Exhibit 99.1
Yiren Digital Reports First Quarter 2025 Financial Results
BEIJING – June 12, 2025 – Yiren Digital Ltd. (NYSE: YRD) (“Yiren Digital” or the “Company”), an AI-powered platform providing a comprehensive suite of financial and lifestyle services in Asia, today announced its unaudited financial results for the quarter ended March 31, 2025.
First Quarter 2025 Operational Highlights
Financial Services Business
| · | Total loans facilitated in the first quarter of 2025 reached RMB15.2 billion (US$2.1 billion), representing a slight decrease of 1% from RMB15.4 billion in the fourth quarter of 2024 and compared to RMB11.9 billion in the same period of 2024. |
| · | Cumulative number of borrowers served reached 12,909,436 as of March 31, 2025, representing an increase of 5% from 12,350,400 as of December 31, 2024, and compared to 9,978,280 as of March 31, 2024. |
| · | Number of borrowers served in the first quarter of 2025 was 1,375,406, representing a decrease of 12% from 1,560,789 in the fourth quarter of 2024 and compared to 1,352,200 in the same period of 2024. The decline was due to our strategic shift towards increasing the repeat borrowing rate among existing high-quality borrowers, combined with the traditionally slow season in the credit business during this period. |
| · | Outstanding balance of performing loans facilitated reached RMB27.5 billion (US$3.8 billion) as of March 31, 2025, representing an increase of 11% from RMB24.8 billion as of December 31, 2024 and compared to RMB20.2 billion as of March 31, 2024. |
Insurance Brokerage Business
| · | Cumulative number of insurance clients served reached 1,590,394 as of March 31, 2025, representing an increase of 4% from 1,532,119 as of December 31, 2024, and compared to 1,343,660 as of March 31, 2024. |
| · | Number of insurance clients served in the first quarter of 2025 was 77,541, representing a decrease of 7% from 83,786 in the fourth quarter of 2024, and compared to 73,687 in the same period of 2024. The decrease was due to an industry-wide downturn in new sales impacted by regulatory tightening. |
| · | Gross written premiums in the first quarter of 2025 were RMB801.8 million (US$110.5 million), representing a decrease of 27% from RMB1,100.3 million in the fourth quarter of 2024 and compared to RMB912.4 million in the same period of 2024. The decline was attributed to an industry-wide downturn in new sales impacted by regulatory tightening. |
“We are pleased to report another solid and healthy quarter, reflecting the strength of our technology transformation strategy, which focuses on sustainable growth, operational efficiency, technology innovation and international expansion.” said Mr. Ning Tang, Chairman and Chief Executive Officer.
“Our core business benefits from domestic economic stimulus policies that boost consumption and expand credit access, creating sector-wide opportunities. Through our strategic focus on attracting and serving high-quality borrowers, combined with ongoing integration of advanced technology across our platform, we are well-positioned to capitalize on these favorable conditions and confident in maintaining our growth momentum through 2025.”
“In the first quarter of this year, our total revenue reached RMB1.6 billion, up 13% year-over-year.” Mr.Yuning Feng, Chief Financial Officer commented. “On our balance sheet, our cash and cash equivalents remained strong at RMB4.0 billion as of March 31, 2025, underscoring our financial flexibility and positioning us to capitalize our strategic opportunities.”
First Quarter 2025 Financial Results
Total net revenue in the first quarter of 2025 was RMB1,554.5 million (US$214.2 million), representing an increase of 13% from RMB1,378.1 million in the first quarter of 2024. Particularly, in the first quarter of 2025, revenue from financial services business was RMB1,174.6 million (US$161.9 million), representing an increase of 59% from RMB738.1 million in the same period of 2024. The increase was attributed to the persistent and growing demand for our small revolving loan products. Revenue from insurance brokerage business was RMB71.5 million (US$9.8 million), representing a decrease of 43% from RMB124.9 million in the first quarter of 2024. The decrease was primarily driven by a decline in life insurance sales, attributed to regulatory-mandated product adjustments, along with an industry-wide reduction in commission fee rates due to the implementation of more stringent regulatory standards on rates and terms. Revenue from consumption and lifestyle business and others was RMB308.5 million (US$42.5 million), representing a decrease of 40% from RMB515.0 million in the first quarter of 2024. The decrease was mainly attributed to the high product penetration rate following sustained prior growth, resulting in fewer new sales opportunities. The Company is currently conducting a strategic review to evaluate and optimize our positioning for sustainable long-term growth in alignment with our corporate strategic priorities.
