PR Newswire TechnologyCodex · 实盘不做把握 4/10不做原因:证据不足
北京时间·🕒 发布 17:50:00(美东 05:50)·⟳ 抓取 17:50:16 +16s·⚡ 决策 08-24 18:31:22 +41m06s·64.2 天前
小赢科技2026年二季度收入和贷款撮合量继续大幅下滑，利润环比改善并维持分红回购
一手财报确认核心贷款撮合量和收入继续大幅收缩，但利润、逾期率环比改善及股息回购形成实质抵消；在缺少一致预期、可执行盘前报价和合格先例测算的情况下，既不适合做多，也不足以给强空订单。
📄 原文PR Newswire Technology↗ 原文
X Financial Reports Second Quarter 2026 Unaudited Financial Results
SHENZHEN, China, Aug. 24, 2026 /PRNewswire/ -- X Financial (NYSE: XYF), a leading Chinese fintech platform, today annou…
不做 X Financial（XYF.US）
财报方向混合且预期差不清；贷款量和收入大幅下滑支持风控看空，但环比利润改善、逾期改善、股息回购削弱强空催化，缺少可执行盘前报价，不开新仓。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
X Financial二季度财报显示贷款撮合量同比下降70.2%、收入同比下降56.3%，核心平台规模仍在收缩且监管风险未消；但净利润环比增长、逾期率环比改善、每ADS 0.28美元股息和剩余3550万美元回购额度降低了单边看空确定性。由于Q1已揭示收缩趋势，本次预期差不清，盘前价格边界也未核实，最终不做新仓。
🔎 新鲜度:最早出现 2026-08-24 · 扩散 medium · price-in 风险 medium ↗
消息传播链
- 公司正式发布2026Q2未经审计业绩，披露收入、贷款撮合量、利润、逾期率、股息和回购信息。市场反应:信号时美股处于盘前不可连续成交窗口，未取得可靠连续交易价格。
关键理由
- 看空依据是贷款撮合量116.3亿元人民币同比下降70.2%、环比下降20.5%，核心业务规模继续收缩。
- 看多依据不足：净利润4700万元人民币虽环比增长23.8%，但同比仍下降91.1%，盈利修复质量仍弱。
- 资本返还提供支撑：每ADS 0.28美元股息和剩余3550万美元回购额度可能抵消部分财报利空。
主要风险
- 若电话会给出贷款量恢复或监管影响缓和的明确指引，短期看空判断会被削弱。
- XYF.US属于小盘中概ADS，流动性和盘前跳空可能放大执行误差。
反向证据
- 做空前查反向 · 来源 filing · 日期 2026-08-24 · 影响 weakens
公司同时披露每ADS 0.28美元股息、回购计划仍余3550万美元，且净利润和逾期率环比改善，削弱开空强度。
检索:X Financial Q2 2026 dividend repurchase delinquency sequential improvement 原文 ↗ - 做多前查反向 · 来源 filing · 日期 2026-08-24 · 影响 invalidates
收入和贷款撮合量继续同比、环比下滑，且公司提示互联网借贷监管若按当前理解实施可能重大不利影响经营结果，不支持做多。
检索:X Financial Q2 2026 revenue loan facilitated regulatory update 原文 ↗
先例如何影响了这次决策
对本次决策的影响:先例不足使潜在SHORT从可交易候选降为AVOID，同时压低总体confidence。
方向:没有足够高相似、同市场、同相位且首发锚点干净的先例支撑单边交易；财报本身多空混合。
涨幅量级:缺少合格先例测算，不能据此设定tp/sl或追高/做空幅度。
形态:小盘中概金融科技财报容易被低流动性、股息回购和监管表述共同扰动，单一同比指标不足以外推短线方向。
原文全文
展开原文 · 22,062 字
X Financial Reports Second Quarter 2026 Unaudited Financial Results
SHENZHEN, China, Aug. 24, 2026 /PRNewswire/ -- X Financial (NYSE: XYF), a leading Chinese fintech platform, today announced its unaudited financial results for the second quarter ended June 30, 2026. This press release should be read in conjunction with the Company's Report on Form 6-K for the second quarter ended June 30, 2026, which has been furnished to the U.S. Securities and Exchange Commission and is available on the SEC's website at www.sec.gov and on the Company's investor relations website at http://ir.xiaoyinggroup.com.
