SHENZHEN, China, May 19, 2025 /PRNewswire/ -- X Financial $(XYF)$ ("X Financial", the "Company" or "we"), a leading Chinese fintech platform, today announced its unaudited financial results for the first quarter of fiscal year 2025 ended March 31, 2025.

First Quarter 2025 Operational Highlights

   -- Total loan amount facilitated and originated[1] in the first quarter of 
      2025 was RMB35,149 million, up 63.4% from RMB21,505 million in the same 
      period of 2024. 
 
   -- Total outstanding loan balance[2] at the end of the first quarter of 2025 
      was RMB58,403 million, up 33.3% from RMB43,812 million in the same period 
      of 2024. 
 
   -- The Company facilitated and originated approximately 3.14 million loans 
      in the first quarter of 2025, an increase of 75.6% year-over-year. The 
      average loan amount per transaction was RMB11,181. 
 
   -- Number of active borrowers[3] in the first quarter of 2025 was 2.43 
      million, up 77.1% from 1.37 million in the same period of 2024, 
      reflecting strong user growth. 
 
   -- Cumulative number of active borrowers[4] reached 17.4 million as of March 
      31, 2025, an increase of 27.6% from 13.6 million in the same period of 
      2024. 
 
   -- Asset quality continued to improve. The delinquency rate for all 
      outstanding loans that are past due for 31-60 days[5] was 1.25% as of 
      March 31, 2025 (improved from 1.61% in the same period of 2024), and the 
      delinquency rate for all outstanding loans that are past due 91-180 
      days[6] was 2.73% (improved from 4.37% in the same period of 2024). 

First Quarter 2025 Operational Highlights

 
 
                                   Three Months 
                    Three Months          Ended   Three Months 
                     Ended March   December 31,    Ended March 
                        31, 2024           2024       31, 2025     QoQ     YoY 
-----------------  -------------  -------------  -------------  ------  ------ 
Total loan amount 
 facilitated and 
 originated (RMB 
 in million)              21,505         32,297         35,149   8.8 %  63.4 % 
Number of active 
 borrowers             1,369,410      2,120,068      2,425,504  14.4 %  77.1 % 
 
 
                       As of March 31,  As of December 31,     As of March 31, 
                                  2024                2024                2025 
------------------  ------------------  ------------------  ------------------ 
Total outstanding 
 loan balance (RMB 
 in million)                    43,812              52,327              58,403 
Delinquency rates 
 for all 
 outstanding loans 
 that are past due 
 for 31-60 days                 1.61 %              1.17 %              1.25 % 
Delinquency rates 
 for all 
 outstanding loans 
 that are past due 
 for 91-180 days                4.37 %              2.48 %              2.73 % 
 

First Quarter 2025 Financial Highlights

   -- Total net revenue in the first quarter of 2025 was RMB1,937.5 million 
      (US$267.0 million), representing an increase of 60.4% from RMB1,208.0 
      million in the same period of 2024. The robust revenue growth was driven 
      by higher loan facilitation volume and solid interest and 
      guarantee-related income. 
 
   -- Income from operations in the first quarter of 2025 was RMB572.9 million 
      (US$78.9 million), an increase of 52.1% compared to RMB376.5 million in 
      the same period of 2024. The Company maintained a strong operating margin 
      despite increased investments in borrower acquisitions and marketing to 
      drive user acquisition, reflecting continued cost discipline and 
      operating efficiency. 
 
   -- Net income in the first quarter of 2025 was RMB458.1 million (US$63.1 
      million), compared with RMB363.1 million in the same period of 2024 (a 
      26.2% increase year-over-year). 
 
   -- Non-GAAP[7] adjusted net income in the first quarter of 2025 excluding 
      share-based compensation and certain investment-related items was 
      RMB466.8 million (US$64.3 million), up 44.9% from RMB322.2 million in the 
      same period of 2024. This reflects the Company's core profitability on an 
      adjusted basis. 
 
   -- Net income per basic and diluted American depositary share ("ADS") in the 
      first quarter of 2025 was RMB10.92 and RMB10.56 (US$1.50 and US$1.46), 
      respectively, compared with RMB7.44 and RMB7.32 in the same period of 
      2024. 
 
   -- Non-GAAP adjusted net income per basic and diluted ADS in the first 
      quarter of 2025 was RMB11.10 and RMB10.74 (US$1.53 and US$1.48), 
      respectively, compared with RMB6.60 and RMB6.54 in the same period of 
      2024. 

