Under the new lending facilitation regulations, the performance of lending facilitation platforms has drawn significant market attention. Qifu Technology (QFIN) recently released its financial results for the first quarter of 2026, which fell short of expectations. During the period, the company achieved total net revenue of RMB 3.909 billion, a decrease of 16.6% from RMB 4.691 billion in the same period last year. Net profit was RMB 880 million, down 51% year-over-year. Under non-GAAP measures, net profit was RMB 946 million, a decline of 50%.
Qifu Technology's CEO, Wu Haisheng, stated that the first quarter of this year was impacted by continuously tightening regulations, with the industry undergoing a deep adjustment phase. It is reported that the "Notice on Strengthening the Management of Commercial Banks' Internet Lending Facilitation Business and Improving the Quality and Efficiency of Financial Services," issued by the National Financial Regulatory Administration (NFRA) in early October 2025, was formally implemented, marking the official rollout of the new lending facilitation rules. In practice, many lending facilitation platforms did not strictly comply initially, and the impact of the new rules on their performance was not immediately apparent. However, this year, as consumer loans became a key driver for releasing consumer demand, accompanying financial regulatory policies have been strongly enforced.
In March of this year, the operating entities of five internet lending facilitation platforms, including Qifu Jietiao, Fenqile, Niwodai Jiekuan, Yixianghua, and Xinyongfei, were collectively interviewed by the NFRA. They were required to "standardize marketing and promotional practices when cooperating with financial institutions, clearly disclose loan product interest and fee information, strictly comply with personal information protection regulations, conduct collection activities lawfully and compliantly, improve customer complaint resolution mechanisms, and effectively protect the legitimate rights and interests of financial consumers."
Shortly after, the NFRA, in conjunction with the People's Bank of China, issued the "Regulations on the Explicit Disclosure of Comprehensive Financing Costs for Personal Loan Business," seen as a "protective umbrella" for consumers, expected to curb malpractices such as "deceptive lending."
Facing high-pressure lending facilitation regulations, Qifu Technology's CEO Wu Haisheng emphasized that the company has withstood the pressure and demonstrated performance resilience by raising credit standards and optimizing its asset structure. "As we continue to expand our user base and serve more high-quality customers, we are building a more sustainable and counter-cyclical business model," he said.
Regarding platform operations, as of the end of March 2026, Qifu Technology had cumulatively connected with 167 partner financial institutions and nearly 298 million individuals with potential credit needs, an increase of 11% from the same period last year. The number of users with approved credit lines reached 64.8 million, up 10.9%. Cumulative successful borrowers totaled 39.5 million, a growth of 11%.
At the end of the period, the loan facilitation and origination volume on Qifu Technology's platform was RMB 65.034 billion, a decrease of 26.8% year-over-year. The total outstanding loan balance was RMB 114.387 billion, down 18.5% from the same period in 2025. Additionally, its delinquency rate for loans overdue for more than 90 days was 3.5%, an increase of 0.79 percentage points from 2.71% at the end of last year.
For the second quarter of 2026, Qifu Technology expects net profit to be between RMB 830 million and RMB 910 million, representing a year-over-year decline of 47% to 51%. This implies that the challenging period is likely to continue. However, by strengthening internal capabilities, the company aims to accelerate its recovery from the downturn on the basis of strict "substantive compliance."
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