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20-05-2025
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FinVolution Group Reports First Quarter 2025 Unaudited Financial Results
-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, the Three Months Ended/As of YoY ChangeMarch 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 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 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 GroupHead of Capital MarketsYam ChengTel: +86 (21) 8030-3200 Ext. 8601E-mail: ir@ Piacente Financial CommunicationsJenny CaiTel: +86 (10) 6508-0677E-mail: finv@ In the United States:Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050E-mail: finv@ 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 31,20242025RMB RMB USD Assets Cash and cash equivalents 4,672,7725,406,481 745,033 Restricted cash 2,074,3002,018,526 278,160 Short-term investments 2,832,3823,055,696 421,086 Investments 1,173,0031,141,890 157,357 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 1,639,5911,537,306 211,846 Intangible assets 137,298147,898 20,381 Property, equipment and software, net 623,792616,120 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 4,157,6213,760,389 518,195 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 2,405,8802,641,636 364,027 Deferred tax assets 2,513,8652,795,057 385,169 Right of use assets 36,82637,668 5,191 Prepaid expenses and other assets 1,289,3801,221,091 168,271 Goodwill 50,41150,411 6,947 Total assets 23,607,12124,430,169 3,366,567 Liabilities and Shareholders' EquityDeferred guarantee income 1,515,9501,381,146 190,327 Liability from quality assurance commitment 2,964,1162,995,732 412,823 Payroll and welfare payable 290,389190,907 26,308 Taxes payable 705,928947,691 130,595 Short-term borrowings 5,59426,968 3,716 Funds payable to investors of consolidated trusts 796,122571,678 78,779 Contract liability 10,1853,582 494 Deferred tax liabilities 491,213552,681 76,161 Accrued expenses and other liabilities 1,245,1841,421,397 195,874 Leasing liabilities 28,76532,070 4,419 Dividends payable -510,201 70,308 Total liabilities 8,053,4468,634,053 1,189,804 Commitments and contingencies FinVolution Group Shareholders' equity Ordinary shares 103103 14 Additional paid-in capital 5,815,4375,854,162 806,725 Treasury stock (1,765,542)(1,772,993) (244,325) Statutory reserves 852,723852,723 117,508 Accumulated other comprehensive income 92,62676,353 10,522 Retained Earnings 10,208,71710,444,922 1,439,349 Total FinVolution Group shareholders' equity 15,204,06415,455,270 2,129,793 Non-controlling interest 349,611340,846 46,970 Total shareholders' equity 15,553,67515,796,116 2,176,763 Total liabilities and shareholders' equity 23,607,12124,430,169 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 31,20242025RMB RMB USDOperating revenue: Loan facilitation service fees 985,9401,477,798 203,646 Post-facilitation service fees 465,192380,614 52,450 Guarantee income 1,346,1151,099,514 151,517 Net interest income 231,307241,614 33,295 Other Revenue 136,527281,501 38,792 Net revenue 3,165,0813,481,041 479,700 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 628,449883,191 121,708 Other income, net 31,0048,381 1,155 Profit before income tax expense 659,453891,572 122,863 Income tax expenses (127,477)(153,931) (21,212) Net profit 531,976737,641 101,651 Less: Net profit/(loss) attributable to non-controlling interest shareholders 4,275(8,765) (1,208) Net profit attributable to FinVolution Group 527,701746,406 102,859 Foreign currency translation adjustment, net of nil tax 11,132(16,273) (2,242) Total comprehensive income attributable to FinVolution Group 538,833730,133 100,617 Weighted average number of ordinary shares used in computing net income per share Basic 1,311,510,2181,265,759,932 1,265,759,932 Diluted 1,341,193,1591,315,948,116 1,315,948,116 Net profit per share attributable to FinVolution Group's ordinary shareholders Basic 0.400.59 0.08 Diluted 0.390.57 0.08 Net profit per ADS attributable to FinVolution Group's ordinary shareholders (one ADS equal five ordinary shares) Basic 2.012.95 0.41 Diluted 1.972.84 0.39 FinVolution GroupUNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS[18] (All amounts in thousands, except share data, or otherwise noted) Three Months Ended March 31, 20242025 RMB RMBUSDNet cash provided by/(used in) operating activities 213,310522,33571,982Net cash provided by/(used in) investing activities 925,695365,19650,326Net 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 820,658677,93593,422Cash, cash equivalent and restricted cash at beginning of period 6,769,3906,747,072929,771Cash, cash