SHANGHAI, May 25, 2026 /PRNewswire/ -- FinVolution Group ("FinVolution" or the "Company") $(FINV)$, a leading fintech platform across China and overseas markets, today announced its unaudited financial results for the first quarter ended March 31, 2026.
For the Three Months Ended/As of
----------------------------------
YoY
March 31, 2025 March 31, 2026 Change
--------------------------------- ---------------- ----------------
Total Transaction Volume (RMB in
billions)(1) 52.1 42.6 -18.2 %
- Chinese Mainland(2) 49.1 38.5 -21.6 %
- Overseas Markets(3) 3.0 4.1 36.7 %
Total Outstanding Loan Balance
(RMB in billions) 74.1 67.7 -8.6 %
- Chinese Mainland(4) 72.2 65.1 -9.8 %
- Overseas Markets(5) 1.9 2.6 36.8 %
--------------------------------- ---------------- ---------------- -------
First Quarter 2026 Highlights
Chinese Mainland Market
-- Cumulative registered users reached 190.0 million as of March 31, 2026,
an increase of 7.2% compared with March 31, 2025.
-- Cumulative borrowers reached 29.6 million as of March 31, 2026, an
increase of 8.4% compared with March 31, 2025.
-- Number of unique borrowers6 for the first quarter of 2026 was 1.7 million,
a decrease of 22.7% compared with the same period of 2025.
-- Transaction volume2 was RMB38.5 billion for the first quarter of 2026, a
decrease of 21.6% compared with the same period of 2025.
-- Transaction volume facilitated for repeat individual borrowers7 for the
first quarter of 2026 was RMB31.4 billion, a decrease of 26.3% compared
with the same period of 2025.
-- Outstanding loan balance4 was RMB65.1 billion as of March 31, 2026, a
decrease of 9.8% compared with March 31, 2025.
-- Average loan size was RMB12,098 for the first quarter of 2026, compared
with RMB10,494 for the same period of 2025.
-- Average loan tenure was 8.5 months for the first quarter of 2026,
compared with 8.2 months for the same period of 2025.
-- 90 day+ delinquency ratio8 was 3.11% as of March 31, 2026.
-- Net revenue9 was RMB2,216.1 million (US$321.3 million) for the first
quarter of 2026, compared with RMB2,770.2 million for the same period of
2025.
-- U.S. GAAP operating profit10 was RMB598.7 million (US$86.8 million) for
the first quarter of 2026, compared with RMB913.1 million for the same
period of 2025.
-- Non-GAAP adjusted EBITDA11, which excludes depreciation and amortization
and share-based compensation expenses from operating profit, was RMB614.9
million (US$89.1 million) for the first quarter of 2026, compared with
RMB930.1 million for the same period of 2025.
Overseas Markets
-- Cumulative registered users reached 56.5 million as of March 31, 2026, an
increase of 45.2% compared with March 31, 2025.
-- Cumulative borrowers reached 13.4 million as of March 31, 2026, an
increase of 76.3% compared with March 31, 2025.
-- Number of unique borrowers12 for the first quarter of 2026 was 4.5
million, an increase of 155.4% compared with the same period of 2025.
-- Number of new borrowers13 for the first quarter of 2026 was 1.7 million,
an increase of 160.0% compared with the same period of 2025.
-- Transaction volume3 reached RMB4.1 billion for the first quarter of 2026,
an increase of 36.7% compared with the same period of 2025.
-- Outstanding loan balance5 reached RMB2.6 billion as of March 31, 2026, an
increase of 36.8% compared with March 31, 2025.
-- Net revenue14 was RMB948.9 million (US$137.6 million) for the first
quarter of 2026, an increase of 34.5% compared with the same period of
2025, representing 29.6% of total revenue for the first quarter of 2026.
-- U.S. GAAP operating profit10 was RMB45.8 million (US$6.6 million) for the
first quarter of 2026, compared with RMB24.4 million for the same period
of 2025.
