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FinVolution Group Reports Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results

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2 years ago

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-Full Year 2024 Transaction Volume reached RMB206.2 billion, up 6.1% year-over-year-

-Full Year 2024 International Transaction Volume exceeded RMB10.1 billion, up 27.8% year-over-year-

-Full Year International Revenues reached RMB2.5 billion, up 18.5% year-over-year and representing 19.4% of total net revenues-

SHANGHAI, March 17, 2025 /PRNewswire/ — FinVolution Group (“FinVolution” or the “Company”) (NYSE: FINV), a leading fintech platform in China, Indonesia and the Philippines, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.

For the Three Months
Ended/As of

YoY

Change

For the Full
Year Ended /
As of December
31,

 

 

YoY

Change

December 31, 
2023

December 31, 
2024

2023

2024

Total Transaction Volume (RMB in billions)[1]           

52.4

56.9

8.6 %

194.3

206.2

6.1 %

Transaction Volume (China’s Mainland)[2]

50.1

54.0

7.8 %

186.4

196.1

5.2 %

Transaction Volume (International)[3]

2.3

2.9

26.1 %

7.9

10.1

27.8 %

Total Outstanding Loan Balance (RMB in
billions)

67.4

71.5

6.1 %

67.4

71.5

6.1 %

Outstanding Loan Balance (China’s Mainland)[4]  

66.1

69.8

5.6 %

66.1

69.8

5.6 %

Outstanding Loan Balance (International)[5]

1.3

1.7

30.8 %

1.3

1.7

30.8 %

Fourth Quarter 2024 China Market Operational Highlights

Cumulative registered users[6] reached 172.6 million as of December 31, 2024, an increase of 10.9% compared with December 31, 2023.Cumulative borrowers[7] reached 26.8 million as of December 31, 2024, an increase of 6.3% compared with December 31, 2023.Number of unique borrowers[8] for the fourth quarter of 2024 was 2.1 million, an increase of 0.3% compared with the same period of 2023.Transaction volume[2] reached RMB54.0 billion for the fourth quarter of 2024, an increase of 7.8% compared with the same period of 2023.Transaction volume facilitated for repeat individual borrowers[9] for the fourth quarter of 2024 was RMB46.7 billion, an increase of 9.1% compared with the same period of 2023.Outstanding loan balance[4] reached RMB69.8 billion as of December 31, 2024, an increase of 5.6% compared with December 31, 2023.Average loan size[10] was RMB11,466 for the fourth quarter of 2024, compared with RMB9,044 for the same period of 2023.Average loan tenure[11] was 8.0 months for the fourth quarter of 2024, compared with 8.2 months for the same period of 2023.90 day+ delinquency ratio[12] was 2.13% as of December 31, 2024.

Fourth Quarter 2024 International Market Operational Highlights

Cumulative registered users[13] reached 35.7 million as of December 31, 2024, an increase of 45.1% compared with December 31, 2023.Cumulative borrowers[14] for the international market reached 7.0 million as of December 31, 2024, an increase of 45.8% compared with December 31, 2023.Number of unique borrowers[15] for the fourth quarter of 2024 was 1.6 million, an increase of 87.9% compared with the same period of 2023.Number of new borrowers[16] for the fourth quarter of 2024 was 0.7 million, an increase of 118.4% compared with the same period of 2023.Transaction volume[3] reached RMB2.9 billion for the fourth quarter of 2024, an increase of 26.1% compared with the same period of 2023.Outstanding loan balance[5] reached RMB1.7 billion as of December 31, 2024, an increase of 30.8% compared with December 31, 2023.International business revenue was RMB739.3 million (US$101.3 million) for the fourth quarter of 2024, an increase of 22.8% compared with the same period of 2023, representing 21.4% of total revenue for the fourth quarter of 2024.

Fourth Quarter 2024 Financial Highlights 

Net revenue was RMB3,456.7 million (US$473.6 million) for the fourth quarter of 2024, compared with RMB3,223.6 million for the same period of 2023.Net profit was RMB680.8 million (US$93.3 million) for the fourth quarter of 2024, compared with RMB528.8 million for the same period of 2023.Non-GAAP adjusted operating income[17], which excludes share-based compensation expenses before tax, was RMB822.0 million (US$112.6 million) for the fourth quarter of 2024, compared with RMB547.0 million for the same period of 2023.Diluted net profit per American depositary share (“ADS”) was RMB2.61 (US$0.36) and diluted net profit per share was RMB0.52 (US$0.07) for the fourth quarter of 2024, compared with RMB1.92 and RMB0.38 for the same period of 2023, respectively.Non-GAAP diluted net profit per ADS was RMB2.74 (US$0.38) and non-GAAP diluted net profit per share was RMB0.55 (US$0.08) for the fourth quarter of 2024, compared with RMB2.04 and RMB0.41 for the same period of 2023, respectively. Each ADS of the Company represents five Class A ordinary shares of the Company.

[1] Represents the total transaction volume facilitated in China’s Mainland and the international markets on the Company’s platforms during the period presented.

[2] Represents our transaction volume facilitated in China’s Mainland during the period presented. During the fourth quarter, RMB19.9 billion were facilitated under the capital-light model, for which the Company does not bear principal risk.

[3] Represents our transaction volume facilitated in markets outside China’s Mainland during the period presented.

[4] Outstanding loan balance (China’s Mainland) as of any date refers to the balance of outstanding loans in China’s Mainland market excluding loans delinquent for more than 180 days from such date. As of December 31, 2024, RMB26.6 billion were facilitated under the capital-light model, for which the Company does not bear principal risk.

[5] Outstanding loan balance (international) as of any date refers to the balance of outstanding loans in the international markets excluding loans delinquent for more than 30 days from such date.

[6] On a cumulative basis, the total number of users in China’s Mainland market registered on the Company’s platform as of December 31, 2024.