Second Quarter 2026 Financial and Operational Highlights
- Total net revenue in Q2 2026 was RMB993.6 million (US$146.4 million), a decrease of 56.3% year-over-year and 15.5% quarter-over-quarter. The year-over-year decline was mainly attributable to substantially lower loan facilitation volumes, which reduced loan facilitation service revenue and post-origination service revenue, partially offset by higher guarantee income.
- Total loan amount facilitated and originated[1] in Q2 2026 was RMB11.63 billion, down 20.5% quarter-over-quarter and down 70.2% year-over-year.
- Net income in Q2 2026 was RMB47.0 million (US$6.9 million), a decrease of 91.1% year-over-year but an increase of 23.8% quarter-over-quarter, primarily reflecting the substantially lower operating contribution compared with the prior-year period, partially offset by lower operating costs and credit-related provisions.
- Delinquency rates for loans 31–60 days past due improved to 1.73% (from 2.61% at the end of Q1 2026 and 1.16% a year ago); loans 91–180 days past due improved to 9.09% (from 9.95% at the end of Q1 2026, though up from 2.91% a year ago). Both delinquency rates improved sequentially but remained materially above prior-year levels, indicating that credit pressure remained elevated in the seasoned portfolio.
Mr. Kent Li, President of X Financial, commented: "In the second quarter of 2026, we facilitated and originated RMB11.6 billion in loans, a decline of 20.5% from the prior quarter and 70.2% year-over-year. Borrower activity continued to contract, with active borrowers declining to approximately 720,258, down 74.8% from a year ago, while the average loan amount increased to RMB12,712. The 31–60 day delinquency rate decreased to 1.73% from 2.61% in the prior quarter, and the 91–180 day rate eased to 9.09% from 9.95%. These sequential improvements are constructive, but both delinquency rates remained above prior-year levels and the 91–180 day rate remained elevated. We therefore continue to prioritize disciplined underwriting, collection effectiveness, and conservative capital deployment. While the business remains under pressure from lower origination volumes and a challenging credit environment, our focus remains on preserving balance sheet resilience and operating flexibility."
Mr. Frank Fuya Zheng, Chief Financial Officer of X Financial, added: "In the second quarter of 2026, total net revenue was RMB993.6 million, a decrease of 56.3% from the same period last year and 15.5% sequentially. Net income was RMB47.0 million and non-GAAP adjusted net income was RMB165.8 million, both higher than the prior quarter but substantially below the prior-year period. Basic earnings per ADS were RMB1.26, and non-GAAP adjusted earnings per ADS were RMB4.44. Operating margin improved to 19.6% from 12.0% in the prior quarter, but remained below the 29.7% recorded in the same period of 2025. We will continue to manage capital conservatively, maintain cost discipline, and preserve liquidity as we navigate the evolving regulatory and operating environment."