-- Non-GAAP adjusted EBITDA11, which excludes depreciation and amortization
and share-based compensation expenses from operating profit, was RMB47.5
million (US$6.9 million) for the first quarter of 2026, compared with
RMB25.5 million for the same period of 2025.
Group Financial Highlights
-- Net revenue was RMB3,210.1 million (US$465.4 million) for the first
quarter of 2026, compared with RMB3,481.0 million for the same period of
2025.
-- Net profit was RMB421.1 million (US$61.0 million) for the first quarter
of 2026, compared with RMB737.6 million for the same period of 2025.
-- U.S. GAAP operating profit was RMB546.8 million (US$79.3 million) for the
first quarter of 2026, compared with RMB883.2 million for the same period
of 2025.
-- Non-GAAP adjusted operating profit15, which excludes share-based
compensation expenses before tax, was RMB585.0 million (US$84.8 million)
for the first quarter of 2026, compared with RMB917.9 million for the
same period of 2025.
-- Diluted net profit per American depositary share ("ADS") was RMB1.65
(US$0.24) and diluted net profit per share was RMB0.33 (US$0.05) for the
first quarter of 2026, compared with RMB2.84 and RMB0.57 for the same
period of 2025, respectively.
-- Non-GAAP diluted net profit per ADS was RMB1.80 (US$0.26) and non-GAAP
diluted net profit per share was RMB0.36 (US$0.05) for the first quarter
of 2026, compared with RMB2.97 and RMB0.59 for the same period of 2025,
respectively. Each ADS of the Company represents five Class A ordinary
shares of the Company.
________________________________________________________________
(1) Represents the total transaction volume facilitated in the Chinese Mainland and overseas markets on the Company's platform during the period presented. (2) Represents our transaction volume facilitated in the Chinese Mainland during the period presented. During the first quarter, RMB15.5 billion was facilitated under the capital-light model, for which the Company does not bear principal risk. (3) Represents our transaction volume facilitated in Indonesia, the Philippines and Australia during the period presented. (4) Outstanding loan balance as of any date refers to the balance of outstanding loans in the Chinese Mainland market excluding loans delinquent for more than 180 days from such date. As of March 31, 2026, RMB35.0 billion was facilitated under the capital-light model, for which the Company does not bear principal risk. (5) Outstanding loan balance as of any date refers to the balance of outstanding loans in Indonesia, the Philippines and Australia excluding loans delinquent for more than 30 days from such date. (6) Represents the total number of borrowers in the Chinese Mainland who successfully borrowed on the Company's platform during the period presented. (7) Represents the transaction volume facilitated for borrowers who had historically completed a transaction on the Company's platform in the Chinese Mainland during the period presented. (8) "90 day+ delinquency ratio" refers to the outstanding principal balance of loans, excluding loans facilitated under the capital-light model, that were 90 to 179 calendar days past due as a percentage of the total outstanding principal balance of loans, excluding loans facilitated under the capital-light model on the Company's platform as of a specific date. Loans that originated outside the Chinese Mainland are not included in the calculation. (9) Represents revenue from the Chinese Mainland. Prior period segment results from the Chinese Mainland have been recast to conform to the current period presentation. Please refer to the "Selected Segment Information" tables at the end of this release for a breakdown by segment for the periods presented. (10) Please refer to the "Selected Segment Information" tables at the end of this release for reconciliation between Operating Segment Profit/(Loss) and GAAP operating profit. (11) Please refer to the "Selected Segment Information" tables at the end of this release for reconciliation between GAAP operating profit and Non-GAAP adjusted EBITDA. (12) Represents the total number of borrowers in Indonesia, the Philippines and Australia who successfully borrowed on the Company's platforms during the period presented. (13) Represents the total number of new borrowers in Indonesia, the Philippines and Australia whose transactions were facilitated on the Company's platforms during the period presented. (14) Represents revenue from overseas markets outside the Chinese Mainland, namely Indonesia, the Philippines, and Australia. Prior period segment results from overseas markets have been recast to conform to the current period presentation. Please refer to "Selected Segment Information" for a breakdown by segment for the periods presented. (15) Please refer to "UNAUDITED Reconciliation of GAAP and Non-GAAP Results" for reconciliation between GAAP and Non-GAAP adjusted operating profit.
