Technology
FinVolution Group Reports First Quarter 2025 Unaudited Financial Results
Published
12 months agoon
By
-First quarter Transaction Volume reached RMB52.1 billion, up 7.9% year-over-year-
-First quarter International Transaction Volume reached RMB3.0 billion, up 36.4% year-over-year-
-First quarter Revenue reached RMB3,481.0 million, up 10.0% year-over-year-
-First quarter International Revenues reached RMB710.5 million, up 19.5% year-over-year and representing 20.4% of total net revenues-
SHANGHAI, May 20, 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 first quarter ended March 31, 2025.
For the Three Months Ended/As of
YoY
Change
March 31, 2024
March 31, 2025
Total Transaction Volume (RMB in billions)[1]
48.3
52.1
7.9 %
Transaction Volume (China’s Mainland)[2]
46.1
49.1
6.5 %
Transaction Volume (International)[3]
2.2
3.0
36.4 %
Total Outstanding Loan Balance (RMB in billions)
65.3
74.1
13.5 %
Outstanding Loan Balance (China’s Mainland)[4]
64.0
72.2
12.8 %
Outstanding Loan Balance (International)[5]
1.3
1.9
46.2 %
First Quarter 2025 China Market Operational Highlights
Cumulative registered users[6] reached 177.2 million as of March 31, 2025, an increase of 11.7% compared with March 31, 2024.Cumulative borrowers[7] reached 27.3 million as of March 31, 2025, an increase of 7.1% compared with March 31, 2024.Number of unique borrowers[8] for the first quarter of 2025 was 2.2 million, an increase of 22.2% compared with the same period of 2024.Transaction volume[2] reached RMB49.1 billion for the first quarter of 2025, an increase of 6.5% compared with the same period of 2024.Transaction volume facilitated for repeat individual borrowers[9] for the first quarter of 2025 was RMB42.6 billion, an increase of 8.4% compared with the same period of 2024.Outstanding loan balance[4] reached RMB72.2 billion as of March 31, 2025, an increase of 12.8% compared with March 31, 2024.Average loan size[10] was RMB10,494 for the first quarter of 2025, compared with RMB10,121 for the same period of 2024.Average loan tenure[11] was 8.2 months for the first quarter of 2025, which remained unchanged compared with the same period of 2024.90 day+ delinquency ratio[12] was 2.04% as of March 31, 2025.
First Quarter 2025 International Market Operational Highlights
Cumulative registered users[13] reached 38.9 million as of March 31, 2025, an increase of 45.1% compared with March 31, 2024.Cumulative borrowers[14] for the international market reached 7.6 million as of March 31, 2025, an increase of 49.0% compared with March 31, 2024.Number of unique borrowers[15] for the first quarter of 2025 was 1.7 million, an increase of 106.1% compared with the same period of 2024.Number of new borrowers[16] for the first quarter of 2025 was 0.7 million, an increase of 89.3% compared with the same period of 2024.Transaction volume[3] reached RMB3.0 billion for the first quarter of 2025, an increase of 36.4% compared with the same period of 2024.Outstanding loan balance[5] reached RMB1.9 billion as of March 31, 2025, an increase of 46.2% compared with March 31, 2024.International business revenue was RMB710.5 million (US$97.9 million) for the first quarter of 2025, an increase of 19.5% compared with the same period of 2024, representing 20.4% of total revenue for the first quarter of 2025.
First Quarter 2025 Financial Highlights
Net revenue was RMB3,481.0 million (US$479.7 million) for the first quarter of 2025, compared with RMB3,165.1 million for the same period of 2024.Net profit was RMB737.6 million (US$101.7 million) for the first quarter of 2025, compared with RMB532.0 million for the same period of 2024.Non-GAAP adjusted operating income[17], which excludes share-based compensation expenses before tax, was RMB917.9 million (US$126.5 million) for the first quarter of 2025, compared with RMB658.7 million for the same period of 2024.Diluted net profit per American depositary share (“ADS”) was RMB2.84 (US$0.39) and diluted net profit per share was RMB0.57 (US$0.08) for the first quarter of 2025, compared with RMB1.97 and RMB0.39 for the same period of 2024, respectively.Non-GAAP diluted net profit per ADS was RMB2.97 (US$0.41) and non-GAAP diluted net profit per share was RMB0.59 (US$0.08) for the first quarter of 2025, compared with RMB2.08 and RMB0.42 for the same period of 2024, 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 first quarter, RMB18.4 billion was 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 March 31, 2025, RMB31.9 billion was 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 March 31, 2025.
[7] On a cumulative basis, the total number of borrowers in China’s Mainland market registered on the Company’s platform as of March 31, 2025.
[8] Represents the total number of borrowers in China’s Mainland who 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 March 31, 2025.
[14] On a cumulative basis, the total number of borrowers on the Company’s platforms outside China’s Mainland market, as of March 31, 2025.
[15] Represents the total number of borrowers outside China’s Mainland who 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 and funds paid on behalf of customers within its Consolidated Statements of Cash Flows. The balances for the first quarter of 2024 have been adjusted to conform to the current period presentation.
