UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE
13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For
the month of May 2024
Commission File Number 001-38752
Qifu Technology, Inc.
(Translation of registrant’s name into English)
7/F Lujiazui Finance Plaza
No. 1217 Dongfang Road
Pudong New Area, Shanghai 200122
People’s Republic of China
(Address of principal executive
office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Exhibit Index
Exhibit 99.1 — Press Release
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Qifu Technology, Inc. |
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By: |
/s/ Alex Xu |
| |
Name: |
Alex Xu |
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Title: |
Director and Chief Financial Officer |
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| Date: May 20, 2024 |
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Exhibit 99.1
Qifu Technology Announces First Quarter 2024
Unaudited Financial Results
Shanghai, China, May 19, 2024, Qifu Technology,
Inc. (NASDAQ: QFIN; HKEx: 3660) (“Qifu Technology” or the “Company”), a leading Credit-Tech platform in China,
today announced its unaudited financial results for the first quarter ended March 31, 2024.
First Quarter 2024 Business Highlights
| • | As of March 31, 2024, our platform has connected 159 financial institutional partners and 241.4 million
consumers*1 with potential credit needs, cumulatively, an increase of 12.5% from 214.5 million a year ago. |
| • | Cumulative users with approved credit lines*2 were 52.3 million as of March 31, 2024, an increase
of 13.8% from 46.0 million as of March 31, 2023. |
| • | Cumulative borrowers with successful drawdown, including repeat borrowers were 31.2 million as of March
31, 2024, an increase of 12.6% from 27.7 million as of March 31, 2023. |
| • | In the first quarter of 2024, financial institutional partners originated 17,524,872 loans*3
through our platform. Total facilitation and origination loan volume reached RMB99,237 million*4, a decrease of 9.3% from RMB109,456
million in the same period of 2023. |
| • | Out of those loans originated by financial institutions, RMB60,506 million was under capital-light model,
Intelligence Credit Engine (“ICE”) and other technology solutions*5, representing 61.0% of the total, a decrease
of 1.4% from RMB61,342 million in the same period of 2023. |
| • | Total outstanding loan balance*6 was RMB169,920 million as of March 31, 2024, a decrease of
0.8% from RMB171,302 million as of March 31, 2023. |
| • | RMB107,597 million of such loan balance was under capital-light model, “ICE” and other technology
solutions*7, an increase of 2.9% from RMB104,523 million as of March 31, 2023. |
| • | The weighted average contractual tenor of loans originated by financial institutions across our platform
in the first quarter of 2024 was approximately 10.10 months, compared with 11.21 months in the same period of 2023. |
| • | 90 day+ delinquency rate*8 of loans originated by financial institutions across our platform
was 3.35% as of March 31, 2024. |
| • | Repeat borrower contribution*9 of loans originated by financial institutions across our platform
for the first quarter of 2024 was 91.5%. |
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 3,449,001 loans across “V-pocket”,
and 14,075,871 loans across other products.
4 Refers to the total principal amount of loans
facilitated and originated during the given period, including loan volume facilitated through Intelligence Credit Engine (“ICE”)
and other technology solutions.
5 “ICE” is an open platform on our
“360 Jietiao” APP, 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. Loan facilitation volume through “ICE” was RMB20,994 million in the first quarter of 2024.
Under other technology solutions, we started
to offer financial institutions on-premise deployed, modular risk management SaaS since 2021, which helps financial institution partners
improve credit assessment results. Since 2023, we started to offer end-to-end technology solutions (“Total Solutions”) to
financial institutions based on on-premise deployment, SaaS or hybrid model. Loan facilitation volume through other technology solutions
was RMB22,966 million in the first quarter of 2024, of which RMB513 million was through Total Solutions.
6 “Total outstanding loan balance”
refers to the total amount of principal outstanding for loans facilitated and originated at the end of each period, including loan balance
for “ICE” and other technology solutions, excluding loans delinquent for more than 180 days.
7 As of March 31, 2024, outstanding loan balance
was RMB28,642 million for “ICE” and RMB37,565 million for other technology solutions of which RMB610 million was for Total
Solutions.