[7] On a cumulative basis, the total number of borrowers in China’s Mainland market registered on the Company’s platform as of December 31, 2024.

[8] Represents the total number of borrowers in China’s Mainland who have successfully borrowed on the Company’s platform during the period presented.

[9] Represents the transaction volume facilitated for repeat borrowers in China’s Mainland who successfully completed a transaction on the Company’s platform during the period presented.

[10] Represents the average loan size on the Company’s platform in China’s Mainland during the period presented.

[11] Represents the average loan tenor on the Company’s platform in China’s Mainland during the period presented.

[12] “90 day+ delinquency ratio” refers to the outstanding principal balance of loans, excluding loans facilitated under the capital-light model, that were 90 to 179 calendar days past due as a percentage of the total outstanding principal balance of loans, excluding loans facilitated under the capital-light model on the Company’s platform as of a specific date. Loans that originated outside China’s Mainland are not included in the calculation.

[13] On a cumulative basis, the total number of users registered on the Company’s platforms outside China’s Mainland market, as of December 31, 2024.

[14] On a cumulative basis, the total number of borrowers on the Company’s platforms outside China’s Mainland market, as of December 31, 2024.

[15] Represents the total number of borrowers outside China’s Mainland who have successfully borrowed on the Company platforms during the period presented.

[16] Represents the total number of new borrowers outside China’s Mainland whose transactions were facilitated on the Company’s platforms during the period presented.

[17] Please refer to “UNAUDITED Reconciliation of GAAP And Non-GAAP Results” for reconciliation between GAAP and Non-GAAP adjusted operating income.

[18] Change in Presentation of Consolidated Statements of Cash Flows During the fourth quarter of 2024, the Company elected to change its presentation of the cash flows associated with funds held for customers from operating activities to present them as financing activities and funds paid on behalf of customers from operating activities to present them as investing activities within its Consolidated Statements of Cash Flows. Prior periods’ balances have been adjusted to conform to the current period presentation.

Mr. Tiezheng Li, Vice Chairman and Chief Executive Officer of FinVolution, commented, “Through strong execution of our Local Excellence, Global Outlook strategy, we successfully navigated 2024’s challenges and continued to deliver progressive growth in the China market while driving rapid growth in the international markets. Cumulatively, we served 33.8 million borrowers with an increase of 3.9 million new borrowers across all our markets.” 

“With solid progress across numerous operational metrics, our total transaction volume grew to RMB206.2 billion while total outstanding loan balance grew to RMB 71.5 billion for the full year, both metrics up by 6.1% year-over-year, respectively. These healthy results validate our deep commitment to our diversification into the international markets, underscoring, the effectiveness of our Local Excellence, Global Outlook strategy,” concluded Mr. Li.

Mr. Jiayuan Xu, Chief Financial Officer of FinVolution, continued, “For the first time, transaction volume in the international markets exceeded RMB10.1 billion for the full year while outstanding loan balance reached RMB1.7 billion, up 27.8% and 30.8% year-over-year respectively. Contributions from international revenue in the fourth quarter grew further to RMB739.3 million, up 22.8% year-over-year and accounting for 21.4% of total revenue. These positive developments reaffirm the value and effectiveness of our international diversification. Driven by strong and consistent business growth, our net revenues for the fourth quarter reached RMB3,456.7 million, up 7.2% year-over-year”.

“As part of our unwavering commitment to delivering value to shareholders through business growth and capital return, we deployed approximately US$160.4 million in 2024. This compromised, US$90.2 million for share repurchases and US$70.2 million for dividend distributions, representing a total payout ratio of approximately 49.1%. Since 2018, we have consistently returned value to our shareholders through our capital return program, including both share repurchases and dividend distributions, demonstrating our dedication to sustainable shareholder value creation,” concluded Mr. Xu.

Fourth Quarter 2024 Financial Results

Net revenue for the fourth quarter of 2024 was RMB3,456.7 million (US$473.6 million), compared with RMB3,223.6 million for the same period of 2023. This increase was primarily due to the increase in loan facilitation service fees and other revenue.

Loan facilitation service fees were RMB1,344.8 million (US$184.2 million) for the fourth quarter of 2024, compared with RMB1,107.4 million for the same period of 2023. The increase was primarily due to the increase in the transaction volume. 

Post-facilitation service fees were RMB460.5 million (US$63.1 million) for the fourth quarter of 2024, compared with RMB495.4 million for the same period of 2023. This decrease was primarily due to the rolling impact of deferred transaction fees in the China market.

Guarantee income was RMB1,205.5 million (US$165.2 million) for the fourth quarter of 2024, compared with RMB1,267.5 million for the same period of 2023. This decrease was primarily due to the increased proportion of capital light business in China’s market, as well as the rolling impact of deferred guarantee income. The fair value of quality assurance commitment upon loan origination is released as guarantee income systematically over the term of the loans subject to quality assurance commitment. 

Net interest income was RMB217.9 million (US$29.9 million) for the fourth quarter of 2024, compared with RMB227.4 million for the same period of 2023.This decrease was primarily due to the decrease in the average outstanding loan balances of on-balance sheet loans in the international markets, offset by the increase of outstanding loan balance in the China market. 

Other revenue was RMB228.0 million (US$31.2 million) for the fourth quarter of 2024, compared with RMB125.8 million for the same period of 2023. This increase was primarily due to the increase in the contributions from other revenue streams.

Origination, servicing expenses and other costs of revenue were RMB664.0 million (US$91.0 million) for the fourth quarter of 2024, compared with RMB563.1 million for the same period of 2023. This increase was primarily due to the increase in facilitation costs and loan collection expenses as a result of higher outstanding loan balances. 

Sales and marketing expenses were RMB531.5 million (US$72.8 million) for the fourth quarter of 2024, compared with RMB491.4 million for the same period of 2023, as a result of our more proactive customer acquisition efforts focusing on quality borrowers in both China and the international markets.