equivalent and restricted cash at end of period 7,590,0487,425,0071,023,193 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 31,20242025RMB RMB USDNet Revenues 3,165,0813,481,041 479,700 Less: total operating expenses (2,536,632)(2,597,850) (357,992) Operating Income 628,449883,191 121,708 Add: share-based compensation expenses 30,28934,679 4,779 Non-GAAP adjusted operating income 658,738917,870 126,487Operating Margin 19.9 %25.4 % 25.4 % Non-GAAP operating margin 20.8 %26.4 % 26.4 % Non-GAAP adjusted operating income 658,738917,870 126,487 Add: other income, net 31,0048,381 1,155 Less: income tax expenses (127,477)(153,931) (21,212) Non-GAAP net profit 562,265772,320 106,430 Less: Net profit/(loss) attributable to non-controlling interest shareholders 4,275(8,765) (1,208) Non-GAAP net profit attributable to FinVolution Group 557,990781,085 107,638Weighted average number of ordinary shares used in computing net income per share Basic 1,311,510,2181,265,759,932 1,265,759,932 Diluted 1,341,193,1591,315,948,116 1,315,948,116 Non-GAAP net profit per share attributable to FinVolution Group's ordinary shareholders Basic 0.430.62 0.09 Diluted 0.420.59 0.08 Non-GAAP net profit per ADS attributable to FinVolution Group's ordinary shareholders (one ADS equal five ordinary shares) Basic 2.133.09 0.43 Diluted 2.082.97 0.41 View original content: SOURCE FinVolution Group Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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- Cision Canada
Cango Inc. Gains Positive Outlook with Initiation of Coverage by Apollo Insights
, April 29, 2025 /CNW/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a rapidly expanding leader in Bitcoin mining, announced the initiation of coverage by Apollo Insights, an independent equity research firm. Apollo Insights initiated coverage on Cango on April 22, 2025, following the release of its equity research report and investment thesis titled "Cango Catapults Into Bitcoin Mining". The equity research report highlights include: The Company has a market capitalization of $387.1 million The 12-month low and high for the Company's stock is $1.33 and $8.00, respectively. Apollo Insights estimates that Cango's fiscal 2025E revenue and adjusted EBITDA will reach RMB3,913.2 million and RMB665.6 million, respectively In fiscal 2026E, revenue and adjusted EBITDA are projected to reach RMB4,644.6 million (an 18.7% year-over-year increase) and RMB1,185.2 million (a 78.1% year-over-year increase), respectively. The firm attributes its favorable outlook for Cango to a supportive regulatory environment under the Trump administration and the potential for greater clarity in cryptocurrency regulations. The initiation of coverage underscores Cango's remarkable rise in the Bitcoin mining industry in a short time. The Company has developed its mining operation at a lower cost and reduced operational risks through strategic partnerships for acquiring Bitcoin mining equipment. This higher overall operating efficiency ensured the Company generated an average operating hash rate of 30.3 exahash/second (EH/s) in March 2025, placing Cango in joint second for the highest operating hashrate in the month. The Company's capital-light model has helped it accumulate holdings of approximately 2,475 Bitcoin as end-March 2025, valued at roughly US$211 million as of April 17, 2025. Cango has not sold any of its Bitcoin holdings yet. Overall, as of March 2025, Cango ranks as the fifth-largest Bitcoin mining player by deployed hashrate, achieving 32 EH/s in just four months. The report projects that its deployed hashrate will reach 42 EH/s by the end of FY25E. Since entering the Bitcoin mining industry in November 2024, Cango has expanded its global footprint across strategic regions. Its mining operations now span the U.S. (38%), East Africa (37%), Oman (15%), Paraguay (9%), and Canada (1%). Click here to view Apollo Insights' full equity research report and investment thesis on Cango. About Cango Inc. Cango Inc. (NYSE: CANG) primarily operates a leading Bitcoin mining business. Cango has deployed its mining operation across strategic locations including North America, Middle East, South America, and East Africa. Cango expanded into the crypto assets market in November 2024, driven by the development in blockchain technology, increasing prevalence of crypto assets and its endeavor to diversify its business. Meanwhile, Cango has continued to operate the automotive transaction service in China since 2010, aiming to make car purchases simple and enjoyable. For more information, please visit: Media Contact SOURCE Cango Inc.