[1] Represents the total amount of loans that the Company facilitated and originated during the relevant period. |
Second Quarter 2026 GAAP and Non-GAAP Financial Summary
(In thousands, except for share and per share data) |
Three Months Ended |
Three Months Ended |
Three Months Ended |
QoQ |
YoY |
RMB |
RMB |
RMB |
|||
Total net revenue |
2,273,123 |
1,176,139 |
993,581 |
(15.5 %) |
(56.3 %) |
Total operating costs and expenses |
(1,598,067) |
(1,035,481) |
(798,633) |
(22.9 %) |
(50.0 %) |
Income from operations |
675,056 |
140,658 |
194,948 |
38.6 % |
(71.1 %) |
Net income |
528,016 |
37,947 |
46,983 |
23.8 % |
(91.1 %) |
Non-GAAP adjusted net income |
593,215 |
81,180 |
165,837 |
104.3 % |
(72.0 %) |
Net income per ADS—basic |
12.60 |
0.96 |
1.26 |
31.3 % |
(90.0 %) |
Net income per ADS—diluted |
12.00 |
0.96 |
1.26 |
31.3 % |
(89.5 %) |
Non-GAAP adjusted net income per ADS—basic |
14.16 |
2.10 |
4.44 |
111.4 % |
(68.6 %) |
Non-GAAP adjusted net income per ADS—diluted |
13.50 |
2.04 |
4.38 |
114.7 % |
(67.6 %) |
Capital Return
- Capital Return to Shareholders: From January 1, 2026 through August 14, X Financial repurchased an aggregate of approximately 2.63 million ADSs, for a total consideration of approximately US$12.49 million under its share repurchase programs. The Company now has approximately US$35.50 million remaining under its existing US$100 million share repurchase program, which is effective through November 30, 2026. This program reflects the Company's commitment to returning capital to shareholders and enhancing long-term shareholder value, subject to ongoing assessment of market and regulatory conditions. Repurchases under the program remain subject to market conditions and other factors and may be modified or suspended at management's discretion.
- Declaration of Semi-Annual Dividend: Pursuant to the semi-annual dividend policy, the Board today approved the declaration and payment of a semi-annual dividend of US$0.28 per ADS (approximately US$0.0467 per ordinary share). The holders of the Company's ordinary shares shown on the Company's record at the close of trading on September 10, 2026 (U.S. Eastern Daylight Time) will be entitled to the semi-annual dividend. These shareholders, including the Bank of New York Mellon, the depositary of our ADS program (the "Depositary"), will receive the payments of dividends on or about September 28, 2026. Dividends to the Company's ADS holders will be paid by the Depositary on or after September 28, 2026, and the precise timing of receipt will vary based on the processing efficiency of the respective holding brokerage.
Regulatory Update
The regulatory environment governing internet-based lending in the People's Republic of China continued to evolve during the second quarter of 2026, with authorities maintaining heightened oversight across the consumer credit business chain. The Company continues to monitor these developments closely; however, management has limited visibility into the ultimate scope and direction of implementation. If current and emerging regulatory requirements are implemented as currently understood, the Company's operating results may be materially and adversely affected, and historical levels of profitability should not be assumed to be indicative of future performance.
Conference Call
X Financial's management team will host an earnings conference call at 8:30 AM U.S. Eastern Time on August 24, 2026 (8:30 PM Beijing / Hong Kong Time on August 24, 2026).
Dial-in details for the earnings conference call are as follows:
United States: |
1-888-346-8982 |
Hong Kong: |
800-905945 |
Mainland China: |
4001-201203 |
International: |
1-412-902-4272 |
Passcode: |
X Financial |
Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the following numbers until August 31, 2026:
United States: |
1-855-669-9658 |
International: |
1-412-317-0088 |
Passcode: |
2955666 |
Additional Information
This press release contains highlights only. For the Company's complete financial results and management's discussion and analysis for the second quarter ended June 30, 2026, please refer to the Form 6-K filed with the U.S. Securities and Exchange Commission on August 24, 2026.
About X Financial
X Financial (NYSE: XYF) (the "Company") is a leading Chinese fintech platform. The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitate and originate loans to prime borrowers under a risk assessment and control system.
For more information, please visit http://ir.xiaoyinggroup.com.
Use of Non-GAAP Financial Measures
In evaluating our business, we consider and use non-GAAP measures as supplemental measures to review and assess our operating performance. We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We believe that the use of the non-GAAP financial measures facilitates investors' assessment of our operating performance and help investors to identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income (loss) from operations and net income (loss). We also believe that the non-GAAP measures provide useful information about our core 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.
