Qfin Holdings, Inc. (NASDAQ: QFIN)

Qfin Holdings, Inc. operates as an AI empowered Credit Tech platform in the People's Republic of China. The company was formed in 2016 as a spin off from the 360 Group and began independent operations in July 2016. It conducts its business in China through variable interest entities (VIEs) and a wholly owned foreign enterprise (WFOE) structure that enables consolidation under US GAAP. Qfin Holdings, Inc. provides technology services that match borrowers with credit demand to financial institutions that have credit to supply. Its core offerings include credit driven services and platform services that support the full loan lifecycle from acquisition to collection. The platform is accessed primarily through the Qifu Jietiao mobile application which delivers digital revolving credit lines to users. By leveraging proprietary data analytics and machine learning models the company aims to make credit more accessible and personalized for consumers and small and medium sized enterprises. Qfin Holdings, Inc. maintains its principal executive offices in Shanghai and is listed on both the Nasdaq and the Hong Kong Stock Exchange.

Revenue is derived primarily from service fees charged to financial institution partners for loan facilitation, post facilitation and guarantee services under the credit driven services business. For loans funded by financial institution partners the company earns a fee that reflects the difference between the loan pricing set by the partner and a pre negotiated rate agreed upon with the partner. When loans are originated by the micro lending subsidiary Fuzhou Microcredit the company collects interest income from borrowers based on their credit profile and loan terms. Under the platform services arm which includes the capital light model Intelligence Credit Engine referral services and other technology solutions the company receives service fees from partners but does not retain credit risk on the facilitated loans. The capital light model generates income through fees paid by financial institution partners for technology enabled services such as borrower acquisition credit assessment and post facilitation monitoring. Intelligence Credit Engine provides intelligent marketing services to partners and earns fees based on a percentage of the loan pricing rate set by the partner. Referral services yield fees paid by other online lending companies for directing users that do not meet the partner credit criteria to those platforms. Other technology solutions comprise on premise deployed risk management SaaS and end to end technology solutions for which the company charges consulting or technology service fees. In addition the company reports guarantee liabilities for credit driven services and records related revenue from guarantee services when applicable.

The company does not report separate operating segments in its financial disclosures. All activities are managed as a single integrated business unit focused on Credit Tech services in China.

Qfin Holdings, Inc. is considered a leading participant in the Chinese Credit Tech industry. The market features competition from platforms backed by large internet conglomerates as well as from independent pure play Credit Tech firms. The competitive advantage of Qfin Holdings, Inc. lies in its proprietary credit assessment engine known as the Argus Engine which uses large scale data and AI models to produce accurate borrower scores. Its extensive database of user behavior and repayment history enhances the precision of risk predictions and helps maintain solid asset quality. Qfin Holdings, Inc. benefits from a diversified network of financial institution partners that includes national and regional banks as well as consumer finance companies across many provinces. The firm has established embedded finance partnerships with numerous online platforms such as short form video services e commerce sites ride hailing apps and smart phone manufacturers. These alliances broaden its user acquisition channels and increase the volume of credit applications processed on the platform. The technology infrastructure of Qfin Holdings, Inc. is built on a modular architecture that supports scalability reliability and continuous innovation. Investment in research and development represents a significant portion of its workforce reinforcing its ability to introduce new products such as the Intelligence Credit Engine and end to end technology solutions. Overall Qfin Holdings, Inc. combines strong data capabilities deep industry relationships and a flexible business model to maintain a resilient position in the evolving Credit Tech landscape.

The company serves a broad base of financial institution partners that includes national banks regional commercial banks and consumer finance companies operating throughout China. As of the latest reporting date Qfin Holdings, Inc. had established relationships with over 160 financial institutions spanning 26 provincial level administrative regions and 70 cities. These partners provide the funding for the majority of loans facilitated on the platform and rely on the company's technology for borrower acquisition credit assessment and post facilitation services. In addition Qfin Holdings, Inc. collaborates with a variety of online platforms to deliver embedded finance solutions. Such partners consist of leading short form video platforms major e commerce marketplaces ride hailing companies and smart phone manufacturers. Through these arrangements the company can reach millions of potential users who are directed to its credit offerings while using the partner’s existing traffic. The end user base comprises individual consumers and small and medium sized enterprises seeking flexible credit lines. As of the end of 2025 the platform had accumulated approximately 63 point six million users with approved credit lines and had facilitated loans to about 38 point nine million borrowers. The total loan facilitation volume facilitated through the platform reached roughly RMB three hundred twenty seven point one billion in 2025 with an outstanding balance of about RMB one hundred twenty six point zero billion. Repeat borrowers contributed more than ninety percent of the loan activity indicating a high level of user satisfaction and loyalty.