The Sun
29-04-2025
- Business
- The Sun
Aice Strengthens Regional Leadership and Accelerates International Expansion
HONG KONG SAR - Media OutReach Newswire - 28 April 2025 - In early 2025, Aice, a leading ice cream brand in Southeast Asia, attracted significant attention from global investors following a new round of investment from major shareholders, including China Mengniu Dairy Group – its controlling shareholder. This capital injection is widely viewed as providing both financial and strategic support for Aice's rapid expansion across Southeast Asia and other new international markets. Strategic Market Positioning: From Indonesian Launch to Regional Leadership Since its overseas launch in 2015, Aice has rapidly established itself as a pioneer in Southeast Asia's ice cream industry. With annual revenues exceeding RMB3 billion, Aice now holds the leading market share in Indonesia, ranks second in the Philippines, and continues to strengthen its position in Vietnam. Aice's success is rooted in its precise regional market strategy. Following extensive market research, Aice identified Indonesia as its initial overseas market, targeting local demand for affordable, high-quality products. To address cross-border logistics challenges and offer its products at competitive prices, Aice established three local factories to ensure it can flexibly and rapidly adapt to local market preferences, optimize costs, and build a robust local distribution network. Within just three years of entering Indonesia, Aice's annual sales soared from RMB20 million to RMB1.2 billion. The Company has since expanded successfully into the Philippines, Vietnam, Thailand, Laos, Cambodia, and Timor-Leste, making it one of Southeast Asia's fastest-growing companies and a benchmark for Chinese F&B brands going global. In 2024, its factory in the Philippines officially began operations, further enhancing its regional manufacturing footprint and enabling broader distribution across Southeast Asian and beyond. Innovating Products, Channels, and Marketing: Building Differentiated Competitive Advantages Aice has established strong competitive barriers and captured consumer mindshare through innovation in product development, distribution channels, and marketing. Guided by its philosophy of delivering 'healthy, innovative, quality products with value,' Aice conducts in-depth research into consumer habits and local dietary preferences, driving continuous innovation in product formats and flavours. Each year, it has launched multiple best-selling products, generating sales of over RMB100 million. Upon initial launch in Indonesia, Aice strategically focused on small and medium-sized retailers, providing free ice cabinets to communities in more than 100 cities. This approach secured extensive retail coverage of its products, activated previously untapped market demand, and differentiating Aice from international competitors, resulting in rapid market share gains. Through storefront branding and sponsorships of major sporting events, Aice consistently increased brand awareness and visibility throughout the region. Capital-Driven Acceleration for Global Expansion Following this round of financing, Aice plans to deepen its presence in existing Southeast Asian markets, further strengthening its supply chain and brand competitiveness, while actively expanding into new international markets. As a key pillar of Mengniu's 'One Core, Two Wings' strategy, Aice has served as Mengniu's strategic bridgehead in Southeast Asia, achieving significant milestones. This investment from Mengniu underscores its strong confidence in Aice's in international growth potential and reflects its commitment to supporting it with additional resources and capital. According to industry sources, while maintaining robust organic growth, Aice recently engaged with global investors to diversify its funding channels and accelerate its international expansion. Backed by a proven overseas track record and new capital, Aice is poised for a new phase of accelerated growth, leveraging Southeast Asia as a strategic steppingstone to broader international opportunities. The issuer is solely responsible for the content of this announcement.
Associated Press
28-04-2025
- Business
- Associated Press
Aice Strengthens Regional Leadership and Accelerates International Expansion
HONG KONG SAR - Media OutReach Newswire - 28 April 2025 - In early 2025, Aice, a leading ice cream brand in Southeast Asia, attracted significant attention from global investors following a new round of investment from major shareholders, including China Mengniu Dairy Group – its controlling shareholder. This capital injection is widely viewed as providing both financial and strategic support for Aice's rapid expansion across Southeast Asia and other new international markets. Strategic Market Positioning: From Indonesian Launch to Regional Leadership Since its overseas launch in 2015, Aice has rapidly established itself as a pioneer in Southeast Asia's ice cream industry. With annual revenues exceeding RMB3 billion, Aice now holds the leading market share in Indonesia, ranks second in the Philippines, and continues to strengthen its position in Vietnam. Aice's success is rooted in its precise regional market strategy. Following extensive market research, Aice identified Indonesia as its initial overseas market, targeting local demand for affordable, high-quality products. To address cross-border logistics challenges and offer its products at competitive prices, Aice established three local factories to ensure it can flexibly and rapidly adapt to local market preferences, optimize costs, and build a robust local distribution network. Within just three years of entering Indonesia, Aice's annual sales soared from RMB20 million to RMB1.2 billion. The Company has since expanded successfully into the Philippines, Vietnam, Thailand, Laos, Cambodia, and Timor-Leste, making it one of Southeast Asia's fastest-growing companies and a benchmark for Chinese F&B brands going global. In 2024, its factory in the Philippines officially began operations, further enhancing its regional manufacturing footprint and enabling broader distribution across Southeast Asian and beyond. Innovating Products, Channels, and Marketing: Building Differentiated Competitive Advantages Aice has established strong competitive barriers and captured consumer mindshare through innovation in product development, distribution channels, and marketing. Guided by its philosophy of delivering 'healthy, innovative, quality products with value,' Aice conducts in-depth research into consumer habits and local dietary preferences, driving continuous innovation in product formats and flavours. Each year, it has launched multiple best-selling products, generating sales of over RMB100 million. Upon initial launch in Indonesia, Aice strategically focused on small and medium-sized retailers, providing free ice cabinets to communities in more than 100 cities. This approach secured extensive retail coverage of its products, activated previously untapped market demand, and differentiating Aice from international competitors, resulting in rapid market share gains. Through storefront branding and sponsorships of major sporting events, Aice consistently increased brand awareness and visibility throughout the region. Capital-Driven Acceleration for Global Expansion Following this round of financing, Aice plans to deepen its presence in existing Southeast Asian markets, further strengthening its supply chain and brand competitiveness, while actively expanding into new international markets. As a key pillar of Mengniu's 'One Core, Two Wings' strategy, Aice has served as Mengniu's strategic bridgehead in Southeast Asia, achieving significant milestones. This investment from Mengniu underscores its strong confidence in Aice's in international growth potential and reflects its commitment to supporting it with additional resources and capital. According to industry sources, while maintaining robust organic growth, Aice recently engaged with global investors to diversify its funding channels and accelerate its international expansion. Backed by a proven overseas track record and new capital, Aice is poised for a new phase of accelerated growth, leveraging Southeast Asia as a strategic steppingstone to broader international #Aice The issuer is solely responsible for the content of this announcement.