Research and development expenses were RMB126.3 million (US$17.3 million) for the fourth quarter of 2024, compared with RMB127.6 million for the same period of 2023.

General and administrative expenses were RMB112.6 million (US$15.4 million) for the fourth quarter of 2024, compared with RMB115.2 million for the same period of 2023. This decrease was primarily due to the improvements in operating efficiency. 

Provision for accounts receivable and contract assets was RMB95.1 million (US$13.0 million) for the fourth quarter of 2024, compared with RMB36.4 million for the same period of 2023. The increase was primarily due to higher transaction loan volume in the international markets.

Provision for loans receivable was RMB64.3 million (US$8.8 million) for the fourth quarter of 2024, compared with RMB107.6 million for the same period of 2023. This decrease was primarily due to the decrease in the loan volume and the outstanding loan balances of on-balance sheet loans in the international markets.

Credit losses for quality assurance commitment were RMB1,075.0 million (US$147.3 million) for the fourth quarter of 2024, compared with RMB1,269.5 million for the same period of 2023. The decrease was primarily due to the decrease in the proportion of risk bearing loans and the improvement in credit risk performance.

Operating profit was RMB787.9 million (US$107.9 million) for the fourth quarter of 2024, compared with RMB512.8 million for the same period of 2023.

Non-GAAP adjusted operating income, which excludes share-based compensation expenses before tax, was RMB822.0 million (US$112.6 million) for the fourth quarter of 2024, compared with RMB547.0 million for the same period of 2023.

Other income was RMB25.9 million (US$3.6 million) for the fourth quarter of 2024, compared with RMB67.6 million for the same period of 2023. The decrease was mainly due to the decrease in government subsidies.

Income tax expense was RMB133.1 million (US$18.2 million) for the fourth quarter of 2024, compared with RMB51.6 million for the same period of 2023. This increase was mainly due to the increase in pre-tax profit and the change in effective tax rate.  

Net profit was RMB680.8 million (US$93.3 million) for the fourth quarter of 2024, compared with RMB528.8 million for the same period of 2023.

Net profit attributable to ordinary shareholders of the Company was RMB680.7 million (US$93.3 million) for the fourth quarter of 2024, compared with RMB524.6 million for the same period of 2023.

Diluted net profit per ADS was RMB2.61 (US$0.36) and diluted net profit per share was RMB0.52 (US$0.07) for the fourth quarter of 2024, compared with RMB1.92 and RMB0.38 for the same period of 2023 respectively.

Non-GAAP diluted net profit per ADS was RMB2.74 (US$0.38) and non-GAAP diluted net profit per share was RMB0.55 (US$0.08) for the fourth quarter of 2024, compared with RMB2.04 and RMB0.41 for the same period of 2023 respectively. Each ADS represents five Class A ordinary shares of the Company.

As of December 31, 2024, the Company had cash and cash equivalents of RMB4,672.8 million (US$640.2 million) and short-term investments, mainly in wealth management products and term deposits, of RMB2,832.4 million (US$388.0 million).

The following chart shows the historical cumulative 30-day plus past due delinquency rates by loan origination vintage for loan products facilitated through the Company’s platform in China’s Mainland as of December 31, 2024. Loans facilitated under the capital-light model, for which the Company does not bear principal risk, are excluded from the chart.

Click here to view the chart.

Fiscal Year 2024 Financial Results

Net revenue for 2024 was RMB13,065.8 million (US$1,790.0 million), compared with RMB12,547.4 million in 2023.

Loan facilitation service fees were RMB4,694.4 million (US$643.1 million) for 2024, compared with RMB4,520.5 million in 2023. The increase was primarily due to the increase in transaction volume. 

Post-facilitation service fees were RMB1,740.2 million (US$238.4 million) for 2024, compared with RMB1,969.7 million in 2023. This decrease was primarily due to the rolling impact of deferred transaction fees in the China market.

Guarantee income was RMB5,085.3 million (US$696.7 million) for 2024, compared with RMB4,479.0 million in 2023. This increase was primarily due to the increased outstanding loan balance of off-balance sheet loans in the international markets, as well as the rolling impact of deferred guarantee income. The fair value of quality assurance commitment upon loan origination is released as guarantee income systematically over the term of the loans subject to quality assurance commitment. 

Net interest income was RMB853.8 million (US$117.0 million) for 2024, compared with RMB1,049.4 million in 2023.This decrease was primarily due to the decrease in the average outstanding loan balances of on-balance sheet loans in the international markets. 

Other revenue was RMB692.1 million (US$94.8 million) for 2024, compared with RMB528.9 million in 2023. This increase was primarily due to the increase in the contributions from other revenue streams.

Origination, servicing expenses and other costs of revenue were RMB2,381.8 million (US$326.3 million) for 2024, compared with RMB2,111.5 million in 2023. This increase was primarily due to the increase in facilitation costs and loan collection expenses as a result of higher outstanding loan balances. 

Sales and marketing expenses were RMB2,014.3 million (US$276.0 million) for 2024, compared with RMB1,887.4 million in 2023, as a result of our more proactive customer acquisition efforts focusing on quality borrowers in both China and the international markets.

Research and development expenses were RMB496.7 million (US$68.1 million) for 2024, compared with RMB511.0 million in 2023. This decrease was primarily due to our improvements in technology development efficiency.

General and administrative expenses were RMB413.5 million (US$56.7 million) for 2024, compared with RMB390.0 million in 2023. This increase was primarily due to the increased benefits we provided to our employees. 

Provision for accounts receivable and contract assets was RMB317.0 million (US$43.4 million) for 2024, compared with RMB253.9 million in 2023. This increase was primarily due to the decrease in provisions from other third-party platforms in 2023.  