8 “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 other technology solutions are not included in the delinquency rate calculation.
9 “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.
First Quarter 2024 Financial Highlights
| • | Total net revenue was RMB4,153.2 million (US$575.2 million), compared to RMB3,599.2 million in the same
period of 2023. |
| • | Income from operations was RMB1,364.1 million (US$188.9 million), compared to RMB1,007.0 million in the
same period of 2023. |
| • | Non-GAAP*10 income from operations was RMB1,408.7 million (US$195.1 million), compared to RMB1,053.5
million in the same period of 2023. |
| • | Operating margin was 32.8%. Non-GAAP operating margin was 33.9%. |
| • | Net income was RMB1,160.1 million (US$160.7 million), compared to RMB929.8 million in the same period
of 2023. |
| • | Non-GAAP net income was RMB1,204.8 million (US$166.9 million), compared to RMB976.3 million in the same
period of 2023. |
| • | Net income attributed to the Company was RMB1,164.3 million (US$161.3 million), compared to RMB934.1 million
in the same period of 2023. |
| • | Net income margin was 27.9%. Non-GAAP net income margin was 29.0%. |
| • | Net income per fully diluted American depositary share (“ADS”) was RMB7.30 (US$1.02), compared
to RMB5.64 in the same period of 2023. |
| • | Non-GAAP net income per fully diluted ADS was RMB7.58 (US$1.05), compared to RMB5.92 in the same period
of 2023. |
10 Non-GAAP income from operations, Non-GAAP net
income, 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. Haisheng Wu, Chief Executive Officer and Director
of Qifu Technology, commented, “As macro-economic headwind persisted in the first quarter, we continued to take a prudent approach
to manage our business and focus our effort on improving the quality and profitability of our operations. With consistent execution, we
delivered another quarter of solid results.
During the quarter, we achieved better overall
return on our loan portfolio through improved cost efficiency and optimized asset allocation. On balance sheet lending and ICE both demonstrated
strong growth momentum. The overall increased contribution from non-credit risk bearing services helped us mitigate some risks in a challenging
environment. In the first quarter, we reduced user acquisition costs through further diversifying our user acquisition channels and deploying
a prudent user acquisition approach. Meanwhile, we continued to solidify our relationship with financial institution partners. With the
help of strong ABS issuance, we significantly lowered overall funding costs to another historic low.
Looking ahead, we intend to continue to take a
disciplined risk management approach in a still uncertain macro environment, and further optimize our business mix to drive better profitability
and efficiency. We believe such effort will not only help us better navigate through the current environment but also position us well
to capture long-term opportunities through new platform models, enhanced products and collaborative partnerships.”
“We are pleased to report another quarter
of strong financial results in an uncertain macro environment. Total net revenue was RMB4.15 billion and Non-GAAP net income was RMB1.20
billion for the first quarter,” Mr. Alex Xu, Chief Financial Officer, commented. “During the quarter, we generated approximately
RMB1.96 billion cash from operations, and total cash and cash equivalent*11 was RMB8.32 billion at the quarter ending. Our
strong financial positions enable us to continue to generate healthy returns to our shareholders through dividend and share repurchase.
We started to execute our 2024 share repurchase plan on April 1, 2024, at a pace faster than the time schedule thus far.”
Mr. Yan Zheng, Chief Risk Officer, added, “The
first quarter was still a challenging period for risk management as economic uncertainties continued to impact some borrowers’ personal
finance conditions. However, as we took further actions to mitigate the risks by reducing exposures to higher risk and longer duration
loans, driving more non-credit risk bearing services and optimizing our collection operations, we started to see noticeable improvements
in the risk metrics of new loans facilitated in the first quarter and modest improvements in key leading indicators of overall loan portfolio.
Day-1 delinquency rate*12 was 4.9% in the first quarter, and 30-day collection rate*13 was 85.1%. Our prudent actions
are anticipated to lead to positive impacts on risk metrics and we expect to see further gradual improvement throughout this year.”
