Second Quarter 2026 Business Highlights
- As of
June 30, 2026 , our platform has connected 168 financial institutional partners and 301.8 million consumers*1 with potential credit needs, cumulatively, an increase of 9.4% from 275.8 million a year ago. - Cumulative users with approved credit lines*2 were 65.6 million as of
June 30, 2026 , an increase of 9.0% from 60.2 million as ofJune 30, 2025 . - Cumulative borrowers with successful drawdown, including repeat borrowers, was 39.9 million as of
June 30, 2026 , an increase of 8.5% from 36.8 million as ofJune 30, 2025 . - In the second quarter of 2026, financial institutional partners originated 11,554,533 loans*3 through our platform.
- Total facilitation and origination loan volume*4 was
RMB63,377 million , a decrease of 25.1% fromRMB84,609 million in the same period of 2025.RMB31,343 million of such loan volume was under capital-light model, Intelligence Credit Engine (“ICE”) and total technology solutions*5, a decrease of 10.5% fromRMB35,032 million in the same period of 2025. - Total outstanding loan balance*6 was
RMB107,562 million as ofJune 30, 2026 , a decrease of 23.2% fromRMB140,080 million as ofJune 30, 2025 .RMB53,983 million of such loan balance was under capital-light model, “ICE” and total technology solutions, a decrease of 24.5% fromRMB71,530 million as ofJune 30, 2025 . - The weighted average contractual tenor of loans originated by financial institutions across our platform in the second quarter of 2026 was approximately 11.6 months, compared with 10.3 months in the same period of 2025.
- 90 day+ delinquency rate*7 of loans originated by financial institutions across our platform was 2.83% as of
June 30, 2026 . - Repeat borrower contribution*8 of loans originated by financial institutions across our platform for the second quarter of 2026 was 89.4%.
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 742,821 loans across “V-pocket”, and 10,811,712 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.
Second Quarter 2026 Financial Highlights
- Total net revenue was
RMB3,566.6 million (US$525.6 million ), compared toRMB3,909.3 million in the prior quarter. - Net income was
RMB401.4 million (US$59.2 million ), compared toRMB879.8 million in the prior quarter. - Non-GAAP*9 net income was
RMB454.9 million (US$67.0 million ), compared toRMB945.9 million in the prior quarter. - Net income per fully diluted American depositary share (“ADS”) was
RMB3.28 (US$0.48 ), compared toRMB7.16 in the prior quarter. - Non-GAAP net income per fully diluted ADS was
RMB3.72 (US$0.55 ), compared toRMB7.70 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.
Mr.
“Looking ahead, we expect industry adjustments to continue, with funding conditions and risk management likely to remain under pressure. In response, we will adopt an even more prudent approach to growth, risk, and capital allocation to preserve our resilience through the cycle.
“We are advancing our overseas expansion strategy with discipline, carefully calibrating risk and capital deployment to ensure attractive returns. At the same time, we are transforming into an AI-native organization—not only to drive efficiency, but to create lasting organizational leverage.
“As the industry undergoes its inevitable shakeout, we are confident that our disciplined approach will position us not just to endure, but to emerge stronger after the dust settles in the future.”
“As industry adjustment deepens and market volatility increases, we maintained an unwavering focus on asset quality and operational efficiency. In the quarter, total net revenue reached
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.
Second Quarter 2026 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 liabilities was
Income from operations was
Non-GAAP income from operations was
Operating margin was 32.6%. Non-GAAP operating margin was 34.1%.
Income before income tax expense was
Income taxes expense was
The Company accrued a non-recurring tax-related expense of approximately
Net income was
Non-GAAP net income was
Net income margin was 11.3%. Non-GAAP net income margin was 12.8%.
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 121.77 million.
Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 123.61 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.
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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Appointment of a New Independent Director
The board of directors of the Company (the “Board”) has approved the appointment of Prof.
Prof.
Mr.
Semi-Annual Dividend for the First Half of 2026
The Board has approved a dividend of
Update on Share Repurchase
On
As of
Business Outlook
As macro environment uncertainties and regulatory pressure persist, the Company intends to take an even more prudent approach in its business planning. As such, for the third 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/10056626-hxqxg1.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 Qfin Holdings
Qfin Holdings is a leading AI-empowered Credit-Tech platform in China. By leveraging its sophisticated machine learning 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 Company 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.qfin.com.
