Fourth Quarter 2025 Business Highlights
- As of
December 31, 2025 , our platform has connected 167 financial institutional partners and 291.3 million consumers*1 with potential credit needs, cumulatively, an increase of 11.5% from 261.2 million a year ago. - Cumulative users with approved credit lines*2 were 63.6 million as of
December 31, 2025 , an increase of 11.8% from 56.9 million as ofDecember 31, 2024 . - Cumulative borrowers with successful drawdown, including repeat borrowers was 38.9 million as of
December 31, 2025 , an increase of 13.0% from 34.4 million as ofDecember 31, 2024 . - In the fourth quarter of 2025, financial institutional partners originated 16,510,467 loans*3 through our platform.
- Total facilitation and origination loan volume*4 was
RMB70,297 million , a decrease of 21.8% fromRMB89,885 million in the same period of 2024.RMB30,772 million of such loan volume was under capital-light model, Intelligence Credit Engine (“ICE”) and total technology solutions*5, a decrease of 35.6% fromRMB47,796 million in the same period of 2024. - Total outstanding loan balance*6 was
RMB126,012 million as ofDecember 31, 2025 , a decrease of 8.0% fromRMB137,014 million as ofDecember 31, 2024 .RMB59,497 million of such loan balance was under capital-light model, “ICE” and total technology solutions, a decrease of 25.3% fromRMB79,599 million as ofDecember 31, 2024 . - The weighted average contractual tenor of loans originated by financial institutions across our platform in the fourth quarter of 2025 was approximately 11.0 months, compared with 10.0 months in the same period of 2024.
- 90 day+ delinquency rate*7 of loans originated by financial institutions across our platform was 2.71% as of
December 31, 2025 . - Repeat borrower contribution*8 of loans originated by financial institutions across our platform for the fourth quarter of 2025 was 90.8%.
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 1,036,802 loans across “V-pocket”, and 15,473,665 loans across other products.
4 Refers to the total principal amount of loans facilitated and originated during the given period.
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 facilitated 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 of principal outstanding for loans facilitated and originated at the end of each period, excluding loans delinquent for more than 180 days.
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 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 historically made at least one successful drawdown, divided by (ii) the total loan facilitation and origination volume through our platform during that period.
Fourth Quarter 2025 Financial Highlights
- Total net revenue was
RMB4,092.7 million (US$585.3 million ), compared toRMB5,205.7 million in the prior quarter. - Net income was
RMB1,016.1 million (US$145.3 million ), compared toRMB1,432.5 million in the prior quarter. - Non-GAAP*9 net income was
RMB1,070.6 million (US$153.1 million ), compared toRMB1,508.2 million in the prior quarter. - Net income per fully diluted American depositary share (“ADS”) was
RMB7.82 (US$1.12 ), compared toRMB10.80 in the prior quarter. - Non-GAAP net income per fully diluted ADS was
RMB8.23 (US$1.18 ), compared toRMB11.36 in the prior quarter.
9 Non-GAAP income from operations, Non-GAAP net income, Non-GAAP net income attributed to the Company, Non-GAAP operating margin, Non-GAAP net income margin and Non-GAAP net income per fully diluted ADS 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.
Full Year 2025 Operational Highlights
- Total loan facilitation and origination volume*4 in 2025 was
RMB327,069 million , representing an increase of 1.6% fromRMB321,969 million in 2024. Loan facilitation volume*4 under Platform Services wasRMB144,376 million , a decrease of 15.4% fromRMB170,589 million in 2024. - The weighted average contractual tenor of loans facilitated and originated was 10.50 months in full year 2025, compared with 10.05 months in 2024.
- Repeat borrower contribution was 93.3% in full year 2025, compared with 93.1% in 2024.
Full Year 2025 Financial Highlights
- Total net revenue was
RMB19,205.1 million (US$2,746.3 million ), compared toRMB17,165.7 million in 2024. - Net income was
RMB5,975.6 million (US$854.5 million ), compared toRMB6,248.1 million in 2024. - Non-GAAP net income was
RMB6,354.0 million (US$908.6 million ), compared toRMB6,415.7 million in 2024. - Net income per fully diluted ADS was
RMB44.02 (US$6.30 ), compared toRMB41.28 in 2024. - Non-GAAP net income per fully diluted ADS was
RMB46.79 (US$6.69 ), compared toRMB42.39 in 2024.