11 Including “Cash and cash equivalents”,
“Restricted cash”, and “Security deposit prepaid to third-party guarantee companies”.
12 “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.
13 “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.
First Quarter 2024 Financial Results
Total net revenue was RMB4,153.2 million
(US$575.2 million), compared to RMB3,599.2 million in the same period of 2023, and RMB4,495.5 million in the prior quarter.
Net revenue from Credit Driven Services
was RMB3,016.3 million (US$417.8 million), compared to RMB2,630.6 million in the same period of 2023, and RMB3,248.3 million in the prior
quarter.
Loan facilitation and servicing fees-capital
heavy were RMB243.8 million (US$33.8 million), compared to RMB311.2 million in the same period of 2023 and RMB481.2 million in the
prior quarter. The year-over-year and sequential decreases were primarily due to the decreases in capital-heavy loan facilitation volume.
Financing income*14 was RMB1,535.0
million (US$212.6 million), compared to RMB1,065.9 million in the same period of 2023 and RMB1,485.4 million in the prior quarter. The
year-over-year and sequential increases were primarily due to the growth in average outstanding balance of the on-balance-sheet loans.
Revenue from releasing of guarantee liabilities
was RMB1,166.0 million (US$161.5 million), compared to RMB1,209.8 million in the same period of 2023, and RMB1,211.8 million in the
prior quarter. The year-over-year and sequential decreases were mainly due to the decreases in average outstanding balance of off-balance-sheet
capital-heavy loans during the period.
Other services fees were RMB71.5 million
(US$9.9 million), compared to RMB43.8 million in the same period of 2023, and RMB69.8 million in the prior quarter. The year-over-year
and sequential increases were mainly due to the increases in late payment fees under the capital-heavy model.
Net revenue from Platform Services was
RMB1,136.9 million (US$157.5 million), compared to RMB968.6 million in the same period of 2023 and RMB1,247.2 million in the prior quarter.
Loan facilitation and servicing fees-capital
light were RMB502.7 million (US$69.6 million), compared to RMB765.3 million in the same period of 2023 and RMB697.0 million in the
prior quarter. The year-over-year and sequential decreases were primarily due to the decreases in capital-light loan facilitation volume.
Referral services fees were RMB548.8 million
(US$76.0 million), compared to RMB108.5 million in the same period of 2023 and RMB446.5 million in the prior quarter. The year-over-year
and sequential increases were mainly due to the increases in loan facilitation volume through ICE.
Other services fees were RMB85.4 million
(US$11.8 million), compared to RMB94.8 million in the same period of 2023 and RMB103.8 million in the prior quarter.
Total operating costs and expenses were
RMB2,789.1 million (US$386.3 million), compared to RMB2,592.1 million in the same period of 2023 and RMB3,215.9 million in the prior quarter.
Facilitation, origination and servicing expenses
were RMB736.0 million (US$101.9 million), compared to RMB640.3 million in the same period of 2023 and RMB731.8 million in the prior quarter.
The year-over-year increase was primarily due to higher collection fees.
Funding costs were RMB156.0 million (US$21.6
million), compared to RMB159.0 million in the same period of 2023 and RMB161.0 million in the prior quarter. The year-over-year and sequential
decreases were mainly due to the lower average cost of ABSs, partially offset by the increased ABS issuance volume.
Sales and marketing expenses were RMB415.6
million (US$57.6 million), compared to RMB422.2 million in the same period of 2023 and RMB551.6 million in the prior quarter. The sequential
decrease was primarily due to a more prudent customer acquisition approach and lower unit customer acquisition cost.
General and administrative expenses were
RMB106.4 million (US$14.7 million), compared to RMB104.9 million in the same period of 2023 and RMB108.0 million in the prior quarter.
Provision for loans receivable was RMB847.9
million (US$117.4 million), compared to RMB518.9 million in the same period of 2023 and RMB639.9 million in the prior quarter. The year-over-year
and sequential increases were mainly due to the growth in loan origination volume of on-balance-sheet loans and reflected the Company’s
consistent approach in assessing provisions commensurate with its underlying loan profile.