Each ADS represents six Class A ordinary shares.

First Quarter 2025 GAAP and Non-GAAP Financial Summary

 
(In thousands, 
except for        Three Months    Three Months    Three Months 
share and per      Ended March  Ended December     Ended March 
share data)           31, 2024        31, 2024        31, 2025     QoQ     YoY 
---------------  -------------  --------------  --------------  ------  ------ 
                           RMB             RMB             RMB 
Total net 
 revenue             1,207,974       1,708,722       1,937,505  13.4 %  60.4 % 
Total operating 
 costs and 
 expenses            (831,433)     (1,183,510)     (1,364,600)  15.3 %  64.1 % 
Income from 
 operations            376,541         525,212         572,905   9.1 %  52.1 % 
Net income             363,139         385,626         458,127  18.8 %  26.2 % 
Non-GAAP 
 adjusted net 
 income                322,205         408,022         466,766  14.4 %  44.9 % 
 
Net income per 
 ADS--basic               7.44            8.22           10.92  32.8 %  46.8 % 
Net income per 
 ADS--diluted             7.32            8.04           10.56  31.3 %  44.3 % 
 
Non-GAAP 
 adjusted net 
 income per 
 ADS--basic               6.60            8.70           11.10  27.6 %  68.2 % 
Non-GAAP 
 adjusted net 
 income per 
 ADS--diluted             6.54            8.46           10.74  27.0 %  64.2 % 
 

Mr. Kent Li, President of X Financial, commented: "We are pleased with how 2025 has begun. In the first quarter, we facilitated RMB35.1 billion in loans -- a 9% sequential increase and 63% year-over-year growth. It was one of our strongest quarters ever, reflecting solid borrower demand and continued progress in risk management. Our team remains focused on expanding opportunities through both new partnerships and existing relationships, enhancing our technology platform and data-driven underwriting to support profitable scalability, and balancing growth and risk as we broaden access for qualified borrowers. We are also continually improving the borrower experience with faster decisions, simpler application processes, and greater transparency, while strengthening platform reliability and support tools to help customers manage loans with confidence. Despite the typical seasonal impact of the Chinese New Year holiday, we achieved sequential growth in both loan volume and revenue. Credit performance further improved, with delinquency rates for outstanding loans past due for 31-60 days and 91-180 days down 22% and 37% year-over-year, respectively. These results reflect steady progress in growing our platform responsibly, and we remain confident in our ability to deliver on our 2025 targets through disciplined execution and continued innovation."

Mr. Frank Fuya Zhang, Chief Financial Officer of X Financial, added: "In Q1 2025, we delivered strong financial results with revenue up 60% year-over-year to RMB1.94 billion, net income of RMB458 million, and net income per basic ADS of RMB10.92. These results reflect our consistent execution and disciplined cost management."

Business Outlook & Share Repurchase Plans

   -- Business Outlook: Based on current trends, X Financial expects the total 
      loan amount facilitated and originated in the second quarter of 2025 to 
      be in the range of RMB37.5 billion to RMB39.5 billion, reflecting 
      continued strong demand and consistent execution following a robust first 
      quarter. 
 
   -- Capital Return to Shareholders: X Financial has approved a new share 
      repurchase program of up to US$100 million, effective from June 1, 2025 
      through November 30, 2026. This new program is in addition to the 
      existing share repurchase plan approved in December 2024, which has 
      approximately US$15.9 million in remaining authorization. The Company did 
      not repurchase any shares during the first quarter of 2025. The program 
      reflects the Company's continued confidence in its long-term growth and 
      commitment to delivering shareholder value. Repurchases under the program 
      will be subject to market conditions and other factors and may be 
      modified or suspended at management's discretion. 

First Quarter 2025 Financial Results

Revenue Growth and Business Drivers: In the first quarter of 2025, X Financial delivered robust growth, with total net revenue reaching RMB1,937.5 million (US$267.0 million), representing a 60.4% increase from RMB1,208.0 million in the first quarter of 2024. This growth was primarily driven by significantly higher loan facilitation volume, fueled by robust borrower demand and increased marketing and borrower acquisition investments. Revenue growth was broad-based across the Company's business lines: loan facilitation service fees rose 75.6% year-over-year to RMB1,078.4 million, post-origination service fees increased 74.2% to RMB266.0 million, and guarantee income more than doubled to RMB82.9 million. Other revenue also surged 172.0% to RMB200.0 million, mainly due to an increase in referral service fee for introducing borrowers to other platforms. These gains more than offset a modest 7.3% decline in financing income to RMB310.1 million, which resulted from lower average loan balances held by the Company. Importantly, X Financial achieved this strong top-line growth while maintaining disciplined cost management, even as it ramped up marketing and borrower

acquisition spending to drive volume growth. Supported by higher profitability and the efficiency of its business model, the Company's return on equity[8] improved to approximately 25.5%, up from 24.1% in the prior-year quarter.

