$FINV

FinVolution Group

CIK:0001691445|SEC Filings

Consolidated Statements of Comprehensive Income ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Operating revenue:
Net revenues	$ 1,940,411	¥ 13,569,483	¥ 13,065,824	¥ 12,547,445
Operating expenses:
Origination, servicing expenses and other cost of revenue	(410,436)	(2,870,221)	(2,381,839)	(2,111,515)
Origination, servicing expenses and other cost of revenue-related party	(4,280)	(29,928)
Sales and marketing expenses	(314,673)	(2,200,543)	(2,014,254)	(1,887,442)
General and administrative expenses	(63,226)	(442,148)	(413,548)	(390,022)
Research and development expenses	(76,735)	(536,617)	(496,740)	(510,986)
Credit losses for quality assurance commitment	(495,114)	(3,462,384)	(4,587,254)	(4,422,802)
Provision for loans receivable	(91,190)	(637,700)	(320,013)	(586,843)
Provision for accounts receivable and contract assets	(60,912)	(425,966)	(317,049)	(253,948)
Impairment of goodwill and intangible assets	(7,247)	(50,676)
Total operating expenses	(1,523,813)	(10,656,183)	(10,530,697)	(10,163,558)
Other income
Interest expenses	(4,071)	(28,472)
Other income, net	30,975	216,617	310,123	394,698
Profit before income tax expenses	443,502	3,101,445	2,845,250	2,778,585
Income tax expenses	(79,542)	(556,243)	(457,405)	(395,100)
Net profit	363,960	2,545,202	2,387,845	2,383,485
Net profit attributable to non-controlling interest shareholders	(400)	(2,797)	(4,699)	(42,650)
Net profit attributable to FinVolution Group’s ordinary shareholders	363,560	2,542,405	2,383,146	2,340,835
Net profit	363,960	2,545,202	2,387,845	2,383,485
Foreign currency translation adjustment, net of nil tax	(11,383)	(79,599)	12,620	27,769
Total comprehensive income	352,577	2,465,603	2,400,465	2,411,254
Total comprehensive income attributable to non-controlling interest shareholders	(400)	(2,797)	(4,699)	(42,650)
Total comprehensive income attributable to FinVolution Group’s ordinary shareholders	$ 352,177	¥ 2,462,806	¥ 2,395,766	¥ 2,368,604
Weighted average number of ordinary shares used in computing net profit per share
Basic	1,259,849,521	1,259,849,521	1,287,853,207	1,374,713,018
Diluted	1,334,237,985	1,334,237,985	1,320,229,492	1,402,947,561
Net profit per ADS attributable to FinVolution Group’s ordinary shareholders (one ADS equals to five ordinary shares)
Basic \| (per share)	$ 0.29	¥ 2.02	¥ 1.85	¥ 1.70
Diluted \| (per share)	0.27	1.92	1.81	1.67
American Depositary Share [Member]
Net profit per ADS attributable to FinVolution Group’s ordinary shareholders (one ADS equals to five ordinary shares)
Basic \| (per share)	1.44	10.09	9.25	8.51
Diluted \| (per share)	$ 1.37	¥ 9.59	¥ 9.03	¥ 8.34
Loan Facilitation Service Fees [Member]
Operating revenue:
Net revenues	$ 740,224	¥ 5,176,457	¥ 4,694,380	¥ 4,520,504
Postfacilitation Service Fees [Member
Operating revenue:
Net revenues	233,055	1,629,777	1,740,241	1,969,705
Guarantee Income [Member]
Operating revenue:
Net revenues	589,858	4,124,934	5,085,296	4,478,995
Net Interest Income [Member
Operating revenue:
Net revenues	191,111	1,336,459	853,779	1,049,379
Financial Service, Other [Member]
Operating revenue:
Net revenues	$ 186,163	¥ 1,301,856	¥ 692,128	¥ 528,862

