-First quarter Transaction Volume reached
RMB52.1 billion, up 7.9%
year-over-year-
-First quarter International Transaction Volume
reached RMB3.0 billion, up 36.4%
year-over-year-
-First quarter Revenue reached RMB3,481.0 million, up 10.0% year-over-year-
-First quarter International Revenues reached
RMB710.5 million, up 19.5%
year-over-year and representing 20.4% of total net revenues-
SHANGHAI, May 20, 2025
/PRNewswire/ -- FinVolution Group ("FinVolution" or the
"Company") (NYSE: FINV), a leading fintech platform in China, Indonesia and the
Philippines, today announced its unaudited financial results
for the first quarter ended March 31,
2025.
|
For the
Three Months Ended/As of
|
YoY
Change
|
|
March
31, 2024
|
March
31, 2025
|
|
Total Transaction
Volume (RMB in
billions)[1]
|
48.3
|
52.1
|
7.9 %
|
|
Transaction Volume
(China's Mainland)[2]
|
46.1
|
49.1
|
6.5 %
|
|
Transaction Volume
(International)[3]
|
2.2
|
3.0
|
36.4 %
|
|
Total Outstanding
Loan Balance (RMB in billions)
|
65.3
|
74.1
|
13.5 %
|
|
Outstanding Loan
Balance (China's Mainland)[4]
|
64.0
|
72.2
|
12.8 %
|
|
Outstanding Loan
Balance (International)[5]
|
1.3
|
1.9
|
46.2 %
|
First Quarter 2025 China Market Operational
Highlights
- Cumulative registered users[6] reached
177.2 million as of March 31,
2025, an increase of 11.7% compared with March 31, 2024.
- Cumulative borrowers[7] reached 27.3 million as of
March 31, 2025, an increase of 7.1%
compared with March 31, 2024.
- Number of unique borrowers[8] for the first quarter
of 2025 was 2.2 million, an increase of 22.2% compared with the
same period of 2024.
- Transaction volume[2] reached RMB49.1 billion for the first quarter of
2025, an increase of 6.5% compared with the same period of
2024.
- Transaction volume facilitated for repeat individual
borrowers[9] for the first quarter of 2025 was
RMB42.6 billion, an increase of
8.4% compared with the same period of 2024.
- Outstanding loan balance[4] reached RMB72.2 billion as of March 31, 2025, an increase of 12.8% compared
with March 31, 2024.
- Average loan size[10] was RMB10,494 for
the first quarter of 2025, compared with RMB10,121 for the same period of 2024.
- Average loan tenure[11] was 8.2 months for the first
quarter of 2025, which remained unchanged compared with the same
period of 2024.
- 90 day+ delinquency ratio[12] was 2.04% as of
March 31, 2025.
First Quarter 2025 International Market Operational
Highlights
- Cumulative registered users[13] reached
38.9 million as of March 31,
2025, an increase of 45.1% compared with March 31, 2024.
- Cumulative borrowers[14] for the international
market reached 7.6 million as of March 31,
2025, an increase of 49.0% compared with March 31, 2024.
- Number of unique borrowers[15] for the first quarter
of 2025 was 1.7 million, an increase of 106.1% compared with the
same period of 2024.
- Number of new borrowers[16] for the first quarter of
2025 was 0.7 million, an increase of 89.3% compared with the same
period of 2024.
- Transaction volume[3] reached RMB3.0 billion for the first quarter of
2025, an increase of 36.4% compared with the same period of
2024.
- Outstanding loan balance[5] reached RMB1.9 billion as of March 31, 2025, an increase of 46.2% compared
with March 31, 2024.
- International business revenue was RMB710.5 million (US$97.9
million) for the first quarter of 2025, an increase of 19.5%
compared with the same period of 2024, representing 20.4% of total
revenue for the first quarter of 2025.
First Quarter 2025 Financial Highlights
- Net revenue was RMB3,481.0
million (US$479.7 million) for
the first quarter of 2025, compared with RMB3,165.1 million for the same period of
2024.