Mr. Tiezheng Li, Vice Chairman and Chief Executive Officer of FinVolution, commented, “We delivered strong first quarter results in 2025 despite seasonal softness. Total transaction volume reached RMB52.1 billion and outstanding loan balance rose to RMB74.1 billion, representing year-over-year increases of 7.9% and 13.5%, respectively. This performance demonstrates the continued strong execution of our Local Excellence, Global Outlook strategy.
“As of the end of the first quarter of 2025, we had cumulatively served 35.0 million borrowers across China, Indonesia and the Philippines, while adding 1.2 million new borrowers within the quarter—our third straight quarter surpassing the one million mark. Looking ahead, we are confident that our diversified and resilient business is well-positioned to navigate ongoing global macro uncertainties. While maintaining a prudent approach, we remain optimistic about achieving growth across our footprint markets,” concluded Mr. Li.
Mr. Jiayuan Xu, Chief Financial Officer of FinVolution, continued, “Our strong first quarter performance was reflected across our key financial metrics. Net revenue reached RMB3,481.0 million, marking a healthy 10.0% increase compared to the same period last year, while net profit grew 38.7% year-over-year to RMB737.6 million. Our international business maintained its growth momentum, with its revenues increasing 19.5% year-over-year to RMB710.5 million. This revenue stream represented 20.4% of total net revenue, up from 18.8% in the same period last year, demonstrating increasing contribution from our global operations.
“In addition, our total liquidity position, consisting of cash and cash equivalents and short-term investments, remained strong at RMB8.5 billion, underscoring a robust balance sheet that supports our ongoing operations and our efforts to consistently enhance shareholder returns,” concluded Mr. Xu.
First Quarter 2025 Financial Results
Net revenue for the first quarter of 2025 was RMB3,481.0 million (US$479.7 million), compared with RMB3,165.1 million for the same period of 2024. This increase was primarily due to the increase in loan facilitation service fees and other revenue.
Loan facilitation service fees were RMB1,477.8 million (US$203.6 million) for the first quarter of 2025, compared with RMB985.9 million for the same period of 2024. The increase was primarily due to the increase in the transaction volume and average rate of transaction service fees.
Post-facilitation service fees were RMB380.6 million (US$52.5 million) for the first quarter of 2025, compared with RMB465.2 million for the same period of 2024. This decrease was primarily due to the rolling impact of deferred transaction fees.
Guarantee income was RMB1,099.5 million (US$151.5 million) for the first quarter of 2025, compared with RMB1,346.1 million for the same period of 2024. This decrease was primarily due to the decrease in risk-bearing loans in the China 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 RMB241.6 million (US$33.3 million) for the first quarter of 2025, compared with RMB231.3 million for the same period of 2024. This increase was primarily due to the increase in the average outstanding loan balances of on-balance sheet loans in the China market.
Other revenue was RMB281.5 million (US$38.8 million) for the first quarter of 2025, compared with RMB136.5 million for the same period of 2024. This increase was primarily due to the increase in the contributions from other revenue streams including referral fees.
Origination, servicing expenses and other costs of revenue were RMB620.5 million (US$85.5 million) for the first quarter of 2025, compared with RMB539.6 million for the same period of 2024. 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 RMB529.7 million (US$73.0 million) for the first quarter of 2025, compared with RMB449.2 million for the same period of 2024, 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 RMB126.0 million (US$17.4 million) for the first quarter of 2025, compared with RMB120.5 million for the same period of 2024. This increase was primarily due to the increased investment in technology development.
General and administrative expenses were RMB106.9 million (US$14.7 million) for the first quarter of 2025, compared with RMB82.3 million for the same period of 2024. This increase was primarily due to the increased benefits we provided to our employees.
Provision for accounts receivable and contract assets was RMB117.7 million (US$16.2 million) for the first quarter of 2025, compared with RMB65.7 million for the same period of 2024. The increase was primarily due to higher transaction volume of off-balance sheet loans in the international markets.
Provision for loans receivable was RMB85.4 million (US$11.8 million) for the first quarter of 2025, compared with RMB81.3 million for the same period of 2024. This increase was primarily due to the increase in the loan volume and the outstanding loan balances of on-balance sheet loans in the China market.
Credit losses for quality assurance commitment were RMB1,011.6 million (US$139.4 million) for the first quarter of 2025, compared with RMB1,198.1 million for the same period of 2024. The decrease was primarily due to the decrease in risk-bearing loans in the China market, partially offset by the increase in risk-bearing loans in the international markets.
Operating profit was RMB883.2 million (US$121.7 million) for the first quarter of 2025, compared with RMB628.4 million for the same period of 2024.
Non-GAAP adjusted operating income, which excludes share-based compensation expenses before tax, was RMB917.9 million (US$126.5 million) for the first quarter of 2025, compared with RMB658.7 million for the same period of 2024.