Sales and marketing expenses in the first quarter of 2025 were RMB277.0 million (US$38.2 million), which remains stable compared to RMB277.2 million in the same period of 2024.
Origination, servicing and other operating costs in the first quarter of 2025 were RMB224.7 million (US$31.0 million), which remains stable compared to RMB233.3 million in the same period of 2024.
Research and development expenses in the first quarter of 2025 were RMB86.0 million (US$11.8 million), compared to RMB40.5 million in the same period of 2024. The increase reflects our strategic acceleration of artificial intelligence investments, positioning us to capture emerging market opportunities and drive long-term competitive advantage.
General and administrative expenses in the first quarter of 2025 were RMB95.8 million (US$13.2 million), compared to RMB83.7 million in the same period of 2024. The increase was primarily due to higher incentive bonuses and increased employee benefit expenses.
Allowance for contract assets, receivables and others in the first quarter of 2025 was RMB152.8 million (US$21.1 million), compared to RMB102.3 million in the same period of 2024. The increase reflects the growing volume of loans facilitated on our platform as well as our cautious approach to risk management.
Provision for contingent liabilities in the first quarter of 2025 was RMB410.8 million (US$56.6 million), compared to RMB67.3 million in the same period of 2024. The increase was mainly attributed to a higher volume of loans facilitated under our risk-taking model[1].
Income tax expense in the first quarter of 2025 was RMB26.3 million (US$3.6 million).
Net income in the first quarter of 2025 was RMB247.5 million (US$34.1 million), as compared to RMB485.9 million in the same period in 2024. The decrease was primarily due to the growing loan volume facilitated under our risk-taking model, resulting in substantial upfront provisions required by the current accounting principles. Moreover, declining sales in the insurance brokerage business and the consumption and lifestyle segments, increased R&D costs, and an unrealized loss from fair value adjustments on invested assets further contributed to the overall reduction in profitability.
1 The risk-taking model refers to the framework in which the company assumes the credit risk for the loans facilitated on our platform.
Adjusted EBITDA[2] (non-GAAP) in the first quarter of 2025 was RMB325.0 million (US$44.8 million), compared to RMB591.1 million in the same period of 2024.
Basic and diluted income per ADS in the first quarter of 2025 were RMB2.9 (US$0.4) and RMB2.8 (US$0.4) respectively, compared to a basic income per ADS of RMB5.6 and a diluted income per ADS of RMB5.5 in the same period of 2024.
Net cash generated from operating activities in the first quarter of 2025 was RMB478.7 million (US$66.0 million), compared to RMB631.7 million in the same period of 2024.
Net cash used in investing activities in the first quarter of 2025 was RMB145.6 million (US$20.1 million), compared to RMB683.7 million in the same period of 2024.
Net cash used in financing activities in the first quarter of 2025 was RMB80.6 million (US$11.1 million), compared to RMB14.8 million in the same period of 2024.
As of March 31, 2025, cash and cash equivalents were RMB4,043.6 million (US$557.2 million), compared to RMB3,841.3 million as of December 31, 2024. As of March 31, 2025, the balance of financial investment was RMB404.1 million (US$55.7 million), compared to RMB437.2 million as of December 31, 2024.
Delinquency rates[3]. As of March 31, 2025, the delinquency rates for loans that are past due for 1-30 days, 31-60 days and 61-90 days were 1.6%, 1.2% and 1.2%, respectively, compared to 1.6%, 1.2% and 1.1%, respectively, as of December 31, 2024.
Recent Development
| 1) | Management Change |
Mr. Yuning Feng, current CFO of Yiren Digital will resign due to personal reasons, and Mr. Ka Chun William Hui has been appointed as the new CFO by the board of directors, effective on June 30, 2025.