Use of Non-GAAP Financial Measures Statement
To supplement our financial results presented in accordance with U.S. GAAP, we use Non-GAAP financial measures, which are 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 release, 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 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 U.S. GAAP. We believe that Non-GAAP income from operation and Non-GAAP net income 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 information 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 comparability may be limited.
Exchange Rate Information
This 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 RMB6.7851 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of June 30, 2026.
Safe Harbor Statement
Any forward-looking statements contained in this announcement are made under the “safe harbor” provisions of the U.S. Private Securities Litigation 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 Company’s strategic and operational plans, contain forward-looking statements. Qfin Holdings 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 Limited (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 Company’s business outlook, beliefs and expectations, 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 Company’s growth strategies, changes in laws, rules and regulatory environments, the recognition of the Company’s brand, market acceptance of the Company’s products and services, trends and developments in the credit-tech industry, governmental policies relating to the credit-tech industry, general economic conditions in 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 Qfin Holdings’ filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Qfin Holdings does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For more information, please contact:
Qfin Holdings
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) | ||||
| 2025 | 2026 | 2026 | ||
| RMB | RMB | USD | ||
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | 4,696,817 | 4,118,956 | 607,059 | |
| Restricted cash | 2,844,101 | 3,561,676 | 524,926 | |
| Short term investments | 2,852,254 | 2,695,699 | 397,297 | |
| Security deposit prepaid to third-party guarantee companies | 325,698 | 257,935 | 38,015 | |
| Funds receivable from third party payment service providers | 848,163 | 92,973 | 13,703 | |
| Accounts receivable and contract assets, net | 950,267 | 482,948 | 71,178 | |
| Financial assets receivable, net | 1,510,205 | 874,950 | 128,952 | |
| Loans receivable, net | 34,680,954 | 28,993,314 | 4,273,086 | |
| Prepaid expenses and other assets | 772,999 | 1,336,730 | 197,010 | |
| Total current assets | 49,481,458 | 42,415,181 | 6,251,226 | |
| Non-current assets: | ||||
| Accounts receivable and contract assets, net-noncurrent | 21,992 | 16,595 | 2,446 | |
| Financial assets receivable, net-noncurrent | 209,459 | 91,926 | 13,548 | |
| Loans receivable, net-noncurrent | 4,002,159 | 7,189,399 | 1,059,586 | |
| Property and equipment, net | 636,994 | 640,894 | 94,456 | |
| Land use rights, net | 966,582 | 955,882 | 140,880 | |
| Intangible assets | 10,670 | 10,073 | 1,485 | |
| 45,200 | 45,166 | 6,657 | ||
| Deferred tax assets | 1,379,933 | 1,567,040 | 230,953 | |
| Other non-current assets | 195,348 | 159,081 | 23,446 | |
| Total non-current assets | 7,468,337 | 10,676,056 | 1,573,457 | |
| TOTAL ASSETS | 56,949,795 | 53,091,237 | 7,824,683 | |
| LIABILITIES AND EQUITY | ||||
| Current liabilities: | ||||