Asset Quality and Provisions: Credit quality improvements during the quarter helped temper risk costs despite lending growth. Delinquency rates for loans 31--60 days and 91--180 days past due declined 22% and 37% year-over-year, respectively, positively impacting overall credit loss experience and underscoring effective risk management despite higher loan volumes. Provision for loans receivable remained stable at RMB62.2 million, while provision for contingent guarantee liabilities increased to RMB63.7 million from RMB47.9 million, aligned with expanded guaranteed loan volume. Overall, credit-related costs were well-controlled, benefiting from improved asset quality and collections effectiveness.

Profitability and Margins: X Financial achieved robust profitability in Q1 2025 while investing in growth initiatives. Operating margin([) (8]) was approximately 29.6%, slightly lower than 31.2% in Q1 2024. The increase in operating costs and expenses was mainly attributable to the increase in borrower acquisition costs as a result of the elevated marketing efforts in the current period, though the Company continued to demonstrate strong revenue expansion and disciplined expense management. Net profit margin(8) was about 23.6%, with net income growing 26.2% year-over-year. Net income per basic ADS rose significantly to RMB10.92, up 46.8% year-over-year.

Funding and Liquidity: The Company's balance sheet remains solid, supporting ongoing growth. Cash and cash equivalents increased to RMB1,389.5 million (US$191.5 million) as of March 31, 2025, up from RMB984.6 million at year-end 2024, driven by strong operating cash generation and efficient working capital management. Total restricted cash was RMB712.3 million (US$98.2 million), bringing total cash (including restricted) to over RMB2.1 billion. Shareholders' equity grew to RMB7,435.4 million (US$1.02 billion), reflecting the growth of retained earnings. The equity-to-assets ratio exceeded 60%, underscoring a conservative leverage profile and ample capital buffers.

Regulatory Update: The regulatory landscape for online consumer finance in Mainland China remains dynamic and continues to evolve, presenting both challenges and opportunities. We remain fully committed to regulatory compliance and closely aligned with policy developments.

A recent notice from the National Financial Regulatory Administration regarding internet-based lending reaffirmed the existing regulatory trajectory rather than introducing significant changes. The overarching objective continues to be fostering responsible credit access while ensuring financial stability.

We view increased oversight of loan facilitation platforms as positive, reflecting regulatory recognition of our role in the broader financial ecosystem and supporting industry maturity and long-term viability.

Given that the online consumer finance sector is relatively young, the regulatory framework continues to develop. While new policies may result in higher compliance costs or operational adjustments, they also open opportunities for innovation, standardization, and sustainable growth.

We will proactively engage with regulators and partners, diversifying funding channels, broadening loan offerings, and strengthening risk controls to support healthy business development under the evolving regulatory framework.