- Net profit was RMB737.6 million
(US$101.7 million) for the first
quarter of 2025, compared with RMB532.0
million for the same period of 2024.
- Non-GAAP adjusted operating income[17], which
excludes share-based compensation expenses before tax, was
RMB917.9 million (US$126.5 million) for the first quarter of
2025, compared with RMB658.7 million for the same period of
2024.
- Diluted net profit per American depositary share ("ADS") was
RMB2.84 (US$0.39) and diluted net profit per share was
RMB0.57 (US$0.08) for the first quarter of 2025, compared
with RMB1.97 and RMB0.39 for the same period of 2024,
respectively.
- Non-GAAP diluted net profit per ADS was RMB2.97 (US$0.41)
and non-GAAP diluted net profit per share was RMB0.59 (US$0.08)
for the first quarter of 2025, compared with RMB2.08 and RMB0.42
for the same period of 2024, respectively. Each ADS of the Company
represents five Class A ordinary shares of the Company.
|
[1]
Represents the total transaction volume facilitated in China's
Mainland and the international markets on the Company's platforms
during the period presented.
|
|
[2] Represents our transaction volume
facilitated in China's Mainland during the period presented. During
the first quarter, RMB18.4 billion was facilitated under the
capital-light model, for which the Company does not bear principal
risk.
|
|
[3]
Represents our transaction volume facilitated in markets outside
China's Mainland during the period presented.
|
|
[4]
Outstanding loan balance (China's Mainland) as of any date refers
to the balance of outstanding loans in China's Mainland market
excluding loans delinquent for more than 180 days from such
date. As of March 31, 2025, RMB31.9 billion was facilitated
under the capital-light model, for which the Company does not bear
principal risk.
|
|
[5]
Outstanding loan balance (international) as of any date refers to
the balance of outstanding loans in the international markets
excluding loans delinquent for more than 30 days from such
date.
|
|
[6] On a
cumulative basis, the total number of users in China's Mainland
market registered on the Company's platform as of March 31,
2025.
|
|
[7] On a
cumulative basis, the total number of borrowers in China's Mainland
market registered on the Company's platform as of March 31,
2025.
|
|
[8]
Represents the total number of borrowers in China's Mainland who
successfully borrowed on the Company's platform during the period
presented.
|
|
[9]
Represents the transaction volume facilitated for repeat borrowers
in China's Mainland who successfully completed a transaction on the
Company's platform during the period presented.
|
|
[10]
Represents the average loan size on the Company's platform in
China's Mainland during the period presented.
|
|
[11]
Represents the average loan tenor on the Company's platform in
China's Mainland during the period presented.
|
|
[12] "90 day+ delinquency ratio"
refers to the outstanding principal balance of
loans, excluding loans facilitated under the capital-light
model, that were 90 to 179 calendar days past due as a
percentage of the total outstanding principal balance of
loans, excluding loans facilitated under the capital-light
model on the Company's platform as of a specific date. Loans that
originated outside China's Mainland are not included in the
calculation.
|
|
[13] On a
cumulative basis, the total number of users registered on the
Company's platforms outside China's Mainland market, as of
March 31, 2025.
|
|
[14] On a
cumulative basis, the total number of borrowers on the Company's
platforms outside China's Mainland market, as of March 31,
2025.
|
|
[15]
Represents the total number of borrowers outside China's Mainland
who successfully borrowed on the Company platforms during the
period presented.
|
|
[16]
Represents the total number of new borrowers outside China's
Mainland whose transactions were facilitated on the Company's
platforms during the period presented.
|
|
[17] Please
refer to "UNAUDITED Reconciliation of GAAP and Non-GAAP Results"
for reconciliation between GAAP and Non-GAAP adjusted operating
income.
|
|
[18] Change
in Presentation of Consolidated Statements of Cash Flows: During
the fourth quarter of 2024, the Company elected to change its
presentation of the cash flows associated with funds held for
customers and funds paid on behalf of customers within its
Consolidated Statements of Cash Flows. The balances for
the first quarter of 2024 have been adjusted to conform to the
current period presentation.
|
Mr. Tiezheng Li, Vice Chairman
and Chief Executive Officer of FinVolution, commented, "We
delivered strong first quarter results in 2025 despite seasonal
softness. Total transaction volume reached RMB52.1 billion and outstanding loan balance rose
to RMB74.1 billion, representing
year-over-year increases of 7.9% and 13.5%, respectively. This
performance demonstrates the continued strong execution of our
Local Excellence, Global Outlook strategy.
