$XYF
X Financial
CIK:0001725033|SEC Filings
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2025
CNY (¥)
¥ / shares
shares
|
Dec. 31, 2025
USD ($)
$ / shares
shares
|
Dec. 31, 2024
CNY (¥)
¥ / shares
shares
|
Dec. 31, 2023
CNY (¥)
¥ / shares
shares
|
|
| Net revenues | ||||
| Total net revenue | ¥ 7,639,424,431 | $ 1,092,423,164 | ¥ 5,871,781,746 | ¥ 4,814,884,030 |
| Operating costs and expenses: | ||||
| Origination and servicing | 2,020,546,352 | 288,934,286 | 1,738,139,455 | 1,544,013,591 |
| Borrower acquisitions and marketing | 2,202,374,833 | 314,935,412 | 1,582,472,287 | 1,370,942,033 |
| General and administrative | 199,559,193 | 28,536,585 | 175,932,509 | 153,943,169 |
| Provision for contingent guarantee liabilities | 1,001,272,880 | 143,180,118 | 241,738,132 | 67,519,980 |
| Provision for accounts receivable and contract assets | 242,719,252 | 34,708,391 | 35,732,133 | 12,233,743 |
| Change in fair value of financial guarantee derivative | 3,367,074 | 481,485 | (1,038,258) | (24,966,242) |
| Fair value adjustments related to Consolidated Trusts | 0 | 0 | 0 | 531,202 |
| (Reversal of) provision for credit losses on deposits to institutional cooperators | (774,772) | (110,791) | 3,222,273 | (673,558) |
| Provision for credit losses for other financial assets | 72,587 | 10,380 | 155,379 | 86,019 |
| Total operating expenses | 6,009,346,455 | 859,325,114 | 3,998,012,333 | 3,352,766,979 |
| Income from operations | 1,630,077,976 | 233,098,050 | 1,873,769,413 | 1,462,117,051 |
| Interest income | 29,512,054 | 4,220,168 | 22,326,830 | 10,295,578 |
| Interest expenses | (18,853,444) | (2,696,007) | (22,886,523) | (30,660,399) |
| Foreign exchange loss | (8,539,842) | (1,221,180) | (9,533,320) | (4,023,039) |
| Income (loss) from financial investments | (14,456,247) | (2,067,216) | 17,133,677 | 6,497,518 |
| Other income, net | 132,250,299 | 18,911,541 | 13,520,019 | 24,351,280 |
| Income before income taxes | 1,749,990,796 | 250,245,356 | 1,894,330,096 | 1,468,577,989 |
| Income tax expense | (291,649,324) | (41,705,298) | (405,701,714) | (261,130,503) |
| (Loss) gain from equity in affiliates, net of tax | 25,716,267 | 3,677,377 | 10,159,031 | (1,930,792) |
| (Loss) gain from financial investments at equity method, net of tax | (19,505,515) | (2,789,252) | 41,118,352 | (18,722,720) |
| Net income attributable to X Financial | 1,464,552,224 | 209,428,183 | 1,539,905,765 | 1,186,793,974 |
| Other comprehensive income, net of tax: | ||||
| Other comprehensive income attributable to equity in affiliates | 147,887 | 21,148 | (313,815) | (6,852) |
| Other comprehensive income attributable to financial investments | 3,198,217 | 457,339 | 292,799 | 474,792 |
| Foreign currency translation adjustments | (20,673,707) | (2,956,302) | 11,596,395 | 5,410,120 |
| Comprehensive income | 1,447,224,621 | 206,950,368 | 1,551,481,144 | 1,192,672,034 |
| Less: comprehensive income attributable to non-controlling interests | 0 | 0 | 0 | 0 |
| Comprehensive income attributable to X Financial | ¥ 1,447,224,621 | $ 206,950,368 | ¥ 1,551,481,144 | ¥ 1,192,672,034 |
| Net income per share-basic (in dollars per share) | (per share) | ¥ 6 | $ 0.86 | ¥ 5.33 | ¥ 4.12 |
| Weighted average number of ordinary shares outstanding-basic (in shares) | 243,975,946 | 243,975,946 | 288,828,371 | 288,115,969 |
| Net income per share-diluted (in dollars per share) | (per share) | ¥ 5.87 | $ 0.84 | ¥ 5.25 | ¥ 4.08 |
| Weighted average number of ordinary shares outstanding-diluted (in shares) | 249,489,203 | 249,489,203 | 293,354,671 | 290,833,214 |
| Xiaoying Housing Loan | ||||
| Operating costs and expenses: | ||||
| Reversal of provision for loan receivable from Xiaoying Housing Loans | ¥ (8,102) | $ (1,159) | ¥ (4,156,904) | ¥ (4,213,234) |
| Xiaoying Credit Loans And Revolving Loans | ||||
| Operating costs and expenses: | ||||
| Provision for loans receivable from Xiaoying Credit Loans and other loans | 340,217,158 | 48,650,407 | 225,815,327 | 233,350,276 |
| Loan facilitation service | ||||
| Net revenues | ||||
| Total net revenue | 3,843,004,896 | 549,542,391 | 3,102,344,942 | 2,740,974,233 |
| Post-origination service | ||||
| Net revenues | ||||
| Total net revenue | 1,074,453,821 | 153,644,853 | 759,538,640 | 596,581,987 |
| Financing income | ||||
| Net revenues | ||||
| Total net revenue | 1,396,975,778 | 199,764,879 | 1,372,004,085 | 1,137,336,454 |
| Guarantee income | ||||
| Net revenues | ||||
| Total net revenue | 636,572,154 | 91,028,607 | 201,715,792 | 24,496,658 |
| Other revenue | ||||
| Net revenues | ||||
| Total net revenue | ¥ 688,417,782 | $ 98,442,434 | ¥ 436,178,287 | ¥ 315,494,698 |
CONSOLIDATED BALANCE SHEETS |
Dec. 31, 2025
CNY (¥)
|
Dec. 31, 2025
USD ($)
|
Dec. 31, 2024
CNY (¥)
|
|---|---|---|---|
| ASSETS | |||
| Cash and cash equivalents | ¥ 987,630,978 | $ 141,229,352 | ¥ 984,611,409 |