Provision for loans receivable was RMB320.0 million (US$43.8 million) for 2024, compared with RMB586.8 million in 2023. This decrease was primarily due to the decreases in the transaction volume and the outstanding loan balances of on-balance sheet loans in the international markets.

Credit losses for quality assurance commitment were RMB4,587.3 million (US$628.5 million) for 2024, compared with RMB4,422.8 million in 2023. The increase was primarily due to the increased outstanding loan balances of off-balance sheet loans in the international markets and offset by the decrease in the proportion of risk bearing loans in China.

Operating profit was RMB2,535.1 million (US$347.3 million) for 2024, compared with RMB2,383.9 million in 2023.

Non-GAAP adjusted operating income, which excludes share-based compensation expenses before tax, was RMB2,679.2 million (US$367.0 million) for 2024, compared with RMB2,500.3 million in 2023.

Other income was RMB310.1 million (US$42.5 million) for 2024, compared with RMB394.7 million in 2023. The decrease was mainly due to the decrease in government subsidies.

Income tax expense was RMB457.4 million (US$62.7 million) for 2024, compared with RMB395.1 million in 2023. This increase was mainly due to the increase in pre-tax profit and the change in effective tax rate.  

Net profit was RMB2,387.8 million (US$327.1 million) for 2024, compared with RMB2,383.5 million in 2023.

Net profit attributable to ordinary shareholders of the Company was RMB2,383.1 million (US$326.5 million) for 2024, compared with RMB2,340.8 million in 2023.

Shares Repurchase Update

For the full year of 2024, the Company deployed a total of US$90.2 million to repurchase its own Class A ordinary shares in the form of ADSs in the market. As of December 31, 2024, in combination with the Company’s historical and existing share repurchase programs, the Company had cumulatively repurchased its own Class A ordinary shares in the form of ADSs with a total aggregate value of approximately US$370.0 million since 2018.

Business Outlook

While the macroeconomic recovery continued to gain traction with pockets of improvement since the beginning of 2024, uncertainties persist in the markets in which we operate. The Company has observed encouraging signs of recovery and will continue to closely monitor macro conditions across our Pan-Asian markets and remain prudent in our business operations. The Company expects its full-year 2025 total revenue guidance to be in the range of approximately RMB14.4 billion to RMB15.0 billion, representing year-over-year growth of approximately 10.0% to 15.0%. 

The above forecast is based on the current market conditions and reflects the Company’s current preliminary views and expectations on market and operational conditions and the regulatory and operating environment, as well as customers’ and institutional partners’ demands, all of which are subject to change.

Board Composition Update

The board of directors of the Company has approved that Mr. Simon Tak Leung Ho, who has served as a director of the Company since November 2020, will transition to the role of an independent director. Mr. Ho currently serves as the chief financial officer for GoTo Group, Indonesia. Prior to joining GoTo Group, Mr. Ho served as chief financial officer for Maya Group, Philippines from April 2023 to July 2024, chief financial officer of Tianxia Technology from August 2021 to September 2022 and chief financial officer for FinVolution Group from September 2016 to November 2020. Mr. Ho also served in various positions at Citigroup Global Markets Asia Limited from 2008 to 2016 including managing director and head of Asian financials research. Mr. Ho received his bachelor’s degree in engineering from Northwestern University, Illinois. Mr. Ho is also a Chartered Financial Analyst.

Conference Call

The Company’s management will host an earnings conference call at 8:30 PM U.S. Eastern Time on March 17, 2025 (8:30 AM Beijing/Hong Kong Time on March 18, 2025).

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

United States (toll free):                          

+1-888-346-8982

Canada (toll free):

+1-855-669-9657

International:

+1-412-902-4272

Hong Kong, China (toll free):

800-905-945

Hong Kong, China:

+852-3018-4992

Mainland, China:

400-120-1203

Participants should dial in at least five minutes before the scheduled start time and ask to be connected to the call for “FinVolution Group.”

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.finvgroup.com.

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until March 24, 2025, by dialing the following telephone numbers:

United States (toll free):                           

+1-877-344-7529

Canada (toll free):                

+1-855-669-9658

International:

+1-412-317-0088

Replay Access Code:

2187762

About FinVolution Group 

FinVolution Group is a leading fintech platform with strong brand recognition in China, Indonesia and the Philippines, connecting borrowers of the young generation with financial institutions. Established in 2007, the Company is a pioneer in China’s online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company’s platforms, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of December 31, 2024, the Company had 208.3 million cumulative registered users across China, Indonesia and the Philippines.

For more information, please visit https://ir.finvgroup.com

Use of Non-GAAP Financial Measures

We use non-GAAP adjusted operating income, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. We believe that these non-GAAP financial measures help identify underlying trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that non-GAAP financial measures provide useful information about our 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.

Non-GAAP adjusted operating income, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider it in isolation, or as a substitute for net income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review our financial information in its entirety and not rely on a single financial measure.

For more information on this non-GAAP financial measure, please see the table captioned “Reconciliations of GAAP and Non-GAAP results” set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2993 to US$1.00, the rate in effect as of December 31, 2024 as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company’s ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company’s marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company’s ability to meet the standards necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Capital Markets
Jimmy Tan, IRC
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: ir@xinye.com 

Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: finv@tpg-ir.com   

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com

 

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share data, or otherwise noted)

As of December 31,

As of December 31,

2023

2024

RMB

RMB

USD

Assets

Cash and cash equivalents

4,969,319

4,672,772

640,167

Restricted cash

1,800,071

2,074,300

284,178

Short-term investments

2,960,821

2,832,382

388,035

Investments

1,135,133

1,173,003

160,701

Quality assurance receivable, net of credit loss allowance for
  quality assurance receivable of RMB529,392 and
  RMB426,949 as of December 31, 2023 and December 31, 2024,
  respectively 