Other income was RMB8.4 million (US$1.2 million) for the first quarter of 2025, compared with RMB31.0 million for the same period of 2024. The decrease was mainly due to reduced income from investments.
Income tax expense was RMB153.9 million (US$21.2 million) for the first quarter of 2025, compared with RMB127.5 million for the same period of 2024. This increase was mainly due to the increase in pre-tax profit and partially offset by the decrease in effective tax rate.
Net profit was RMB737.6 million (US$101.7 million) for the first quarter of 2025, compared with RMB532.0 million for the same period of 2024.
Net profit attributable to ordinary shareholders of the Company was RMB746.4 million (US$102.9 million) for the first quarter of 2025, compared with RMB527.7 million for the same period of 2024.
Diluted net profit per ADS was RMB2.84 (US$0.39) and diluted net profit per share was RMB0.57 (US$0.08) for the first quarter of 2025, compared with RMB1.97 and RMB0.39 for the same period of 2024, respectively.
Non-GAAP diluted net profit per ADS was RMB2.97 (US$0.41) and non-GAAP diluted net profit per share was RMB0.59 (US$0.08) for the first quarter of 2025, compared with RMB2.08 and RMB0.42 for the same period of 2024, respectively. Each ADS represents five Class A ordinary shares of the Company.
As of March 31, 2025, the Company had cash and cash equivalents of RMB5,406.5 million (US$745.0 million) and short-term investments, mainly in wealth management products and term deposits, of RMB3,055.7 million (US$421.1 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 March 31, 2025. 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.
Business Outlook
Strong execution of our Local Excellence, Global Outlook Strategy drove continued growth in the first quarter of 2025 despite domestic macro headwinds and seasonal softness. We remain confident in capitalizing on China’s recovery while maintaining growth momentum in our international expansion. The Company reiterates 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.
Conference Call
The Company’s management will host an earnings conference call at 8:30 PM U.S. Eastern Time on May 20, 2025 (8:30 AM Beijing/Hong Kong Time on May 21, 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 May 27, 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:
2098969
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 March 31, 2025, the Company had 216.2 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 RMB7.2567 to US$1.00, the rate in effect as of March 31, 2025 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
Yam Cheng
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 March 31,
2024
2025
RMB
RMB
USD
Assets
Cash and cash equivalents
4,672,772
5,406,481
745,033
Restricted cash
2,074,300
2,018,526
278,160
Short-term investments
2,832,382
3,055,696
421,086
Investments
1,173,003
1,141,890
157,357
Quality assurance receivable, net of credit loss allowance for
quality assurance receivable of RMB426,949 and
RMB432,418 as of December 31, 2024 and March 31, 2025,
respectively
1,639,591
1,537,306
211,846
Intangible assets
137,298
147,898
20,381
Property, equipment and software, net
623,792
616,120
84,904
Loans receivable, net of credit loss allowance for loans receivable
of RMB226,467 and RMB263,237 as of December 31, 2024 and
March 31, 2025, respectively
4,157,621
3,760,389
518,195
Accounts receivable and contract assets, net of credit loss
allowance for accounts receivable and contract assets of
RMB290,267 and RMB307,974 as of December 31, 2024 and
March 31, 2025, respectively
2,405,880
2,641,636
364,027
Deferred tax assets
2,513,865
2,795,057
385,169
Right of use assets
36,826
37,668
5,191
Prepaid expenses and other assets
1,289,380
1,221,091
168,271
Goodwill
50,411
50,411
6,947
Total assets
23,607,121
24,430,169
3,366,567
Liabilities and Shareholders’ Equity
Deferred guarantee income
1,515,950
1,381,146
190,327
Liability from quality assurance commitment
2,964,116
2,995,732
412,823
Payroll and welfare payable
290,389
190,907
26,308
Taxes payable
705,928
947,691
130,595
Short-term borrowings
5,594
26,968
3,716
Funds payable to investors of consolidated trusts
796,122
571,678
78,779
Contract liability
10,185
3,582
494
Deferred tax liabilities
491,213
552,681
76,161
Accrued expenses and other liabilities
1,245,184
1,421,397
195,874
Leasing liabilities
28,765
32,070
4,419
Dividends payable
–
510,201
70,308
Total liabilities
8,053,446
8,634,053
1,189,804
Commitments and contingencies
FinVolution Group Shareholders’ equity
Ordinary shares
103
103
14
Additional paid-in capital
5,815,437
5,854,162
806,725
Treasury stock
(1,765,542)
(1,772,993)
(244,325)
Statutory reserves
852,723
852,723
117,508
Accumulated other comprehensive income
92,626
76,353
10,522
Retained Earnings
10,208,717
10,444,922
1,439,349
Total FinVolution Group shareholders’ equity
15,204,064
15,455,270
2,129,793
Non-controlling interest
349,611
340,846
46,970
Total shareholders’ equity