| Restricted cash, net of allowance for credit losses of RMB241,398 and RMB313,985 as of December 31, 2024 and 2025, respectively (including RMB527,457,300 and RMB823,346,358 from Consolidated Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | 1,145,962,320 | 163,870,432 | 676,793,411 |
| Accounts receivable and contract assets, net of allowance for credit losses of RMB24,172,284 and RMB192,376,932 as of December 31, 2024 and 2025, respectively (including RMB37,373,243 and RMB52,994,846 from Consolidated Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | 3,145,975,681 | 449,868,539 | 2,029,550,471 |
| Deposits to institutional cooperators, net of allowance for credit losses of RMB 5,871,290 and RMB 5,096,518 as of December 31, 2024 and 2025, respectively | 1,713,593,362 | 245,040,592 | 1,958,297,244 |
| Prepaid expenses and other current assets | 43,546,807 | 6,227,111 | 34,078,494 |
| Financial guarantee derivative | 0 | 0 | 1,038,258 |
| Deferred tax assets, net | 455,357,514 | 65,115,258 | 197,712,551 |
| Long-term investments | 515,523,849 | 73,718,930 | 498,038,310 |
| Financial investments (amortized cost of RMB141,685,928 and RMB390,931,941 and allowance for credit losses of nil and nil related to investments accounted under AFS model as of December 31, 2024 and 2025, respectively) | 1,243,076,254 | 177,757,540 | 513,475,537 |
| Property and equipment, net | 23,899,556 | 3,417,591 | 15,833,490 |
| Intangible assets, net | 39,183,115 | 5,603,111 | 36,591,969 |
| Other non-current assets | 53,363,643 | 7,630,899 | 44,951,464 |
| TOTAL ASSETS | 14,665,744,467 | 2,097,173,566 | 11,819,289,603 |
| LIABILITIES | |||
| Payable to investors and institutional funding partners at amortized cost (including RMB2,184,085,667 and RMB3,054,981,462 from the Consolidated VIEs, Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | 3,054,981,462 | 436,856,539 | 2,184,085,667 |
| Contingent guarantee liabilities | 748,306,610 | 107,006,422 | 187,640,702 |
| Financial guarantee derivative | 15,425,681 | 2,205,843 | 0 |
| Deferred guarantee income | 467,629,443 | 66,870,121 | 164,724,512 |
| Short-term borrowings (including RMB10,000,000 and RMB130,000,000 from the Consolidated VIEs, Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | 409,530,006 | 58,562,012 | 328,500,000 |
| Accrued payroll and welfare (including RMB18,482,497 and RMB11,482,779 from the Consolidated VIEs, Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | 76,058,095 | 10,876,163 | 94,716,949 |
| Other taxes payable (including RMB119,683,947 and RMB58,251,812 from the Consolidated VIEs, Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | 221,939,999 | 31,736,998 | 279,994,194 |
| Income taxes payable (including RMB174,425,660 and RMB169,015,224 from the Consolidated VIEs, Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | 677,521,066 | 96,884,224 | 591,491,126 |
| Deposit payable to channel cooperators | 12,016,415 | 1,718,324 | 12,016,415 |
| Accrued expenses and other current liabilities (including RMB94,825,511 and RMB163,383,863 from the Consolidated VIEs, Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | 1,041,055,440 | 148,868,948 | 929,490,436 |
| Other non-current liabilities (including nil and RMB2,252,921 from the Consolidated VIEs, Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | 34,806,908 | 4,977,322 | 27,516,391 |
| Deferred tax liabilities (including RMB642,602 and RMB1,051,597 from the Consolidated VIEs, Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | 69,672,705 | 9,963,064 | 65,958,569 |
| TOTAL LIABILITIES | 6,828,943,830 | 976,525,980 | 4,866,134,961 |
| Commitments and Contingencies (Note 18) | |||
| Equity: | |||
| Common shares (US$0.0001 par value; 1,000,000,000 shares authorized as of December 31, 2024 and 2025; 329,117,943 and 329,117,943 shares issued as of December 31, 2024 and 2025; 250,678,439 and 234,517,901 shares outstanding as of December 31, 2024 and 2025) | 206,793 | 29,571 | 206,793 |
| Treasury stock (78,439,504 and 94,600,042 shares as of December 31, 2024 and 2025) | (967,773,090) | (138,389,711) | (509,643,763) |
| Additional paid-in capital | 3,256,349,216 | 465,651,744 | 3,207,028,391 |
| Retained earnings | 5,484,293,291 | 784,243,511 | 4,174,511,191 |
| Other comprehensive income | 63,724,427 | 9,112,471 | 81,052,030 |
| TOTAL EQUITY | 7,836,800,637 | 1,120,647,586 | 6,953,154,642 |
| TOTAL LIABILITIES AND EQUITY | 14,665,744,467 | 2,097,173,566 | 11,819,289,603 |
| Xiaoying Credit Loans And Revolving Loans | |||
| ASSETS | |||
| Loans receivable from Xiaoying Credit Loans and other loans, net of allowance for credit losses of RMB175,820,629 and RMB236,233,265 as of December 31, 2024 and 2025, respectively (including RMB2,916,966,912 and RMB3,540,930,299 from Consolidated Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | ¥ 5,298,631,388 | $ 757,694,211 | ¥ 4,828,316,995 |