Mr.
While making necessary adjustments to our domestic businesses, we continued to focus our effort on establishing international operations. During the quarter, we allocated additional resources and expanded our footprint into several developing markets by acquiring necessary credentials and setting up local organizations. We believe these international markets present attractive growth opportunities and will enable us to diversify our business mixes geographically over the long term.
As macro challenges and uncertainties persist, we will continue to strive to maintain resilience of our baseline business. It is essential that we remain vigilant to the drastically changing environment, and we are prepared to take decisive action to further streamline our operations and optimize resource allocations.”
“We met most of our operational and financial targets in the fourth quarter under an extremely challenging environment. For 2025, total revenue was
Mr.
10 Including “Cash and cash equivalents”, “Restricted cash” and “Security deposit prepaid to third-party guarantee companies”.
11 “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 total amount of principal that was due for repayment as of such specified date.
12 “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 that became overdue as of such specified date.
Fourth Quarter 2025 Financial Results
Total net revenue was
Net revenue from Credit Driven Services was
Loan facilitation and servicing fees-capital heavy were
Financing income*13 was
Revenue from releasing of guarantee liabilities was
Other services fees were
Net revenue from Platform Services was
Loan facilitation and servicing fees-capital light were
Referral services fees were
Other services fees were
Total operating costs and expenses were
Facilitation, origination and servicing expenses were
Funding costs were
Sales and marketing expenses were
General and administrative expenses were
Provision for loans receivable was
Provision for financial assets receivable was
Provision for accounts receivable and contract assets was
Provision for contingent liability was
Income from operations was
Non-GAAP income from operations was
Operating margin was 21.2%. Non-GAAP operating margin was 22.5%.
Income before income tax expense was
Income taxes expense was
Net income was
Non-GAAP net income was
Net income margin was 24.8%. Non-GAAP net income margin was 26.2%.
Net income attributed to the Company was
Non-GAAP net income attributed to the Company was
Net income per fully diluted ADS was
Non-GAAP net income per fully diluted ADS was
Weighted average basic ADS used in calculating GAAP net income per ADS was 128.78 million.
Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 130.54 million.
Ordinary shares outstanding as of
13 “Financing income” is generated from loans facilitated through the Company’s platform funded by the consolidated trusts and Fuzhou Microcredit, which charge fees and interests from borrowers.
Full Year 2025 Financial Results
Total net revenue was
Net revenue from Credit Driven Services was
Loan facilitation and servicing fees-capital heavy were
Financing income was
Revenue from releasing of guarantee liabilities was
Other services fees were
Net revenue from Platform Services was
Loan facilitation and servicing fees-capital light were
Referral services fees were
Other services fees were
Total operating costs and expenses were
Facilitation, origination and servicing expenses were
Funding costs were
Sales and marketing expenses were
General and administrative expenses were
Provision for loans receivable was
Provision for financial assets receivable was
Provision for accounts receivable and contract assets was
Provision for contingent liability was
Income from operations was
Non-GAAP income from operations was
Operating margin was 34.8%. Non-GAAP operating margin was 36.7%.
Income before income tax expense was
Income taxes expense was
Net income attributed to the Company was
Non-GAAP net income attributed to the Company was
Net income margin was 31.1%. Non-GAAP net income margin was 33.1%.
Net income per fully diluted ADS was
Non-GAAP net income per fully diluted ADS was
Weighted average basic ADS used in calculating GAAP net income per ADS was 133.25 million.
Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 136.09 million.
30 Day+ Delinquency Rate by Vintage and 180 Day+ Delinquency Rate by Vintage
The following charts and tables display the historical cumulative 30 day+ delinquency rates by loan facilitation and origination vintage and 180 day+ delinquency rates by loan facilitation and origination vintage for all loans facilitated and originated through the Company’s platform. Loans under “ICE” and total technology solutions are not included in the 30 day+ charts and the 180 day+ charts:
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Semi-Annual Dividend for the Second Half of 2025
The board of directors of the Company (the “Board”) has approved a dividend of
Update on 2025 Share Repurchase Plan
On
As of
Update on Convertible Senior Notes
On
On
As of
Business Outlook
As macro environment uncertainties and regulatory pressure persist, the Company intends to put risk control as top priority for the time being and maintain a prudent approach in its business planning for the next couple of quarters. As such, for the first quarter of 2026, the Company expects to generate a net income between
14 Non-GAAP net income represents net income excluding share-based compensation expenses.
Conference Call Preregistration
Qfin Holdings’ management team will host an earnings conference call at
All participants wishing to join the conference call must pre-register online using the link provided below.