 
([1]) Represents the total amount of loans that the Company facilitated and 
originated during the relevant period. 
([2]) Represents the total amount of loans outstanding for loans that the 
Company facilitated and originated at the end of the relevant period. Loans 
that are delinquent for more than 60 days are excluded in the outstanding loan 
balance, except for Xiaoying Housing Loans. As Xiaoying Housing Loans is a 
secured loan product and the Company is entitled to payment by exercising its 
rights to the collateral, the Company does not exclude Xiaoying Housing Loans 
delinquent for more than 60 days in the outstanding loan balance. 
([3]) Represents borrowers who made at least one transaction on the Company's 
platform during the relevant period. 
([4]) Represents borrowers who made at least one transaction on the Company's 
platform since inception through the end of the relevant period. 
([5]) Represents the balance of the outstanding principal for Xiaoying Credit 
Loans that were 31 to 60 days past due as a percentage of the total balance of 
outstanding principal for Xiaoying Credit Loans that the Company facilitated 
and originated as of a specific date. Xiaoying Credit Loans that are 
delinquent for more than 60 days are excluded when calculating the 
denominator. Starting from the first quarter of 2021, substantially all of the 
loans facilitated and originated by the Company have been Xiaoying Credit 
Loans. 
([6]) To make the delinquency rate by balance comparable to the peers, the 
Company also defines the delinquency rate as the balance of the outstanding 
principal for Xiaoying Credit Loans that were 91 to 180 days past due as a 
percentage of the total balance of outstanding principal for 
the Xiaoying Credit Loans that the Company facilitated and originated as of a 
specific date. Xiaoying Credit Loans that are delinquent for more than 180 
days are excluded when calculating the denominator. 
([7]) We use in this press release the following non-GAAP financial measures: 
(i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, 
(iii) adjusted net income (loss) per diluted ADS, (iv) adjusted net income 
(loss) per basic share, and (v) adjusted net income (loss) per diluted share, 
each of which excludes share-based compensation expense, impairment losses on 
financial investments, income (loss) from financial investments, gain (loss) 
from financial investments at equity method and impairment losses on long-term 
investments. 
([8]) Financial Ratios: -- Operating margin: It is calculated as Income from 
Operations divided by Total Net Revenue for the period. -- Net profit 
margin:  It is calculated as Net Income divided by Total Net Revenue for the 
period. -- Return on equity: It is calculated as the annualized Net 
Income divided by Average Total Equity for the period. Average Total Equity is 
calculated using the opening and closing balances of the period. 
 

Conference Call

X Financial's management team will host an earnings conference call at 7:30 AM U.S. Eastern Time on May 20, 2025 (7:30 PM Beijing / Hong Kong Time on May 20, 2025).

Dial-in details for the earnings conference call are as follows:

 
United States:    1-888-346-8982 
Hong Kong:        852-301-84992 
Mainland China:   4001-201203 
International:    1-412-902-4272 
Passcode:         X Financial 
 

Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call.

A replay of the conference call may be accessed by phone at the following numbers until May 27, 2025:

 
United States:   1-877-344-7529 
International:   1-412-317-0088 
Passcode:        9119292 
 

About X Financial

X Financial (NYSE: XYF) (the "Company") is a leading Chinese fintech platform. The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitate and originate loans to prime borrowers under a risk assessment and control system.

For more information, please visit http://ir.xiaoyinggroup.com.

Use of Non-GAAP Financial Measures

In evaluating our business, we consider and use non-GAAP measures as supplemental measures to review and assess our operating performance. We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We believe that the use of the non-GAAP financial measures facilitates investors' assessment of our operating performance and help investors to identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income (loss) from operations and net income (loss). We also believe that the non-GAAP measures provide useful information about our core 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.

We use in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, (iii) adjusted net income (loss) per diluted ADS, (iv) adjusted net income (loss) per basic share, and (v) adjusted net income (loss) per diluted share, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments, gain (loss) from financial investments at equity method and impairment losses on long-term investments. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, investors should not consider them in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.

We mitigate these limitations by reconciling the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release.

Exchange Rate Information

This press release contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2567 to US$1.00, the exchange rate in effect as of March 31, 2025, as published in the Federal Reserve Board's H.10 statistical release. Percentages stated in this release are calculated based on the RMB amounts.

Disclaimer

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the followings: the Company's goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China; the demand for and market acceptance of its marketplace's products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law.

Use of Projections

This announcement also contains certain financial forecasts (or guidance) with respect to the Company's projected financial results. The Company's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections or guidance for the purpose of their inclusion in this announcement, and accordingly, they did not express an opinion or provide any other form assurance with respect thereto for the purpose of this announcement. This guidance should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company, or that actual results will not differ materially from those set forth in the prospective financial information. Inclusion of the prospective financial information in this announcement should not be regarded as a representation by any person that the results contained in the prospective financial information will actually be achieved. You should review this information together with the Company's historical information.