Mr. Tiezheng Li, Vice Chairman and Chief Executive Officer of FinVolution, commented, "In the first quarter, we delivered continued growth in our overseas business and a resilient performance in the Chinese Mainland segment against an evolving regulatory backdrop, demonstrating the strength of our two-engine model. Beginning this quarter, we are reporting our overseas business as a separate reportable segment, reflecting our strategic trajectory and the earnings power of our diversified business.
"In our Chinese Mainland segment, we executed with discipline, acquiring approximately 0.6 million new borrowers while prioritizing asset quality, customer quality and unit economics. The segment remained stable and profitable, reinforcing its role as the anchor of our operating cash flow.
"Our Overseas Markets segment delivered robust year-over-year revenue growth, contributing 29.6% of our total first quarter revenue. Our 'Local Excellence, Global Outlook+' strategy of transferring proven risk management and operational capabilities across regions drove strong year-over-year loan volume growth and more than doubled our unique overseas borrowers, underscoring our accelerating global traction.
"Looking ahead, we will continue to manage our China business prudently while expanding our overseas platform with deeper integration into the local ecosystems. Supported by strong technology advantages and a healthy balance sheet, we are well-positioned to continue creating durable value for customers and delivering sustainable financial returns for our stakeholders," concluded Mr. Li.
Mr. Jiayuan Xu, Chief Financial Officer of FinVolution, continued, "Total net revenues for the first quarter were RMB3.2 billion, up 6.2% sequentially. Early signs of credit recovery in our Chinese Mainland business supported a recovery in loan origination volume to RMB38.5 billion, driving a 6.9% sequential increase in Chinese Mainland net revenue to RMB2.2 billion. In our overseas markets, revenue grew 34.5% year over year to RMB948.9 million, and operating profit reached RMB45.8 million, up 87.7% year over year, highlighting our overseas platform's scalability and growing operating leverage.
"Meanwhile, we continued to return capital to our shareholders, executing share repurchases totaling US$39.4 million in the first quarter alongside our 8th annual dividend of US$0.306 per ADS in May, a 10.5% increase year over year. We reiterate our full-year 2026 revenue guidance of approximately RMB11.5 billion to RMB12.9 billion, which reflects the expected near-term impact of China's regulatory environment. We remain confident in the resilience of our model and committed to long-term value creation," concluded Mr. Xu.
First Quarter 2026 Financial Results
Net revenue for the first quarter of 2026 was RMB3,210.1 million (US$465.4 million), compared with RMB3,481.0 million for the same period of 2025. This decrease was primarily due to decreases in loan facilitation service fees, post-facilitation service fees and guarantee income, partially offset by increases in net interest income and other revenue.
Loan facilitation service fees were RMB1,181.3 million (US$171.3 million) for the first quarter of 2026, compared with RMB1,477.8 million for the same period of 2025. The decrease was primarily due to decreases in the transaction volume and average rate of transaction service fees in the Chinese Mainland market, partially offset by the increase in transaction volume in overseas markets.
Post-facilitation service fees were RMB348.3 million (US$50.5 million) for the first quarter of 2026, compared with RMB380.6 million for the same period of 2025. This decrease was primarily due to the rolling impact of deferred transaction fees.
Guarantee income was RMB886.1 million (US$128.5 million) for the first quarter of 2026, compared with RMB1,099.5 million for the same period of 2025. This decrease was primarily due to the decrease in risk-bearing loans in the Chinese Mainland market, as well as the rolling impact of deferred guarantee income. The fair value of quality assurance commitment upon loan origination is released as guarantee income systematically over the term of the loans subject to quality assurance commitment.