"As of the end of the first quarter of 2025, we had cumulatively
served 35.0 million borrowers across China, Indonesia and the
Philippines, while adding 1.2 million new borrowers within
the quarter—our third straight quarter surpassing the one million
mark. Looking ahead, we are confident that our diversified and
resilient business is well-positioned to navigate ongoing global
macro uncertainties. While maintaining a prudent approach, we
remain optimistic about achieving growth across our footprint
markets," concluded Mr. Li.
Mr. Jiayuan Xu, Chief Financial
Officer of FinVolution, continued, "Our strong first quarter
performance was reflected across our key financial metrics. Net
revenue reached RMB3,481.0 million,
marking a healthy 10.0% increase compared to the same period last
year, while net profit grew 38.7% year-over-year to RMB737.6 million. Our international business
maintained its growth momentum, with its revenues increasing 19.5%
year-over-year to RMB710.5 million.
This revenue stream represented 20.4% of total net revenue, up from
18.8% in the same period last year, demonstrating increasing
contribution from our global operations.
"In addition, our total liquidity position, consisting of cash
and cash equivalents and short-term investments, remained strong at
RMB8.5 billion, underscoring a robust
balance sheet that supports our ongoing operations and our efforts
to consistently enhance shareholder returns," concluded Mr. Xu.
First Quarter 2025 Financial Results
Net revenue for the first quarter of 2025
was RMB3,481.0 million (US$479.7
million), compared with RMB3,165.1 million for the same period of 2024.
This increase was primarily due to the increase in loan
facilitation service fees and other revenue.
Loan facilitation service fees
were RMB1,477.8 million (US$203.6
million) for the first quarter of 2025, compared with
RMB985.9 million for the same period
of 2024. The increase was primarily due to the increase in the
transaction volume and average rate of transaction service
fees.
Post-facilitation service fees were RMB380.6 million
(US$52.5 million) for the first
quarter of 2025, compared with RMB465.2 million for the same
period of 2024. This decrease was primarily due to the rolling
impact of deferred transaction fees.
Guarantee income was RMB1,099.5 million
(US$151.5 million) for the first
quarter of 2025, compared with RMB1,346.1 million for the same
period of 2024. This decrease was primarily due to the decrease in
risk-bearing loans in the China
market, as well as the rolling impact of deferred guarantee
income. The fair value of quality assurance commitment upon
loan origination is released as guarantee income systematically
over the term of the loans subject to quality assurance
commitment.
Net interest income was RMB241.6 million
(US$33.3 million) for the first
quarter of 2025, compared with RMB231.3 million for the same
period of 2024. This increase was primarily due to the increase in
the average outstanding loan balances of on-balance sheet loans in
the China market.
Other revenue was RMB281.5 million (US$38.8 million) for the first quarter of
2025, compared with RMB136.5 million for the same period
of 2024. This increase was primarily due to the increase
in the contributions from other revenue streams including
referral fees.
Origination, servicing expenses and other costs of
revenue were RMB620.5 million (US$85.5 million) for the first quarter of 2025,
compared with RMB539.6 million for the same period of
2024. This increase was primarily due to the increase in
facilitation costs and loan collection expenses as a result of
higher outstanding loan balances.
Sales and marketing expenses
were RMB529.7 million (US$73.0
million) for the first quarter of 2025, compared with
RMB449.2 million for the same period
of 2024, as a result of our more proactive customer acquisition
efforts focusing on quality borrowers in both China and the international markets.