Provision for financial assets receivable was
RMB99.0 million (US$13.7 million), compared to RMB68.8 million in the same period of 2023 and RMB148.2 million in the prior quarter. The
year-over-year and sequential changes reflected the Company’s consistent approach in assessing provisions commensurate with its
underlying loan profile. In addition, the sequential decline was partially due to a decrease in capital-heavy loan facilitation volume.
Provision for accounts receivable and contract
assets was RMB111.5 million (US$15.4 million), compared to RMB-2.2 million in the same period of 2023 and RMB91.1 million in the prior
quarter. The year-over-year and sequential changes reflected the Company’s consistent approach in assessing provisions commensurate
with its underlying loan profile.
Provision for contingent liability was
RMB316.7 million (US$43.9 million), compared to RMB680.3 million in the same period of 2023 and RMB784.3 million in the prior quarter.
The year-over-year and sequential decreases were primarily due to the decreases in capital-heavy loan facilitation volume and reflected
the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile.
Income from operations was RMB1,364.1 million
(US$188.9 million), compared to RMB1,007.0 million in the same period of 2023 and RMB1,279.6 million in the prior quarter.
Non-GAAP income from operations was RMB1,408.7
million (US$195.1 million), compared to RMB1,053.5 million in the same period of 2023 and RMB1,322.1 million in the prior quarter.
Operating margin was 32.8%. Non-GAAP
operating margin was 33.9%.
Income before income tax expense was RMB1,526.2
million (US$211.4 million), compared to RMB1,102.1 million in the same period of 2023 and RMB1,330.9 million in the prior quarter.
Net income was RMB1,160.1 million (US$160.7
million), compared to RMB929.8 million in the same period of 2023 and RMB1,107.7 million in the prior quarter.
Non-GAAP net income was RMB1,204.8 million
(US$166.9 million), compared to RMB976.3 million in the same period of 2023 and RMB1,150.3 million in the prior quarter.
Net income margin was 27.9%. Non-GAAP
net income margin was 29.0%.
Net income attributed to the Company was
RMB1,164.3 million (US$161.3 million), compared to RMB934.1 million in the same period of 2023 and RMB1,111.7 million in the prior quarter.
Non-GAAP net income attributed to the Company
was RMB1,208.9 million (US$167.4 million), compared to RMB980.6 million in the same period of 2023 and RMB1,154.3 million in the prior
quarter.
Net income per fully diluted ADS was RMB7.30
(US$1.02), compared to RMB5.64 in the same period of 2023 and RMB6.88 in the prior quarter.
Non-GAAP net income per fully diluted ADS was
RMB7.58 (US$1.05), compared to RMB5.92 in the same period of 2023 and RMB7.14 in the prior quarter.
Weighted average basic ADS used in calculating
GAAP and Non-GAAP net income per ADS was 156.01 million.
Weighted average diluted ADS used in calculating
GAAP and Non-GAAP net income per ADS was 159.46 million.
14 “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
other technology solutions are not included in the 30 day+ charts and the 180 day+ charts:
Update on Share Repurchase
On June 20, 2023, the Company announced a share
repurchase plan (the “2023 Share Repurchase Plan”) whereby the Company is authorized to repurchase its ADSs or Class A ordinary
shares with an aggregate value of up to US$150 million during the 12-month period from June 20, 2023. As of March 28, 2024, the Company
had utilized substantially all of the total authorized value of the 2023 Share Repurchase Plan.
On March 12, 2024, the board of directors approved
a new share repurchase plan (the “2024 Share Repurchase Plan”) whereby the Company is authorized to repurchase its ADSs or
Class A ordinary shares with an aggregate value of up to US$350 million during the 12-month period from April 1, 2024.
As of May 17, 2024, the Company had in aggregate
purchased approximately 3.4 million ADSs in the open market for a total amount of approximately US$65 million (inclusive of commissions)
at an average price of US$19.3 per ADS pursuant to the 2024 Share Repurchase Plan.
Business Outlook
As macro-economic uncertainties continue to create
headwinds to its operations, the Company intends to maintain a prudent approach in its business planning. The management will continue
to purposely trim exposure to under-performing assets and focus on enhancing the profitability and efficiency of the Company’s operations.