15,553,675
15,796,116
2,176,763
Total liabilities and shareholders’ equity
23,607,121
24,430,169
3,366,567
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 March 31,
2024
2025
RMB
RMB
USD
Operating revenue:
Loan facilitation service fees
985,940
1,477,798
203,646
Post-facilitation service fees
465,192
380,614
52,450
Guarantee income
1,346,115
1,099,514
151,517
Net interest income
231,307
241,614
33,295
Other Revenue
136,527
281,501
38,792
Net revenue
3,165,081
3,481,041
479,700
Operating expenses:
Origination, servicing expenses and other cost of revenue
(539,555)
(620,465)
(85,502)
Sales and marketing expenses
(449,209)
(529,703)
(72,995)
Research and development expenses
(120,495)
(126,041)
(17,369)
General and administrative expenses
(82,327)
(106,894)
(14,730)
Provision for accounts receivable and contract assets
(65,662)
(117,718)
(16,222)
Provision for loans receivable
(81,285)
(85,414)
(11,770)
Credit losses for quality assurance commitment
(1,198,099)
(1,011,615)
(139,404)
Total operating expenses
(2,536,632)
(2,597,850)
(357,992)
Operating profit
628,449
883,191
121,708
Other income, net
31,004
8,381
1,155
Profit before income tax expense
659,453
891,572
122,863
Income tax expenses
(127,477)
(153,931)
(21,212)
Net profit
531,976
737,641
101,651
Less: Net profit/(loss) attributable to non-controlling interest shareholders
4,275
(8,765)
(1,208)
Net profit attributable to FinVolution Group
527,701
746,406
102,859
Foreign currency translation adjustment, net of nil tax
11,132
(16,273)
(2,242)
Total comprehensive income attributable to FinVolution Group
538,833
730,133
100,617
Weighted average number of ordinary shares used in computing net income per share
Basic
1,311,510,218
1,265,759,932
1,265,759,932
Diluted
1,341,193,159
1,315,948,116
1,315,948,116
Net profit per share attributable to FinVolution
Group’s ordinary shareholders
Basic
0.40
0.59
0.08
Diluted
0.39
0.57
0.08
Net profit per ADS attributable to FinVolution Group’s ordinary shareholders (one ADS equal five ordinary shares)
Basic
2.01
2.95
0.41
Diluted
1.97
2.84
0.39
FinVolution Group
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS[18]
(All amounts in thousands, except share data, or otherwise noted)
Three Months Ended March 31,
2024
2025
RMB
RMB
USD
Net cash provided by/(used in) operating activities
213,310
522,335
71,982
Net cash provided by/(used in) investing activities
925,695
365,196
50,326
Net cash provided by/(used in) financing activities
(310,143)
(198,331)
(27,332)
Effect of exchange rate changes on cash and cash equivalents
(8,204)
(11,265)
(1,554)
Net increase/(decrease) in cash, cash equivalent and restricted cash
820,658
677,935
93,422
Cash, cash equivalent and restricted cash at beginning of period
6,769,390
6,747,072
929,771
Cash, cash equivalent and restricted cash at end of period
7,590,048
7,425,007
1,023,193
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 March 31,
2024
2025
RMB
RMB
USD
Net Revenues
3,165,081
3,481,041
479,700
Less: total operating expenses
(2,536,632)
(2,597,850)
(357,992)
Operating Income
628,449
883,191
121,708
Add: share-based compensation expenses
30,289
34,679
4,779
Non-GAAP adjusted operating income
658,738
917,870
126,487
Operating Margin
19.9 %
25.4 %
25.4 %
Non-GAAP operating margin
20.8 %
26.4 %
26.4 %
Non-GAAP adjusted operating income
658,738
917,870
126,487
Add: other income, net
31,004
8,381
1,155
Less: income tax expenses
(127,477)
(153,931)
(21,212)
Non-GAAP net profit
562,265
772,320
106,430
Less: Net profit/(loss) attributable to non-controlling interest shareholders
4,275
(8,765)
(1,208)
Non-GAAP net profit attributable to FinVolution Group
557,990
781,085
107,638
Weighted average number of ordinary shares used in computing net income per share
Basic
1,311,510,218
1,265,759,932
1,265,759,932
Diluted
1,341,193,159
1,315,948,116
1,315,948,116
Non-GAAP net profit per share attributable to FinVolution Group’s ordinary shareholders
Basic
0.43
0.62
0.09
Diluted
0.42
0.59
0.08
Non-GAAP net profit per ADS attributable to FinVolution Group’s ordinary shareholders (one ADS equal five
ordinary shares)
Basic
2.13
3.09
0.43
Diluted
2.08
2.97
0.41
View original content:https://www.prnewswire.com/news-releases/finvolution-group-reports-first-quarter-2025-unaudited-financial-results-302460453.html
SOURCE FinVolution Group
You may like
Technology
BTQ Technologies’ QSSN Selected as Core Security Infrastructure for South Korea’s First Bank-Led KRW Stablecoin Proof-of-Concept
Published
11 hours agoon
May 6, 2026By
BTQ provides strategic advisory support and QSSN as core PQC security infrastructure for the iM Bank initiative on the Kaia mainnet, advancing post-quantum migration across global financial infrastructure
BTQ has been selected as the core post-quantum cryptography security technology provider for South Korea’s first bank-led KRW stablecoin proof-of-concept, delivering its Quantum Secure Stablecoin Settlement Network (“QSSN”) for the initiative.