We use in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, (iii) adjusted net income (loss) per diluted ADS, (iv) adjusted net income (loss) per basic share, and (v) adjusted net income (loss) per diluted share, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments, gain (loss) from financial investments at equity method and impairment losses on long-term investments. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, investors should not consider them in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.
We mitigate these limitations by reconciling the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.
For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release.
Exchange Rate Information
This press release contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.7851 to US$1.00, the exchange rate in effect as of June 30, 2026, as published in the Federal Reserve Board's H.10 statistical release. Percentages stated in this release are calculated based on the RMB amounts.
Disclaimer
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: the Company's goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China; the demand for and market acceptance of its marketplace's products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law.
For more information, please contact:
X Financial
Mr. Noah Kauffman (Chief Financial Strategy Officer)
E-mail: [email protected]
X Financial |
|||||
Unaudited Condensed Consolidated Balance Sheets |
|||||
(In thousands, except for share and per share data) |
As of December 31, |
As of June 30, 2026 |
As of June 30, 2026 |
||
RMB |
RMB |
USD |
|||
ASSETS |
|||||
Cash and cash equivalents |
987,631 |
1,131,736 |
166,797 |
||
Restricted cash, net |
1,145,962 |
827,667 |
121,983 |
||
Accounts receivable and contract assets, net |
3,145,976 |
1,377,377 |
203,000 |
||
Loans receivable from Credit Loans and other loans, net |
5,298,631 |
4,137,175 |
609,746 |
||
Deposits to institutional cooperators, net |
1,713,593 |
882,907 |
130,124 |
||
Prepaid expenses and other current assets |
43,547 |
36,215 |
5,337 |
||
Deferred tax assets, net |
455,358 |
486,393 |
71,685 |
||
Long term investments |
515,524 |
373,233 |
55,008 |
||
Property and equipment, net |
23,900 |
24,505 |
3,612 |
||
Intangible assets, net |
39,183 |
38,229 |
5,634 |
||
Financial investments |
1,243,076 |
2,738,006 |
403,532 |
||
Other non-current assets |
53,364 |
48,814 |
7,194 |
||
TOTAL ASSETS |
14,665,745 |
12,102,257 |
1,783,652 |
||
LIABILITIES |
|||||
Payable to investors and institutional funding partners at amortized cost |
3,054,982 |
1,583,818 |
233,426 |
||
Contingent guarantee liabilities |
748,307 |
409,806 |
60,398 |
||
Deferred guarantee income |
467,629 |
392,787 |
57,890 |
||
Financial guarantee derivative |
15,426 |
12,194 |
1,797 |
||
Short-term borrowings |
409,530 |
396,208 |
58,394 |
||
Accrued payroll and welfare |
76,058 |
43,545 |
6,418 |
||
Other tax payable |
221,940 |
108,620 |
16,007 |
||
Income tax payable |
677,521 |
659,051 |
97,132 |
||
Accrued expenses and other current liabilities |
1,053,071 |
688,895 |
101,531 |
||
Other non-current liabilities |
34,807 |
28,904 |
4,260 |
||
Deferred tax liabilities |
69,673 |
22,986 |
3,388 |
||
TOTAL LIABILITIES |
6,828,944 |
4,346,814 |
640,641 |
||
Commitments and Contingencies |
|||||
Equity: |
|||||
Common shares (234,517,901 and 221,600,267 shares outstanding as of December 31, 2025 |
207 |
207 |
31 |
||
Treasury stock |