1,755,615

1,639,591

224,623

Intangible assets

98,692

137,298

18,810

Property, equipment and software, net

140,933

623,792

85,459

Loans receivable, net of credit loss allowance for loans receivable
  of RMB214,550 and RMB226,467 as of December 31, 2023 and
  December 31, 2024, respectively

1,127,388

4,157,621

569,592

Accounts receivable and contract assets, net of credit loss
  allowance for accounts receivable and contract assets of
  RMB310,394 and RMB290,267 as of December 31, 2023 and
  December 31, 2024, respectively 

2,208,538

2,405,880

329,604

Deferred tax assets

1,624,325

2,513,865

344,398

Right of use assets

38,110

36,826

5,045

Prepaid expenses and other assets

3,384,317

1,289,380

176,644

Goodwill

50,411

50,411

6,906

Total assets

21,293,673

23,607,121

3,234,162

Liabilities and Shareholders’ Equity

Deferred guarantee income

1,882,036

1,515,950

207,684

Liability from quality assurance commitment

3,306,132

2,964,116

406,082

Payroll and welfare payable

261,528

290,389

39,783

Taxes payable

207,477

705,928

96,712

Short-term borrowings

5,756

5,594

766

Funds payable to investors of consolidated trusts

436,352

796,122

109,068

Contract liability

5,109

10,185

1,395

Deferred tax liabilities

340,608

491,213

67,296

Accrued expenses and other liabilities

941,899

1,245,184

170,590

Leasing liabilities

35,878

28,765

3,941

Total liabilities

7,422,775

8,053,446

1,103,317

Commitments and contingencies

FinVolution Group Shareholders’ equity

Ordinary shares

103

103

14

Additional paid-in capital

5,748,734

5,815,437

796,712

Treasury stock

(1,199,683)

(1,765,542)

(241,878)

Statutory reserves

762,472

852,723

116,823

Accumulated other comprehensive income

80,006

92,626

12,689

Retained Earnings

8,357,153

10,208,717

1,398,588

Total FinVolution Group shareholders’ equity

13,748,785

15,204,064

2,082,948

Non-controlling interest

122,113

349,611

47,897

Total shareholders’ equity

13,870,898

15,553,675

2,130,845

Total liabilities and shareholders’ equity

21,293,673

23,607,121

3,234,162

 

 

 

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME

 (All amounts in thousands, except share data, or otherwise noted)

For the Three Months Ended December 31,

For the Year Ended December 31,

2023

2024

2023

2024

RMB

RMB

USD

RMB

RMB

USD

Operating revenue:

  Loan facilitation service fees

1,107,434

1,344,799

184,237

4,520,504

4,694,380

643,127

  Post-facilitation service fees

495,431

460,465

63,083

1,969,705

1,740,241

238,412

  Guarantee income

1,267,515

1,205,502

165,153

4,478,995

5,085,296

696,683

     Net interest income       

227,426

217,927

29,856

1,049,379

853,779

116,967

  Other Revenue

125,791

227,999

31,236

528,862

692,128

94,821

Net revenue

3,223,597

3,456,692

473,565

12,547,445

13,065,824

1,790,010

Operating expenses:

      Origination, servicing expenses and other cost of
revenue

(563,142)

(663,982)

(90,965)

(2,111,515)

(2,381,839)

(326,311)

  Sales and marketing expenses

(491,381)

(531,530)

(72,819)

(1,887,442)

(2,014,254)

(275,952)

  Research and development expenses

(127,605)

(126,257)

(17,297)

(510,986)

(496,740)

(68,053)

  General and administrative expenses

(115,209)

(112,570)

(15,422)

(390,022)

(413,548)

(56,656)

  Provision for accounts receivable and contract assets

(36,413)

(95,132)

(13,033)

(253,948)

(317,049)

(43,436)

  Provision for loans receivable

(107,562)

(64,346)

(8,815)

(586,843)

(320,013)

(43,842)

  Credit losses for quality assurance commitment

(1,269,514)

(1,074,955)

(147,268)

(4,422,802)

(4,587,254)

(628,451)

Total operating expenses

(2,710,826)

(2,668,772)

(365,619)

(10,163,558)

(10,530,697)

(1,442,701)

Operating profit

512,771

787,920

107,946

2,383,887

2,535,127

347,309

  Other income, net

67,633

25,945

3,554

394,698

310,123

42,487

Profit before income tax expense

580,404

813,865

111,500

2,778,585

2,845,250

389,796

  Income tax expenses

(51,572)

(133,110)

(18,236)

(395,100)

(457,405)

(62,664)

Net profit

528,832

680,755

93,264

2,383,485

2,387,845

327,132

  Less: Net profit/(loss) attributable to non-controlling
interest shareholders

4,273

50

7

42,650

4,699

644

Net profit attributable to FinVolution Group

524,559

680,705

93,257

2,340,835

2,383,146

326,488

  Foreign currency translation adjustment, net of nil tax

8,855

249,597

34,195

27,769

234,012

32,060

Total comprehensive income attributable

  to FinVolution Group

533,414

930,302

127,452

2,368,604

2,617,158

358,548

Weighted average number of ordinary shares used in                 

       computing net income per share

  Basic

1,342,940,746

1,266,235,809

1,266,235,809

1,374,713,018

1,287,853,207

1,287,853,207

  Diluted

1,367,430,282

1,303,393,465

1,303,393,465

1,402,947,561

1,320,229,492

1,320,229,492

Net profit per share attributable to FinVolution

       Group’s ordinary shareholders

  Basic

0.39

0.54

0.07

1.70

1.85

0.25

  Diluted

0.38

0.52

0.07

1.67

1.81

0.25

Net profit per ADS attributable to FinVolution

       Group’s ordinary shareholders (one ADS equal

       five ordinary shares)

