X Financial · NYSE:XYF
X Financial — Q4 2025 Earnings Presentation
20 slides from X Financial's earnings presentation, Mar 26, 2026
Slide 1: X Financial: Digital Lending Marketplace
X Financial Digital Lending Marketplace
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 t
Slide 3: X Financial
$209M 20% X Financial 6.7M $90M
Slide 4: $46M Buyback Remaining, ~9.5% Dividend Yield, <1x Adjusted P/E
$46M Buyback Remaining ~9.5% Dividend Yield $100M Program · June 2025–Nov 2026 Consistent Semi-Annual Cash Distributions ~$53.85M repurchased (as of Mar 15, 2026- $0.53/ADS paid in FY2025 ($0.25 + $0.28æ (~$46.15M remaining under program) Based on $5.60 close · Dec 31, 2025 < 1x Adjusted P/E ~1.05x
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 Lendin g 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 x Collaborative models with e ternal platforms funding microcredit lice
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 10,185 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: Platform Built to Compound Capital, Not Consume It
Platform Built to In 2025, we served over 6.7 million active borrowers through more than 12.8 million new loans. Since The system was built for profitable flow, not vanity volume. That Compound Capital, design delivered a 21% operating margin and a 19% net margin inception, nearly 140 million users
Slide 12: Delinquency Benchmark vs. U.S. Card Issuers
6.0% Metric Financia{ X Financia U.S. Prime Mass-Market Subprime 4Q25 2.90 % 5.0% 31–60 DPD 0.24% 0.77% 1.55% 6.31 % 91–180 DPD 0.43% 1.45% 2.50% 4.0% 3.0% Delinquency 2.0% Benchmark vs.l U.S. Card Issuers 1.0% 0% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Delinq
Slide 13: 20% ROE
26% ROE ROA 24% 22% 20% ROE 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 2021 2022 2023 2024 2025
Slide 14: Strong EPS Growth
$5.50 30% $5.00 25% $4.50 20% Strong EPS Growth $4.00 15% EPS CAGR Growth Rate (%) $3.50 10% EPS ($) $3.00 5% $2.50 0% $2.00 -5% $1.50 -10% $1.00 -15% $0.50 -20% 0 -25% 2021 2022 2023 2024 2025
Slide 15: Capital Efficiency
Dividend Amount (USD, $M) Share Buyback ($M) Payout Ratio $80 45.0% $75 42.5% Capital Efficiency $70 40.0% $65 37.5% $60 35.0% Capital Returned to Shareholders ($M) $55 32.5% Payout Ratio (%) $50 30.0% $45 27.5% $40 25.0% $35 22.5% $30 20.0% $25 17.5% $20 15.0% $15 12.5% $10 10.0% $5 7.5% $0 5.0% 20
Slide 16: Justin Yue Tang: Founder, Operator, Capital Allocator
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 4Q 2024 (RMB’000) 4Q 2025 (RMB ’000) 4Q 2025 (USD ’000) Period Change Loan facilitation & servicing 1,143,682 689,920 98,657 -39.7% Financing income 350,599 393,987 56,339 +12.4% Other revenue (incl. guarantee) 214,441 383,936 54,903 +79.0% Total net revenue 1,708,722 1
Slide 19: Consolidated Balance Sheet
Consolidated Balance Sheet 12/31/2024 (RMB’000) 4Q 2025 (RMB ’000) 4Q 2025 (USD ’000) Period Change Cash & Equivalents 984,611 987,631 141,229 +0.3% Net Accounts Receivable 2,029,550 3,145,976 449,869 +55.0% Net Loans Receivable 4,828,317 5,298,631 757,694 +9.7% Total Assets 11,819,288 14,665,745 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