As such, for the second quarter of 2024, the Company expects to generate a net income between RMB1.17 billion and RMB1.23 billion, representing
a year-on-year growth between 7.0% and 12.5% and a non-GAAP net income*15 between RMB1.22 billion and RMB1.28 billion, representing
a year-on-year growth between 6.4% and 11.6%. This outlook reflects the Company’s current and preliminary views, which is subject
to material changes.
15 Non-GAAP net income represents net income excluding
share-based compensation expenses.
Conference Call Preregistration
Qifu Technology’s management team will host
an earnings conference call at 7:30 AM U.S. Eastern Time on Monday, May 20, 2024 (7:30 PM Beijing Time on Monday, May 20, 2024).
All participants wishing to join the conference
call must pre-register online using the link provided below.
Registration Link: https://register.vevent.com/register/BI2bd17921325e423580dfcbdbe67c05d4
Upon registration, each participant will receive
details for the conference call, including dial-in numbers 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.qifu.tech.
About Qifu Technology
Qifu Technology is a leading Credit-Tech platform
in China that 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.qifu.tech.
Use of Non-GAAP Financial Measures Statement
To supplement our financial results presented
in accordance with U.S. GAAP, we use Non-GAAP financial measure, which is 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 RMB7.2203 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 March 29, 2024.
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. Qifu Technology 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, the Company’s cooperation
with 360 Group, 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 Qifu Technology’s 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 Qifu Technology does not undertake any obligation to update any forward-looking statement, except as required under
applicable law.
For more information, please contact:
Qifu Technology
E-mail: ir@360shuke.com
Unaudited Condensed Consolidated Balance Sheets
(Amounts in thousands of Renminbi (“RMB”)
and U.S. dollars (“USD”)
except for number of shares and per share data,
or otherwise noted)
| | |
December 31, | | |
March 31, | | |
March 31, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
| RMB | | |
| RMB
| | |
| USD
| |
| ASSETS | |
| | | |
| | | |
| | |
| Current assets: | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 4,177,890 | | |
| 5,301,288 | | |
| 734,220 | |
| Restricted cash | |
| 3,381,107 | | |
| 2,855,305 | | |
| 395,455 | |
| Short term investments | |
| 15,000 | | |
| 15,000 | | |
| 2,077 | |
| Security deposit prepaid to third-party guarantee companies | |
| 207,071 | | |
| 166,622 | | |
| 23,077 | |
| Funds receivable from third party payment service providers | |
| 1,603,419 | | |
| 1,218,797 | | |
| 168,801 | |
| Accounts receivable and contract assets, net | |
| 2,909,245 | | |
| 2,777,867 | | |
| 384,730 | |
| Financial assets receivable, net | |
| 2,522,543 | | |
| 1,890,151 | | |
| 261,783 | |
| Amounts due from related parties | |
| 45,346 | | |
| 25,253 | | |
| 3,498 | |
| Loans receivable, net | |
| 24,604,487 | | |
| 27,060,541 | | |
| 3,747,842 | |
| Prepaid expenses and other assets | |
| 329,920 | | |
| 505,508 | | |
| 70,012 | |
| Total current assets | |
