Technology
FinVolution Group Reports First Quarter 2025 Unaudited Financial Results
Published
12 months agoon
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-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
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Technology
Toronto firm fined $5,000 for unauthorized use of professional engineer’s seal
Published
30 minutes agoon
May 6, 2026By
TORONTO, May 6, 2026 /CNW/ – The Ontario Court of Justice has fined a Toronto firm $5,000 for applying a facsimile of a professional engineer’s seal to an engineering report without the engineer’s knowledge or consent.
In June 2023, 11951076 Canada Inc., operating as Studio Four, affixed an engineer’s seal to an engineering report and submitted it to the City of Hamilton in connection with a residential building project. The engineer whose seal was used did not authorize the use of the seal.
A complaint was made to Professional Engineers Ontario (PEO), which investigated and laid charges under the Professional Engineers Act (PEA).
On April 24, 2026, Studio Four pleaded guilty to one count of breaching section 40(3)(b) of the PEA. The firm’s two directors, Salim Afroz and Ashweek Chhabra, also pleaded guilty to breaching section 40(5) of the Act in connection with this conduct.
Studio Four was ordered to pay a $5,000 fine. The two directors each received suspended sentences.
As the regulator of professional engineering in Ontario, PEO reminds the public that the unauthorized use or forgery of a professional engineer’s seal on construction or design drawings is a quasi-criminal offence under the PEA. Such conduct may also result in criminal charges under the Criminal Code of Canada.
PEO administers the Professional Engineers Act to serve and protect the public interest by licensing Ontario’s more than 98,000 professional engineers and engineering firms. Professional engineers can be identified by the “P.Eng.” designation following their names.
Members of the public can verify a professional engineer or engineering firm by searching PEO’s public directories at peo.on.ca/directory. Concerns about unlicensed individuals or unauthorized firms may be reported through PEO’s enforcement hotline at 416-840-1444, 1-800-339-3716 ext. 1444, or enforcement@peo.on.ca.
SOURCE Professional Engineers Ontario
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Tell a Friend, Save on Travel! EF World Journeys Launches Cross-Brand Referral Program That Rewards Travelers to Inspire the People in Their Lives to Tour the Globe
Published
30 minutes agoon
May 6, 2026By
New benefit allows travelers to unlock savings on future trips by introducing friends and family to EF Go Ahead Tours, EF Ultimate Break, and EF Adventures
CAMBRIDGE, Mass., May 6, 2026 /PRNewswire/ — EF World Journeys, a leader in guided, experiential travel for adults from Gen Z to Baby Boomers, today announced the launch of a new referral program, a travel rewards benefit that can be redeemed across EF Go Ahead Tours, EF Ultimate Break, and EF Adventures.
Under the new program, travelers will receive $100 in travel credit for every friend who books a trip using their referral, with every fifth referral earning you $500 and no cap on total rewards earned. In short, the more friends or family who book from your referral, the more you save on your next trip.
Each year, guided trips across EF World Journeys’ portfolio bring travelers together through shared experiences that extend far beyond the journey itself. Many of those travelers continue to engage with the people they meet on tour, often exchanging photos, stories, and future travel inspiration well after returning home. The new referral program builds on the natural desire to share those experiences, offering travelers easy ways to connect and invite friends, family members, and fellow adventurers to experience a guided group tour for themselves.
“At EF, we’ve always believed that one of the most powerful parts of travel is the connections and communities we create along the way,” said Heidi Durflinger, CEO of EF World Journeys USA. “This referral program makes that even easier, giving our travelers a way to bring friends and family into the experience while continuing to grow a global community of people who choose to explore the world together.”
How it works: Give $100. Get $100.
Refer a friend: Any traveler who has taken a trip with or is currently booked on tour with EF Go Ahead Tours, EF Ultimate Break, or EF Adventures can now share a personal referral link via email, text, social media, or their respective EF World Journeys mobile app. Friends must be new to EF World Journeys, 18 or older, and have a valid email address to qualify.Both travelers earn $100: When the referred traveler books, both receive $100 in travel credit. Rewards are issued 60 days after booking confirmation, and referrals must book within six months.Earn $500 on every fifth referral: Referring travelers receive $500 for every fifth successful referral. There is no limit to how many referrals can be made, and rewards NEVER expire.