(967,773) |
(1,040,284) |
(153,319) |
||
Additional paid-in capital |
3,256,349 |
3,259,861 |
480,444 |
||
Retained earnings |
5,484,294 |
5,496,426 |
810,073 |
||
Other comprehensive income |
63,724 |
39,233 |
5,782 |
||
TOTAL EQUITY |
7,836,801 |
7,755,443 |
1,143,011 |
||
TOTAL LIABILITIES AND EQUITY |
14,665,745 |
12,102,257 |
1,783,652 |
X Financial |
|||||||
Unaudited Condensed Consolidated Statements of Comprehensive Income |
|||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
(In thousands, except for share and per share data) |
2025 |
2026 |
2026 |
2025 |
2026 |
2026 |
|
RMB |
RMB |
USD |
RMB |
RMB |
USD |
||
Net revenues |
|||||||
Loan facilitation service |
1,369,443 |
198,599 |
29,270 |
2,447,823 |
469,313 |
69,168 |
|
Post-origination service |
271,407 |
159,575 |
23,518 |
537,448 |
355,781 |
52,436 |
|
Financing income |
319,938 |
277,655 |
40,921 |
630,078 |
615,429 |
90,703 |
|
Guarantee income |
102,570 |
224,926 |
33,150 |
185,498 |
483,220 |
71,218 |
|
Other revenue |
209,765 |
132,826 |
19,577 |
409,781 |
245,977 |
36,252 |
|
Total net revenue |
2,273,123 |
993,581 |
146,436 |
4,210,628 |
2,169,720 |
319,777 |
|
Operating costs and expenses: |
|||||||
Origination and servicing |
513,974 |
420,983 |
62,045 |
987,699 |
906,347 |
133,579 |
|
Borrower acquisitions and marketing |
756,264 |
149,506 |
22,034 |
1,465,271 |
369,266 |
54,423 |
|
General and administrative |
49,539 |
46,264 |
6,818 |
101,284 |
93,385 |
13,763 |
|
Provision for accounts receivable and contract assets |
33,360 |
20,124 |
2,966 |
42,408 |
50,902 |
7,502 |
|
Provision for loans receivable |
46,394 |
10,071 |
1,484 |
108,590 |
62,397 |
9,196 |
|
Provision for contingent guarantee liabilities |
207,383 |
57,553 |
8,482 |
271,130 |
257,562 |
37,960 |
|
Change in fair value of financial guarantee derivative |
(9,574) |
(1,196) |
(176) |
(14,991) |
(856) |
(126) |
|
Provision for credit losses for deposits and other financial assets |
727 |
95,328 |
14,050 |
1,276 |
95,111 |
14,018 |
|
Total operating costs and expenses |
1,598,067 |
798,633 |
117,703 |
2,962,667 |
1,834,114 |
270,315 |
|
Income from operations |
675,056 |
194,948 |
28,733 |
1,247,961 |
335,606 |
49,462 |
|
Interest income |
8,927 |
16,491 |
2,430 |
11,848 |
23,805 |
3,508 |
|
Interest expenses |
(4,943) |
(1,558) |
(230) |
(10,583) |
(3,625) |
(534) |
|
Foreign exchange gain (loss) |
2,101 |
3,161 |
466 |
(10,381) |
6,184 |
911 |
|
(Loss) income from financial investments |
(15,378) |
6,921 |
1,020 |
(19,056) |
5,043 |
743 |
|
Impairment losses on financial investments |
- |
(1,539) |
(227) |
- |
(8,254) |
(1,216) |
|
Other income (loss), net |
221 |
1,550 |
228 |
2,156 |
(1,941) |
(286) |
|
Income before income taxes |
665,984 |
219,974 |
32,420 |
1,221,945 |
356,818 |
52,588 |
|
Income tax expense |
(110,795) |
(54,549) |
(8,040) |
(227,323) |
(126,755) |
(18,681) |
|
Gain (loss) from equity in affiliates, net of tax |
9,830 |
(111,981) |
(16,504) |
7,647 |
(106,873) |
(15,751) |
|
Loss from financial investments at equity method, net of tax |
(37,003) |
(6,461) |
(952) |
(16,126) |
(38,261) |
(5,639) |
|
Net income |
528,016 |
46,983 |
6,924 |
986,143 |
84,929 |
12,517 |
|
Less: net income attributable to non-controlling interests |
- |
- |
- |
- |
- |
- |
|
Net income attributable to X Financial shareholders |
528,016 |
46,983 |
6,924 |
986,143 |
84,929 |
12,517 |
|
Net income |
528,016 |
46,983 |
6,924 |
986,143 |
84,929 |
12,517 |