Net interest income was RMB484.7 million (US$70.3 million) for the first quarter of 2026, compared with RMB241.6 million for the same period of 2025. This increase mainly resulted from the increase in the average outstanding loan balances of on-balance sheet loans in both the Chinese Mainland and overseas markets, partially offset by the decrease in interest yield in the Chinese Mainland market.
Other revenue was RMB309.7 million (US$44.9 million) for the first quarter of 2026, compared with RMB281.5 million for the same period of 2025. This increase was primarily due to the increase in the contributions from other revenue streams, including other value-added services.
Origination, servicing expenses and other costs of revenue were RMB745.2 million (US$108.0 million) for the first quarter of 2026, compared with RMB620.5 million for the same period of 2025. This increase was primarily driven by the increase in employee expenditures and higher loan collection expenses in both the Chinese Mainland and overseas markets.
Sales and marketing expenses were RMB492.4 million (US$71.4 million) for the first quarter of 2026, compared with RMB529.7 million for the same period of 2025. This decrease was primarily due to improved efficiency and decreased investment in marketing activities in the Chinese Mainland market.
Research and development expenses were RMB125.5 million (US$18.2 million) for the first quarter of 2026, compared with RMB126.0 million for the same period of 2025. This decrease was primarily due to efficiency improvements in technology development.
General and administrative expenses were RMB113.8 million (US$16.5 million) for the first quarter of 2026, compared with RMB106.9 million for the same period of 2025, primarily due to an increase in office expenses.
Provision for accounts receivable and contract assets was RMB111.5 million (US$16.2 million) for the first quarter of 2026, compared with RMB117.7 million for the same period of 2025. The decrease was primarily due to decreased transaction volume of off-balance sheet loans in the Chinese Mainland market, partially offset by the increase in volume of off-balance sheet loans in overseas markets.
Provision for loans receivable was RMB218.1 million (US$31.6 million) for the first quarter of 2026, compared with RMB85.4 million for the same period of 2025. This increase was primarily due to the increase in the outstanding loan balance of on-balance sheet loans in the Chinese Mainland and overseas markets.
Credit losses for quality assurance commitment were RMB856.6 million (US$124.2 million) for the first quarter of 2026, compared with RMB1,011.6 million for the same period of 2025. The decrease was primarily due to the decrease in risk-bearing loans in the Chinese Mainland market.
Operating profit was RMB546.8 million (US$79.3 million) for the first quarter of 2026, compared with RMB883.2 million for the same period of 2025.
Non-GAAP adjusted operating profit, which excludes share-based compensation expenses before tax, was RMB585.0 million (US$84.8 million) for the first quarter of 2026, compared with RMB917.9 million for the same period of 2025.
Other income/(expenses) was an expense of RMB15.5 million (US$2.3 million) for the first quarter of 2026, compared with income of RMB9.0 million for the same period of 2025. The decrease was mainly due to foreign exchange losses.
Income tax expense was RMB93.1 million (US$13.5 million) for the first quarter of 2026, compared with RMB153.9 million for the same period of 2025. This decrease was mainly due to the decrease in pre-tax profit.
Net profit was RMB421.1 million (US$61.0 million) for the first quarter of 2026, compared with RMB737.6 million for the same period of 2025.
Net profit attributable to ordinary shareholders of the Company was RMB415.1 million (US$60.2 million) for the first quarter of 2026, compared with RMB746.4 million for the same period of 2025.
Diluted net profit per ADS was RMB1.65 (US$0.24) and diluted net profit per share was RMB0.33 (US$0.05) for the first quarter of 2026, compared with RMB2.84 and RMB0.57 for the same period of 2025, respectively.
Non-GAAP diluted net profit per ADS was RMB1.80 (US$0.26) and non-GAAP diluted net profit per share was RMB0.36 (US$0.05) for the first quarter of 2026, compared with RMB2.97 and RMB0.59 for the same period of 2025, respectively. Each ADS represents five Class A ordinary shares of the Company.