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands, Rp in Billions	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities:
Net profit	$ 363,960	¥ 2,545,202	¥ 2,387,845	¥ 2,383,485
Adjustments to reconcile net profit to net cash provided by (used in) operating activities:
Provision for loans receivable	91,190	637,700	320,013	586,843
Provision for accounts receivable and contract assets	60,912	425,966	317,049	253,948
Provision for quality assurance receivable	65,131	455,466	378,695	354,366
Depreciation and amortization	9,507	66,484	69,491	22,515
Amortization of right-of-use asset and interest of leasing liabilities	3,200	22,374	16,761	46,575
Change in fair value of short-term investments	2,750	19,228	(45,589)	(32,462)
Gain or loss from investments	4,111	28,742	(7,752)	722
Net gain from investment in loans	(191,111)	(1,336,459)	(853,779)	(1,049,379)
Share-based compensation	21,313	149,045	144,052	116,407
Impairment of goodwill and intangible assets	7,247	50,676
Interest expense on borrowings	29	200	168
Changes in operating assets and liabilities:
Accounts receivable and contract assets	(6,760)	(47,276)	(514,391)	(245,041)
Quality assurance receivable	(18,741)	(131,059)	(262,671)	(440,126)
Deferred tax assets	(68,383)	(478,207)	(863,303)	(704,964)
Prepaid expenses and other assets	26,137	182,778	1,705,744	124,972
Deferred guarantee income	(56,763)	(396,946)	(366,086)	76,872
Liability from quality assurance commitment	(55,665)	(389,274)	(342,016)	(249,486)
Payroll and welfare payable	10,124	70,799	28,385	(12,880)
Taxes payable	(75,438)	(527,542)	499,086	73,450
Contract liabilities	(1,424)	(9,959)	5,076
Leasing liabilities	(3,452)	(24,126)	(22,908)	(43,539)
Deferred tax liabilities	41,887	292,917	141,665	108,420
Accrued expenses and other liabilities	37,303	260,871	157,625	(9,826)
Net cash provided by operating activities	267,064	1,867,600	2,893,160	1,360,872
Cash flows from investing activities:
Collection of loans originated and held by the Group	2,400,359	16,785,948	6,853,291	7,338,026
Investment in loans originated and held by the Group	(2,634,992)	(18,426,766)	(9,352,176)	(5,829,136)
Proceeds from disposal of investments	5,388	37,684	7,583	6,029
Purchase of investments	(5,039)	(35,240)	(35,165)	(67,800)
Proceeds from short-term investments	1,125,405	7,870,067	7,517,922	12,430,443
Purchase of short-term investments	(1,154,300)	(8,072,138)	(7,343,894)	(11,929,977)
Purchase of property, equipment and software	(12,039)	(84,191)	(27,757)	(538,095)
Purchase of intangible assets	(1,310)	(9,161)
Net funds paid on behalf of customers	(3,315)	(23,183)	(16,354)	(1,498)
Proceeds from disposal of a subsidiary	(1,416)	(9,905)	(703)	4,000
Cash paid for business combinations, net of cash acquired	(31,004)	(216,812)	101,437
Net cash provided by (used in) investing activities	(312,263)	(2,183,697)	(2,295,816)	1,411,992
Cash flows from financing activities:
Cash received from investors - consolidated trusts	220,396	1,541,250	780,000	1,272,700
Cash paid to investors - consolidated trusts	(228,186)	(1,595,731)	(439,599)	(2,735,478)
Net funds held for customers	(5,116)	(35,778)	121,733	54,049
Cash received from short-term borrowings	30,578	213,836	28,094	5,756
Repayment of short-term borrowings	(6,020)	(42,095)	(28,262)
Cash paid for dividends	(72,958)	(510,201)	(441,331)	(430,353)
Repurchase of ordinary shares	(109,680)	(767,004)	(643,208)	(694,521)
Proceeds from exercise of share options	1,468	10,264		2,280
Proceeds from convertible senior notes, net of issuance cost	149,367	1,044,537
Cash paid for acquisition of additional equity interests of subsidiaries	(7,691)	(53,784)
Capital injection from (reduction by) non-controlling interest shareholders	1	10	(142)	20,565
Net cash used in financing activities	(27,841)	(194,696)	(622,715)	(2,505,002)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(5,480)	(38,308)	3,053	22,441
Net increase (decrease) in cash, cash equivalents and restricted cash	(78,520)	(549,101)	(22,318)	290,303
Cash, cash equivalents and restricted cash at beginning of year	964,818	6,747,072	6,769,390	6,479,087
Cash, cash equivalents and restricted cash at end of year	886,298	6,197,971	6,747,072	6,769,390
Supplemental disclosure of cash investing and financing activities
Cash paid for interest including interest paid to investors of consolidated trusts	(6,544)	(45,765)	(38,310)	(87,100)
Cash paid for income taxes	(192,963)	(1,349,411)	(673,736)	(960,477)
Supplemental disclosure of non-cash investing and financing activities
Payable for purchase of intangible assets	715	5,000	5,000	5,000
Payable for convertible senior note issuance cost	637	¥ 4,455
Cash and cash equivalents	612,764
Restricted cash	273,534
Total cash, cash equivalents and restricted cash	$ 886,298			¥ 6,769,390

Consolidated Balance Sheets
¥ in Thousands, $ in Thousands

Dec. 31, 2025

USD ($)

Dec. 31, 2025

CNY (¥)

Dec. 31, 2024

CNY (¥)

Assets

Cash and cash equivalents

$ 612,764

¥ 4,285,121

¥ 4,672,772

Restricted cash

273,534

1,912,850

2,074,300

Short-term investments

431,172

3,015,226

2,832,382

Accounts receivable and contract assets, net of credit loss allowance for accounts receivable and contract assets of RMB290,267 and RMB340,816 as of December 31, 2024 and 2025, respectively