|
Other comprehensive income, net of tax of nil: |
|||||||
Gain from equity in affiliates |
184 |
113 |
17 |
184 |
155 |
23 |
|
Loss from financial investments |
- |
- |
- |
(768) |
- |
- |
|
Foreign currency translation adjustments |
(2,995) |
(11,866) |
(1,749) |
(3,194) |
(24,646) |
(3,632) |
|
Comprehensive income |
525,205 |
35,230 |
5,192 |
982,365 |
60,438 |
8,908 |
|
Less: comprehensive income attributable to non-controlling interests |
- |
- |
- |
- |
- |
- |
|
Comprehensive income attributable to X Financial shareholders |
525,205 |
35,230 |
5,192 |
982,365 |
60,438 |
8,908 |
|
Net income per share—basic |
2.10 |
0.21 |
0.03 |
3.91 |
0.37 |
0.05 |
|
Net income per share—diluted |
2.00 |
0.21 |
0.03 |
3.75 |
0.37 |
0.05 |
|
Net income per ADS—basic |
12.60 |
1.26 |
0.19 |
23.46 |
2.22 |
0.33 |
|
Net income per ADS—diluted |
12.00 |
1.26 |
0.19 |
22.50 |
2.22 |
0.33 |
|
Weighted average number of ordinary shares outstanding—basic |
251,566,501 |
225,263,539 |
225,263,539 |
251,927,644 |
229,678,786 |
229,678,786 |
|
Weighted average number of ordinary shares outstanding—diluted |
263,948,357 |
227,553,000 |
227,553,000 |
263,019,346 |
231,984,748 |
231,984,748 |
X Financial |
|||||||
Unaudited Reconciliations of GAAP and Non-GAAP Results |
|||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
(In thousands, except for share and per share data) |
2025 |
2026 |
2026 |
2025 |
2026 |
2026 |
|
RMB |
RMB |
USD |
RMB |
RMB |
USD |
||
GAAP net income |
528,016 |
46,983 |
6,924 |
986,143 |
84,929 |
12,517 |
|
Less: (Loss) income from financial investments (net of tax of nil) |
(15,378) |
6,921 |
1,020 |
(19,056) |
5,043 |
743 |
|
Less: Impairment losses on financial investments (net of tax of nil) |
- |
(1,539) |
(227) |
- |
(8,254) |
(1,216) |
|
Less: Impairment losses on long-term investments (net of tax) |
- |
(114,925) |
(16,938) |
- |
(114,925) |
(16,938) |
|
Less: Loss from financial investments at equity method (net of tax of nil) |
(37,003) |
(6,461) |
(952) |
(16,126) |
(38,261) |
(5,639) |
|
Add: Share-based compensation expenses (net of tax of nil) |
12,818 |
2,850 |
420 |
38,656 |
5,690 |
839 |
|
Non-GAAP adjusted net income |
593,215 |
165,837 |
24,441 |
1,059,981 |
247,016 |
36,406 |
|
Non-GAAP adjusted net income per share—basic |
2.36 |
0.74 |
0.11 |
4.21 |
1.08 |
0.16 |
|
Non-GAAP adjusted net income per share—diluted |
2.25 |
0.73 |
0.11 |
4.03 |
1.06 |
0.16 |
|
Non-GAAP adjusted net income per ADS—basic |
14.16 |
4.44 |
0.65 |
25.26 |
6.48 |
0.96 |
|
Non-GAAP adjusted net income per ADS—diluted |
13.50 |
4.38 |
0.65 |
24.18 |
6.36 |
0.94 |
|
Weighted average number of ordinary shares outstanding—basic |
251,566,501 |
225,263,539 |
225,263,539 |
251,927,644 |
229,678,786 |
229,678,786 |
|
Weighted average number of ordinary shares outstanding—diluted |
263,948,357 |
227,553,000 |
227,553,000 |
263,019,346 |
231,984,748 |
231,984,748 |
SOURCE X Financial
SHENZHEN, China, Aug. 24, 2026 /PRNewswire/ -- X Financial (NYSE: XYF), a leading Chinese fintech platform, today announced its unaudited financial results for the second quarter ended June 30, 2026. This press release should be read in conjunction with the Company's Report on Form 6-K for the second quarter ended June 30, 2026, which has been furnished to the U.S. Securities and Exchange Commission and is available on the SEC's website at www.sec.gov and on the Company's investor relations website at http://ir.xiaoyinggroup.com.