As of March 31, 2026, the Company had cash and cash equivalents of RMB4,687.8 million (US$679.6 million) and short-term investments, mainly in wealth management products and term deposits, of RMB2,643.8 million (US$383.3 million).
The following chart shows the historical cumulative 30-day plus past due delinquency rates by loan origination vintage for loan products facilitated through the Company's platform in the Chinese Mainland as of March 31, 2026. Loans facilitated under the capital-light model, for which the Company does not bear principal risk, are excluded from the chart.
Click here to view the chart.
Shares Repurchase Update
For the first quarter of 2026, the Company deployed approximately US$39.4 million to repurchase its own Class A ordinary shares in the form of ADSs. As of March 31, 2026, in combination with the Company's historical and existing share repurchase programs, the Company had cumulatively repurchased its own Class A ordinary shares in the form of ADSs with a total aggregate value of approximately US$516.7 million since 2018.
Business Outlook
Strong execution of the Company's 'Local Excellence, Global Outlook+' Strategy drove a resilient first quarter performance despite domestic macro headwinds and seasonal softness. The Company reiterates its full-year 2026 total revenue guidance to be in the range of approximately RMB11.5 billion to RMB12.9 billion.
The above forecast is based on the current market conditions and reflects the Company's current preliminary views and expectations on market and operational conditions and the regulatory and operating environment, as well as customers' and institutional partners' demands, all of which are subject to change.
Conference Call
The Company's management will host an earnings conference call at 8:30 PM U.S. Eastern Time on May 25, 2026 (8:30 AM Beijing/Hong Kong Time on May 26, 2026).
Participants should complete online registration using the link provided below at least 15 minutes before the scheduled start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.
Participant Online Registration:
https://register-conf.media-server.com/register/BIf9feb90f9176441083910b143e67c48d
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.finvgroup.com.
About FinVolution Group
FinVolution Group is a leading fintech platform with strong brand recognition across China and overseas markets, connecting borrowers of the young generation with financial institutions. Established in 2007, the Company is a pioneer in China's online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company's platforms, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of March 31, 2026, the Company had 246.5 million cumulative registered users across China and overseas markets.
For more information, please visit https://ir.finvgroup.com
Use of Non-GAAP Financial Measures
We use non-GAAP adjusted operating profit, non-GAAP operating margin, non-GAAP adjusted EBITDA, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. We believe that these non-GAAP financial measures help identify underlying trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that non-GAAP financial measures 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.
Non-GAAP adjusted operating profit, non-GAAP operating margin, non-GAAP adjusted EBITDA, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider it in isolation, or as a substitute for net income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review our financial information in its entirety and not rely on a single financial measure.