| Payable to investors of the consolidated trusts-current | 9,922,559 | 11,003,442 | 1,621,707 | |
| Accrued expenses and other current liabilities | 2,935,726 | 2,899,533 | 427,338 | |
| Short term loans | 1,202,891 | 2,184,000 | 321,882 | |
| Convertible senior notes-current | 1,019,130 | - | - | |
| Guarantee liabilities-stand ready | 2,314,865 | 1,438,008 | 211,936 | |
| Guarantee liabilities-contingent | 1,872,149 | 969,009 | 142,814 | |
| Income tax payable | 1,083,176 | 1,059,890 | 156,208 | |
| Other tax payable | 9,333 | - | - | |
| Total current liabilities | 20,359,829 | 19,553,882 | 2,881,885 | |
| Non-current liabilities: | ||||
| Deferred tax liabilities | 320,149 | 330,932 | 48,773 | |
| Payable to investors of the consolidated trusts-noncurrent | 9,930,000 | 7,049,800 | 1,039,012 | |
| Convertible senior notes | 1,583,213 | 760,750 | 112,121 | |
| Other long-term liabilities | 599,561 | 611,485 | 90,122 | |
| Total non-current liabilities | 12,432,923 | 8,752,967 | 1,290,028 | |
| TOTAL LIABILITIES | 32,792,752 | 28,306,849 | 4,171,913 | |
| TOTAL | 24,114,915 | 24,750,320 | 3,647,749 | |
| Noncontrolling interests | 42,128 | 34,068 | 5,021 | |
| TOTAL EQUITY | 24,157,043 | 24,784,388 | 3,652,770 | |
| TOTAL LIABILITIES AND EQUITY | 56,949,795 | 53,091,237 | 7,824,683 | |
| 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 | Six months ended | ||||||||||||
| 2025 | 2026 | 2026 | 2025 | 2026 | 2026 | ||||||||
| RMB | RMB | USD | RMB | RMB | USD | ||||||||
| Credit driven services | 3,565,549 | 2,596,712 | 382,708 | 6,676,415 | 5,554,121 | 818,576 | |||||||
| Loan facilitation and servicing fees-capital heavy | 460,858 | 74,362 | 10,960 | 890,633 | 210,582 | 31,036 | |||||||
| Financing income | 2,204,963 | 1,839,891 | 271,166 | 4,022,184 | 3,861,502 | 569,115 | |||||||
| Revenue from releasing of guarantee liabilities | 805,272 | 658,682 | 97,078 | 1,583,494 | 1,411,280 | 207,997 | |||||||
| Other services fees | 94,456 | 23,777 | 3,504 | 180,104 | 70,757 | 10,428 | |||||||
| Platform services | 1,650,346 | 969,845 | 142,938 | 3,230,177 | 1,921,768 | 283,233 | |||||||
| Loan facilitation and servicing fees-capital light | 326,829 | 201,712 | 29,729 | 700,538 | 412,813 | 60,841 | |||||||
| Referral services fees | 986,396 | 370,760 | 54,643 | 1,991,018 | 846,429 | 124,748 | |||||||
| Other services fees | 337,121 | 397,373 | 58,566 | 538,621 | 662,526 | 97,644 | |||||||
| Total net revenue | 5,215,895 | 3,566,557 | 525,646 | 9,906,592 | 7,475,889 | 1,101,809 | |||||||
| Facilitation, origination and servicing | 781,029 | 676,097 | 99,644 | 1,495,521 | 1,493,363 | 220,094 | |||||||
| Funding costs | 142,118 | 129,016 | 19,015 | 264,775 | 257,317 | 37,924 | |||||||
| Sales and marketing | 662,685 | 396,832 | 58,486 | 1,254,180 | 852,755 | 125,681 | |||||||
| General and administrative | 175,879 | 136,640 | 20,138 | 372,361 | 295,288 | 43,520 | |||||||
| Provision for loans receivable | 773,849 | 931,517 | 137,289 | 1,597,036 | 2,166,181 | 319,256 | |||||||
| Provision for financial assets receivable | 66,631 | 17,817 | 2,626 | 106,494 | 38,771 | 5,714 | |||||||
| Provision for accounts receivable and contract assets | 79,905 | 120,343 | 17,736 | 148,350 | 140,705 | 20,737 | |||||||
| Provision (reversal) for contingent liabilities | 397,614 | (2,684 | ) | (396 | ) | 556,957 | 91,668 | 13,510 | |||||
| Total operating costs and expenses | 3,079,710 | 2,405,578 | 354,538 | 5,795,674 | 5,336,048 | 786,436 | |||||||
| Income from operations | 2,136,185 | 1,160,979 | 171,108 | 4,110,918 | 2,139,841 | 315,373 | |||||||