Research and development expenses were RMB126.0
million (US$17.4 million) for the
first quarter of 2025, compared with RMB120.5 million for the
same period of 2024. This increase was primarily due to the
increased investment in technology development.
General and administrative expenses were RMB106.9
million (US$14.7 million) for the
first quarter of 2025, compared with RMB82.3
million for the same period of 2024. This
increase was primarily due to the increased benefits we
provided to our employees.
Provision for accounts receivable and contract assets was
RMB117.7 million (US$16.2 million) for the first quarter of 2025,
compared with RMB65.7 million for the
same period of 2024. The increase was primarily due to higher
transaction volume of off-balance sheet loans in the international
markets.
Provision for loans receivable was RMB85.4 million
(US$11.8 million) for the first
quarter of 2025, compared with RMB81.3 million for the same
period of 2024. This increase was primarily due to the increase in
the loan volume and the outstanding loan balances of on-balance
sheet loans in the China
market.
Credit losses for quality assurance commitment
were RMB1,011.6 million (US$139.4 million) for the first quarter of
2025, compared with RMB1,198.1
million for the same period of 2024. The decrease was
primarily due to the decrease in risk-bearing loans in the
China market, partially offset by
the increase in risk-bearing loans in the international
markets.
Operating profit was RMB883.2 million
(US$121.7 million) for the first
quarter of 2025, compared with RMB628.4 million for the same
period of 2024.
Non-GAAP adjusted operating income, which excludes
share-based compensation expenses before tax, was RMB917.9 million (US$126.5
million) for the first quarter of 2025, compared with
RMB658.7 million for the same period
of 2024.
Other income was RMB8.4
million (US$1.2 million) for
the first quarter of 2025, compared with RMB31.0 million for the same period of 2024. The
decrease was mainly due to reduced income from investments.
Income tax expense was RMB153.9
million (US$21.2 million) for
the first quarter of 2025, compared with RMB127.5 million for the same period of 2024.
This increase was mainly due to the increase in pre-tax profit and
partially offset by the decrease in effective tax rate.
Net profit was RMB737.6
million (US$101.7 million) for
the first quarter of 2025, compared with RMB532.0 million for the same period of 2024.
Net profit attributable to ordinary shareholders of the
Company was RMB746.4 million
(US$102.9 million) for the first
quarter of 2025, compared with RMB527.7
million for the same period of 2024.
Diluted net profit per ADS was RMB2.84 (US$0.39) and diluted net profit
per share was RMB0.57
(US$0.08) for the first quarter of
2025, compared with RMB1.97 and
RMB0.39 for the same period of 2024,
respectively.
Non-GAAP diluted net profit per ADS was RMB2.97 (US$0.41) and non-GAAP diluted
net profit per share was RMB0.59
(US$0.08) for the first quarter of
2025, compared with RMB2.08 and
RMB0.42 for the same period of 2024,
respectively. Each ADS represents five Class A ordinary shares of
the Company.
As of March 31, 2025, the Company
had cash and cash equivalents of RMB5,406.5
million (US$745.0 million) and
short-term investments, mainly in wealth management products and
term deposits, of RMB3,055.7 million
(US$421.1 million).
The following chart shows the historical cumulative 30-day plus
past due delinquency rates by loan origination vintage for loan
products facilitated through the Company's platform in China's Mainland as of March 31, 2025. Loans facilitated under the
capital-light model, for which the Company does not bear principal
risk, are excluded from the chart.
Click here to view the
chart.
Business Outlook
Strong execution of our Local Excellence, Global Outlook
Strategy drove continued growth in the first quarter of 2025
despite domestic macro headwinds and seasonal softness. We remain
confident in capitalizing on China's recovery while maintaining growth
momentum in our international expansion. The Company reiterates its
full-year 2025 total revenue guidance to be in the range of
approximately RMB14.4 billion to
RMB15.0 billion, representing
year-over-year growth of approximately 10.0% to 15.0%.
The above forecast is based on the current market conditions and
reflects the Company's current preliminary views and expectations
on market and operational conditions and the regulatory and
operating environment, as well as customers' and institutional
partners' demands, all of which are subject to change.