Registration Link: https://s1.c-conf.com/diamondpass/10053496-puzjin.html
Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.
Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of the Company's website at https://ir.qfin.com.
About
For more information, please visit: https://ir.qfin.com.
Use of Non-GAAP Financial Measures Statement
To supplement our financial results presented in accordance with
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 results 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 net 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 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 attributed 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
Exchange Rate Information
This announcement contains translations of certain RMB amounts into
Safe Harbor Statement
Any forward-looking statements contained in this announcement are made under the “safe harbor” provisions of the
For more information, please contact:
E-mail: ir@qfin.com
| Unaudited Condensed Consolidated Balance Sheets | |||
| (Amounts in thousands of Renminbi ("RMB") and except for number of shares and per share data, or otherwise noted) | |||
| 2024 | 2025 | 2025 | |
| RMB | RMB | USD | |
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | 4,452,416 | 4,696,817 | 671,636 |
| Restricted cash | 2,353,384 | 2,844,101 | 406,701 |
| Short term investments | 3,394,073 | 2,852,254 | 407,867 |
| Security deposit prepaid to third-party guarantee companies | 162,617 | 325,698 | 46,574 |
| Funds receivable from third party payment service providers | 462,112 | 848,163 | 121,286 |
| Accounts receivable and contract assets, net | 2,214,530 | 950,267 | 135,886 |
| Financial assets receivable, net | 1,553,912 | 1,510,205 | 215,956 |
| Amounts due from related parties | 8,510 | - | - |
| Loans receivable, net | 26,714,428 | 34,680,954 | 4,959,310 |
| Prepaid expenses and other assets | 1,464,586 | 772,999 | 110,537 |
| Total current assets | 42,780,568 | 49,481,458 | 7,075,753 |
| Non-current assets: | |||
| Accounts receivable and contract assets, net-noncurrent | 27,132 | 21,992 | 3,145 |
| Financial assets receivable, net-noncurrent | 170,779 | 209,459 | 29,952 |
| Amounts due from related parties | 51 | - | - |
| Loans receivable, net-noncurrent | 2,537,749 | 4,002,159 | 572,301 |
| Property and equipment, net | 362,774 | 636,994 | 91,089 |
| Land use rights, net | 956,738 | 966,582 | 138,219 |
| Intangible assets | 11,818 | 10,670 | 1,526 |
| 42,414 | 45,200 | 6,464 | |
| Deferred tax assets | 1,206,325 | 1,379,933 | 197,328 |
| Other non-current assets | 36,270 | 195,348 | 27,934 |
| Total non-current assets | 5,352,050 | 7,468,337 | 1,067,958 |
| TOTAL ASSETS | 48,132,618 | 56,949,795 | 8,143,711 |
| LIABILITIES AND EQUITY | |||
| Current liabilities: | |||
| Payable to investors of the consolidated trusts-current | 8,188,454 | 9,922,559 | 1,418,907 |
| Accrued expenses and other current liabilities | 2,492,921 | 2,935,726 | 419,803 |
| Amounts due to related parties | 67,495 | - | - |
| Short term loans | 1,369,939 | 1,202,891 | 172,011 |
| Convertible senior notes-current | - | 1,019,130 | 145,734 |
| Guarantee liabilities-stand ready | 2,383,202 | 2,314,865 | 331,021 |
| Guarantee liabilities-contingent | 1,820,350 | 1,872,149 | 267,714 |
| Income tax payable | 1,040,687 | 1,083,176 | 154,892 |
| Other tax payable | 109,161 | 9,333 | 1,335 |
| Total current liabilities | 17,472,209 | 20,359,829 | 2,911,417 |
| Non-current liabilities: | |||