Mr. Hui brings nearly two decades of experience in investment banking and capital markets. He joined CreditEase, Yiren Digital’s parent company, in 2017, focusing on global investment and capital market operation. Prior to that, he held several key roles at leading financial institutions, including Principal of Private Equity at China Minsheng Bank International, Deputy General Manager at CITIC International Asset Management, and positions at New World Development’s Family Office, Deutsche Bank (Hong Kong), and IBM (Canada). Mr. Hui holds a bachelor’s degree in computer engineering and an MBA, both from the University of Toronto.
2 "Adjusted EBITDA" is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of "Operating Highlights and Reconciliations of GAAP to Non-GAAP Measures" and the table captioned "Reconciliations of Adjusted EBITDA" set forth at the end of this press release.
3 Delinquency rates" refers to the outstanding principal balance of loans that were 1-30 days, 31-60 days and 61-90 days past due as a percentage of the total performing outstanding principal balance of loans as of a specific date. Loans originating outside mainland China are not included in the calculation. We define a performing loan as one that is being repaid according to the agreed terms and has not become delinquent for more than 90 days.
“On behalf of the Board, we are delighted to welcome William to join the Company. We look forward to his expertise and professionalism further strengthening our organization. We would also like to express our sincere gratitude to Yuning for his dedication and wish him every success in his future endeavors,” said Mr. Ning Tang, Chairman and CEO of Yiren Digital.
| 2) | Share Incentive Plan |
To promote the success and enhance the value of Yiren Digital, on June 6, 2025, the Company’s board of directors (the “Board”) approved the 2025 Share Incentive Plan (the “2025 Plan”), which became effective on the same day. The maximum aggregate number of shares of the Company which may be issued pursuant to all awards under the 2025 Plan shall be 18,560,000 ordinary shares, par value US$0.0001 per share, of the Company.
Business Outlook
Based on the Company’s preliminary assessment of business and market conditions, the Company projects the total revenue in the second quarter of 2025 to be between RMB1.6 billion to RMB1.7 billion, with a healthy net profit margin, driven by loan growth from domestic market and international markets, further market penetration into new customer segment.
This is the Company’s current and preliminary view, which is subject to changes and uncertainties.
Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See “Operating Highlights and Reconciliation of GAAP to Non-GAAP measures” at the end of this press release.
Currency Conversion
This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.2567 to US$1.00, the effective noon buying rate on March 31, 2025, as set forth in the H.10 statistical release of the Federal Reserve Board.
Conference Call
Yiren Digital’s management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on June 12, 2025 (or 8:00 p.m. Beijing/Hong Kong Time on June 12, 2025).
Participants who wish to join the call should register online in advance of the conference at:
https://dpregister.com/sreg/10200245/ff3e415b7a
Once registration is completed, participants will receive the dial-in details for the conference call.
Additionally, a live and archived webcast of the conference call will be available at:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=ZoyvDsQv
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 Yiren Digital'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 Yiren Digital's ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yiren Digital's ability to meet the standards necessary to maintain the listing of its ADSs on the NYSE or other stock exchange, 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 Yiren Digital'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 Yiren Digital 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.