For more information on this non-GAAP financial measure, please see the table captioned "Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8980 to US$1.00, the rate in effect as of March 31, 2026 as certified for customs purposes by the Federal Reserve Bank of New York.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company's marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
FinVolution Group
Head of Capital Markets
Yam Cheng
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: ir@xinye.com
Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: finv@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com
FinVolution Group
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share data, or otherwise noted)
As of December 31, As of March 31,
------------------ ------------------------
2025 2026
------------------ ------------------------
RMB RMB USD
Assets
Cash and cash equivalents 4,285,121 4,687,773 679,584
Restricted cash 1,912,850 1,862,880 270,061
Short-term investments 3,015,226 2,643,817 383,273
Investments 1,141,816 1,142,087 165,568
Quality assurance receivable,
net of credit loss allowance
for quality assurance
receivable of RMB581,475 and
RMB616,214 as of December
31, 2025 and March 31, 2026,
respectively 1,315,184 1,376,678 199,576
Intangible assets 270,246 270,246 39,177
Property, equipment and
software, net 641,316 625,456 90,672
Loans receivable, net of
credit loss allowance for
loans receivable of
RMB544,905 and RMB572,937 as
of December 31, 2025 and
March 31, 2026,
respectively 6,471,619 6,963,186 1,009,450
Accounts receivable and
contract assets, net of
credit loss allowance for
accounts receivable and
contract assets of
RMB340,816 and RMB349,157
as of December 31, 2025 and
March 31, 2026,
respectively 2,028,585 1,599,215 231,838
Deferred tax assets 2,992,071 3,219,281 466,698
Right of use assets 52,020 50,340 7,298
Prepaid expenses and other
assets 1,207,791 1,168,487 169,395
Goodwill 79,759 79,759 11,563
------------------ ----------- -----------
Total assets 25,413,604 25,689,205 3,724,153
================== =========== ===========
Deferred guarantee income 1,119,004 1,130,264 163,854
Liability from quality
assurance commitment 2,574,842 2,374,176 344,183
Payroll and welfare payable 361,188 186,742 27,072
Taxes payable 177,064 428,808 62,164
Short-term borrowings 170,408 192,101 27,849
Funds payable to investors of
consolidated trusts 778,531 974,768 141,312
Contract liability 226 - -
Deferred tax liabilities 786,556 787,615 114,180
Accrued expenses and other
liabilities 1,448,231 1,380,470 200,126
Leasing liabilities 44,711 44,760 6,489
Dividends payable - 506,708 73,457
Convertible senior notes 1,019,266 1,005,162 145,718
Long-term borrowings 89,590 132,118 19,153
------------------ ----------- -----------
Total liabilities 8,569,617 9,143,692 1,325,557
------------------ ----------- -----------
Commitments and contingencies
FinVolution Group
Shareholders' equity
Ordinary shares 103 103 15
Additional paid-in capital 5,908,586 5,942,443 861,473
Treasury stock (2,465,259) (2,736,995) (396,781)
Statutory reserves 1,042,312 1,042,312 151,104
Accumulated other
comprehensive income 13,027 38,083 5,521
Retained Earnings 12,051,332 11,959,686 1,733,790
------------------ ----------- -----------
Total FinVolution Group
shareholders' equity 16,550,101 16,245,632 2,355,122
------------------ ----------- -----------
Non-controlling interest 293,886 299,881 43,474
------------------ ----------- -----------
Total shareholders' equity 16,843,987 16,545,513 2,398,596
------------------ ----------- -----------
Total liabilities and
shareholders' equity 25,413,604 25,689,205 3,724,153
================== =========== ===========
FinVolution Group
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(All amounts in thousands, except share data, or otherwise noted)
For the Three Months Ended March 31,
------------------------------------------------
2025 2026
-------------- --------------------------------
RMB RMB USD
Operating revenue:
Loan facilitation service fees 1,477,798 1,181,314 171,255
Post-facilitation service fees 380,614 348,343 50,499