For more information, please contact:

X Financial

Mr. Noah Kauffman (Chief Financial Strategy Officer)

E-mail: ir@xiaoying.com

Christensen IR

In China: Mr. Rene Vanguestaine

Phone: +86-178-1749-0483

E-mail: rene.vanguestaine@christensencomms.com

In U.S.: Ms. Linda Bergkamp

Phone: +1-480-614-3004

E-mail: linda.bergkamp@christensencomms.com

 
X Financial 
Unaudited 
Condensed 
Consolidated 
Balance Sheets 
 
(In thousands, 
except for share 
and per share       As of December 31,     As of March 31,     As of March 31, 
data)                             2024                2025                2025 
------------------  ------------------  ------------------  ------------------ 
                                   RMB                 RMB                 USD 
 ASSETS 
 Cash and cash 
  equivalents                  984,611           1,389,456             191,472 
 Restricted cash, 
  net                          676,793             712,349              98,164 
 Accounts 
  receivable and 
  contract assets, 
  net                        2,029,550           2,409,743             332,071 
 Loans receivable 
  from Credit 
  Loans and other 
  loans, net                 4,828,317           4,212,291             580,469 
 Deposits to 
  institutional 
  cooperators, 
  net                        1,958,297           2,126,352             293,019 
 Prepaid expenses 
  and other 
  current assets, 
  net                           34,079              33,411               4,605 
 Financial 
  guarantee 
  derivative                     1,038               6,454                 889 
 Deferred tax 
  assets, net                  197,713             188,017              25,909 
 Long term 
  investments                  498,038             495,129              68,231 
 Property and 
  equipment, net                15,833              16,767               2,311 
 Intangible 
  assets, net                   36,592              36,506               5,031 
 Financial 
  investments                  513,476             429,794              59,227 
 Other non-current 
  assets                        44,951              36,736               5,062 
 TOTAL ASSETS               11,819,288          12,093,005           1,666,460 
 
 LIABILITIES 
 Payable to 
  investors and 
  institutional 
  funding partners 
  at amortized 
  cost                       2,184,086           1,718,948             236,877 
 Contingent 
  guarantee 
  liabilities                  187,641             190,198              26,210 
 Deferred 
  guarantee 
  income                       164,725             159,566              21,989 
 Short-term 
  borrowings                   328,500             603,500              83,165 
 Accrued payroll 
  and welfare                   94,717              48,266               6,651 
 Other tax payable             279,993             322,396              44,426 
 Income tax 
  payable                      591,491             618,616              85,248 
 Accrued expenses 
  and other 
  current 
  liabilities                  941,506             958,670             132,107 
 Other non-current 
  liabilities                   27,516              19,816               2,731 
 Deferred tax 
  liabilities                   65,959              17,602               2,426 
 TOTAL LIABILITIES           4,866,134           4,657,578             641,830 
 
 Commitments and 
 Contingencies 
 Equity: 
 Common shares 
  (250,678,439 and 
  253,256,363 
  shares 
  outstanding as 
  of December 31, 
  2024 and March 
  31, 2025)                        207                 207                  29 
 Treasury stock              (509,644)           (503,448)            (69,377) 
 Additional 
  paid-in capital            3,207,028           3,225,944             444,547 
 Retained earnings           4,174,511           4,632,638             638,395 
 Other 
  comprehensive 
  income                        81,052              80,086              11,036 
 Total X Financial 
  shareholders' 
  equity                     6,953,154           7,435,427           1,024,630 
 Non-controlling 
 interests                           -                   -                   - 
 TOTAL EQUITY                6,953,154           7,435,427           1,024,630 
 
 TOTAL LIABILITIES 
  AND EQUITY                11,819,288          12,093,005           1,666,460 
==================  ==================  ==================  ================== 
 
 
X Financial 
 Unaudited Condensed Consolidated Statements of Comprehensive Income 
 
                                              Three Months Ended March 31, 
                                         ------------------------------------- 
(In thousands, except for share and per 
share data)                                     2024         2025         2025 
---------------------------------------  -----------  -----------  ----------- 
                                                 RMB          RMB          USD 
Net revenues 
Loan facilitation service                    614,150    1,078,379      148,605 
Post-origination service                     152,742      266,041       36,661 
Financing income                             334,628      310,140       42,739 
Guarantee income                              32,926       82,929       11,428 
Other revenue                                 73,528      200,016       27,563 
Total net revenue                          1,207,974    1,937,505      266,996 
 
Operating costs and expenses: 
Origination and servicing                    426,547      473,725       65,281 
Borrower acquisitions and marketing          248,374      709,007       97,704 
General and administrative                    38,474       51,744        7,131 
Provision for accounts receivable and 

 contract assets                               8,655        9,048        1,247 
Provision for loans receivable                61,540       62,196        8,571 
Provision for contingent guarantee 
 liabilities                                  47,893       63,748        8,785 
Change in fair value of financial 
 guarantee derivative                              -      (5,417)        (746) 
(Reversal of) provision for credit 
 losses for 
 deposits and other financial assets            (50)          549           76 
Total operating costs and expenses           831,433    1,364,600      188,049 
 
