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.

Kysy yhtiöstä
Liikevaihto19,2mrd USD
+11,9 %v/v
Liikevoitto (EBIT)6 678milj. USD
−11,3 %v/v
EBIT-marginaali34,8%
−9,1 %-yks.v/v
Nettotulos5 976milj. USD
−4,4 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

05101520mrd USD2020: 13,6 mrd USD2020: EBIT 3,8 mrd USD20202021: 16,6 mrd USD2021: EBIT 6,8 mrd USD20212022: 16,6 mrd USD2022: EBIT 4,5 mrd USD20222023: 16,3 mrd USD2023: EBIT 4,9 mrd USD20232024: 17,2 mrd USD2024: EBIT 7,5 mrd USD20242025: 19,2 mrd USD2025: EBIT 6,7 mrd USD202519,26,7
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Qfin Holdings, Inc.

Liiketoiminta

Osuus liikevaihdosta
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.

Tuotteet

Raportoitu · osuus liikevaihdosta
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 %
  • Muut8,1 %

Lähde: 20-F FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

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.

Strategia

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 coverageKeskipitkä aikaväli

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

Improve AI and analytics capabilitiesKeskipitkä aikaväli

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

Support inclusive credit accessPitkä aikaväli

Serving consumers and SMEs broadens addressable demand and partner utility.

Maantiede

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.

Riskit

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.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →China regulatory and policy risk1Credit and default risk2Counterparty concentration3Model and data risk4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. China regulatory and policy riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: Platform usage and lending activity

  2. Credit and default riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: Guarantee obligations and financing income

  3. Counterparty concentrationVaikutus: KeskitasoTodennäköisyys: Kohtalainen

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

    Kohdistuu: Origination volume and platform adoption

  4. Model and data riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

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

    Kohdistuu: Underwriting decisions and partner trust

Kysy Clarifolta: Qfin Holdings, Inc.

Kirjanpito

Harkinnanvaraiset erät
Financial guarantee accounting

Guarantee premium and contingent liability timing affects revenue and provisions.

Vaikutus: 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.

Vaikutus: Affects timing of financing income

Credit-loss allowances

Expected-default estimates drive guarantee and receivable valuation.

Vaikutus: Can materially change liabilities and earnings

Share-based compensation

Expense recognition over vesting affects operating profit comparisons.

Vaikutus: Impacts operating income and non-GAAP adjustments

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Päivitetty: 28.9.2026

Qfin Holdings, Inc. (Nasdaq) – Finance Services | Analyysi – Clarifo