Guarantee income 1,099,514 886,069 128,453
Net interest income 241,614 484,681 70,264
Other revenue 281,501 309,655 44,890
-------------- -------------- ----------------
Net revenue 3,481,041 3,210,062 465,361
-------------- -------------- ----------------
Operating expenses:
Origination, servicing
expenses and other costs
of revenue (620,465) (745,172) (108,027)
Sales and marketing expenses (529,703) (492,447) (71,390)
Research and development
expenses (126,041) (125,459) (18,188)
General and administrative
expenses (106,894) (113,843) (16,504)
Provision for accounts
receivable and contract
assets (117,718) (111,514) (16,166)
Provision for loans receivable (85,414) (218,148) (31,625)
Credit losses for quality
assurance commitment (1,011,615) (856,637) (124,186)
Total operating expenses (2,597,850) (2,663,220) (386,086)
-------------- -------------- ----------------
Operating profit 883,191 546,842 79,275
-------------- -------------- ----------------
Interest expenses (652) (17,147) (2,486)
Other income/(expenses), net 9,033 (15,521) (2,250)
-------------- -------------- ----------------
Profit before income tax expense 891,572 514,174 74,539
Income tax expenses (153,931) (93,117) (13,499)
-------------- -------------- ----------------
Net profit 737,641 421,057 61,040
Less: Net (loss)/profit
attributable to
non-controlling interest
shareholders (8,765) 5,995 869
Net profit attributable to
FinVolution Group 746,406 415,062 60,171
Foreign currency translation
adjustment, net of nil tax (16,273) 25,056 3,632
-------------- -------------- ----------------
Total comprehensive income
attributable to FinVolution
Group 730,133 440,118 63,803
============== ============== ================
Weighted average number of
ordinary shares used in
computing net profit per share
Basic 1,265,759,932 1,194,294,986 1,194,294,986
Diluted 1,315,948,116 1,283,838,301 1,283,838,301
Net profit per share
attributable to FinVolution
Group's ordinary shareholders
Basic 0.59 0.35 0.05
Diluted 0.57 0.33 0.05
Net profit per ADS attributable
to FinVolution Group's ordinary
shareholders (one ADS equals
five ordinary shares)
Basic 2.95 1.74 0.25
Diluted 2.84 1.65 0.24
FinVolution Group
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts in thousands, except share data, or otherwise noted)
Three Months Ended March 31,
--------------------------------
2025 2026
----------- -------------------
RMB RMB USD
Net cash provided by operating
activities 522,335 225,990 32,760
Net cash provided by investing
activities 365,196 146,022 21,168
Net cash (used in)/provided by financing
activities (198,331) 9,418 1,366
Effect of exchange rate changes on cash
and cash equivalents (11,265) (28,748) (4,166)
Net increase in cash, cash equivalents
and restricted cash 677,935 352,682 51,128
Cash, cash equivalents and restricted
cash at beginning of period 6,747,072 6,197,971 898,517
Cash, cash equivalents and restricted
cash at end of period 7,425,007 6,550,653 949,645
FinVolution Group
UNAUDITED Reconciliation of GAAP and Non-GAAP Results
(All amounts in thousands, except share data, or otherwise noted)
For the Three Months Ended March 31,
-------------------------------------------
2025 2026
------------- ----------------------------
RMB RMB USD
Net Revenue 3,481,041 3,210,062 465,361
Less: total operating expenses (2,597,850) (2,663,220) (386,086)
Operating Profit 883,191 546,842 79,275
Add: share-based compensation
expenses 34,679 38,173 5,534
Non-GAAP adjusted operating
profit 917,870 585,015 84,809
Operating Margin 25.4 % 17.0 % 17.0 %
Non-GAAP operating margin 26.4 % 18.2 % 18.2 %
Non-GAAP adjusted operating
profit 917,870 585,015 84,809
Less: interest expenses (652) (17,147) (2,486)
Add: other income/(expenses),
net 9,033 (15,521) (2,250)
Less: income tax expenses (153,931) (93,117) (13,499)
Non-GAAP net profit 772,320 459,230 66,574
Less: Net (loss)/profit
attributable to
non-controlling interest
shareholders (8,765) 5,995 869
Non-GAAP net profit
attributable to FinVolution
Group 781,085 453,235 65,705
Weighted average number of
ordinary shares used in
computing net profit per share
Basic 1,265,759,932 1,194,294,986 1,194,294,986