  Basic

1.95

2.69

0.37

8.51

9.25

1.27

  Diluted

1.92

2.61

0.36

8.34

9.03

1.24

 

 

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS[18]

 (All amounts in thousands, except share data, or otherwise noted)

Three Months Ended December 31,

Year Ended December 31,

2023

2024

2023

2024

RMB

RMB

USD

RMB

RMB

USD

Net cash provided by operating
activities

45,284

299,509

41,033

1,360,872

2,893,160

396,361

Net cash provided by/(used in)
investing activities

(104,246)

(745,555)

(102,141)

1,411,992

(2,295,816)

(314,526)

Net cash provided by/(used in)
financing activities

(1,030,417)

255,302

34,976

(2,505,002)

(622,715)

(85,312)

Effect of exchange rate changes on
cash and cash equivalents

(4,975)

5,406

741

22,441

3,053

419

Net increase/ (decrease) in cash, cash
equivalent and restricted cash

(1,094,354)

(185,338)

(25,391)

290,303

(22,318)

(3,058)

Cash, cash equivalent and restricted
cash at beginning of period

7,863,744

6,932,410

949,736

6,479,087

6,769,390

927,403

Cash, cash equivalent and restricted
cash at end of period

6,769,390

6,747,072

924,345

6,769,390

6,747,072

924,345

 

 

FinVolution Group

UNAUDITED Reconciliation of GAAP and Non-GAAP Results

 (All amounts in thousands, except share data, or otherwise noted)

For the Three Months Ended December 31,

For the Year Ended December 31,

2023

2024

2023

2024

RMB

RMB

USD

RMB

RMB

USD

Net Revenues

3,223,597

3,456,692

473,565

12,547,445

13,065,824

1,790,010

Less: total operating expenses

(2,710,826)

(2,668,772)

(365,619)

(10,163,558)

(10,530,697)

(1,442,701)

Operating Income

512,771

787,920

107,946

2,383,887

2,535,127

347,309

Add: share-based compensation expenses

34,215

34,064

4,667

116,407

144,052

19,735

Non-GAAP adjusted operating income

546,986

821,984

112,613

2,500,294

2,679,179

367,044

Operating Margin

15.9 %

22.8 %

22.8 %

19.0 %

19.4 %

19.4 %

Non-GAAP operating margin

17.0 %

23.8 %

23.8 %

19.9 %

20.5 %

20.5 %

Non-GAAP adjusted operating income

546,986

821,984

112,613

2,500,294

2,679,179

367,044

Add: other income, net

67,633

25,945

3,554

394,698

310,123

42,487

Less: income tax expenses

(51,572)

(133,110)

(18,236)

(395,100)

(457,405)

(62,664)

Non-GAAP net profit

563,047

714,819

97,931

2,499,892

2,531,897

346,867

Less: Net profit/(loss) attributable to non-
controlling interest shareholders

4,273

50

7

42,650

4,699

644

Non-GAAP net profit attributable to
FinVolution Group

558,774

714,769

97,924

2,457,242

2,527,198

346,223

Weighted average number of ordinary
shares used in computing net income per
share

Basic

1,342,940,746

1,266,235,809

1,266,235,809

1,374,713,018

1,287,853,207

1,287,853,207

Diluted

1,367,430,282

1,303,393,465

1,303,393,465

1,402,947,561

1,320,229,492

1,320,229,492

Non-GAAP net profit per share
attributable to FinVolution Group’s
ordinary shareholders

Basic

0.42

0.56

0.08

1.79

1.96

0.27

Diluted

0.41

0.55

0.08

1.75

1.91

0.26

Non-GAAP net profit per ADS attributable
to FinVolution Group’s ordinary
shareholders (one ADS equal five ordinary
shares)

Basic

2.08

2.82

0.39

8.94

9.81

1.34

Diluted

2.04

2.74

0.38

8.76

9.57

1.31

View original content:https://www.prnewswire.com/news-releases/finvolution-group-reports-fourth-quarter-and-fiscal-year-2024-unaudited-financial-results-302403071.html

SOURCE FinVolution Group

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Cambodia Takes Bakong Global, Connecting ASEAN with Japan and Africa

Published

4 hours ago

on

November 15, 2026

By

PHNOM PENH, Cambodia, Nov. 15, 2026 /PRNewswire/ — Cambodia is taking its national digital payment system, Bakong, onto the global stage, unveiling initiatives spanning international card payments, stablecoin and bond tokenisation pilots with Japan, and a remittance corridor with Rwanda.

The announcements were made at the inaugural Black Swan Summit Cambodia, co-hosted by the National Bank of Cambodia (NBC) and the Singapore-headquartered Global Finance & Technology Network (GFTN), in collaboration with three Cambodian ministries: the Ministry of Post and Telecommunications, the Ministry of Commerce, and the Ministry of Industry, Science, Technology and Innovation.

Held alongside the Sommet de la Francophonie, the two-day summit has attracted over 5,000 registered participants from 60 countries, including policymakers, central bankers, investors and technology leaders, to advance financial connectivity between ASEAN, Africa and other international markets.

From National Payment System to Global Network

Cambodia has built a digital payments infrastructure that has transformed domestic financial access. It is now extending that infrastructure internationally through three initiatives:

Bakong to the World: Bakong users will be able to create Visa or Mastercard virtual cards through the app, enabling contactless payments overseas.

Japan–Cambodia stablecoin remittances: NBC and SBI Group will explore stablecoin-based cross-border transfers, with funds received through Bakong wallets.

Government bond tokenisation: NBC and SBI Bank will pilot the tokenisation of Cambodian government bonds on the Canton Network, exploring new approaches to trading and settlement.

Bakong has also contributed to the growing use of Cambodia’s national currency. The riel’s share of transactions on the platform increased from 17% in 2020 to 58% in 2025.