To celebrate the launch of the new referral program, EF Go Ahead Tours is offering an additional limited-time incentive. For the month of May 2026, travelers who refer a friend that books an EF Go Ahead Tours trip will receive an extra $100 referral reward on top of the standard program credit. The promotional bonus applies exclusively to EF Go Ahead Tours bookings and is available for a limited time.
One program. Three brands. Built for every kind of traveler.
EF World Journeys’ referral benefits are available when booking across its entire portfolio of guided, experiential travel companies, allowing travelers to earn and share rewards regardless of which tour operator they or their friends or family choose.
EF Go Ahead Tours offers curated guided travel for adults of all ages, including multi-generational travel groups and private or customized group tours.EF Ultimate Break serves travelers ages 18–35 with social, immersive itineraries.EF Adventures provides hiking, biking, and multi-adventure trips for active adults with a focus on lifelong learning, wellness and community.
Because the referral program spans all three tour operators at EF World Journeys, credits can move naturally within families and friend networks whose travel styles differ.
For example, a traveler who just had a life-changing trip on EF Go Ahead Tours’ A Week in Greece can refer her college-aged daughter to EF Ultimate Break’s Europe’s Icons: London, Paris & Rome and both receive $100 towards their next tour. She can then refer her basketball coach who is a hiking enthusiast to EF Adventure’s Italy Hiking: The Dolomites — and earn again.
This cross brand traveler benefit ensures that no matter how or where someone chooses to book travel across EF Go Ahead Tours, EF Ultimate Break, or EF Adventures – the rewards follow.
For EF Go Ahead Tours, please visit: https://www.goaheadtours.com/about/referrals
For EF Ultimate Break, please visit: https://www.efultimatebreak.com/traveling-with-us/refer-a-friend
For EF Adventures, please visit: https://www.efadventures.com/about/referrals-program
About EF World Journeys
EF World Journeys is a leader in guided, experiential travel. We connect cultures, communities, and people through guided, group travel with leading tour operator brands like EF Ultimate Break (adults 18-35), EF Go Ahead Tours (adults 35+), and our newest brand, EF Adventures, focused on adventure tours for the active traveler in you. EF World Journeys is part of EF Education First. For over 60 years, EF has planned guided tours with a focus on education and cultural immersion. EF offers travelers 24/7 global support, affordable payment plans, and supports tours in more than 400 destinations worldwide. Since 1965, EF has been committed to opening the world through education. At EF World Journeys, we do just that, helping people of all ages experience the magic of travel, connecting travelers with new places, cultures, and, best of all, a diverse community of people excited to explore the world.
About EF Go Ahead Tours
EF Go Ahead Tours offers more than 200 guided trips across six continents. Each carefully planned, expertly led tour makes it easy for curious travelers of all ages to get to the heart of a destination. With a maximum group size well below the industry average, each trip has the perfect balance of planned sightseeing and free time to explore.
EF Go Ahead Tours is a tour operator brand within EF World Journeys, one of North America’s leading guided, experiential travel companies.
Join EF Go Ahead Tours’ affiliate program, supported by AWIN and earn commissions on booked tours.
About EF Ultimate Break
EF Ultimate Break is the best way to experience the world for anyone 18-35. With over 175 trips, we handle logistics for everything that makes travel a great experience from accommodations to flights to amazing tour directors to memory-making excursions. Our affordable interest-free payment plans make international travel possible for every traveler. EF Ultimate Break is part of EF World Journeys, a leader in guided, experiential travel with tour operator brands that also include EF Go Ahead Tours (adults 35+) and EF Adventures (all ages, 14+ with adult supervision).
Are you an influencer or creator who wants to lead tours with your growing audience? Earn commissions on each booking by joining our influencer-hosted tour program.
Media partners can now participate in EF Ultimate Break’s affiliate marketing program and earn commissions for tour bookings. Click here to learn more.
About EF Adventures
EF Adventures is an education-based adventure travel company offering 40+ guided tours across 25 countries and 5 continents. Launched in September 2024 as part of the EF World Journeys family of experiential travel brands, EF Adventures builds on more than 30 years of EF’s global expertise in educational and cultural immersion.