About Yiren Digital
Yiren Digital Ltd. is an advanced, AI-powered platform providing a comprehensive suite of financial and lifestyle services in Asia. Our mission is to elevate customers' financial well-being and enhance their quality of life by delivering digital financial services, tailor-made insurance solutions, and premium lifestyle services. We support clients at various growth stages, addressing financing needs arising from consumption and production activities, while aiming to augment the overall well-being and security of individuals, families, and businesses.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except for share, per share and per ADS data, and percentages)
| For the Three Months Ended | ||||||||||||
| March 31, 2024 | March 31, 2025 | March 31, 2025 | ||||||||||
| RMB | RMB | USD | ||||||||||
| Net revenue: | ||||||||||||
| Loan facilitation services | 676,295 | 742,394 | 102,305 | |||||||||
| Post-origination services | 1,772 | 1,744 | 240 | |||||||||
| Guarantee services | 16,853 | 318,397 | 43,876 | |||||||||
| Financing services | 10,666 | 41,887 | 5,772 | |||||||||
| Insurance brokerage services | 124,926 | 71,460 | 9,847 | |||||||||
| Electronic commerce services | 502,936 | 184,074 | 25,366 | |||||||||
| Others | 44,636 | 194,570 | 26,813 | |||||||||
| Total net revenue | 1,378,084 | 1,554,526 | 214,219 | |||||||||
| Operating costs and expenses: | ||||||||||||
| Sales and marketing | 277,223 | 276,952 | 38,164 | |||||||||
| Origination,servicing and other operating costs | 233,270 | 224,738 | 30,970 | |||||||||
| Research and development | 40,521 | 85,954 | 11,845 | |||||||||
| General and administrative | 83,674 | 95,837 | 13,207 | |||||||||
| Allowance for contract assets, receivables and others | 102,334 | 152,805 | 21,057 | |||||||||
| Provision for contingent liabilities | 67,258 | 410,763 | 56,605 | |||||||||
| Total operating costs and expenses | 804,280 | 1,247,049 | 171,848 | |||||||||
| Other income/(expenses): | ||||||||||||
| Interest income, net | 27,713 | 24,206 | 3,336 | |||||||||
| Fair value adjustments gain/(loss) | 15,468 | (58,376 | ) | (8,044 | ) | |||||||
| Others, net | 677 | 674 | 93 | |||||||||
| Total other income/(expenses) | 43,858 | (33,496 | ) | (4,615 | ) | |||||||
| Income before provision for income taxes | 617,662 | 273,981 | 37,756 | |||||||||
| Share of results of equity investees | - | (129 | ) | (18 | ) | |||||||
| Income tax expense | 131,779 | 26,346 | 3,631 | |||||||||
| Net income | 485,883 | 247,506 | 34,107 | |||||||||
| Weighted average number of ordinary shares outstanding, basic | 174,282,443 | 172,800,275 | 172,800,275 | |||||||||
| Basic income per share | 2.7879 | 1.4323 | 0.1974 | |||||||||
| Basic income per ADS | 5.5758 | 2.8646 | 0.3948 | |||||||||
| Weighted average number of ordinary shares outstanding, diluted | 176,202,571 | 173,935,749 | 173,935,749 | |||||||||
| Diluted income per share | 2.7575 | 1.4230 | 0.1961 | |||||||||
| Diluted income per ADS | 5.5150 | 2.8460 | 0.3922 | |||||||||
| Unaudited Condensed Consolidated Cash Flow Data | ||||||||||||
| Net cash generated from operating activities | 631,743 | 478,650 | 65,960 | |||||||||
| Net cash used in investing activities | (683,697 | ) | (145,590 | ) | (20,063 | ) | ||||||