290,084

2,028,585

2,405,880

Quality assurance receivable, net of credit loss allowance for quality assurance receivable of RMB426,949 and RMB581,475 as of December 31, 2024 and 2025, respectively

188,069

1,315,184

1,639,591

Loans receivable, net of credit loss allowance for loans receivable of RMB226,467 and RMB544,905 as of December 31, 2024 and 2025, respectively

925,429

6,471,619

4,157,621

Property, equipment and software, net

91,707

641,316

623,792

Right of use assets

7,439

52,020

36,826

Intangible assets

38,645

270,246

137,298

Goodwill

11,405

79,759

50,411

Investments

163,278

1,141,816

1,173,003

Deferred tax assets

427,860

2,992,071

2,513,865

Prepaid expenses and other assets

167,460

1,171,066

1,271,673

Total assets

3,634,098

25,413,604

23,607,121

Liabilities and Shareholders’ Equity:

Deferred guarantee income (including deferred guarantee income of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB1,283,000 and RMB893,602 as of December 31, 2024 and 2025, respectively)

160,015

1,119,004

1,515,950

Liability from quality assurance commitment (including liability from quality assurance commitment of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB2,591,768 and RMB1,796,856 as of December 31, 2024 and 2025, respectively)

368,198

2,574,842

2,964,116

Payroll and welfare payable (including payroll and welfare payable of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB153,686 and RMB179,883 as of December 31, 2024 and 2025, respectively)

51,649

361,188

290,389

Taxes payable (including taxes payable of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB561,475 and RMB43,657 as of December 31, 2024 and 2025, respectively)

25,320

177,064

705,928

Funds payable to investors of consolidated trusts (including funds payable to investors of consolidated trusts of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB793,720 and RMB778,531 as of December 31, 2024 and 2025, respectively)

111,328

778,531

796,122

Contract liabilities (including contract liabilities of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB10,185 and RMB226 as of December 31, 2024 and 2025, respectively)

226

10,185

Short-term borrowings

24,368

170,408

^[1]

5,594

^[1]

Amounts due to related parties (including amounts due to related parties of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB130 and RMB5,809 as of December 31, 2024 and 2025, respectively)

2,674

18,700

13,314

Leasing liabilities (including leasing liabilities of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB22,673 and RMB26,420 as of December 31, 2024 and 2025, respectively)

6,394

44,711

28,765

Deferred tax liabilities (including deferred tax liabilities of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB112,604 and RMB238,650 as of December 31, 2024 and 2025, respectively)

112,476

786,556

491,213

Accrued expenses and other liabilities (including accrued expenses and other liabilities of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB878,881 and RMB967,257 as of December 31, 2024 and 2025, respectively)

204,420

1,429,531

1,231,870

Convertible senior notes

145,753

1,019,266

Long-term borrowings

12,811

89,590

^[2]

Total liabilities

1,225,438

8,569,617

8,053,446

Commitments and contingencies

FinVolution Group shareholders’ equity:

Additional paid-in capital

844,917

5,908,586

5,815,437

Treasury stock (283,820,445 and 333,628,335 shares as of December 31, 2024 and 2025, respectively)

(352,527)

(2,465,259)

(1,765,542)

Statutory reserves

149,049

1,042,312

852,723

Accumulated other comprehensive income

1,863

13,027

92,626

Retained earnings

1,723,318

12,051,332

10,208,717

Total FinVolution Group shareholders’ equity

2,366,635

16,550,101

15,204,064

Non-controlling interest

42,025

293,886

349,611

Total shareholders’equity

2,408,660

16,843,987

15,553,675

Total liabilities and shareholders’ equity

3,634,098

25,413,604

23,607,121

Common Class A [Member]

FinVolution Group shareholders’ equity:

Ordinary shares

Common Class B [Member]

FinVolution Group shareholders’ equity:

Ordinary shares

Related Party [Member]

Assets

Amounts due from related parties (including amounts due to related parties of the consolidated VIE and VIE’s subsidiaries including consolidated trusts without recourse to the Company of RMB952 and RMB20,343 as of December 31, 2024 and 2025, respectively)

$ 5,252

¥ 36,725

¥ 17,707

[1]	As of December 31, 2024 and 2025, the Group had short-term borrowings primarily from banks with terms within one year and charged interest rates were 9% per annum for 2024 and ranged from 9% to 13% per annum for 2025. As of December 31, 2024 and 2025, the weighted average interest rate of these borrowings was 9% and 12% per annum, respectively. The borrowings are denominated in IDR and PHP.
[2]	As of December 31, 2025, the Group had a long-term borrowing from a financial institution assumed from the business combination with Fundo (Note 3). The interest rates were 13.04% per annum per annum for 2025. The borrowings are primarily denominated in AUD.