| 39,796,028 | | |
| 41,816,332 | | |
| 5,791,495 | |
| Non-current assets: | |
| | | |
| | | |
| | |
| Accounts receivable and contract assets, net-noncurrent | |
| 146,995 | | |
| 79,453 | | |
| 11,004 | |
| Financial assets receivable, net-noncurrent | |
| 596,330 | | |
| 391,099 | | |
| 54,167 | |
| Amounts due from related parties | |
| 4,240 | | |
| 1,677 | | |
| 232 | |
| Loans receivable, net-noncurrent | |
| 2,898,005 | | |
| 2,692,041 | | |
| 372,843 | |
| Property and equipment, net | |
| 231,221 | | |
| 256,724 | | |
| 35,556 | |
| Land use rights, net | |
| 977,461 | | |
| 972,280 | | |
| 134,659 | |
| Intangible assets | |
| 13,443 | | |
| 12,899 | | |
| 1,786 | |
| Goodwill | |
| 41,210 | | |
| 41,210 | | |
| 5,708 | |
| Deferred tax assets | |
| 1,067,738 | | |
| 1,106,355 | | |
| 153,228 | |
| Other non-current assets | |
| 45,901 | | |
| 56,448 | | |
| 7,818 | |
| Total non-current assets | |
| 6,022,544 | | |
| 5,610,186 | | |
| 777,001 | |
| TOTAL ASSETS | |
| 45,818,572 | | |
| 47,426,518 | | |
| 6,568,496 | |
| | |
| | | |
| | | |
| | |
| LIABILITIES AND EQUITY | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Payable to investors of the consolidated trusts-current | |
| 8,942,291 | | |
| 9,633,321 | | |
| 1,334,200 | |
| Accrued expenses and other current liabilities | |
| 2,016,039 | | |
| 2,537,055 | | |
| 351,378 | |
| Amounts due to related parties | |
| 80,376 | | |
| 41,974 | | |
| 5,813 | |
| Short term loans | |
| 798,586 | | |
| 683,804 | | |
| 94,706 | |
| Guarantee liabilities-stand ready | |
| 3,949,601 | | |
| 3,198,783 | | |
| 443,026 | |
| Guarantee liabilities-contingent | |
| 3,207,264 | | |
| 2,676,826 | | |
| 370,736 | |
| Income tax payable | |
| 742,210 | | |
| 848,222 | | |
| 117,477 | |
| Other tax payable | |
| 163,252 | | |
| 145,701 | | |
| 20,179 | |
| Total current liabilities | |
| 19,899,619 | | |
| 19,765,686 | | |
| 2,737,515 | |
| Non-current liabilities: | |
| | | |
| | | |
| | |
| Deferred tax liabilities | |
| 224,823 | | |
| 193,892 | | |
| 26,854 | |
| Payable to investors of the consolidated trusts-noncurrent | |
| 3,581,800 | | |
| 5,154,600 | | |
| 713,904 | |
| Other long-term liabilities | |
| 102,473 | | |
| 171,128 | | |
| 23,701 | |
| Total non-current liabilities | |
| 3,909,096 | | |
| 5,519,620 | | |
| 764,459 | |
| TOTAL LIABILITIES | |
| 23,808,715 | | |
| 25,285,306 | | |
| 3,501,974 | |
| TOTAL QIFU TECHNOLOGY INC EQUITY | |
| 21,937,483 | | |
| 22,072,981 | | |
| 3,057,072 | |
| Noncontrolling interests | |
| 72,374 | | |
| 68,231 | | |
| 9,450 | |
| TOTAL EQUITY | |
| 22,009,857 | | |
| 22,141,212 | | |
| 3,066,522 | |
| TOTAL LIABILITIES AND EQUITY | |
| 45,818,572 | | |
| 47,426,518 | | |
| 6,568,496 | |
Unaudited Condensed Consolidated Statements
of Operations
(Amounts in thousands of Renminbi (“RMB”)
and U.S. dollars (“USD”)
except for number of shares and per share data,
or otherwise noted)
| | |
Three months ended March 31, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
RMB | | |
RMB | | |
USD | |
| Credit driven services | |
| 2,630,621 | | |
| 3,016,282 | | |
| 417,750 | |
| Loan facilitation and servicing fees-capital heavy | |
| 311,164 | | |
| 243,766 | | |
| 33,761 | |
| Financing income | |
| 1,065,882 | | |
| 1,534,986 | | |
| 212,593 | |
| Revenue from releasing of guarantee liabilities | |
| 1,209,820 | | |