| Net cash used in financing activities | (14,774 | ) | (80,576 | ) | (11,104 | ) | ||||||
| Effect of foreign exchange rate changes | 1,340 | 2,367 | 326 | |||||||||
| Net (decrease)/increase in cash, cash equivalents and restricted cash | (65,388 | ) | 254,851 | 35,119 | ||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 6,058,604 | 4,101,557 | 565,210 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | 5,993,216 | 4,356,408 | 600,329 | |||||||||
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
| As of | ||||||||||||
| December 31, 2024 | March 31, 2025 | March 31, 2025 | ||||||||||
| RMB | RMB | USD | ||||||||||
| Cash and cash equivalents | 3,841,284 | 4,043,590 | 557,222 | |||||||||
| Restricted cash | 260,273 | 312,818 | 43,107 | |||||||||
| Accounts receivable | 566,541 | 583,542 | 80,414 | |||||||||
| Guarantee receivable | 474,132 | 620,241 | 85,472 | |||||||||
| Contract assets, net | 1,008,920 | 1,114,576 | 153,593 | |||||||||
| Contract cost | 294 | 425 | 59 | |||||||||
| Prepaid expenses and other assets | 2,361,585 | 2,299,149 | 316,831 | |||||||||
| Loans at fair value | 421,922 | 314,790 | 43,379 | |||||||||
| Financing receivables | 17,515 | 22,040 | 3,037 | |||||||||
| Amounts due from related parties | 3,387,952 | 3,284,281 | 452,586 | |||||||||
| Financial investments | 437,203 | 404,059 | 55,681 | |||||||||
| Equity investments | 9,239 | 9,110 | 1,255 | |||||||||
| Property, equipment and software, net | 78,678 | 78,358 | 10,798 | |||||||||
| Crypto assets | - | 148,062 | 20,403 | |||||||||
| Deferred tax assets | 77,463 | 1 | - | |||||||||
| Right-of-use assets | 39,695 | 38,917 | 5,363 | |||||||||
| Total assets | 12,982,696 | 13,273,959 | 1,829,200 | |||||||||
| Accounts payable | 43,167 | 79,882 | 11,008 | |||||||||
| Amounts due to related parties | 129,629 | 99,616 | 13,727 | |||||||||
| Guarantee liabilities-stand ready | 606,886 | 809,726 | 111,583 | |||||||||
| Guarantee liabilities-contingent | 578,797 | 756,699 | 104,276 | |||||||||
| Deferred revenue | 9,479 | 482 | 66 | |||||||||
| Payable to investors at fair value | 368,022 | 287,500 | 39,619 | |||||||||
| Accrued expenses and other liabilities | 1,622,050 | 1,393,592 | 192,042 | |||||||||
| Deferred tax liabilities | 41,471 | 54,897 | 7,565 | |||||||||
| Lease liabilities | 40,765 | 37,808 | 5,210 | |||||||||
| Total liabilities | 3,440,266 | 3,520,202 | 485,096 | |||||||||
| Ordinary shares | 132 | 132 | 18 | |||||||||
| Additional paid-in capital | 5,198,457 | 5,201,567 | 716,795 | |||||||||
| Treasury stock | (170,463 | ) | (170,463 | ) | (23,490 | ) | ||||||
| Accumulated other comprehensive income | 79,268 | 40,903 | 5,637 | |||||||||
| Retained earnings | 4,435,036 | 4,681,618 | 645,144 | |||||||||
| Total equity | 9,542,430 | 9,753,757 | 1,344,104 | |||||||||
| Total liabilities and equity | 12,982,696 | 13,273,959 | 1,829,200 | |||||||||
Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures
(in thousands, except for number of borrowers, number of insurance clients, cumulative number of insurance clients and percentages)
| For the Three Months Ended | ||||||||||||
| March 31, 2024 | March 31, 2025 | March 31, 2025 | ||||||||||
| RMB | RMB | USD | ||||||||||
| Operating Highlights | ||||||||||||
