YIXIN Group's recently disclosed full-year 2025 results have captured investor attention. For a company with a high-growth pedigree, while strong key financial figures were largely anticipated, the operational innovations revealed are even more compelling. The latest report depicts a company increasingly defined by its technological foundation. A more pronounced tech-centric approach is expected to bring not only positive financial changes but, more importantly, signals that the market must reassess YIXIN's value using an investment framework suited for technology stocks.
Exploring the "New Drivers" Behind YIXIN's Robust Growth Despite macroeconomic fluctuations and industry shifts in 2025, YIXIN delivered a standout performance. The results show revenue reached approximately RMB 11.56 billion, with net profit hitting RMB 1.2 billion, representing year-on-year increases of 17% and 48%, respectively. Alongside these strong figures, YIXIN declared a final dividend of 10 HK cents per share and a special dividend of 4 HK cents per share, with the total payout ratio amounting to about 70% of earnings per share for the period, reaffirming its shareholder returns profile.
While core financial metrics showed sustained robust growth, the fintech business, a strategic focus for YIXIN, was a key contributor. According to the report, YIXIN's fintech business scale surged 150% year-on-year to RMB 4.5 billion in 2025, raising its contribution to total revenue to 39%, a 21-percentage-point increase from the previous year. Financing volume facilitated through its fintech platform reached RMB 40.3 billion, up 91% year-on-year, primarily driven by an increase in core clients from 17 in 2024 to 24 in 2025, alongside a 79% rise in average revenue per core client.
Additionally, used-car financing served as another major growth engine. The full-year number of used-car financing transactions grew 54% to 537,000, with the corresponding financing amount increasing 38% to RMB 42.1 billion, accounting for about 56% of total automotive financing. This trend aligns with the ongoing rise in penetration rates for used-car financing and reflects YIXIN's deepening expertise in this segment.
Expansion into broader international blue-ocean markets emerged as another key signal from the latest report. In 2025, YIXIN made systematic progress in geographic expansion, partnership development, and business model evolution. In Singapore, its initial overseas market, the company maintained a top-three position among non-bank automotive finance providers and continued to use the country as its international headquarters to deepen its global strategy. In the fourth quarter of 2025, YIXIN successfully entered Malaysia, reaching a top-three position among non-bank providers within just three months, with monthly new loan origination approaching USD 15 million, demonstrating the effectiveness of its standardized market-entry framework combining local insights with global capabilities.
The growth logic evident from the latest report is clear: used-car financing provides steady growth, solidifying the foundation, while the fintech business acts as the core engine, driving the company's transition from an auto finance service provider to a technology enabler. Breakthroughs in overseas markets, meanwhile, open up further potential.
In summary, these results not only confirm the growth empowered by YIXIN's technological capabilities but also indicate the company's next step: riding the wave of Chinese automakers going global by scaling its proven overseas model from Singapore and Malaysia into additional markets.
Deep-Tech Empowerment and Impending Value Re-rating The impressive results are the outcome, driven by YIXIN's forward-looking focus on two major trends: technology and global expansion. Last November, at the Wuzhen Summit during the 2025 World Internet Conference, YIXIN launched the automotive finance industry's first Agentic large model—XinMM-AM1. This marked a key leap in the company's AI capabilities from "point-based intelligence" to "comprehensive smartness." Unlike traditional AI-assisted decision-making, XinMM-AM1 can autonomously handle the entire process from customer acquisition and application intake to risk control, customer service, and asset management, effectively evolving AI from a "tool" into a "digital employee" that participates in actual business operations.
Building on this foundation, YIXIN is accelerating the transformation of "model capability" into "industrial efficiency." By offering XinMM-AM1's capabilities to partners such as financial institutions and auto dealers via its SaaS platform, YIXIN's role is shifting from a financial intermediary earning interest spreads to a technology provider empowering the industry.
YIXIN's leadership in the industry's intelligent transformation is closely tied to its early integration of AI technology into business processes. As early as 2018, the company began applying AI in risk control and operations. In 2024, YIXIN became the first in China's auto finance sector to complete generative AI model filing, achieving large-scale AI application across all business scenarios. By March 2025, it open-sourced the industry's first high-performance inference model. This succession of innovations explains the increasingly tech-heavy tone of the latest results.
It is this deepening technological foundation that constitutes YIXIN's core competitiveness, yet also represents the largest "expectation gap" in the market. Many investors still view YIXIN through the lens of a traditional financial stock, overlooking its transformation from a pure financial intermediary into a technology enabler via its SaaS platform. This fundamental shift implies stronger risk resilience and higher earnings certainty, warranting a valuation logic aligned with tech stocks.
If deep AI integration is reshaping YIXIN's identity from finance to tech, breakthroughs in overseas markets are broadening the scope for this transformation. Looking ahead to 2026, YIXIN will continue accelerating its global footprint, driving steady growth in existing markets while strategically expanding into new countries. The methodologies and success accumulated in Singapore and Malaysia are expected to provide a replicable template for future market entries.
It is no secret that the secondary market has long categorized YIXIN as a financial stock. The wide gap between market perception and the company's intrinsic value has resulted in a prolonged period of trading below book value and a dynamic PE hovering around 10x. However, given the strengthening tech attributes evident in the latest report, continuing to value YIXIN as a financial stock appears increasingly inappropriate. Referencing a deep-dive research report from Southwest Securities last September, a more suitable PE multiple could be around 19x, implying a market capitalization of HKD 25.8 billion and representing an upside potential of over 60% from the current price.
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