| Deferred tax liabilities | 439,435 | 320,149 | 45,781 |
| Payable to investors of the consolidated trusts-noncurrent | 5,719,600 | 9,930,000 | 1,419,971 |
| Convertible senior notes-noncurrent | - | 1,583,213 | 226,396 |
| Other long-term liabilities | 255,155 | 599,561 | 85,736 |
| Total non-current liabilities | 6,414,190 | 12,432,923 | 1,777,884 |
| TOTAL LIABILITIES | 23,886,399 | 32,792,752 | 4,689,301 |
| TOTAL | 24,190,043 | 24,114,915 | 3,448,386 |
| Noncontrolling interests | 56,176 | 42,128 | 6,024 |
| TOTAL EQUITY | 24,246,219 | 24,157,043 | 3,454,410 |
| TOTAL LIABILITIES AND EQUITY | 48,132,618 | 56,949,795 | 8,143,711 |
| Unaudited Condensed Consolidated Statements of Operations (Amounts in thousands of Renminbi (“RMB”) and except for number of shares and per share data, or otherwise noted) | |||||||||||||
| Three months ended | Year ended | ||||||||||||
| 2024 | 2025 | 2025 | 2024 | 2025 | 2025 | ||||||||
| RMB | RMB | USD | RMB | RMB | USD | ||||||||
| Credit driven services | 2,889,500 | 3,432,203 | 490,798 | 11,719,027 | 13,977,218 | 1,998,716 | |||||||
| Loan facilitation and servicing fees-capital heavy | 362,958 | 200,329 | 28,647 | 1,016,514 | 1,604,903 | 229,498 | |||||||
| Financing income | 1,667,340 | 2,206,269 | 315,492 | 6,636,511 | 8,569,063 | 1,225,360 | |||||||
| Revenue from releasing of guarantee liabilities | 761,827 | 916,631 | 131,076 | 3,695,017 | 3,412,952 | 488,046 | |||||||
| Other services fees | 97,375 | 108,974 | 15,583 | 370,985 | 390,300 | 55,812 | |||||||
| Platform services | 1,592,752 | 660,524 | 94,453 | 5,446,629 | 5,227,841 | 747,571 | |||||||
| Loan facilitation and servicing fees-capital light | 515,062 | 198,928 | 28,446 | 2,116,797 | 1,162,563 | 166,244 | |||||||
| Referral services fees | 907,207 | 99,652 | 14,250 | 2,842,637 | 2,738,786 | 391,641 | |||||||
| Other services fees | 170,483 | 361,944 | 51,757 | 487,195 | 1,326,492 | 189,686 | |||||||
| Total net revenue | 4,482,252 | 4,092,727 | 585,251 | 17,165,656 | 19,205,059 | 2,746,287 | |||||||
| Facilitation, origination and servicing | 734,659 | 745,774 | 106,644 | 2,900,704 | 3,001,938 | 429,271 | |||||||
| Funding costs | 126,841 | 141,374 | 20,216 | 590,935 | 548,936 | 78,497 | |||||||
| Sales and marketing | 523,936 | 550,552 | 78,728 | 1,725,877 | 2,469,546 | 353,140 | |||||||
| General and administrative | 156,061 | 142,800 | 20,420 | 449,505 | 658,980 | 94,233 | |||||||
| Provision for loans receivable | 598,353 | 1,190,252 | 170,204 | 2,773,323 | 3,625,042 | 518,374 | |||||||
| Provision for financial assets receivable | 63,251 | 46,545 | 6,656 | 296,857 | 234,924 | 33,594 | |||||||
| Provision for accounts receivable and contract assets | 77,450 | 70,315 | 10,055 | 421,481 | 319,532 | 45,692 | |||||||
| Provision for contingent liabilities | 311,372 | 337,708 | 48,292 | 478,404 | 1,667,742 | 238,484 | |||||||
| Total operating costs and expenses | 2,591,923 | 3,225,320 | 461,215 | 9,637,086 | 12,526,640 | 1,791,285 | |||||||
| Income from operations | 1,890,329 | 867,407 | 124,036 | 7,528,570 | 6,678,419 | 955,002 | |||||||
| Interest income, net | 74,951 | 54,971 | 7,861 | 237,015 | 278,626 | 39,843 | |||||||
| Foreign exchange gain | 2,680 | 33,723 | 4,822 | 1,512 | 159,570 | 22,818 | |||||||
| Fair value change of derivatives | - | (48,847 | ) | (6,985 | ) | - | (175,691 | ) | (25,123 | ) | |||
| Gain on debt extinguishment | - | 270,135 | 38,629 | - | 270,135 | 38,629 | |||||||