Conference Call
The Company's management will host an earnings conference call
at 8:30 PM U.S. Eastern Time on
May 20, 2025 (8:30 AM Beijing/Hong Kong Time on May 21, 2025).
Dial-in details for the earnings conference call are as
follows:
|
United States (toll
free):
|
+1-888-346-8982
|
|
Canada (toll
free):
|
+1-855-669-9657
|
|
International:
|
+1-412-902-4272
|
|
Hong Kong, China (toll
free):
|
800-905-945
|
|
Hong Kong,
China:
|
+852-3018-4992
|
|
Mainland,
China:
|
400-120-1203
|
Participants should dial in at least five minutes before the
scheduled start time and ask to be connected to the call for
"FinVolution Group".
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website at
https://ir.finvgroup.com.
A replay of the conference call will be accessible approximately
one hour after the conclusion of the live call until May 27, 2025, by dialing the following telephone
numbers:
|
United States (toll
free):
|
+1-877-344-7529
|
|
Canada (toll
free):
|
+1-855-669-9658
|
|
International:
|
+1-412-317-0088
|
|
Replay Access
Code:
|
2098969
|
About FinVolution Group
FinVolution Group is a leading fintech platform with strong
brand recognition in China,
Indonesia and the
Philippines, connecting borrowers of the young generation with
financial institutions. Established in 2007, the Company is a
pioneer in China's online consumer
finance industry and has developed innovative technologies and has
accumulated in-depth experience in the core areas of credit risk
assessment, fraud detection, big data and artificial
intelligence. The Company's platforms, empowered by proprietary
cutting-edge technologies, features a highly automated loan
transaction process, which enables a superior user experience. As
of March 31, 2025, the Company had
216.2 million cumulative registered users across China, Indonesia and the
Philippines.
For more information, please visit https://ir.finvgroup.com
Use of Non-GAAP Financial Measures
We use non-GAAP adjusted operating income, non-GAAP operating
margin, non-GAAP net profit, non-GAAP net profit attributable to
FinVolution Group, and non-GAAP basic and diluted net profit per
share and per ADS which are non-GAAP financial measures, in
evaluating our operating results and for financial and operational
decision-making purposes. We believe that these non-GAAP financial
measures help identify underlying trends in our business by
excluding the impact of share-based compensation expenses and
expected discretionary measures. We believe that non-GAAP financial
measures 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.
Non-GAAP adjusted operating income, non-GAAP operating margin,
non-GAAP net profit, non-GAAP net profit attributable to
FinVolution Group, and non-GAAP basic and diluted net profit per
share and per ADS are not defined under U.S. GAAP and are not
presented in accordance with U.S. GAAP. These non-GAAP financial
measures have limitations as analytical tool, and when assessing
our operating performance, cash flows or our liquidity, investors
should not consider it in isolation, or as a substitute for net
income, cash flows provided by operating activities or other
consolidated statements of operation and cash flow data prepared in
accordance with U.S. GAAP. The Company encourages investors and
others to review our financial information in its entirety and not
rely on a single financial measure.
For more information on this non-GAAP financial measure, please
see the table captioned "Reconciliations of GAAP and Non-GAAP
results" set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars at a specified rate 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, the rate in effect as of March 31, 2025 as certified for customs purposes
by the Federal Reserve Bank of New
York.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target,"
"confident" and similar statements. Such statements are based upon
management's current expectations and current market and operating
conditions and relate to events that involve known or unknown
risks, uncertainties and other factors, all of which are difficult
to predict and many of which are beyond the Company's control.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results to differ materially from
those contained in any such statements. Potential risks and
uncertainties include, but are not limited to, uncertainties as to
the Company's ability to attract and retain borrowers and investors
on its marketplace, its ability to increase volume of loans
facilitated through the Company's marketplace, its ability to
introduce new loan products and platform enhancements, its ability
to compete effectively, laws, regulations and governmental policies
relating to the online consumer finance industry in China, general economic conditions in
China, and the Company's ability
to meet the standards necessary to maintain listing of its ADSs on
the NYSE, including its ability to cure any non-compliance with the
NYSE's continued listing criteria. Further information regarding
these and other risks, uncertainties or factors is included in the
Company's filings with the U.S. Securities and Exchange Commission.