Zawya
28-04-2025
- Business
- Zawya
Aice Strengthens Regional Leadership and Accelerates International Expansion
HONG KONG SAR - Media OutReach Newswire - 28 April 2025 - In early 2025, Aice, a leading ice cream brand in Southeast Asia, attracted significant attention from global investors following a new round of investment from major shareholders, including China Mengniu Dairy Group – its controlling shareholder. This capital injection is widely viewed as providing both financial and strategic support for Aice's rapid expansion across Southeast Asia and other new international markets. Strategic Market Positioning: From Indonesian Launch to Regional Leadership Since its overseas launch in 2015, Aice has rapidly established itself as a pioneer in Southeast Asia's ice cream industry. With annual revenues exceeding RMB3 billion, Aice now holds the leading market share in Indonesia, ranks second in the Philippines, and continues to strengthen its position in Vietnam. Aice's success is rooted in its precise regional market strategy. Following extensive market research, Aice identified Indonesia as its initial overseas market, targeting local demand for affordable, high-quality products. To address cross-border logistics challenges and offer its products at competitive prices, Aice established three local factories to ensure it can flexibly and rapidly adapt to local market preferences, optimize costs, and build a robust local distribution network. Within just three years of entering Indonesia, Aice's annual sales soared from RMB20 million to RMB1.2 billion. The Company has since expanded successfully into the Philippines, Vietnam, Thailand, Laos, Cambodia, and Timor-Leste, making it one of Southeast Asia's fastest-growing companies and a benchmark for Chinese F&B brands going global. In 2024, its factory in the Philippines officially began operations, further enhancing its regional manufacturing footprint and enabling broader distribution across Southeast Asian and beyond. Innovating Products, Channels, and Marketing: Building Differentiated Competitive Advantages Aice has established strong competitive barriers and captured consumer mindshare through innovation in product development, distribution channels, and marketing. Guided by its philosophy of delivering "healthy, innovative, quality products with value," Aice conducts in-depth research into consumer habits and local dietary preferences, driving continuous innovation in product formats and flavours. Each year, it has launched multiple best-selling products, generating sales of over RMB100 million. Upon initial launch in Indonesia, Aice strategically focused on small and medium-sized retailers, providing free ice cabinets to communities in more than 100 cities. This approach secured extensive retail coverage of its products, activated previously untapped market demand, and differentiating Aice from international competitors, resulting in rapid market share gains. Through storefront branding and sponsorships of major sporting events, Aice consistently increased brand awareness and visibility throughout the region. Capital-Driven Acceleration for Global Expansion Following this round of financing, Aice plans to deepen its presence in existing Southeast Asian markets, further strengthening its supply chain and brand competitiveness, while actively expanding into new international markets. As a key pillar of Mengniu's "One Core, Two Wings" strategy, Aice has served as Mengniu's strategic bridgehead in Southeast Asia, achieving significant milestones. This investment from Mengniu underscores its strong confidence in Aice's in international growth potential and reflects its commitment to supporting it with additional resources and capital. According to industry sources, while maintaining robust organic growth, Aice recently engaged with global investors to diversify its funding channels and accelerate its international expansion. Backed by a proven overseas track record and new capital, Aice is poised for a new phase of accelerated growth, leveraging Southeast Asia as a strategic steppingstone to broader international #Aice The issuer is solely responsible for the content of this announcement. China Mengniu Dairy Company