Each small-group tour blends active exploration with authentic learning, inviting travelers to engage with local traditions, communities, and ecosystems through guided experiences like hiking, biking, and multi-adventure activities such as kayaking, yoga, ziplining, and more. Designed for varied fitness levels and age groups, the EF Adventures experience combines adventure-based activity with hands-on cultural discovery that transforms how people see the world.
EF Adventures invites publishers and creators to become part of its growing affiliate network. Earn competitive commissions on confirmed bookings by referring travelers to efadventures.com. Learn more and apply here.
View original content to download multimedia:https://www.prnewswire.com/news-releases/tell-a-friend-save-on-travel-ef-world-journeys-launches-cross-brand-referral-program-that-rewards-travelers-to-inspire-the-people-in-their-lives-to-tour-the-globe-302761895.html
SOURCE EF World Journeys
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NEO Battery Partners with Highest-Ranking ROK Army’s Capital Defense Command for Defense Drone & Robotics Batteries
Published
30 minutes agoon
May 6, 2026By
Defense technology partnership with Republic of Korea (“ROK) Army’s Capital Defense Command (“CDC”), one of the highest-ranking command units responsible for securing the Presidential Office, the capital and key national infrastructureFocuses on battery supply and integration within CDC defense drone and robotics units, featuring specialized drone training and technical battery advisoryLeverages the CDC’s decision-making authority to accelerate the adoption of Korea-made battery technology across broader national defense and military units
TORONTO, May 6, 2026 /CNW/ – NEO Battery Materials Ltd. (“NEO” or the “Company”) (TSXV: NBM) (OTC: NBMFF), a low-cost, silicon-enhanced battery developer that enables longer-running, rapid-charging batteries for drones, robotics, and physical AI, is pleased to announce it has entered into a significant defense partnership agreement (the “Agreement”) with the Republic of Korea (“ROK”) Army’s Capital Defense Command (CDC) – a direct reporting unit to the President of South Korea and the Joint Chiefs of Staff. Stationed in Seoul and known as the “Shield Unit”, the CDC is one of the highest-ranking national command units, responsible for protecting the Presidential Office (Blue House), the capital and key national infrastructure.
This partnership represents a strategic expansion into a higher command level within the ROK Army, operating directly under the Army Headquarters with significant decision-making and procurement authority. The Agreement builds on NEO’s momentum in its Korean Defense Integration Strategy (see previously announced partnerships with the 12th Infantry Division dated April 1, 2026, and the Capital Mechanized Infantry Division dated April 22, 2026), and serves as a critical milestone due to the CDC’s ability to advocate for the prompt implementation of non-Chinese battery solutions that meet stringent security clearance and performance requirements.
The Agreement will focus on the supply and deployment of high-performance, defense batteries within the CDC’s drone and robotics units to enhance operational runtime and energy efficiency. Furthermore along with Korean drone partners, NEO will provide specialized drone training and technical battery advisory to support CDC’s personnel, all of whom are required to be certified in drone operations. This Agreement followed a successful live demonstration of NEO’s high-energy drone batteries held at the CDC’s parade ground on April 30, 2026.
Lieutenant General Changjoon Eo, Commander of the Capital Defense Command, expressed, “The CDC was highly impressed with the drone flight time performance exhibited by NEO’s high-performance batteries compared to commercial Chinese products. As the ROK Army and its units initiate the transition towards a Korea-made supply chain, NEO Battery will act as an integral partner for the CDC and its sub-units to ensure traceability and performance for defense batteries in our drone and robotics platforms.”
“Securing this partnership with a high-ranking command unit such as the CDC further validates the effectiveness of NEO’s battery technology,” stated Spencer Huh, President & CEO of NEO. “As the CDC is a heavy consumer of drone technology and requires high-performance, non-Chinese components to ensure national security, NEO’s in-country presence, along with our robust performance data and wide technology offering, aptly positions us to meet stringent scopes of work for the highest levels of the ROK military.”