| Interest income, net | 73,265 | 28,370 | 4,181 | 141,039 | 62,355 | 9,190 | |||||||
| Foreign exchange gain | 108,449 | 15,442 | 2,276 | 110,572 | 23,829 | 3,512 | |||||||
| Fair value change of derivatives | (170,407 | ) | (20,306 | ) | (2,993 | ) | (170,407 | ) | (65,273 | ) | (9,620 | ) | |
| Gain on debt extinguishment | - | 83,181 | 12,259 | - | 198,031 | 29,186 | |||||||
| Other income, net | 24,509 | (175,156 | ) | (25,815 | ) | 200,109 | (125,747 | ) | (18,533 | ) | |||
| Income before income tax expense | 2,172,001 | 1,092,510 | 161,016 | 4,392,231 | 2,233,036 | 329,108 | |||||||
| Income taxes expense | (441,521 | ) | (691,141 | ) | (101,862 | ) | (865,152 | ) | (951,858 | ) | (140,287 | ) | |
| Net income | 1,730,480 | 401,369 | 59,154 | 3,527,079 | 1,281,178 | 188,821 | |||||||
| Net loss attributable to noncontrolling interests | 3,514 | 4,544 | 670 | 7,090 | 8,059 | 1,188 | |||||||
| Net income attributable to ordinary shareholders of the Company | 1,733,994 | 405,913 | 59,824 | 3,534,169 | 1,289,237 | 190,009 | |||||||
| Net income per ordinary share attributable to ordinary shareholders of | |||||||||||||
| Basic | 6.52 | 1.67 | 0.25 | 12.93 | 5.29 | 0.78 | |||||||
| Diluted | 6.38 | 1.64 | 0.24 | 12.59 | 5.23 | 0.77 | |||||||
| Net income per ADS attributable to ordinary shareholders of | |||||||||||||
| Basic | 13.04 | 3.34 | 0.50 | 25.86 | 10.58 | 1.56 | |||||||
| Diluted | 12.76 | 3.28 | 0.48 | 25.18 | 10.46 | 1.54 | |||||||
| Weighted average shares used in calculating net income per ordinary share | |||||||||||||
| Basic | 265,842,311 | 243,544,051 | 243,544,051 | 273,358,655 | 243,516,554 | 243,516,554 | |||||||
| Diluted | 271,838,718 | 247,221,838 | 247,221,838 | 280,821,385 | 246,653,086 | 246,653,086 | |||||||
| 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 | Six months ended | ||||||||||||
| 2025 | 2026 | 2026 | 2025 | 2026 | 2026 | ||||||||
| RMB | RMB | USD | RMB | RMB | USD | ||||||||
| Net cash provided by operating activities | 2,622,004 | 1,085,112 | 159,926 | 5,427,689 | 3,182,482 | 469,040 | |||||||
| Net cash (used in) provided by investing activities | (8,191,142 | ) | (2,365,931 | ) | (348,695 | ) | (11,431,328 | ) | 41,310 | 6,088 | |||
| Net cash provided by (used in) financing activities | 1,995,605 | (619,880 | ) | (91,359 | ) | 7,444,676 | (3,048,480 | ) | (449,290 | ) | |||
| Effect of foreign exchange rate changes | (29,290 | ) | (23,547 | ) | (3,471 | ) | (34,411 | ) | (35,598 | ) | (5,247 | ) | |
| Net (decrease) increase in cash and cash equivalents | (3,602,823 | ) | (1,924,246 | ) | (283,599 | ) | 1,406,626 | 139,714 | 20,591 | ||||
| Cash, cash equivalents, and restricted cash, beginning of period | 11,815,249 | 9,604,878 | 1,415,584 | 6,805,800 | 7,540,918 | 1,111,394 | |||||||
| Cash, cash equivalents, and restricted cash, end of period | 8,212,426 | 7,680,632 | 1,131,985 | 8,212,426 | 7,680,632 | 1,131,985 | |||||||
| 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 | ||||||
| 2025 | 2026 | 2026 | ||||
| RMB | RMB | USD | ||||
| Net income | 1,730,480 | 401,369 | 59,154 | |||
| Other comprehensive income, net of tax of nil: | ||||||
| Foreign currency translation adjustment | (119,202 | ) | (19,102 | ) | (2,815 | ) |
| Other comprehensive income (loss) | (119,202 | ) | (19,102 | ) | (2,815 | ) |
| Total comprehensive income | 1,611,278 | 382,267 | 56,339 | |||
| Comprehensive loss attributable to noncontrolling interests | 3,514 | 4,544 | 670 | |||