All information provided in this press release is as of the date of
this press release, and FinVolution does not undertake any
obligation to update any forward-looking statement as a result of
new information, future events or otherwise, except as required
under applicable law.
For investor and media inquiries, please contact:
In China:
FinVolution Group
Head of Capital Markets
Yam Cheng
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: ir@xinye.com
Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: finv@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com
|
FinVolution
Group
|
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(All amounts in
thousands, except share data, or otherwise noted)
|
|
|
As of December
31,
|
|
As of March
31,
|
|
2024
|
|
2025
|
|
RMB
|
|
RMB
|
USD
|
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
4,672,772
|
|
5,406,481
|
745,033
|
|
Restricted
cash
|
2,074,300
|
|
2,018,526
|
278,160
|
|
Short-term
investments
|
2,832,382
|
|
3,055,696
|
421,086
|
|
Investments
|
1,173,003
|
|
1,141,890
|
157,357
|
|
Quality assurance
receivable, net of credit loss allowance for
quality assurance receivable of RMB426,949 and
RMB432,418 as of December 31, 2024 and March 31,
2025,
respectively
|
1,639,591
|
|
1,537,306
|
211,846
|
|
Intangible
assets
|
137,298
|
|
147,898
|
20,381
|
|
Property, equipment
and software, net
|
623,792
|
|
616,120
|
84,904
|
|
Loans receivable, net
of credit loss allowance for loans receivable
of RMB226,467 and RMB263,237 as of December 31, 2024
and
March 31, 2025, respectively
|
4,157,621
|
|
3,760,389
|
518,195
|
|
Accounts receivable
and contract assets, net of credit loss
allowance for accounts receivable and contract assets
of
RMB290,267 and RMB307,974 as of December 31, 2024
and
March 31, 2025, respectively
|
2,405,880
|
|
2,641,636
|
364,027
|
|
Deferred tax
assets
|
2,513,865
|
|
2,795,057
|
385,169
|
|
Right of use
assets
|
36,826
|
|
37,668
|
5,191
|
|
Prepaid expenses and
other assets
|
1,289,380
|
|
1,221,091
|
168,271
|
|
Goodwill
|
50,411
|
|
50,411
|
6,947
|
|
Total
assets
|
23,607,121
|
|
24,430,169
|
3,366,567
|
|
Liabilities and
Shareholders' Equity
|
|
|
Deferred guarantee
income
|
1,515,950
|
|
1,381,146
|
190,327
|
|
Liability from quality
assurance commitment
|
2,964,116
|
|
2,995,732
|
412,823
|
|
Payroll and welfare
payable
|
290,389
|
|
190,907
|
26,308
|
|
Taxes
payable
|
705,928
|
|
947,691
|
130,595
|
|
Short-term
borrowings
|
5,594
|
|
26,968
|
3,716
|
|
Funds payable to
investors of consolidated trusts
|
796,122
|
|
571,678
|
78,779
|
|
Contract
liability
|
10,185
|
|
3,582
|
494
|
|
Deferred tax
liabilities
|
491,213
|
|
552,681
|
76,161
|
|
Accrued expenses and
other liabilities
|
1,245,184
|
|
1,421,397
|
195,874
|
|
Leasing
liabilities
|
28,765
|
|
32,070
|
4,419
|
|
Dividends
payable
|
-
|
|
510,201
|
70,308
|
|
Total
liabilities
|
8,053,446
|
|
8,634,053
|
1,189,804
|
|
Commitments and
contingencies
|
|
|
|
|
|
FinVolution Group
Shareholders' equity
|
|
|
|
|
|
Ordinary