About the ROK Army’s Capital Defense Command
Operating under the name “Shield Unit” or Chungjeongdae, the ROK Army’s Capital Defense Command is one of the highest-ranking, corps-level military organizations within the Republic of Korea’s Armed Forces and Operations Command. The CDC is primarily responsible for defending the Presidential Office, the capital, the Ministry of National Defense facilities, major government buildings, and key national infrastructure. The Command exercises several subordinate units, including the 1st Security Group, the 1st Air Defense Brigade, the CDC Military Police Group, and the 52nd and 56th Infantry Divisions.
About NEO Battery Materials Ltd.
NEO Battery Materials is a Canadian-South Korean battery technology company focused on developing and producing silicon-enhanced lithium-ion batteries in drones, robotics, physical AI, electric vehicles, and energy storage systems. With a patent-protected, low-cost silicon manufacturing process, NEO Battery enables longer-running and ultra-fast charging properties and provides end-to-end battery solutions from materials selection, cell architecture, and process optimization. The Company aims to be a globally-leading producer of high-performance lithium-ion batteries and materials, building a secure, robust battery supply chain for Western manufacturers. For more information, please visit the Company’s website at: https://www.neobatterymaterials.com/.
On Behalf of the Board of Directors
Spencer Huh
Director, President, and CEO
This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified notably by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: volatile stock prices; the general global markets and economic conditions; the possibility of write-downs and impairments; the risk associated with the research and development of battery-related technologies; the risk associated with the effectiveness and feasibility of battery material, electrode, and cell technologies that have not yet been tested or proven on commercial scale or under real-world operating conditions; the risks associated with battery-related manufacturing process scale-up, including maintaining consistent material, component, and cell quality, production yields, and process reproducibility at a pilot, semi-commercial, or commercial scale; the risks associated with compatibility of existing battery chemistries, formulations, components, or designs; unforeseen risks associated with entering into and maintaining collaborations, joint ventures, partnerships, or commercial contracts with battery cell manufacturers, original equipment manufacturers, and various companies in the global battery and downstream end-user supply chain; the risks associated with the failure to develop and produce commercially viable battery-related products or that technical goals may not be achieved within expected timelines or budgets under a joint development or collaboration; the risks associated with the Company’s technologies and products not meeting performance requirements or customer specifications; the risks that prototype and pilot-scale products do not advance into commercially produced products or translate into commercial orders; the risk associated with battery components and cell purchase orders and offtake supply that may not be fulfilled in full, on time, or at all as actual revenue realization depends on delivery schedules, achievement of technical milestones, and customer acceptance and validation; the risk associated with losing official vendor registration or status with existing customers; counterparty risk upon delivery of prototype and commercial products; the risks associated with constructing, completing, securing, and financing pilot, semi-commercial, and commercial battery materials, components, and cell manufacturing facilities including the Canadian and South Korean facilities; the risks associated with potential delays or increased costs with site preparation, equipment procurement and installation, and facility commissioning; the risks associated with integrating silicon anode material production, electrode manufacturing, and cell assembly within a single operational cluster or the Company’s business portfolio; the risks associated with supply chain disruptions or cost fluctuations in raw materials, processing chemicals, and additive prices, impacting production costs and commercial viability; the risks associated with uninsurable risks arising during the course of research, development and production; competition faced by the Company in securing experienced personnel, contracts and sales, and financing; access to adequate infrastructure and resources to support battery materials, components, and cell research and development activities; the risks associated with changes in the technology regulatory regime governing the Company; the risks associated with the timely execution of the Company’s strategies and business plans; the risks associated with the lithium-ion battery industry and end-users’ demand and adoption of the Company’s silicon anode technology and battery products; market adoption and integration challenges, including the difficulty of incorporating silicon anodes and silicon battery products within battery manufacturers and OEMs’ systems; the risks associated with the various environmental and political regulations the Company is subject to; risks related to regulatory and permitting delays; the reliance on key personnel; liquidity risks; the risk of litigation; risk management; and other risk factors as identified in the Company’s recent Financial Statements and MD&A and in recent securities filings for the Company which are available on www.sedarplus.ca. Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued R&D and commercialization activities, no material adverse change in precursor, raw material, equipment, and relevant cost prices, development and commercialization plans to proceed in accordance with plans and such plans to achieve their stated expected outcomes, receipt of required regulatory approvals, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company’s business, operations, research and development, and commercialization plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is made as of the date of this presentation, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE NEO Battery Materials Ltd.
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