X Financial · NYSE:XYF
X Financial — Q3 2025 Earnings Presentation
20 slides from X Financial's earnings presentation, November 2025
Slide 1: X Financial
X Financial L] Digital Lending Marketplace == i)
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by X Financial (the “Company") solely for information purpose and has not been independently verified. No representations, warranties or undertakings, express or implied, are made by the Company or any of its affiliates, advisers, or representatives or
Slide 3: X Financial
$211M 24% X Financial 5.2M $78M
Slide 4: $115M Share Buyback and valuation
$115M Share Buyback +108% 2025–2026 Authorized Program 1 Year Stock Return ~5.8M shares @ ~$20/shar< (Sep 2024 – Sep 2025) (≈14% of current float) < 2.2x Adjusted P/E 2.2x P/E Post-Buyback Adjusted Trailing Earnings Valuation TTM Net Income: $250ø Derived From TTM Earnings + Share Cancellation Marke
Slide 5: X Financial's core model and tech stack
Borrower o l o g y E c o s y h n s t c e e m T A proprietary Collections Risk Engine Infrastructure Credit Post-loan Assessment Tech servicing tools Credit Risk Assessment X Financial’sr core model andr Bank Partner Model Trust Microcredit Loan Facility tech stack With credit guarantee Channel Funde
Slide 6: Modular Lending with Capital Efficiency
Modular Lending with Capital Efficiency Loan Facilitation Trust Channel MicroCredit Partnerships Primary growth engine of the platform Structured lending through trust with institutional Direct lending through X Financial’s own Collaborative models with external platforms funding microcredit license
Slide 7: Business introduction and model comparison
Business introduction and model comparison Insurance Company | Financial Guarantee Companies X Financial Custome½ ProÂles Risk Assessment Proprietary Risk Risk Management Lines of Management Model Loan & Pairing Credit Application 3 rd Party Institutional Credit X Financial Prime Guarantee Partners
Slide 8: Product design and basic info
product design and basic info 36.6 11,177 RMB 10.9 mos
Slide 9: Advertising Channels
Advertisin Smart Ad Acquisition Performance-focused campaigns across½ China’s top platforms Channels Risk & Intent Modeling& (Privacy-Conscious) Optimized targeting using cross-platform signals (term "federated learning" removed pending tech/ risk con)rmation) Primary Platforms Embedded API Partners
Slide 10: AI Capabilities
Core Infrastructure Customer Service AI LLM Stack AI Assistant Agent Co-Pilot AI Ops Layer On-prem deployment of Qwen2.5 72B,¹ Qwen3 32B and DeepSeek R1 Centralized access to internal 90%+ 60%+ Real-time¹ script suggestion 98% Live QC and risk detection Secure, low-latency hybrid inference¹ policies
Slide 11: Cumulative Users
Platform Built to In 2024, we served over 5 million active borrowers The system was built for profitable flow, not vanity volume. That Compound Capital, through more than 9 million new loans. Since inception, over 120 million users have registered on our platform, design delivered a 32% operating ma
Slide 12: Delinquency Benchmark vs. U.S. Card Issuers
Metric X Financia~ U.S. Prime Mass-Market Subprime 3Q25 31–60 DPD 1.85 % 0.24% 0.77% 1.55% 91–180 DPD 3.52 % 0.43% 1.45% 2.50% Delinquency Benchmark vs. U.S. Card Issuers Delinquency Rate (31–60 Days) * Delinquency Rate (91–180 Days) * *See footnotes in Appendix
Slide 13: 24% ROE
24% ROE Sustained High Returns on Equity with Expanding Asset Efficiency X Financial delivered a strong 24% return on equity in FY2024, supported by consistent capital discipline and a scalable operating model. Over the past four years, ROE has remained above 18%, with ROA improving from 10% to 13%,
Slide 14: Strong Earnings per ADS Growth
Strong Earnings peD Earnings per ADS ($USD) CAGR Earnings per ADS (%) ADS Growth Earnings per ADS CAGR Growth Rate (%) Earnings per ADS ($)
Slide 15: Capital Efficiency
Dividend Amount (USD, $M) Share Buyback ($M) Payout Ratio Capital Efficiency Capital Returned to Shareholders ($M) Payout Ratio (%), Estimated for 2026
Slide 16: Justin Yue Tang
Justin Yue Tang:Õ Founder, Operator, Capital Allocator Co-founded eLong.com Founded X Financial 0 One of China’s rst online travel platformQ 0 Built asset-light, ntech lending platfor( 2006 2018 0 Scaled rapidly and listed on NASDAQ (2004 0 Pioneered capital-eicient credit in Chin" 0 Sold controlli
Slide 17: Leadership Team with Global Financial Track Record
Leadership Team with Global Financial Track Record Justin Tangb Kent Lib Frank Zhengb No ah o Jas n Jiangb 唐 越 李 侃 郑 富 亚 Kau ffm an 江宇帆 CEO President CFO Chief Financial CRO Strategy Oicer Co‑founded eLong, Inc. 15+ years of experience in 15+ years of experience in corporate 20 years of leadership i
Slide 18: Consolidated Income Statement
Consolidated Income Statement 3Q 2024 (RMB’000) 3Q 2025 (RMB ’000) 3Q 2025 (USD ’000) Period Change Loan facilitation & servicing 1,064,391 1,242,268 174,501 +16.7% Financing income 335,765 372,911 52,382 +11.1% Other revenue (incl. guarantee) 182,341 345,775 48,571 +89.6% Total net revenue 1,582,49
Slide 19: Consolidated Balance Sheet
Consolidated Balance Sheet 12/31/2024 (RMB’000) 3Q 2025 (RMB ’000) 3Q 2025 (USD ’000) Period Change Cash & Equivalents 984,611 890,854 125,138 -9.5% Net Accounts Receivable 2,029,550 3,065,608 430,623 +51.0% Net Loans Receivable 4,828,317 5,620,402 789,493 +16.4% Total Assets 11,819,288 14,688,632 2
Slide 20: Footnotes
Footnotes 31–60 Days Delinquency Rat Represents the balance of the outstanding principal for Xiaoying Credit Loans — our primary category of online personal credit loan products facilitated and originated through our platform, including Xiaoying Card Loan as well as other unsecured loan products tha