| Other (expense) income, net | (35,251 | ) | (24,780 | ) | (3,543 | ) | 125,325 | 165,076 | 23,606 | ||||
| Income before income tax expense | 1,932,709 | 1,152,609 | 164,820 | 7,892,422 | 7,376,135 | 1,054,775 | |||||||
| Income taxes expense | (20,042 | ) | (136,506 | ) | (19,520 | ) | (1,644,306 | ) | (1,400,492 | ) | (200,268 | ) | |
| Net income | 1,912,667 | 1,016,103 | 145,300 | 6,248,116 | 5,975,643 | 854,507 | |||||||
| Net loss attributable to noncontrolling interests | 3,970 | 3,446 | 493 | 16,198 | 14,048 | 2,009 | |||||||
| Net income attributable to ordinary shareholders of the Company | 1,916,637 | 1,019,549 | 145,793 | 6,264,314 | 5,989,691 | 856,516 | |||||||
| Net income per ordinary share attributable to ordinary shareholders of | |||||||||||||
| Basic | 6.70 | 3.96 | 0.57 | 21.02 | 22.48 | 3.21 | |||||||
| Diluted | 6.62 | 3.91 | 0.56 | 20.64 | 22.01 | 3.15 | |||||||
| Net income per ADS attributable to ordinary shareholders of | |||||||||||||
| Basic | 13.40 | 7.92 | 1.14 | 42.04 | 44.96 | 6.42 | |||||||
| Diluted | 13.24 | 7.82 | 1.12 | 41.28 | 44.02 | 6.30 | |||||||
| Weighted average shares used in calculating net income per ordinary share | |||||||||||||
| Basic | 285,872,913 | 257,551,859 | 257,551,859 | 298,012,150 | 266,496,992 | 266,496,992 | |||||||
| Diluted | 289,427,077 | 261,071,759 | 261,071,759 | 303,449,864 | 272,171,878 | 272,171,878 | |||||||
| Unaudited Condensed Consolidated Statements of Cash Flows (Amounts in thousands of Renminbi (“RMB”) and except for number of shares and per share data, or otherwise noted) | |||||||||||||
| Three months ended | Year ended | ||||||||||||
| 2024 | 2025 | 2025 | 2024 | 2025 | 2025 | ||||||||
| RMB | RMB | USD | RMB | RMB | USD | ||||||||
| Net cash provided by operating activities | 3,051,606 | 3,154,623 | 451,105 | 9,343,311 | 11,083,748 | 1,584,956 | |||||||
| Net cash used in investing activities | (945,611 | ) | (1,005,164 | ) | (143,737 | ) | (7,994,081 | ) | (13,082,044 | ) | (1,870,707 | ) | |
| Net cash (used in) provided by financing activities | (1,873,516 | ) | (4,212,147 | ) | (602,329 | ) | (2,114,463 | ) | 2,783,865 | 398,087 | |||
| Effect of foreign exchange rate changes | 31,464 | (21,535 | ) | (3,079 | ) | 12,036 | (50,451 | ) | (7,215 | ) | |||
| Net increase (decrease) in cash and cash equivalents | 263,943 | (2,084,223 | ) | (298,040 | ) | (753,197 | ) | 735,118 | 105,121 | ||||
| Cash, cash equivalents, and restricted cash, beginning of period | 6,541,857 | 9,625,141 | 1,376,377 | 7,558,997 | 6,805,800 | 973,216 | |||||||
| Cash, cash equivalents, and restricted cash, end of period | 6,805,800 | 7,540,918 | 1,078,337 | 6,805,800 | 7,540,918 | 1,078,337 | |||||||
| Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss) (Amounts in thousands of Renminbi (“RMB”) and except for number of shares and per share data, or otherwise noted) | |||||
| Three months ended | |||||
| 2024 | 2025 | 2025 | |||
| RMB | RMB | USD | |||
| Net income | 1,912,667 | 1,016,103 | 145,300 | ||
| Other comprehensive income, net of tax of nil: | |||||
| Foreign currency translation adjustment | 145,610 | (50,929 | ) | (7,283 | ) |
| Other comprehensive income (loss) | 145,610 | (50,929 | ) | (7,283 | ) |
| Total comprehensive income | 2,058,277 | 965,174 | 138,017 | ||
| Comprehensive loss attributable to noncontrolling interests | 3,970 | 3,446 | 493 | ||
| Comprehensive income attributable to ordinary shareholders | 2,062,247 | 968,620 | 138,510 | ||
| Year ended | |||||
| 2024 | 2025 | 2025 | |||
