Qifu Technology announced its unaudited financial results for the first quarter ended March 31, 2025, reporting total net revenue of RMB4,690.7 million, an increase from RMB4,153.2 million in the same period of 2024. Non-GAAP net income reached RMB1,926.2 million, up from RMB1,204.8 million year-over-year, with non-GAAP net income per fully diluted ADS at RMB13.53.
The company's loan facilitation and origination volume for the quarter was RMB88.9 billion, representing a 15.8% year-over-year increase. The capital-light model, including ICE and total technology solutions, accounted for approximately 56% of the quarter-end loan balance, demonstrating platform efficiency. The Day-1 delinquency rate was 5.0%, and the 30-day collection rate was 88.1%.
Qifu Technology continued to leverage AI across its operations, with nearly half of new credit line users acquired through embedded finance partners. The company also reported a record amount of ABS issuance, contributing to a sequential decline in blended funding costs. Cumulative users with approved credit lines reached 58.4 million, and financial institution partners totaled 163 as of March 31, 2025.
The company's AI-powered marketing efforts resulted in 74% of graphics and 27% of videos being AIGC-generated, leading to a 25% improvement in user outreach efficiency and a 10% reduction in average cost per credit line user. An AI copilot system for loan collection achieved a 96.3% recall rate and 98.8% accuracy rate in key information extraction. The company also completed a US$690 million convertible notes offering during the quarter.
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