BTQ is providing strategic advisory support and helping coordinate implementation across the partnership with iM Bank and Finger, supporting the integration of post-quantum protections into regulated digital money infrastructure.
Built on the Kaia mainnet, the proof-of-concept is connected to the blockchain ecosystems originally developed by Kakao and LINE, linking the initiative to two of the largest messaging and digital platform ecosystems in Korea and Japan.
VANCOUVER, BC, May 6, 2026 /PRNewswire/ – BTQ Technologies Corp. (“BTQ” or the “Company”) (Nasdaq: BTQ) (CBOE CA: BTQ), a global quantum technology company focused on securing mission-critical networks, today announced that it it has been selected as the core PQC security technology provider through its Quantum Secure Stablecoin Settlement Network (“QSSN”) in a proof-of-concept with its Korean strategic partner, Finger Inc. (“Finger”), and iM Bank, a leading Korean commercial bank, for South Korea’s first bank-led Korean won stablecoin infrastructure incorporating post-quantum cryptography (“PQC”).
The proof-of-concept represents more than a technical pilot. It marks an important step in bringing next-generation quantum security into banking infrastructure within Korea’s regulated financial system. In addition to providing QSSN as the core PQC security framework, BTQ is contributing consulting and strategic coordination across the three-way partnership, helping align the project’s security architecture, implementation approach, and long-term post-quantum migration objectives.
“Post-quantum migration requires more than a cryptographic upgrade. It requires coordination across infrastructure, implementation, and institutional stakeholders,” said Olivier Roussy Newton, Chief Executive Officer of BTQ Technologies. “In this initiative, BTQ is providing both strategic advisory support and QSSN as the post-quantum security architecture, while helping lead coordination across the three-way partnership. We believe this proof-of-concept demonstrates how financial institutions can begin integrating quantum-resilient protections into digital money systems in a practical and operationally viable way.”
South Korea’s First Bank-Led PQC Stablecoin Infrastructure Initiative
BTQ is working alongside iM Bank and Finger on a three-way initiative to validate the issuance and distribution infrastructure for a Korean won stablecoin. In addition to supplying QSSN as the PQC security layer, BTQ is providing consulting support and helping to guide coordination across the partnership as the parties evaluate how to integrate post-quantum protections into bank-led digital asset infrastructure.
The proof-of-concept will validate several key components, including real-time reconciliation between bank reserves and blockchain-issued supply, a global-standard smart contract architecture, connectivity to global infrastructure for overseas distribution, and the integration of a PQC-based dual-signature security structure. By applying BTQ’s PQC signature architecture alongside the existing ECDSA cryptographic framework, the system is designed to preserve operational continuity for financial institutions while proactively addressing future quantum computing threats.
Built on Kaia Mainnet
A notable feature of the proof-of-concept is that it will be implemented on the Kaia mainnet, one of Korea’s leading Layer 1 blockchain networks. Kaia was created through the merger of Klaytn, the blockchain originally developed by Kakao, and Finschia, the blockchain associated with LINE. Kakao and LINE sit at the center of two of the largest messaging and digital platform ecosystems in Korea and Japan, respectively, making Kaia a significant piece of regional digital infrastructure.
Klaytn previously participated in the Bank of Korea’s CBDC pilot ecosystem, and the Bank of Korea has continued to advance CBDC testing through initiatives such as Project Hangang.
By combining BTQ’s PQC technology with blockchain infrastructure tied to the Kakao and LINE ecosystems, the proof-of-concept is intended to establish a model that aligns institutional-grade security, blockchain scalability, and evolving regulatory requirements for digital money infrastructure.
QSSN as the Security Layer
The PQC security foundation for the initiative is BTQ’s Quantum Secure Stablecoin Settlement Network, or QSSN, a quantum-secure network architecture designed for stablecoin, tokenized deposit, payment, and digital asset infrastructure. QSSN is designed to protect critical issuer functions, including stablecoin issuance, burning, transfer authority, upgrade control, and administrative permissions, by integrating PQC-based signatures while maintaining existing user experience and operational workflows.
BTQ has previously announced that QSSN was highlighted in the U.S. Post-Quantum Financial Infrastructure Framework (“PQFIF”) as a model architecture for post-quantum digital money infrastructure. The Company has also positioned QSSN as a standards-oriented initiative advanced through QuINSA and aligned with emerging post-quantum financial infrastructure requirements.
Addressing the Harvest-Now, Decrypt-Later Risk
The timing of the proof-of-concept reflects the growing urgency surrounding the “Harvest-Now, Decrypt-Later” risk, in which attackers may collect encrypted financial data today and decrypt it later once sufficiently advanced quantum capabilities emerge. Global institutions are already accelerating post-quantum migration. The U.S. National Institute of Standards and Technology (“NIST”) has finalized its first set of post-quantum cryptography standards, including ML-DSA, ML-KEM, and SLH-DSA, while major technology companies and financial institutions continue to define their own post-quantum transition timelines.