shares
|
103
|
|
103
|
14
|
|
Additional paid-in
capital
|
5,815,437
|
|
5,854,162
|
806,725
|
|
Treasury
stock
|
(1,765,542)
|
|
(1,772,993)
|
(244,325)
|
|
Statutory
reserves
|
852,723
|
|
852,723
|
117,508
|
|
Accumulated other
comprehensive income
|
92,626
|
|
76,353
|
10,522
|
|
Retained
Earnings
|
10,208,717
|
|
10,444,922
|
1,439,349
|
|
Total FinVolution
Group shareholders' equity
|
15,204,064
|
|
15,455,270
|
2,129,793
|
|
Non-controlling
interest
|
349,611
|
|
340,846
|
46,970
|
|
Total shareholders'
equity
|
15,553,675
|
|
15,796,116
|
2,176,763
|
|
Total liabilities
and shareholders' equity
|
23,607,121
|
|
24,430,169
|
3,366,567
|
|
FinVolution
Group
|
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
|
(All amounts
in thousands, except share data, or otherwise noted)
|
|
|
For the Three Months
Ended March 31,
|
|
2024
|
|
2025
|
|
RMB
|
|
RMB
|
USD
|
|
|
|
|
|
|
Operating
revenue:
|
|
|
|
|
|
Loan facilitation
service fees
|
985,940
|
|
1,477,798
|
203,646
|
|
Post-facilitation
service fees
|
465,192
|
|
380,614
|
52,450
|
|
Guarantee
income
|
1,346,115
|
|
1,099,514
|
151,517
|
|
Net
interest income
|
231,307
|
|
241,614
|
33,295
|
|
Other
Revenue
|
136,527
|
|
281,501
|
38,792
|
|
Net
revenue
|
3,165,081
|
|
3,481,041
|
479,700
|
|
Operating
expenses:
|
|
|
|
|
|
Origination,
servicing expenses and other cost of revenue
|
(539,555)
|
|
(620,465)
|
(85,502)
|
|
Sales and marketing
expenses
|
(449,209)
|
|
(529,703)
|
(72,995)
|
|
Research and
development expenses
|
(120,495)
|
|
(126,041)
|
(17,369)
|
|
General and
administrative expenses
|
(82,327)
|
|
(106,894)
|
(14,730)
|
|
Provision for accounts
receivable and contract assets
|
(65,662)
|
|
(117,718)
|
(16,222)
|
|
Provision for loans
receivable
|
(81,285)
|
|
(85,414)
|
(11,770)
|
|
Credit losses for
quality assurance commitment
|
(1,198,099)
|
|
(1,011,615)
|
(139,404)
|
|
Total operating
expenses
|
(2,536,632)
|
|
(2,597,850)
|
(357,992)
|
|
Operating
profit
|
628,449
|
|
883,191
|
121,708
|
|
Other income,
net
|
31,004
|
|
8,381
|
1,155
|
|
Profit before income
tax expense
|
659,453
|
|
891,572
|
122,863
|
|
Income tax
expenses
|
(127,477)
|
|
(153,931)
|
(21,212)
|
|
Net
profit
|
531,976
|
|
737,641
|
101,651
|
|
Less: Net
profit/(loss) attributable to non-controlling interest
shareholders
|
4,275
|
|
(8,765)
|
(1,208)
|
|
Net profit
attributable to FinVolution Group
|
527,701
|
|
746,406
|
102,859
|
|
Foreign currency
translation adjustment, net of nil tax
|
11,132
|
|
(16,273)
|
(2,242)
|
|
Total comprehensive
income attributable to FinVolution Group
|
538,833
|
|
730,133
|
100,617
|
|
Weighted average
number of ordinary shares used in computing net income per
share
|
|
|
|
|
|
Basic
|
1,311,510,218
|
|
1,265,759,932
|
1,265,759,932
|
|
Diluted
|
1,341,193,159
|
|
1,315,948,116
|
1,315,948,116
|
|
Net profit per share
attributable to FinVolution
Group's
ordinary shareholders
|
|
|
|
|
|
Basic
|
0.40
|
|
0.59
|
0.08
|
|
Diluted
|
0.39
|
|
0.57
|
0.08
|
|
Net profit per ADS
