Research Reports

Prepared Highlights

Group full-year 2025 revenue: RMB 13.6 billion, up 3.8% YoY (CEO); net profit RMB 2.5 billion, up 6.6% YoY (CEO).
China segment Q4 2025: loan origination volume RMB 38.7 billion; loan balance RMB 68.3 billion; revenue RMB 2.1 billion (CFO). Vintage loss on new originations stabilized at 3.0% (CEO); CM2 increased from 0.61% to 0.77% (CEO). Funding cost reduced 20 bps QoQ to 3.4%; take rate held at ~3% (CFO).
International segment Q4 2025: transaction volume RMB 4.1 billion (USD 0.6 billion), up 41% YoY (CFO); unique borrowers 3.8 million, up 133.8% YoY (CFO). International revenue contributed 31% of group revenue in Q4, up from 21% a year ago (CEO).
International full-year 2025: volume up 38.6% YoY; revenue up 32.0% YoY (CEO). Indonesia and Philippines combined full-year operating profit >USD 15 million (CEO). Combined unique user base doubled to 5.9 million (CEO).
Indonesia Q4: transaction volume reached historical high of USD 0.3 billion, up 10% QoQ (CFO). New borrower base grew >3x YoY via offline BNPL (CFO).
Philippines Q4: transaction volume USD 0.2 billion, up 64% YoY (CFO). Embedded e-commerce partnerships contributed 43% of volume vs 30% a year ago (CFO).
Australia entry: acquired lending platform Fundo in Q4 (CEO); described as a developed market with near-prime customers and underdigitalized market (CFO).
Shareholder returns 2025: USD 107 million in buybacks (record since IPO); USD 74.5 million in dividends; total shareholder return ~USD 182 million, ~50% payout (CEO). Q4 buybacks USD 40.7 million (largest quarterly ex-convertible) (CFO). Dividend per share increased 10.5% to USD 0.306 (CFO). Chairman and management invested additional USD 1.9 million in share buyback in December (CEO).
Full-year 2026 guidance: group revenue expected to decline 5%–15% YoY (CFO). Long-term target: 50% of revenue from international markets by 2030 (CEO).

Prepared Metrics

Metric	Value	Speaker/Context
Group full-year 2025 revenue	RMB 13.6 billion, +3.8% YoY	CEO
Group full-year 2025 net profit	RMB 2.5 billion, +6.6% YoY	CEO
Full-year 2025 transaction volume (China)	RMB 200 billion, -2.9% YoY	CEO
Q4 2025 loan origination (China)	RMB 38.7 billion	CEO
Q4 2025 loan balance (China)	RMB 68.3 billion	CEO
Q4 2025 vintage loss (new China originations)	3.0%	CEO
Q4 2025 CM2 (China)	0.77% (from 0.61% prior quarter)	CEO
Q4 2025 funding cost (China)	3.4% (down 20 bps QoQ)	CFO
Q4 2025 take rate (China)	~3%	CFO
Q4 2025 group net revenue	RMB 3 billion	CFO
Q4 2025 China revenue	RMB 2.1 billion	CFO
Q4 2025 international transaction volume	RMB 4.1 billion (USD 0.6 billion), +41% YoY	CFO
Q4 2025 international unique borrowers	3.8 million, +133.8% YoY	CFO
Full-year 2025 international volume growth	+38.6% YoY	CEO
Full-year 2025 international revenue growth	+32.0% YoY	CEO
Q4 2025 international revenue share	31% of group (vs 21% a year ago)	CEO
Full-year 2025 combined international operating profit (Indonesia & Philippines)	>USD 15 million	CEO
Full-year 2025 combined unique users (Indonesia & Philippines)	5.9 million (doubled YoY)	CEO
Q4 2025 Indonesia transaction volume	USD 0.3 billion, +10% QoQ	CFO
Q4 2025 Philippines transaction volume	USD 0.2 billion, +64% YoY	CFO
Full-year 2025 buybacks	USD 107 million	CEO
Q4 2025 buybacks	USD 40.7 million	CFO
Full-year 2025 dividends	~USD 74.5 million; USD 0.306 per share (+10.5% YoY)	CFO
Total shareholder return 2025	~USD 182 million (~50% payout)	CEO
Management personal buyback (Dec 2025)	USD 1.9 million	CEO
Full-year 2026 revenue guidance	Decline 5%–15% YoY	CFO

Mgmt Quotes

"2025 was a significant year for us. It was FinVolution's 18th anniversary, much like a person stepping into adulthood, our company has grown from a passionate credit pioneer in China into a regional platform bridging the credit gap across Asia and beyond." (CEO)
"Our local excellence global outlook strategy has unlocked diversification value and brought much needed resilience to our platform." (CEO)
"We have learned that strength also lies in connection. We have deepened our capabilities at the platform level instead of each country operating as a stand-alone effort." (CEO)
"We anticipate a phase of industry consolidation once the full effect of the regulation is reflected, and we are well positioned to seize the opportunities." (CEO)
"We are stepping into the new year, not with grand promises, but with a quite steady confidence in the resilience of our model, the dedication of our teams and the solid partnerships we have built along the way." (CFO)

Q&A Batch (1-3 of 3)

Q1 — Xiaoxiong Ye

Topic: 股东回报政策持续性及国内市场运营目标（贷款规模、定价、营销预算）
Key points:
- 提问提及Q4加速回购，询问近期待续性；国内市场受去年监管收紧影响，询问2025年贷款量增长、平均贷款定价、销售与营销预算目标。
- 回答部分仅包含开场白“我将回答您的问题”，未提供具体数据或指引。
Mgmt stance: 未给出明确回应（回答内容被截断，无实质信息）

Q2 — Yun-Yin Wang

Topic: 信用周期判断（Day 1逾期率、30天回收率趋势）及海外市场收入贡献与获客策略
Key points:
- 提问要求提供Q4及2025年1-3月首日逾期率和30天贷款回收率趋势，并据此判断信用周期位置。
- 提问关注Q4海外市场收入占比显著提升，询问2025年海外收入贡献展望及印尼/菲律宾获客策略。
- 回答部分仅包含开场白“我将回答您的问题”，未提供任何具体数据或分析。
Mgmt stance: 未给出明确回应（回答内容被截断，无实质信息）

Q3 — Yujie Jing

Topic: 海外市场扩张战略（进入发达国家、澳大利亚选择、Fundo收购）
Key points:
- 进入发达国家理由：将中国成熟经验与发达国家法规对齐，结合东南亚已验证的可扩展引擎，构建全球品牌和韧性，平衡地域组合以对冲单一市场波动。
- 选择澳大利亚：无抵押个人贷款市场约330亿澳元，非银行机构持续抢占银行份额；作为首批中国参与者有先发优势；竞争和数字化水平适中，无主导玩家；监管透明稳定，适合长期运营。
- 收购Fundo原因：持有ACL牌照（获取流程长、成本高），收购可快速进入市场、降低成本，且Fundo已自持盈利、风控强，数字化自动化领先，可接入LEGO+全球平台。
- 2026年计划：聚焦优化风险模型、运营和融资成本以提升单位经济，帮助Fundo加速增长（放贷量和收入）。
Mgmt stance: 乐观（管理层明确认为发达国家市场提供增长机会，收购Fundo是高效路径，并强调已有盈利基础和改进空间）