Diluted 1,315,948,116 1,283,838,301 1,283,838,301
Non-GAAP net profit per share
attributable to FinVolution
Group's ordinary shareholders
Basic 0.62 0.38 0.06
Diluted 0.59 0.36 0.05
Non-GAAP net profit per ADS
attributable to FinVolution
Group's ordinary shareholders
(one ADS equals five ordinary
shares)
Basic 3.09 1.90 0.28
Diluted 2.97 1.80 0.26
FinVolution Group
Selected Segment Information
(All amounts in thousands, except share data, or otherwise noted)
For the Three
Months Ended
March 31,
2026
-------------- ------------ ----------- --------- ----------- -----------
Chinese Overseas
Mainland Markets(1) Others(2) Elimination Total
-------------- ------------ ----------- --------- ----------- -----------
RMB RMB RMB RMB RMB
Net Revenue 2,216,096 948,946 50,148 (5,128) 3,210,062
Less(3) :
Operating
Expenses (4) (1,617,349) (903,196) (88,761) 5,128 (2,604,178)
Operating
Segment
Profit/(Loss) 598,747 45,750 (38,613) - 605,884
Less:
Unallocated
expenses(5) (59,042)
Operating
profit 546,842
For the Three
Months Ended
March 31,
2025
-------------- ------------ ----------- --------- ----------- -----------
Chinese Overseas
Mainland Markets(1) Others(2) Elimination Total
-------------- ------------ ----------- --------- ----------- -----------
RMB RMB RMB RMB RMB
Net Revenue 2,770,160 705,343 8,250 (2,712) 3,481,041
Less(3) :
Operating
Expenses (4) (1,857,018) (680,964) (27,901) 2,712 (2,563,171)
Operating
Segment
Profit/(Loss) 913,142 24,379 (19,651) - 917,870
Less:
Unallocated
expenses(5) (34,679)
Operating
profit 883,191
Notes:
(1): "Overseas Markets" includes Indonesia, the Philippines and Australia.
(2): "Others" includes a combination of multiple business activities that each
does not meet the quantitative thresholds to qualify as reportable segments.
(3): The significant expense categories and amounts align with the
segment-level information that is regularly provided to the CODM.
(4): "Operating Expenses" includes Origination, servicing expenses and other
costs of revenue, Sales and marketing expenses, General and administrative
expenses, Research and development expenses, Credit losses for quality
assurance commitment, Provision for loans receivable and Provision for
accounts receivable and contract assets.
(5): Unallocated expenses are mainly related to share-based compensation,
impairment of goodwill of prior acquisitions, and other miscellaneous
items that are not allocated to segments. These expenses are excluded from
segment results as they are not reviewed by the CODM as part of segment
performance.
FinVolution Group
Selected Segment Information
(All amounts in thousands, except share data, or otherwise noted)
For the Three
Months Ended
March 31,
2026
-------------- ------------- ------------- -------- ------------- -------
Chinese Overseas Unallocated
Mainland Markets Others expenses Total
-------------- ------------- ------------- -------- ------------- -------
RMB RMB RMB RMB RMB
Operating
profit 598,747 45,750 (38,613) (59,042) 546,842
Add:
Depreciation
and
amortization 16,180 1,785 116 - 18,081
Add:
Share-based
compensation
expenses - - - 38,173 38,173
Non-GAAP
Adjusted
EBITDA 614,927 47,535 (38,497) (20,869) 603,096
For the Three
Months Ended
March 31,
2025
-------------- ------------- ------------- -------- ------------- -------
Chinese Overseas Unallocated
Mainland Markets Others expenses Total
-------------- ------------- ------------- -------- ------------- -------
RMB RMB RMB RMB RMB
Operating
profit 913,142 24,379 (19,651) (34,679) 883,191
Add:
Depreciation
and
amortization 16,919 1,104 11 - 18,034
Add:
Share-based
compensation
expenses - - - 34,679 34,679
Non-GAAP
Adjusted
EBITDA 930,061 25,483 (19,640) - 935,904
Note:
"Non-GAAP Adjusted EBITDA" represents operating profit (loss) plus (a)
depreciation and amortization expenses and (b) share-based compensation
expenses.
View original content:https://www.prnewswire.com/news-releases/finvolution-group-reports-first-quarter-2026-unaudited-financial-results-302781329.html
SOURCE FinVolution Group
(END) Dow Jones Newswires
May 25, 2026 18:00 ET (22:00 GMT)
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