| Comprehensive income attributable to ordinary shareholders | 1,614,792 | 386,811 | 57,009 | |||
| Six months ended | ||||||
| 2025 | 2026 | 2026 | ||||
| RMB | RMB | USD | ||||
| Net income | 3,527,079 | 1,281,178 | 188,821 | |||
| Other comprehensive income, net of tax of nil: | ||||||
| Foreign currency translation adjustment | (134,565 | ) | (52,940 | ) | (7,802 | ) |
| Other comprehensive income (loss) | (134,565 | ) | (52,940 | ) | (7,802 | ) |
| Total comprehensive income | 3,392,514 | 1,228,238 | 181,019 | |||
| Comprehensive loss attributable to noncontrolling interests | 7,090 | 8,059 | 1,188 | |||
| Comprehensive income attributable to ordinary shareholders | 3,399,604 | 1,236,297 | 182,207 | |||
| 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 | ||||||
| 2025 | 2026 | 2026 | ||||
| RMB | RMB | USD | ||||
| Reconciliation of Non-GAAP Net Income to Net Income | ||||||
| Net income | 1,730,480 | 401,369 | 59,154 | |||
| Add: Share-based compensation expenses | 118,484 | 53,482 | 7,882 | |||
| Non-GAAP net income | 1,848,964 | 454,851 | 67,036 | |||
| GAAP net income margin | 33.2 | % | 11.3 | % | ||
| Non-GAAP net income margin | 35.4 | % | 12.8 | % | ||
| Net income attributable to shareholders of | 1,733,994 | 405,913 | 59,824 | |||
| Add: Share-based compensation expenses | 118,484 | 53,482 | 7,882 | |||
| Non-GAAP net income attributable to shareholders of | 1,852,478 | 459,395 | 67,706 | |||
| Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS - diluted | 135,919,359 | 123,610,919 | 123,610,919 | |||
| Net income per ADS attributable to ordinary shareholders of | 12.76 | 3.28 | 0.48 | |||
| Non-GAAP net income per ADS attributable to ordinary shareholders of | 13.63 | 3.72 | 0.55 | |||
| Reconciliation of Non-GAAP Income from operations to Income from operations | ||||||
| Income from operations | 2,136,185 | 1,160,979 | 171,108 | |||
| Add: Share-based compensation expenses | 118,484 | 53,482 | 7,882 | |||
| Non-GAAP Income from operations | 2,254,669 | 1,214,461 | 178,990 | |||
| GAAP operating margin | 41.0 | % | 32.6 | % | ||
| Non-GAAP operating margin | 43.2 | % | 34.1 | % | ||
| Six months ended | ||||||
| 2025 | 2026 | 2026 | ||||
| RMB | RMB | USD | ||||
| Reconciliation of Non-GAAP Net Income to Net Income | ||||||
| Net income | 3,527,079 | 1,281,178 | 188,821 | |||
| Add: Share-based compensation expenses | 248,098 | 119,575 | 17,623 | |||
| Non-GAAP net income | 3,775,177 | 1,400,753 | 206,444 | |||
| GAAP net income margin | 35.6 | % | 17.1 | % | ||
| Non-GAAP net income margin | 38.1 | % | 18.7 | % | ||
| Net income attributable to shareholders of | 3,534,169 | 1,289,237 | 190,009 | |||
| Add: Share-based compensation expenses | 248,098 | 119,575 | 17,623 | |||
| Non-GAAP net income attributable to shareholders of | 3,782,267 | 1,408,812 | 207,632 | |||
| Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS - diluted | 140,410,693 | 123,326,543 | 123,326,543 | |||
| Net income per ADS attributable to ordinary shareholders of | 25.18 | 10.46 | 1.54 | |||
| Non-GAAP net income per ADS attributable to ordinary shareholders of | 26.94 | 11.42 | 1.68 | |||
| Reconciliation of Non-GAAP Income from operations to Income from operations | ||||||
| Income from operations | 4,110,918 | 2,139,841 | 315,373 | |||
| Add: Share-based compensation expenses | 248,098 | 119,575 | 17,623 | |||
| Non-GAAP Income from operations | 4,359,016 | 2,259,416 | 332,996 | |||
| GAAP operating margin | 41.5 | % | 28.6 | % | ||
| Non-GAAP operating margin | 44.0 | % | 30.2 | % | ||