Income from operations                       376,541      572,905       78,947 
Interest income (expenses), net              (4,291)      (2,719)        (375) 
Foreign exchange (gain) loss                   (424)     (12,482)      (1,720) 
Income from financial investments(1)           8,327      (3,678)        (507) 
Other income, net                              4,046        1,935          267 
 
Income before income taxes                   384,199      555,961       76,612 
 
Income tax expense                          (65,025)    (116,528)     (16,058) 
Gain (loss) from equity in affiliates, 
 net of tax                                    2,046      (2,182)        (301) 
Gain (loss) from financial investments 
 at equity method, net of tax(1)              41,919       20,876        2,877 
Net income                                   363,139      458,127       63,130 
Less: net income attributable to 
non-controlling interests                          -            -            - 
Net income attributable to X Financial 
 shareholders                                363,139      458,127       63,130 
 
Net income                                   363,139      458,127       63,130 
Other comprehensive income, net of tax 
of nil: 
Gain (loss) from equity in affiliates             30            -            - 
Income (loss) from financial 
 investments                                   2,225        (768)        (106) 
Foreign currency translation 
 adjustments                                   1,218        (198)         (27) 
Comprehensive income                         366,612      457,161       62,997 
Less: comprehensive income attributable 
to non-controlling interests                       -            -            - 
Comprehensive income attributable to X 
 Financial shareholders                      366,612      457,161       62,997 
=======================================  ===========  ===========  =========== 
 
Net income per share--basic                     1.24         1.82         0.25 
Net income per share--diluted                   1.22         1.76         0.24 
 
Net income per ADS--basic                       7.44        10.92         1.50 
Net income per ADS--diluted                     7.32        10.56         1.46 
 
Weighted average number of ordinary 
 shares outstanding--basic               293,788,724  252,292,800  252,292,800 
Weighted average number of ordinary 
 shares outstanding--diluted             296,894,415  260,864,033  260,864,033 
 
 
(1) The Company has revised the presentation of the gain (loss) from financial 
investments at equity method after income tax expense, which previously 
reported as "Income (loss) from financial investments" before income tax 
expense. Additionally, "Impairment losses on long-term investments" accounted 
under the equity method have been reclassified into the gain (loss) from 
equity in affiliates after income tax expense. This change in presentation 
does not affect the net income for any periods presented. 
 
 
X Financial 
Unaudited Reconciliations of GAAP and 
Non-GAAP Results 
 
                                             Three Months Ended March 31, 
                                         ------------------------------------- 
(In thousands, except for share and per 
share data)                                     2024         2025         2025 
---------------------------------------  -----------  -----------  ----------- 
                                                 RMB          RMB          USD 
GAAP net income                              363,139      458,127       63,130 
Less: Income (loss) from financial 
 investments (net of tax of nil)               8,327      (3,678)        (507) 
Less: Impairment losses on financial 
investments (net of tax of nil)                    -            -            - 
Less: Impairment losses on long-term 
investments (net of tax)                           -            -            - 
Less: Gain (loss) from financial 
 investments at equity method (net of 
 tax of nil)                                  41,919       20,876        2,877 
Add: Share-based compensation expenses 
 (net of tax of nil)                           9,312       25,837        3,560 
Non-GAAP adjusted net income                 322,205      466,766       64,320 
 
Non-GAAP adjusted net income per 
 share--basic                                   1.10         1.85         0.25 
Non-GAAP adjusted net income per 
 share--diluted                                 1.09         1.79         0.25 
 
Non-GAAP adjusted net income per 
 ADS--basic                                     6.60        11.10         1.53 
Non-GAAP adjusted net income per 
 ADS--diluted                                   6.54        10.74         1.48 
 
Weighted average number of ordinary 
 shares outstanding--basic               293,788,724  252,292,800  252,292,800 
Weighted average number of ordinary 
 shares outstanding--diluted             296,894,415  260,864,033  260,864,033 
 

View original content:https://www.prnewswire.com/news-releases/x-financial-reports-first-quarter-2025-unaudited-financial-results-302458901.html

SOURCE X Financial

(END) Dow Jones Newswires

May 19, 2025 16:50 ET (20:50 GMT)