attributable to FinVolution Group's ordinary shareholders (one ADS
equal five ordinary shares)
|
|
|
|
|
|
Basic
|
2.01
|
|
2.95
|
0.41
|
|
Diluted
|
1.97
|
|
2.84
|
0.39
|
|
FinVolution
Group
|
|
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS[18]
|
|
|
(All amounts
in thousands, except share data, or otherwise noted)
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2024
|
|
2025
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Net cash provided
by/(used in) operating activities
|
213,310
|
|
522,335
|
|
71,982
|
|
|
Net cash provided
by/(used in) investing activities
|
925,695
|
|
365,196
|
|
50,326
|
|
|
Net cash provided
by/(used in) financing activities
|
(310,143)
|
|
(198,331)
|
|
(27,332)
|
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
(8,204)
|
|
(11,265)
|
|
(1,554)
|
|
|
Net increase/(decrease)
in cash, cash equivalent and restricted cash
|
820,658
|
|
677,935
|
|
93,422
|
|
|
Cash, cash equivalent
and restricted cash at beginning of period
|
6,769,390
|
|
6,747,072
|
|
929,771
|
|
|
Cash, cash equivalent
and restricted cash at end of period
|
7,590,048
|
|
7,425,007
|
|
1,023,193
|
|
|
FinVolution
Group
|
|
UNAUDITED
Reconciliation of GAAP and Non-GAAP Results
|
|
(All amounts
in thousands, except share data, or otherwise noted)
|
|
|
For the Three Months
Ended March 31,
|
|
2024
|
|
2025
|
|
RMB
|
|
RMB
|
USD
|
|
|
|
|
|
|
Net
Revenues
|
3,165,081
|
|
3,481,041
|
479,700
|
|
Less: total operating
expenses
|
(2,536,632)
|
|
(2,597,850)
|
(357,992)
|
|
Operating
Income
|
628,449
|
|
883,191
|
121,708
|
|
Add: share-based
compensation expenses
|
30,289
|
|
34,679
|
4,779
|
|
Non-GAAP adjusted
operating income
|
658,738
|
|
917,870
|
126,487
|
|
|
|
|
|
|
Operating
Margin
|
19.9 %
|
|
25.4 %
|
25.4 %
|
|
Non-GAAP operating
margin
|
20.8 %
|
|
26.4 %
|
26.4 %
|
|
Non-GAAP adjusted
operating income
|
658,738
|
|
917,870
|
126,487
|
|
Add: other income,
net
|
31,004
|
|
8,381
|
1,155
|
|
Less: income tax
expenses
|
(127,477)
|
|
(153,931)
|
(21,212)
|
|
Non-GAAP net
profit
|
562,265
|
|
772,320
|
106,430
|
|
Less: Net profit/(loss)
attributable to non-controlling interest shareholders
|
4,275
|
|
(8,765)
|
(1,208)
|
|
Non-GAAP net profit
attributable to FinVolution Group
|
557,990
|
|
781,085
|
107,638
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in computing net income per
share
|
|
|
|
|
|
Basic
|
1,311,510,218
|
|
1,265,759,932
|
1,265,759,932
|
|
Diluted
|
1,341,193,159
|
|
1,315,948,116
|
1,315,948,116
|
|
Non-GAAP net profit
per share attributable to FinVolution Group's ordinary
shareholders
|
|
|
|
|
|
Basic
|
0.43
|
|
0.62
|
0.09
|
|
Diluted
|
0.42
|
|
0.59
|
0.08
|
|
Non-GAAP net profit
per ADS attributable to FinVolution Group's ordinary shareholders
(one ADS equal five
ordinary
shares)
|
|
|
|
|
|
Basic
|
2.13
|
|
3.09
|
0.43
|
|
Diluted
|
2.08
|
|
2.97
|
0.41
|
View original
content:https://www.prnewswire.com/news-releases/finvolution-group-reports-first-quarter-2025-unaudited-financial-results-302460453.html
SOURCE FinVolution Group