A Model for Emerging Economies

Cambodia’s financial transformation is rooted in an extraordinary history. Following the destruction of its banking system and the abolition of its currency between 1975 and 1979, the riel was reintroduced on 20 March 1980.

Rather than replicate conventional financial infrastructure, Cambodia has built a digital-first payments ecosystem. Today, Bakong connects approximately 38 million accounts in a country of 17 million people. In 2025, it processed 1.3 billion transactions worth US$241.84 billion, equivalent to approximately 4.5 times Cambodia’s GDP.

For emerging economies seeking to expand financial inclusion, strengthen domestic currencies and connect to global markets, Cambodia offers an example of how public digital infrastructure can accelerate financial development.

Bridging ASEAN and the Francophone World

The summit also marks a step towards connecting Southeast Asia with Francophone economies, particularly in Africa.

Two initiatives signal this ambition:

Cambodia–Rwanda remittance corridor: The National Bank of Cambodia and the National Bank of Rwanda are working to connect Bakong with Rwanda’s RSwitch payment infrastructure, initially facilitating remittances from Cambodia to Rwanda.

Francophone Africa payment connectivity: H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia, underscored the shared vision of exploring cross-border payment connectivity with Francophone African payment systems, with potential initial use cases focusing on remittances and small-value trade.

These initiatives advance South–South cooperation, demonstrating how emerging economies can collaborate directly on interoperable financial infrastructure without relying exclusively on traditional international payment networks.

The summit continues on 16 November, with discussions on economic corridors, payment interoperability, financial resilience and regulatory cooperation.

Leadership Perspectives

H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia, said: “Cambodia knows what it means to lose a financial system and rebuild trust in money. Bakong has expanded access and the use of the riel. Now we are connecting it to the world. Sovereignty and openness are not opposites. Inclusion must be measured not just by whether people can pay, but by whether they can withstand shocks.”

Sopnendu Mohanty, Group CEO, Global Finance & Technology Network (GFTN), said: “Cambodia shows that emerging economies can build financial infrastructure around their own needs rather than inherit systems designed elsewhere. The next challenge is connecting these platforms internationally. From African payment links to Japanese fintech pilots, Black Swan Summit Cambodia demonstrates how emerging markets can open new channels for trade, investment and financial inclusion.”

For more information: www.cambodia.blackswansummit.com

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/cambodia-takes-bakong-global-connecting-asean-with-japan-and-africa-302939651.html

SOURCE Global Finance & Technology Network (GFTN)

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APEC 2026 Host City Promotional Video Shenzhen: Where the Future Takes Shape Released Worldwide

Published

9 hours ago

on

November 15, 2026

By

SHENZHEN, China, Nov. 14, 2026 /CNW/ — Shenzhen: Where the Future Takes Shape, the official promotional video for the host city of the 2026 Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting, was released worldwide on November 15, as APEC Economic Leaders’ Week got underway in Shenzhen.

Presented by the Publicity Department of the CPC Shenzhen Municipal Committee and produced by Shenzhen Media Group, the video takes “Where the Future Takes Shape” as its central theme.

It brings together Shenzhen’s pioneering reforms, its achievements in building a modern, people-centered city, and the theme of 2026 APEC “China Year,” “Building an Asia-Pacific Community to Prosper Together.” Through the story of Shenzhen, the video offers international audiences a vivid look at Chinese modernization in practice, while extending a warm welcome to guests from across the Asia-Pacific and beyond. It also reflects the host city’s commitment to openness and its vision of working with regional partners to create a better future.

Shenzhen itself takes center stage in the video. Through six dimensions — innovative, livable, beautiful, resilient, culturally advanced, and smart — the production captures the city’s character during this landmark year and showcases its vitality and appeal to audiences worldwide.

The Chinese- and English-language versions premiered simultaneously across Shenzhen Media Group’s platforms, including Shenzhen TV’s 4K Ultra HD channel, its international channel, and the international social media network of “Shenzhen Channel”.

Featuring more than 260 shots, 99% of them newly filmed in 2026, this six-minute film brings Shenzhen to life–from cutting-edge innovation and vibrant urban spaces to stunning natural landscapes and cultural diversity.

Discover a city where the future is already taking shape, and where people from across the Asia-Pacific are invited to come together, share opportunities, and build a brighter, more prosperous future.

At this moment, Shenzhen is at its best.

As the video’s closing narration declares:

In 2026, the world gathers in Shenzhen to write a new chapter in building an Asia-Pacific Community to prosper together.

Gather in Shenzhen.

Witness miracles.

Together, let’s create a brighter future!

View original content to download multimedia:https://www.prnewswire.com/news-releases/apec-2026-host-city-promotional-video-shenzhen-where-the-future-takes-shape-released-worldwide-302939610.html

SOURCE Shenzhen Media Group

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IP GUANGDONG debuts at the Media Center of APEC Economic Leaders’ Week

Published

11 hours ago

on

November 15, 2026

By

GUANGZHOU, China, Nov. 15, 2026 /PRNewswire/ — This is a news report from South.

The media center for the 2026 Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Week opened on November 11 in the host city of Shenzhen, Guangdong Province, southern China.

Located in Hall 2 of the Shenzhen Convention and Exhibition Center in Futian District, the APEC media center spans around 15,000 square meters. It will offer services including meeting updates, radio and television broadcast feeds, press briefings, and smart news gathering and production tools for nearly 5000 Chinese and international journalists.

IP GUANGDONG, a community open to anyone who wants to share Guangdong’s stories with the world, has set up a themed space called “A Home for Asia-Pacific Friends” at the APEC media center. The space offers Chinese and international journalists a friendly, homelike atmosphere and has been a popular photo spot since opening day.

What unique experiences does IP GUANGDONG offer at the APEC media center? Here is a first look.