| Amount of loans facilitated | 11,910,367 | 15,237,923 | 2,099,842 | |||||||||
| Number of borrowers | 1,352,200 | 1,375,406 | 1,375,406 | |||||||||
| Remaining principal of performing loans | 20,156,161 | 27,458,292 | 3,783,854 | |||||||||
| Cumulative number of insurance clients | 1,343,660 | 1,590,394 | 1,590,394 | |||||||||
| Number of insurance clients | 73,687 | 77,541 | 77,541 | |||||||||
| Gross written premiums | 912,431 | 801,798 | 110,491 | |||||||||
| First year premium | 514,141 | 412,497 | 56,844 | |||||||||
| Renewal premium | 398,290 | 389,301 | 53,647 | |||||||||
| Segment Information | ||||||||||||
| Financial services business: | ||||||||||||
| Revenue | 738,117 | 1,174,577 | 161,861 | |||||||||
| Sales and marketing expenses | 251,922 | 260,903 | 35,953 | |||||||||
| Origination, servicing and other operating costs | 85,787 | 140,623 | 19,378 | |||||||||
| Allowance for contract assets, receivables and others | 101,127 | 152,112 | 20,962 | |||||||||
| Provision for contingent liabilities | 67,258 | 410,763 | 56,605 | |||||||||
| Insurance brokerage business: | ||||||||||||
| Revenue | 124,926 | 71,460 | 9,847 | |||||||||
| Sales and marketing expenses | 3,565 | 2,795 | 385 | |||||||||
| Origination, servicing and other operating costs | 136,883 | 81,440 | 11,223 | |||||||||
| Allowance for contract assets, receivables and others | 1,012 | (578 | ) | (80 | ) | |||||||
| Consumption & lifestyle business and others: | ||||||||||||
| Revenue | 515,041 | 308,489 | 42,511 | |||||||||
| Sales and marketing expenses | 21,736 | 13,254 | 1,826 | |||||||||
| Origination, servicing and other operating costs | 10,600 | 2,675 | 369 | |||||||||
| Allowance for contract assets, receivables and others | 9 | (1,994 | ) | (275 | ) | |||||||
| Reconciliation of Adjusted EBITDA | ||||||||||||
| Net income | 485,883 | 247,506 | 34,107 | |||||||||
| Interest income, net | (27,713 | ) | (24,206 | ) | (3,336 | ) | ||||||
| Income tax expense | 131,779 | 26,346 | 3,631 | |||||||||
| Depreciation and amortization | 1,892 | 2,297 | 317 | |||||||||
| Share-based compensation | 1,207 | 2,187 | 301 | |||||||||
| Fair value adjustments related to crypto assets and financial investment * | (1,933 | ) | 70,824 | 9,760 | ||||||||
| Adjusted EBITDA | 591,115 | 324,954 | 44,780 | |||||||||
| Adjusted EBITDA margin | 42.9 | % | 20.9 | % | 20.9 | % | ||||||
*Due to the expansion of asset categories in which the Company has invested and the significant fluctuations in their fair value changes, adjustments for fair value changes relating to crypto assets and financial investments are hereby incorporated, and historical periods have been restated to enhance investors' comprehension of the Company's financial statements.
Delinquency Rates
| 1-30 days | 31-60 days | 61-90 days | ||||||||||
| December 31, 2020 | 1.3 | % | 0.7 | % | 0.6 | % | ||||||
| December 31, 2021 | 2.0 | % | 1.5 | % | 1.2 | % | ||||||
| December 31, 2022 | 1.7 | % | 1.2 | % | 1.1 | % | ||||||
| December 31, 2023 | 2.0 | % | 1.4 | % | 1.2 | % | ||||||
| December 31, 2024 | 1.6 | % | 1.2 | % | 1.1 | % | ||||||
| March 31, 2025 | 1.6 | % | 1.2 | % | 1.2 | % |
30+ Days Delinquency Rates By Vintage*
| Loan Issued Period | Month on Book | |||||||||||||||||||||||||||||||||||||||||||||||