| 1,166,018 | | |
| 161,492 | |
| Other services fees | |
| 43,755 | | |
| 71,512 | | |
| 9,904 | |
| Platform services | |
| 968,553 | | |
| 1,136,901 | | |
| 157,459 | |
| Loan facilitation and servicing fees-capital light | |
| 765,280 | | |
| 502,715 | | |
| 69,625 | |
| Referral services fees | |
| 108,476 | | |
| 548,824 | | |
| 76,011 | |
| Other services fees | |
| 94,797 | | |
| 85,362 | | |
| 11,823 | |
| Total net revenue | |
| 3,599,174 | | |
| 4,153,183 | | |
| 575,209 | |
| Facilitation, origination and servicing | |
| 640,341 | | |
| 736,026 | | |
| 101,938 | |
| Funding costs | |
| 159,023 | | |
| 155,963 | | |
| 21,601 | |
| Sales and marketing | |
| 422,177 | | |
| 415,617 | | |
| 57,562 | |
| General and administrative | |
| 104,889 | | |
| 106,415 | | |
| 14,738 | |
| Provision for loans receivable | |
| 518,864 | | |
| 847,921 | | |
| 117,436 | |
| Provision for financial assets receivable | |
| 68,752 | | |
| 99,003 | | |
| 13,712 | |
| Provision for accounts receivable and contract assets | |
| (2,236 | ) | |
| 111,473 | | |
| 15,439 | |
| Provision for contingent liabilities | |
| 680,334 | | |
| 316,664 | | |
| 43,857 | |
| Total operating costs and expenses | |
| 2,592,144 | | |
| 2,789,082 | | |
| 386,283 | |
| Income from operations | |
| 1,007,030 | | |
| 1,364,101 | | |
| 188,926 | |
| Interest income, net | |
| 64,770 | | |
| 50,058 | | |
| 6,933 | |
| Foreign exchange gain | |
| 6,149 | | |
| 82 | | |
| 11 | |
| Other income, net | |
| 24,164 | | |
| 111,968 | | |
| 15,507 | |
| Investment loss | |
| - | | |
| - | | |
| - | |
| Income before income tax expense | |
| 1,102,113 | | |
| 1,526,209 | | |
| 211,377 | |
| Income taxes expense | |
| (172,291 | ) | |
| (366,065 | ) | |
| (50,699 | ) |
| Net income | |
| 929,822 | | |
| 1,160,144 | | |
| 160,678 | |
| Net loss attributable to noncontrolling interests | |
| 4,287 | | |
| 4,143 | | |
| 574 | |
| Net income attributable to ordinary shareholders of the Company | |
| 934,109 | | |
| 1,164,287 | | |
| 161,252 | |
| Net income per ordinary share attributable to ordinary shareholders of Qifu Technology, Inc. |
| Basic | |
| 2.89 | | |
| 3.73 | | |
| 0.52 | |
| Diluted | |
| 2.82 | | |
| 3.65 | | |
| 0.51 | |
| | |
| | | |
| | | |
| | |
| Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. |
| Basic | |
| 5.78 | | |
| 7.46 | | |
| 1.04 | |
| Diluted | |
| 5.64 | | |
| 7.30 | | |
| 1.02 | |
| | |
| | | |
| | | |
| | |
| Weighted average shares used in calculating net income per ordinary share |
| Basic | |
| 322,859,462 | | |
| 312,027,192 | | |
| 312,027,192 | |
| Diluted | |
| 331,219,266 | | |
| 318,915,157 | | |
| 318,915,157 | |
Unaudited Condensed Consolidated Statements
of Cash Flows
(Amounts in thousands of Renminbi (“RMB”)
and U.S. dollars (“USD”)
except for number of shares and per share data,
or otherwise noted)
| | |
Three months ended March 31, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
RMB | | |
RMB | | |
USD | |
| Net cash provided by operating activities | |
| 1,761,091 | | |
| 1,958,267 | | |
| 271,217 | |
| Net cash used in investing activities | |
| (3,564,207 | ) | |
| (3,138,175 | ) | |
| (434,632 | ) |
| Net cash provided by financing activities | |
| 38,940 | | |
| 1,775,409 | | |
| 245,891 | |
| Effect of foreign exchange rate changes | |
| (2,843 | ) | |
| 2,095 | | |
| 290 | |