Bringing Guangdong’s hospitality to the front lines of reporting

Openness, innovation and cooperation are the three priorities for the APEC China 2026, and they also reflect Guangdong’s approach to welcoming guests. Through “A Home for Asia-Pacific Friends,” IP GUANGDONG is using the occasion to build friendships and offer thoughtful, welcoming services to journalists from around the world. Reporters coming to Shenzhen may be unfamiliar with the city, find it hard to source material, have little space to film on camera or lack equipment, so IP GUANGDONG has set up a range of support services in the themed space.

IP GUANGDONG is a shared platform for Guangdong’s international image, and its library holds more than 50,000 high-quality images and videos from and about the province. Its “Visual Content Station,” located within the themed space, allows Chinese and international journalists to quickly purchase and license high-quality images and footage of Guangdong, providing a one-stop solution to difficulties in sourcing content and uncertainty over usage rights.

In the age of new media, news production moves at almost lightning speed. With a Pocket camera in one hand and a microphone in the other, a single reporter can gather and edit news right at the scene.

To support this way of working, IP GUANGDONG has teamed up with its partner DJI to set up a dedicated DJI service station, where Chinese and international journalists can borrow Osmo Pocket 4 cameras. Reporters can register on site with valid media credentials and borrow a camera for their reporting. During breaks, they can also capture the beauty and variety of Shenzhen, sharing their images with the world through IP GUANGDONG.

Discovering and sharing stories behind Guangdong products

Guangdong goods have continued to attract attention online and offline this year. Their global reach is underpinned not only by Guangdong’s strength in smart manufacturing, but also by the cultural appeal embedded in its products. Every Guangdong product has a story worth telling. Drawing on this rich source of news stories, IP GUANGDONG has teamed up with its partners to display a diverse selection of finely crafted Guangdong products at the themed space’s service counter, giving journalists a place to discover local creations and find inspiration.

Reflecting the current boom in designer collectible toys, IP GUANGDONG is showcasing a range of representative designer toy brands and characters from Guangdong. Highlights include dolls featuring Xiyangyang and Lerongrong, the mascots of the 15th National Games, who have just turned two. Also on display are 3D metal puzzles from Piececool and original characters Laura and the panda Mr. PA from ToyCity. Both companies behind these two brands are based in Dongguan, known as China’s designer toy capital. Also featured are Guangdong’s “three teas”: Yingde black tea, Chaozhou Dancong tea and Zijin cicada tea. Rich in positive symbolism, they offer a vivid introduction to Lingnan culture.

By introducing the products on display in this compact showcase, IP GUANGDONG will work with visiting journalists to explore the stories behind them and share with the world the message that “Guangdong products make the world better.”

Exploring Guangdong without leaving the venue

The IP GUANGDONG themed space also invites visitors to enjoy interactive experiences. Between assignments, journalists can relax and take away their own memories of Guangdong from the APEC China 2026.

At the center of the space, IP GUANGDONG has installed a photo booth where journalists can create personalized postcards featuring Guangdong’s landmarks and scenery. Visitors simply step inside, have their photo taken and choose their favorite Guangdong backdrop. Their custom postcard is generated on the spot, taking them on a virtual tour of the province without leaving the venue.

All 16 landmark images were captured by IP GUANGDONG creators. They include Zhao Junhui’s photograph of the Shenzhen International Exchange Center, the main APEC meeting venue; Liu Shihui’s image of Danxiashan in Shaoguan; Luo Jinping’s view of the “Sea of Pineapples” in Zhanjiang; and Qiu Xuqing’s photograph of the Zhongshan Memorial Pavilion in Shantou Small Park. Each image reveals a different facet of Lingnan’s beauty and reflects the platform’s vision: “Everyone creates, everyone showcases, everyone shares.”

IP GUANGDONG has also prepared 2,000 surprise gift bags for Chinese and international journalists. The bags contain Guangdong specialty snacks, everyday essentials, small cultural and creative gifts, and postcards from the “Snacks of Guangdong” series illustrated by guest contributor XiaoLin Comics. These gifts bring an element of surprise and fun to journalists’ day.

A space to connect: Say “Hello, friend!”

The APEC media center is both a place for Chinese and international journalists to work efficiently and a setting for face-to-face conversation and for sharing observations and experiences. The IP GUANGDONG themed space includes a dedicated area for interviews, discussions and cultural exchanges.

As visitors enter, they are greeted by the words “Hello, friend!” in 12 major languages used across APEC member economies.

On the columns flanking the space, IP GUANGDONG and Chinese tech brand HONOR present “Home Through the Lenses of Asia-Pacific Creators,” a collection of photographs created collaboratively by contributors from around the world. Images from across the Asia-Pacific are displayed alongside scenes of Lingnan, bringing different cultures into conversation through photography.

On the way from the work area to the dining area, journalists can enjoy a calming visual interlude at “Asia-Pacific Perspectives: Impressions of Guangdong,” an illustration exhibition jointly produced by IP GUANGDONG and China Daily. It features 40 selected works by illustrators from APEC member economies, including China, the US, Russia, Japan, Singapore and Indonesia. Guangdong’s streets and lanes, natural landscapes and the warmth of the Asia-Pacific family come to life in their illustrations. Journalists are invited to slow down, glimpse one another’s lives in familiar scenes, unwind and feel a little closer.

Don’t miss out! It’s giveaway time!

How to claim your IP GUANGDONG surprise gift bag

Dates and times: November 11–19, 9:30 a.m.–12:30 p.m. and 2:00–6:00 p.m.

How to claim: Scan the QR codes to follow IP GUANGDONG’s WeChat Official Account and WeChat Channels account. Then scan the registration QR code to join the platform and upload your first snapshot to receive a surprise gift bag.

Availability: Limited to 200 bags per day, on a first-come, first-served basis.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/ip-guangdong-debuts-at-the-media-center-of-apec-economic-leaders-week-302939601.html

SOURCE South

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