| 2 | 4 | 6 | 8 | 10 | 12 | 14 | 16 | 18 | 20 | 22 | 24 | |||||||||||||||||||||||||||||||||||||
| 2020Q1 | 0.8 | % | 2.0 | % | 3.4 | % | 4.5 | % | 5.4 | % | 5.9 | % | 6.5 | % | 6.8 | % | 7.1 | % | 7.5 | % | 8.1 | % | 8.5 | % | ||||||||||||||||||||||||
| 2020Q2 | 0.6 | % | 2.0 | % | 3.3 | % | 4.5 | % | 5.3 | % | 6.0 | % | 6.4 | % | 6.9 | % | 7.4 | % | 8.0 | % | 8.6 | % | 8.8 | % | ||||||||||||||||||||||||
| 2020Q3 | 1.3 | % | 2.8 | % | 4.3 | % | 5.4 | % | 6.3 | % | 6.9 | % | 7.5 | % | 8.2 | % | 8.9 | % | 9.3 | % | 9.5 | % | 9.5 | % | ||||||||||||||||||||||||
| 2020Q4 | 0.3 | % | 1.4 | % | 2.4 | % | 3.4 | % | 4.3 | % | 5.4 | % | 6.4 | % | 7.3 | % | 7.7 | % | 8.0 | % | 8.2 | % | 8.3 | % | ||||||||||||||||||||||||
| 2021Q1 | 0.5 | % | 1.8 | % | 3.0 | % | 4.2 | % | 5.3 | % | 6.3 | % | 7.1 | % | 7.3 | % | 7.5 | % | 7.7 | % | 7.8 | % | 7.9 | % | ||||||||||||||||||||||||
| 2021Q2 | 0.5 | % | 2.1 | % | 3.8 | % | 5.5 | % | 6.8 | % | 7.5 | % | 7.7 | % | 7.9 | % | 8.1 | % | 8.3 | % | 8.2 | % | 8.2 | % | ||||||||||||||||||||||||
| 2021Q3 | 0.6 | % | 2.5 | % | 4.2 | % | 5.4 | % | 6.1 | % | 6.5 | % | 6.7 | % | 6.9 | % | 6.9 | % | 6.9 | % | 6.9 | % | 6.8 | % | ||||||||||||||||||||||||
| 2021Q4 | 0.8 | % | 2.7 | % | 4.1 | % | 4.9 | % | 5.4 | % | 5.8 | % | 5.8 | % | 5.8 | % | 5.7 | % | 5.6 | % | 5.6 | % | 5.5 | % | ||||||||||||||||||||||||
| 2022Q1 | 0.7 | % | 2.1 | % | 3.2 | % | 4.0 | % | 4.6 | % | 4.8 | % | 4.7 | % | 4.6 | % | 4.6 | % | 4.5 | % | 4.5 | % | 4.4 | % | ||||||||||||||||||||||||
| 2022Q2 | 0.5 | % | 1.8 | % | 2.9 | % | 3.8 | % | 4.3 | % | 4.5 | % | 4.4 | % | 4.3 | % | 4.3 | % | 4.2 | % | 4.2 | % | 4.1 | % | ||||||||||||||||||||||||
| 2022Q3 | 0.6 | % | 2.2 | % | 3.5 | % | 4.3 | % | 4.8 | % | 5.0 | % | 5.0 | % | 4.9 | % | 4.9 | % | 4.8 | % | 4.7 | % | 4.7 | % | ||||||||||||||||||||||||
| 2022Q4 | 0.7 | % | 2.5 | % | 3.9 | % | 4.9 | % | 5.6 | % | 5.9 | % | 5.8 | % | 5.8 | % | 5.7 | % | 5.6 | % | 5.5 | % | 5.4 | % | ||||||||||||||||||||||||
| 2023Q1 | 0.6 | % | 2.4 | % | 4.0 | % | 5.2 | % | 5.9 | % | 6.2 | % | 6.1 | % | 6.0 | % | 5.9 | % | 5.8 | % | 5.7 | % | 5.7 | % | ||||||||||||||||||||||||
| 2023Q2 | 0.7 | % | 3.0 | % | 4.9 | % | 6.3 | % | 7.0 | % | 7.3 | % | 7.2 | % | 7.0 | % | 6.9 | % | 6.8 | % | 6.6 | % | ||||||||||||||||||||||||||
| 2023Q3 | 0.9 | % | 3.7 | % | 5.8 | % | 7.1 | % | 7.9 | % | 8.1 | % | 8.0 | % | 7.9 | % | 7.7 | % | 7.5 | % | ||||||||||||||||||||||||||||
| 2023Q4 | 0.8 | % | 3.6 | % | 5.8 | % | 7.0 | % | 7.6 | % | 7.8 | % | 7.7 | % | 7.6 | % | ||||||||||||||||||||||||||||||||
| 2024Q1 | 0.7 | % | 3.2 | % | 5.0 | % | 6.1 | % | 6.7 | % | 7.0 | % | 7.2 | % | ||||||||||||||||||||||||||||||||||
| 2024Q2 | 0.6 | % | 2.5 | % | 4.2 | % | 5.3 | % | 6.1 | % | ||||||||||||||||||||||||||||||||||||||
| 2024Q3 | 0.6 | % | 2.3 | % | 3.8 | % | 4.8 | % | ||||||||||||||||||||||||||||||||||||||||
| 2024Q4 | 0.7 | % | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 2025Q1 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
*The 30+ days delinquency rate by vintage refers to the outstanding principal balance of loans facilitated over a specified period that are more than 30 days past due, as a percentage of the total loans facilitated during that same period. Loans originating outside mainland China are excluded from the calculation.