Qifu Technology, Inc

QFIN

Equity

ISIN US88557W1018 / Valor 44558368

NASDAQ (2024-12-26)

USD 38.24+0.63%

Qifu Technology, Inc
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About company

Qifu Technology, Inc., listed on both NASDAQ (QFIN) and the Hong Kong Stock Exchange (HKEX:3660), operates as a prominent Credit-Tech platform within China. The company's core mission is to revolutionize the accessibility and personalization of credit services for consumers and small to medium-sized enterprises (SMEs). It achieves this by offering Credit-Tech services to financial institutions, utilizing advanced technology solutions to streamline the process of identifying creditworthy prospective borrowers across various channels. Qifu Technology's offerings are comprehensive, covering the spectrum from enhancing credit assessments to optimizing risk management and collection strategies. A significant aspect of its business model includes a strategic partnership with 360 Group, which significantly bolsters its capabilities in customer acquisition, funding optimization, risk assessment, and post-lending management. This collaboration underscores Qifu Technology's competitive edge in the financial technology sector, particularly in facilitating efficient and effective credit service solutions.

Summarized from source with an LLMView SourceSector: Finance

Revenue Growth

In the third quarter of 2024, Qifu Technology, Inc. reported a total net revenue of RMB 4,370 million, reflecting a solid increase from the previous quarter. This growth was driven by the company's strategic focus on expanding its credit-tech service platform and enhancing its operational efficiency.

Profitability Improvement

Qifu Technology, Inc. achieved a Non-GAAP net income of RMB 1,825 million in Q3 2024, marking a significant improvement compared to the same period last year. The company's efforts to optimize its take rates and manage operational costs effectively contributed to this enhanced profitability.

Loan Facilitation Volume

During the third quarter of 2024, Qifu Technology, Inc. facilitated a loan volume of RMB 127.7 billion. This stabilization in loan facilitation volume underscores the company's robust platform services and its ability to maintain a steady flow of credit-driven services.

Operating Expenses

Qifu Technology, Inc. reported a decrease in sales and marketing expenses as a percentage of loan facilitation volume, down to 0.86% in Q3 2024. This reduction highlights the company's efficient cost management strategies and its focus on optimizing user acquisition costs.

Risk Management

In Q3 2024, Qifu Technology, Inc. maintained a strong track record of risk management, with a D1 delinquency rate of 5.0%. The company's effective risk assessment and collection strategies have ensured a stable and reliable credit environment for its operations.

Summarized from source with an LLMView Source

Key figures

158%1Y

73.9%3Y

294%5Y

Performance

45.9%1Y

66.2%3Y

74.1%5Y

Volatility