| Net (decrease) increase in cash and cash equivalents | |
| (1,767,019 | ) | |
| 597,596 | | |
| 82,766 | |
| Cash, cash equivalents, and restricted cash, beginning of period | |
| 10,512,363 | | |
| 7,558,997 | | |
| 1,046,909 | |
| Cash, cash equivalents, and restricted cash, end of period | |
| 8,745,344 | | |
| 8,156,593 | | |
| 1,129,675 | |
Unaudited Condensed Consolidated Statements
of Comprehensive Income
(Amounts in thousands of Renminbi (“RMB”)
and U.S. dollars (“USD”)
except for number of shares and per share data,
or otherwise noted)
| | |
Three months ended March 31, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
RMB | | |
RMB | | |
USD | |
| Net income | |
| 929,822 | | |
| 1,160,144 | | |
| 160,678 | |
| Other comprehensive income, net of tax of nil: | |
| | | |
| | | |
| | |
| Foreign currency translation adjustment | |
| (2,808 | ) | |
| 2,010 | | |
| 278 | |
| Other comprehensive (loss) income | |
| (2,808 | ) | |
| 2,010 | | |
| 278 | |
| Total comprehensive income | |
| 927,014 | | |
| 1,162,154 | | |
| 160,956 | |
| Comprehensive loss attributable to noncontrolling interests | |
| 4,287 | | |
| 4,143 | | |
| 574 | |
| Comprehensive income attributable to ordinary shareholders | |
| 931,301 | | |
| 1,166,297 | | |
| 161,530 | |
Unaudited Reconciliations of GAAP and Non-GAAP
Results
(Amounts in thousands of Renminbi (“RMB”)
and U.S. dollars (“USD”)
except for number of shares and per share data,
or otherwise noted)
| | |
Three months ended March 31, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
RMB | | |
RMB | | |
USD | |
| Reconciliation of Non-GAAP Net Income to Net Income | |
| | |
| | |
| |
| Net income | |
| 929,822 | | |
| 1,160,144 | | |
| 160,678 | |
| Add: Share-based compensation expenses | |
| 46,496 | | |
| 44,645 | | |
| 6,183 | |
| Non-GAAP net income | |
| 976,318 | | |
| 1,204,789 | | |
| 166,861 | |
| GAAP net income margin | |
| 25.8 | % | |
| 27.9 | % | |
| | |
| Non-GAAP net income margin | |
| 27.1 | % | |
| 29.0 | % | |
| | |
| | |
| | | |
| | | |
| | |
| Net income attributable to shareholders of Qifu Technology, Inc. | |
| 934,109 | | |
| 1,164,287 | | |
| 161,252 | |
| Add: Share-based compensation expenses | |
| 46,496 | | |
| 44,645 | | |
| 6,183 | |
| Non-GAAP net income attributable to shareholders of Qifu Technology, Inc. | |
| 980,605 | | |
| 1,208,932 | | |
| 167,435 | |
| Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS - diluted | |
| 165,609,633 | | |
| 159,457,579 | | |
| 159,457,579 | |
| Net income per ADS attributable to ordinary shareholders of
Qifu Technology, Inc. - diluted | |
| 5.64 | | |
| 7.30 | | |
| 1.02 | |
| Non-GAAP net income per ADS attributable to ordinary
shareholders of Qifu Technology, Inc. - diluted | |
| 5.92 | | |
| 7.58 | | |
| 1.05 | |
| | |
| | | |
| | | |
| | |
| Reconciliation of Non-GAAP Income from operations to Income from operations | |
| | | |
| | | |
| | |
| Income from operations | |
| 1,007,030 | | |
| 1,364,101 | | |
| 188,926 | |
| Add: Share-based compensation expenses | |
| 46,496 | | |
| 44,645 | | |
| 6,183 | |
| Non-GAAP Income from operations | |
| 1,053,526 | | |
| 1,408,746 | | |
| 195,109 | |
| GAAP operating margin | |
| 28.0 | % | |
| 32.8 | % | |
| | |
| Non-GAAP operating margin | |
| 29.3 | % | |
| 33.9 | % | |
| | |
Qifu Technology (NASDAQ:QFIN)
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