SHENZHEN, China, Nov. 20, 2025 /PRNewswire/ — X Financial (NYSE: XYF), a leading Chinese fintech platform, today announced its unaudited financial results for the third quarter ended September 30, 2025.
Q3 2025 Highlights
Total net revenue reached $275.5 million (RMB1,961.0 million), up 23.9% year-over-year, but down 13.7% quarter-over-quarter, reflecting moderating borrower activity and a more cautious lending environment.Total loan amount facilitated and originated[1] was RMB33.64 billion (~$4.73 billion), up 18.7% YoY, but down 13.7% QoQ, reflecting the Company’s deliberate moderation of loan growth to prioritize asset quality and risk control.Net income increased 12.1% YoY to $59.2 million (RMB421.2 million), and Non-GAAP adjusted net income rose 1.0% YoY to $61.6 million (RMB438.2 million). Both measures declined sequentially, reflecting higher credit-related provisions and rising operating costs in the quarter.The 31-60 days delinquency rate increased to 1.85% (from 1.02% in the same period of 2024) and the 91-180 days delinquency rate rose to 3.52% (from 3.22% in the same period of 2024), reflecting softer repayment behavior and a more challenging credit environment.
[1] Represents the total amount of loans that the Company facilitated and originated during the relevant period.
“Q3 reflected a more challenging operating environment,” said Kent Li, President of X Financial. “Loan origination declined from Q2 highs, borrower activity moderated, and delinquency rates increased across key categories. While profitability came under pressure from higher provisions and rising operating costs, we continue to prioritize risk control, collection efficiency, and disciplined execution. Our focus remains on maintaining credit quality, liquidity stability, and long-term competitiveness amid shifting market and regulatory conditions.”
“In the third quarter, total revenue grew 23.9% year-over-year but declined sequentially,” said Frank Fuya Zheng, Chief Financial Officer. “Net income and adjusted net income both softened compared to the second quarter, reflecting higher credit costs and a more cautious lending environment. Operating margin declined to 18.5% as risk-related expenses increased. While sequential earnings per ADS decreased, year-over-year EPS remained higher, supported by both a 12.1% increase in GAAP net income and continued share repurchases and cancellation.”
(In thousands, except for share and per share data)
Three Months Ended
September 30, 2024
Three Months Ended
June 30, 2025
Three Months Ended
September 30, 2025
QoQ
YoY
RMB
RMB
RMB
Total net revenue
1,582,497
2,273,123
1,960,954
(13.7 %)
23.9 %
Net income
375,840
528,016
421,241
(20.2 %)
12.1 %
Non-GAAP adjusted net income
433,625
593,215
438,178
(26.1 %)
1.0 %
Net income per ADS — basic
7.86
12.60
10.56
(16.2 %)
34.4 %
Net income per ADS — diluted
7.74
12.00
10.08
(16.0 %)
30.2 %
Business Outlook & Share Repurchase Plans
Business Outlook: Based on current trends, X Financial expects Q4 2025 loan originations to be in the range of RMB21.0-23.0 billion. The Company expects full-year 2025 loan originations of RMB128.8-130.8 billion, reflecting a measured pace of growth following a sequential decline in Q3 and an increased emphasis on asset quality and disciplined risk management.Capital Return to Shareholders: From January 1, 2025 through November 20, 2025, X Financial repurchased an aggregate of approximately 4.26 million ADSs, including approximately 3.80 million ADSs and 2.76 million Class A ordinary shares, for a total consideration of approximately US$67.9 million under its share repurchase programs. The Company now has approximately US$48.0 million remaining under its existing US$100 million share repurchase program, which is effective through November 30, 2026. This program underscores the Company’s confidence in its long-term growth outlook and its commitment to enhancing shareholder value. Repurchases under the program remain subject to market conditions and other factors and may be modified or suspended at management’s discretion.
Conference Call
X Financial’s management team will host an earnings conference call at 8:30 AM U.S. Eastern Time on November 21, 2025 (9:30 PM Beijing / Hong Kong Time on November 21, 2025).