BTQ’s QSSN addresses this challenge through a dual-signature design that allows existing ECDSA-based infrastructure to operate in parallel with NIST-aligned PQC signatures such as ML-DSA. This approach enables banks and payment infrastructure providers to begin a phased transition toward quantum-safe security without disrupting existing systems.
Expanding BTQ’s Korean Ecosystem
BTQ continues to expand its Korean ecosystem across digital assets, payments, banking infrastructure, and hardware-based security. In October 2025, BTQ announced that Finger had joined Danal as an early participant in BTQ’s QSSN pilot program, with the initiative expected to progress from proof-of-concept toward commercialization under QuINSA-aligned guidelines and broader industry frameworks such as PQFIF.
The commencement of the iM Bank proof-of-concept represents an important commercial signal for BTQ, indicating that demand for post-quantum migration among Korean financial institutions is beginning to move from policy discussion toward infrastructure-level implementation. As Korea advances both quantum technology policy and stablecoin-related regulatory discussions, BTQ believes QSSN is well positioned at the intersection of regulated finance, digital asset infrastructure, and post-quantum security.
About iM Bank
iM Bank is a South Korean commercial bank and a subsidiary of DGB Financial Group. Headquartered in Daegu, iM Bank presents itself as a financial companion for customers and traces its roots to Daegu Bank, which was established in 1967 as Korea’s first regional bank. For more information, please visit https://www.imbank.co.kr/
About Finger Inc. Group
Finger supplies and develops financial IT solutions to provide optimized money management strategies for employees and corporate customers. Providing “Smartphone Financial Services”, “Corporate Cash Management Services” for businesses, “Private Wealth Management Services” for private consumers.
Since the year 2000, Finger has accumulated a number of awards and patents regarding its businesses. Based on its Mobile Enterprise Application Platform(MEAP) Orchestra and its funds management system using screen-scrapping technologies, Finger was the first company in Korea to deliver a smartphone banking banking-service. For more information, please visit http://www.finger.co.kr/
About BTQ
BTQ Technologies Corp. (Nasdaq: BTQ | Cboe CA: BTQ) is a quantum technology company focused on accelerating the transition from classical networks to the quantum internet. Backed by a broad patent portfolio and deep technical expertise, BTQ is advancing a full-stack, neutral-atom quantum computing platform spanning hardware, middleware, and post-quantum security solutions for finance, telecommunications, logistics, life sciences, and defense.
Connect with BTQ: Website | LinkedIn | X/Twitter
ON BEHALF OF THE BOARD OF DIRECTORS
Olivier Roussy Newton
CEO, Chairman
Neither Cboe Canada nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
Certain statements herein contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the business plans of the Company, including with respect to its research partnerships, and anticipated markets in which the Company may be listing its common shares. Forward-looking statements or information often can be identified by the use of words such as “anticipate”, “intend”, “expect”, “plan” or “may” and the variations of these words are intended to identify forward-looking statements and information.
The Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the development of post-quantum algorithms and quantum vulnerabilities, and the quantum computing industry generally. The foregoing list of assumptions is not exhaustive.
Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information are based on assumptions and involve known and unknown risks which may cause actual results to be materially different from any future results, expressed or implied, by such forward-looking statements or information. These factors include risks relating to: the availability of financing for the Company; business and economic conditions in the post-quantum and encryption computing industries generally; the speculative nature of the Company’s research and development programs; the supply and demand for labour and technological post-quantum and encryption technology; unanticipated events related to regulatory and licensing matters and environmental matters; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting blockchains); risks related to the direct and indirect impact of COVID-19 including, but not limited to, its impact on general economic conditions, the ability to obtain financing as required, and causing potential delays to research and development activities; and other risk factors as detailed from time to time. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
View original content to download multimedia:https://www.prnewswire.com/news-releases/btq-technologies-qssn-selected-as-core-security-infrastructure-for-south-koreas-first-bank-led-krw-stablecoin-proof-of-concept-302763840.html
SOURCE BTQ Technologies Corp.
Technology
Zimmer Biomet to Present at the BofA Securities 2026 Health Care Conference
Published
11 hours agoon
May 6, 2026By
WARSAW, Ind., May 6, 2026 /PRNewswire/ — Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, today announced that members of the Zimmer Biomet management team will participate in the Bank of America Securities Health Care Conference on Wednesday, May 13, 2026, with a fireside chat at 8:40 a.m. PT (11:40 a.m. ET).
A live audio webcast can be accessed via Zimmer Biomet’s Investor Relations website at https://investor.zimmerbiomet.com. It will be available for replay following the fireside chat.
About Zimmer Biomet
Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. We seamlessly transform the patient experience through our innovative products and suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence.
With 90+ years of trusted leadership and proven expertise, Zimmer Biomet is positioned to deliver the highest quality solutions to patients and providers. Our legacy continues to come to life today through our progressive culture of evolution and innovation.