| RMB | RMB | USD | |||
| Net income | 6,248,116 | 5,975,643 | 854,507 | ||
| Other comprehensive income, net of tax of nil: | |||||
| Foreign currency translation adjustment | 46,534 | (207,571 | ) | (29,682 | ) |
| Other comprehensive income (loss) | 46,534 | (207,571 | ) | (29,682 | ) |
| Total comprehensive income | 6,294,650 | 5,768,072 | 824,825 | ||
| Comprehensive loss attributable to noncontrolling interests | 16,198 | 14,048 | 2,009 | ||
| Comprehensive income attributable to ordinary shareholders | 6,310,848 | 5,782,120 | 826,834 | ||
| Unaudited Reconciliations of GAAP and Non-GAAP Results (Amounts in thousands of Renminbi (“RMB”) and except for number of shares and per share data, or otherwise noted) | |||||
| Three months ended | |||||
| 2024 | 2025 | 2025 | |||
| RMB | RMB | USD | |||
| Reconciliation of Non-GAAP Net Income to Net Income | |||||
| Net income | 1,912,667 | 1,016,103 | 145,300 | ||
| Add: Share-based compensation expenses | 59,720 | 54,493 | 7,792 | ||
| Non-GAAP net income | 1,972,387 | 1,070,596 | 153,092 | ||
| GAAP net income margin | 42.7 | % | 24.8 | % | |
| Non-GAAP net income margin | 44.0 | % | 26.2 | % | |
| Net income attributable to shareholders of | 1,916,637 | 1,019,549 | 145,793 | ||
| Add: Share-based compensation expenses | 59,720 | 54,493 | 7,792 | ||
| Non-GAAP net income attributable to shareholders of | 1,976,357 | 1,074,042 | 153,585 | ||
| Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS - diluted | 144,713,538 | 130,535,880 | 130,535,880 | ||
| Net income per ADS attributable to ordinary shareholders of | 13.24 | 7.82 | 1.12 | ||
| Non-GAAP net income per ADS attributable to ordinary shareholders of | 13.66 | 8.23 | 1.18 | ||
| Reconciliation of Non-GAAP Income from operations to Income from operations | |||||
| Income from operations | 1,890,329 | 867,407 | 124,036 | ||
| Add: Share-based compensation expenses | 59,720 | 54,493 | 7,792 | ||
| Non-GAAP Income from operations | 1,950,049 | 921,900 | 131,828 | ||
| GAAP operating margin | 42.2 | % | 21.2 | % | |
| Non-GAAP operating margin | 43.5 | % | 22.5 | % | |
| Year ended | |||||
| 2024 | 2025 | 2025 | |||
| RMB | RMB | USD | |||
| Reconciliation of Non-GAAP Net Income to Net Income | |||||
| Net income | 6,248,116 | 5,975,643 | 854,507 | ||
| Add: Share-based compensation expenses | 167,613 | 378,374 | 54,107 | ||
| Non-GAAP net income | 6,415,729 | 6,354,017 | 908,614 | ||
| GAAP net income margin | 36.4 | % | 31.1 | % | |
| Non-GAAP net income margin | 37.4 | % | 33.1 | % | |
| Net income attributable to shareholders of | 6,264,314 | 5,989,691 | 856,516 | ||
| Add: Share-based compensation expenses | 167,613 | 378,374 | 54,107 | ||
| Non-GAAP net income attributable to shareholders of | 6,431,927 | 6,368,065 | 910,623 | ||
| Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS - diluted | 151,724,932 | 136,085,939 | 136,085,939 | ||
| Net income per ADS attributable to ordinary shareholders of | 41.28 | 44.02 | 6.30 | ||
| Non-GAAP net income per ADS attributable to ordinary shareholders of | 42.39 | 46.79 | 6.69 | ||
| Reconciliation of Non-GAAP Income from operations to Income from operations | |||||
| Income from operations | 7,528,570 | 6,678,419 | 955,002 | ||
| Add: Share-based compensation expenses | 167,613 | 378,374 | 54,107 | ||
| Non-GAAP Income from operations | 7,696,183 | 7,056,793 | 1,009,109 | ||
| GAAP operating margin | 43.9 | % | 34.8 | % | |
| Non-GAAP operating margin | 44.8 | % | 36.7 | % | |