Dial-in details for the earnings conference call are as follows:
United States:
1-888-346-8982
Hong Kong:
852-301-84992
Mainland China:
4001-201203
International:
1-412-902-4272
Passcode:
X Financial
Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call. A replay of the conference call may be accessed by phone at the following numbers until November 28, 2025 (9:30 PM Beijing / Hong Kong Time):
United States:
1-855-669-9658
International:
1-412-317-0088
Passcode:
4942170
Additional Information
This press release contains highlights only. For the Company’s complete financial results and management’s discussion and analysis for the third quarter of 2025, please refer to the Form 6-K filed with the U.S. Securities and Exchange Commission on November 20, 2025.
About X Financial
X Financial (NYSE: XYF) (the “Company”) is a leading Chinese fintech platform. The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitate and originate loans to prime borrowers under a risk assessment and control system.
For more information, please visit http://ir.xiaoyinggroup.com.
Use of Non-GAAP Financial Measures
In evaluating our business, we consider and use non-GAAP measures as supplemental measures to review and assess our operating performance. We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We believe that the use of the non-GAAP financial measures facilitates investors’ assessment of our operating performance and help investors to identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income (loss) from operations and net income (loss). We also believe that the non-GAAP measures provide useful information about our core 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.
We use in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, (iii) adjusted net income (loss) per diluted ADS, (iv) adjusted net income (loss) per basic share, and (v) adjusted net income (loss) per diluted share, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments, gain (loss) from financial investments at equity method and impairment losses on long-term investments. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, investors should not consider them in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.
We mitigate these limitations by reconciling the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.
For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP results” set forth at the end of this press release.
Exchange Rate Information
This press release 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 RMB7.1190 to US$1.00, the exchange rate in effect as of September 30, 2025, as published in the Federal Reserve Board’s H.10 statistical release. Percentages stated in this release are calculated based on the RMB amounts.
Disclaimer
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), 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. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the followings: the Company’s goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China; the demand for and market acceptance of its marketplace’s products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law.
Use of Projections
This announcement also contains certain financial forecasts (or guidance) with respect to the Company’s projected financial results. The Company’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections or guidance for the purpose of their inclusion in this announcement, and accordingly, they did not express an opinion or provide any other form assurance with respect thereto for the purpose of this announcement. This guidance should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company, or that actual results will not differ materially from those set forth in the prospective financial information. Inclusion of the prospective financial information in this announcement should not be regarded as a representation by any person that the results contained in the prospective financial information will actually be achieved. You should review this information together with the Company’s historical information.
For more information, please contact:
X Financial
Mr. Noah Kauffman (Chief Financial Strategy Officer)
E-mail: [email protected]
X Financial
Unaudited Condensed Consolidated Balance Sheets
(In thousands, except for share and per share data)
As of December 31,
2024
As of September 30,
2025
As of September 30,
2025
RMB
RMB
USD
ASSETS
Cash and cash equivalents
984,611
890,854
125,138
Restricted cash, net
676,793
659,112
92,585
Accounts receivable and contract assets, net
2,029,550
3,065,608
430,623
Loans receivable from Credit Loans and other loans, net
4,828,317
5,620,402
789,493
Deposits to institutional cooperators, net
1,958,297
2,093,353
294,052
Prepaid expenses and other current assets
34,079
88,355
12,412
Financial guarantee derivative
1,038
1,575
221
Deferred tax assets, net
197,713
303,896
42,688
Long term investments
498,038
509,245
71,533
Property and equipment, net
15,833
20,824
2,925
Intangible assets, net
36,592
37,815
5,312
Financial investments
513,476
1,339,050
188,095
Other non-current assets
44,951
58,543
8,223
TOTAL ASSETS
11,819,288
14,688,632
2,063,300
LIABILITIES
Payable to investors and institutional funding partners at amortized cost
2,184,086
2,856,870
401,302
Contingent guarantee liabilities
187,641
570,452
80,131
Deferred guarantee income
164,725
470,335
66,068
Short-term borrowings
328,500
566,377
79,559
Accrued payroll and welfare
94,717
110,008
15,453
Other tax payable
279,993
219,756
30,869
Income tax payable
591,491
677,834
95,215
Accrued expenses and other current liabilities
941,506
1,182,113
166,050
Other non-current liabilities
27,516
37,424
5,257
Deferred tax liabilities
65,959
68,719
9,653
TOTAL LIABILITIES
4,866,134
6,759,888
949,557
Commitments and Contingencies
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