For more information about our product portfolio, our operations in 25+ countries and sales in 100+ countries or about joining our team, visit www.zimmerbiomet.com or follow on LinkedIn at www.linkedin.com/company/zimmerbiomet or X at www.x.com/zimmerbiomet.
Contacts:
Media
Investors
Troy Kirkpatrick
David DeMartino
614-284-1926
646-531-6115
troy.kirkpatrick@zimmerbiomet.com
david.demartino@zimmerbiomet.com
Kirsten Fallon
Zach Weiner
781-779-5561
908-591-6955
View original content to download multimedia:https://www.prnewswire.com/news-releases/zimmer-biomet-to-present-at-the-bofa-securities-2026-health-care-conference-302763299.html
SOURCE Zimmer Biomet Holdings, Inc.
Technology
NextLadder Ventures Announces Co-Founder Leadership Team, Investment Focus Areas For Over $1 Billion Initiative Empowering Americans with Personalized, Tech-Enabled Support Tools
Published
11 hours agoon
May 6, 2026By
New senior hires from Google and The Collaborative Fund to lead product strategy and venture investing
Fund unveils first investment focus areas to catalyze new ‘Navigation Technology’ market, equipping Americans with cutting-edge tools to achieve economic security, opportunity and empowerment
ST. LOUIS, May 6, 2026 /PRNewswire/ — NextLadder Ventures, a new fund backed by more than $1 billion in capital, today announced its priority investment areas for building a new market for “Navigation Technology” (NavTech) — tools that provide Americans with personalized solutions to navigate life’s challenges and achieve greater economic mobility — and announced its co-founding team, including two new senior hires.
The fund’s active focus areas are based on extensive research identifying the key experiences and high-stakes decision points that have an outsized impact on American families’ economic mobility. Launched investment areas include financial health, career navigation, and benefits and social services access, with further exploration underway around housing, legal aid, justice and re-entry, and mental and physical health.
The organization is also today welcoming two senior leaders: Lauren Loktev is joining NextLadder as Managing Director of Investments and Brigitte Hoyer Gosselink as Managing Director of Product. Loktev was most recently a partner at the Collaborative Fund, where she backed several breakout companies in early child development, education, and sustainability. Gosselink comes to NextLadder from Google, where she led the company’s AI and social impact portfolio. They join a growing team which has deep expertise at the intersection of economic mobility, technology, public policy, and philanthropy.
NextLadder’s Focus Areas for Investment
Today, the fund is kicking off a plan to deploy $1 billion over the next seven years to accelerate the design, development, and deployment of accessible NavTech tools that aim to help families more successfully navigate the major life experiences that determine whether they get ahead or fall behind. As NextLadder’s inaugural frontier AI lab partner, Anthropic is supporting the build-out of the organization’s AI-native capabilities and is offering technical assistance to NextLadder’s portfolio organizations.
As an increasing proportion of Americans across income levels find themselves overextended and overwhelmed, NavTech tools are designed to help individuals and families understand their options, connect to information and resources, and take action to recover from a setback or take advantage of an opportunity and reclaim their economic futures.
“Life is getting harder, and too many Americans are stuck facing some of the most complex and consequential moments of their lives without much support,” said Ryan Rippel, CEO of NextLadder Ventures. “Every day, millions in this country face fork-in-the-road decisions that have major implications on whether they climb up the economic ladder or fall farther behind. AI has understandably intensified many Americans’ anxieties about their jobs and their security in the economy. But these technologies are now also making it possible to deliver highly personalized, affordable tools to meet the needs of tens of millions of Americans in a way that has never been practically achievable or financially viable before. With NavTech tools, built for the reality of families’ everyday experiences, we can empower Americans to overcome setbacks, navigate life’s toughest financial decisions, and build more secure futures.”
NavTech tools, built with the needs of individuals, families, and trusted community partners at the center of their design, have the potential to ease burdens most acutely faced by 90 million Americans who live in households that have difficulty in paying for usual home expenses, and turbocharge the capacity of the 1.6 million community workers in non-profit or local, state, and federal government roles who serve them. This growing category of digital technologies includes tools that help families access opportunities such as personalized financial advice and legal aid, get connected with available resources and programs, and manage unexpected hurdles like losing a job or facing an eviction – while freeing social workers and service providers to spend more time on people and less time on red tape and paperwork.
The fund’s active investment areas include:
Financial Health: Developing highly personalized, AI-powered financial health tools that can provide tailored, sustained counsel to help users build savings and protect and recover from financial shocks;
Career Navigation: Building tools to support career navigation, manage and support career transitions, and help workers, case managers, and employers identify pathways to living wage work — all designed to help people successfully find the right jobs for them.
Benefits & Social Services Access: Helping eligible Americans seamlessly identify and enroll in all the benefits and social services available to them, particularly those that support career navigation and transitions, help them navigate critical life moments, and achieve stability toward economic opportunity.
