit access through partner institutions. The business model depends on institutions adopting the platform for acquisition, underwriting, matching, and servicing across the loan lifecycle.

Financial institutions

Banks, lenders, and other institutions that buy platform services for origination, underwriting, and servicing.

Consumer borrowers

Retail borrowers served indirectly through partner institutions using Qfin's platform.

SMEs

Small and medium-sized enterprises accessing financing through the platform's credit-tech workflow.

Strategy

Qfin’s strategy is to deepen its role in China’s credit origination stack by combining machine learning, data analytics, and workflow automation. It also emphasizes making credit more accessible and personalized for consumers and SMEs while strengthening service quality for financial institution partners.

Broaden loan-lifecycle coverageMedium term

A wider service scope makes the platform more embedded in lender workflows.

Improve AI and analytics capabilitiesMedium term

Better model performance can improve matching, underwriting, and service relevance.

Support inclusive credit accessLong term

Serving consumers and SMEs broadens addressable demand and partner utility.

Geography

Qfin’s operating base is in Shanghai, China, and its business is centered on the Chinese lending market. The company is also listed in the United States and Hong Kong, but its core commercial exposure comes from China, where its platform supports local financial institutions and borrowers.

Risks

Qfin depends on Chinese consumer and SME credit activity, so changes in lending demand, regulation, or partner behavior can affect usage of its platform. Credit risk, borrower default, and guarantee-related exposure are also material because the model is tied to loan performance and credit support structures.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →China regulatory and policy risk1Credit and default risk2Counterparty concentration3Model and data risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. China regulatory and policy riskImpact: HighLikelihood: Medium

    The company operates in China’s financial-services ecosystem, where lending and data rules can change.

    Exposure: Platform usage and lending activity

  2. Credit and default riskImpact: HighLikelihood: Medium

    Loan facilitation and guarantee activities are exposed to borrower non-performance.

    Exposure: Guarantee obligations and financing income

  3. Counterparty concentrationImpact: MediumLikelihood: Medium

    The business depends on financial institutions as channel partners and buyers of services.

    Exposure: Origination volume and platform adoption

  4. Model and data riskImpact: MediumLikelihood: Medium

    AI-based credit assessment depends on data quality and model accuracy.

    Exposure: Underwriting decisions and partner trust

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Accounting

Judgemental items
Financial guarantee accounting

Guarantee premium and contingent liability timing affects revenue and provisions.

Impact: Changes the recognition pattern for guarantee-related income and liabilities

Effective interest method

Loan-related fees and interest are recognized over the life of the loan.

Impact: Affects timing of financing income

Credit-loss allowances

Expected-default estimates drive guarantee and receivable valuation.

Impact: Can materially change liabilities and earnings

Share-based compensation

Expense recognition over vesting affects operating profit comparisons.

Impact: Impacts operating income and non-GAAP adjustments

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Last updated: 28/09/2026