NextLadder is exploring additional focus areas, including housing, legal aid, justice and re-entry, caregiving, and mental and physical health. More on the organization’s vision of these focus areas is available HERE.
In addition to backing direct NavTech solutions, NextLadder is investing in the developers, partners, and standards required to build a durable, self-sustaining market. Across all focus areas, the fund is prioritizing efforts to ensure NavTech tools are reliable, protect users’ privacy, and are trusted by the families who depend on them.
NextLadder’s Co-Founder Leadership Team
NextLadder’s five co-founders will be CEO Ryan Rippel, Chief Strategy and Operations Officer Rhett Dornbach-Bender, Chief of Staff Callie Schwartz, and the two new senior hires: Managing Director of Investments Lauren Loktev and Managing Director of Product Brigitte Hoyer Gosselink, rounding out the fund’s expertise in investing, technology, and impact.
“We’re thrilled to welcome Lauren and Brigitte to the NextLadder team,” said Rippel. “Brigitte has spent her career proving that when applied purposefully, AI and technology can deliver meaningful benefits for communities, and she’ll set the bar for what NavTech tools can deliver for American families today and in the years to come. And with her deep experience backing mission-driven founders, Lauren is the perfect leader to build our venture practice from the ground up and accelerate the growth of the NavTech field. With this team in place, we’re positioned to make NavTech tools easier to build, fund, and access so they reach the people who need them most.”
Loktev brings 15 years of venture capital experience investing at the intersection of for-profit and for-good. Most recently at Collaborative Fund, she backed several companies to significant scale and launched Collab+Sesame, a first-of-its-kind thematic seed fund in partnership with Sesame Workshop focused on early childhood education. At NextLadder, she will build and lead the fund’s venture practice, sourcing and scaling investments in the founders building the next generation of NavTech tools.
“We have a once in a generation opportunity to help steer AI solutions toward those who need them most,” said Loktev. “Many amazing, accomplished founders see this too, and they are on a mission to build scalable, transformative businesses in the critical verticals that help people navigate life-changing moments. I couldn’t be more excited to join NextLadder and to support the most inspiring leaders building this market from the ground up. Thanks to our unique, long-term mandate, we can be creative and flexible in investing across stage and check size to partner with the entrepreneurs and leaders we believe will change the world.”
Prior to her role at NextLadder, Gosselink spent over a decade at Google in several roles including Director of AI and Social Impact, directing more than $500 million in funding for organizations applying AI to address challenges including crisis response, education, and economic opportunity. At NextLadder, she will lead AI and product strategy across the fund’s portfolio, backing solutions and setting market-wide standards for how NavTech tools are designed, evaluated, and improved over time.
“If we collectively harness the AI transformation strategically and purposefully, we can transform the way Americans are empowered to access greater economic mobility,” said Gosselink. “We believe that people-centered products, combined with shifts in the market and the services available to families, can fundamentally reshape how millions of Americans navigate critical moments and achieve prosperity on their own terms.”
To request interviews from the NextLadder Ventures leadership team, contact media@nextladder.com.
About NextLadder Ventures
NextLadder Ventures is a time-bound venture with one goal: empower millions of Americans to reach their potential by 2040. Backed by over $1 billion in capital, the organization invests in breakthrough technologies that remove barriers to economic success and put people in control of their futures. NextLadder Ventures is trailblazing a new market for tech-enabled Navigation Technology tools that help people access the resources they need to navigate pivotal moments — offering flexible, risk-tolerant capital to entrepreneurs building these transformative tools today, while creating a pipeline of tech, talent, and capital for the long run.
SOURCE NextLadder Ventures
Bitcoin market dominance moves above 61%: Will altcoins follow?
US Senator says crypto market structure vote could happen by August
Crypto-backed Republican candidate wins Indiana congressional primary
Send Rakhi to UK swiftly with UK Gifts Portal
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
New Gooseneck Omni Antennas Offer Enhanced Signals in a Durable Package
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Coin Market5 days ago
Bitcoin rally extends, yet BTC options price only 25% chance of $84K in May
-
Coin Market5 days ago
CLARITY Act stablecoin yield rules finalised: ‘Go time’ for crypto bill
-
Technology5 days ago2026 Brockton High School Film Festival
-
Technology5 days agoFirst Online Conversations Are Changing in 2026, According to New Secretmeet Research
-
Technology4 days agoPOVADDO AND PROLEGIS ANNOUNCE STRATEGIC PARTNERSHIP TO EXPAND ACCESS TO PUBLIC POLICY PROFESSIONALS FOR OPINION RESEARCH
-
Technology4 days agoPOVADDO AND PROLEGIS ANNOUNCE STRATEGIC PARTNERSHIP TO EXPAND ACCESS TO PUBLIC POLICY PROFESSIONALS FOR OPINION RESEARCH
-
Technology5 days ago/C O R R E C T I O N — Applied Intuition, Inc./
-
Coin Market4 days ago
Riot posts $167M in Q1 revenue as data center arm pulls in $33M in first quarter