Second Quarter 2026 Financial and Operational Highlights
- Total net revenue in Q2 2026 was RMB993.6 million (US$146.4 million), a decrease of 56.3% year-over-year and 15.5% quarter-over-quarter. The year-over-year decline was mainly attributable to substantially lower loan facilitation volumes, which reduced loan facilitation service revenue and post-origination service revenue, partially offset by higher guarantee income.
- Total loan amount facilitated and originated[1] in Q2 2026 was RMB11.63 billion, down 20.5% quarter-over-quarter and down 70.2% year-over-year.
- Net income in Q2 2026 was RMB47.0 million (US$6.9 million), a decrease of 91.1% year-over-year but an increase of 23.8% quarter-over-quarter, primarily reflecting the substantially lower operating contribution compared with the prior-year period, partially offset by lower operating costs and credit-related provisions.
- Delinquency rates for loans 31–60 days past due improved to 1.73% (from 2.61% at the end of Q1 2026 and 1.16% a year ago); loans 91–180 days past due improved to 9.09% (from 9.95% at the end of Q1 2026, though up from 2.91% a year ago). Both delinquency rates improved sequentially but remained materially above prior-year levels, indicating that credit pressure remained elevated in the seasoned portfolio.
Mr. Kent Li, President of X Financial, commented: "In the second quarter of 2026, we facilitated and originated RMB11.6 billion in loans, a decline of 20.5% from the prior quarter and 70.2% year-over-year. Borrower activity continued to contract, with active borrowers declining to approximately 720,258, down 74.8% from a year ago, while the average loan amount increased to RMB12,712. The 31–60 day delinquency rate decreased to 1.73% from 2.61% in the prior quarter, and the 91–180 day rate eased to 9.09% from 9.95%. These sequential improvements are constructive, but both delinquency rates remained above prior-year levels and the 91–180 day rate remained elevated. We therefore continue to prioritize disciplined underwriting, collection effectiveness, and conservative capital deployment. While the business remains under pressure from lower origination volumes and a challenging credit environment, our focus remains on preserving balance sheet resilience and operating flexibility."
Mr. Frank Fuya Zheng, Chief Financial Officer of X Financial, added: "In the second quarter of 2026, total net revenue was RMB993.6 million, a decrease of 56.3% from the same period last year and 15.5% sequentially. Net income was RMB47.0 million and non-GAAP adjusted net income was RMB165.8 million, both higher than the prior quarter but substantially below the prior-year period. Basic earnings per ADS were RMB1.26, and non-GAAP adjusted earnings per ADS were RMB4.44. Operating margin improved to 19.6% from 12.0% in the prior quarter, but remained below the 29.7% recorded in the same period of 2025. We will continue to manage capital conservatively, maintain cost discipline, and preserve liquidity as we navigate the evolving regulatory and operating environment."
[1] Represents the total amount of loans that the Company facilitated and originated during the relevant period. |
Second Quarter 2026 GAAP and Non-GAAP Financial Summary
(In thousands, except for share and per share data) |
Three Months Ended |
Three Months Ended |
Three Months Ended |
QoQ |
YoY |
RMB |
RMB |
RMB |
|||
Total net revenue |
2,273,123 |
1,176,139 |
993,581 |
(15.5 %) |
(56.3 %) |
Total operating costs and expenses |
(1,598,067) |
(1,035,481) |
(798,633) |
(22.9 %) |
(50.0 %) |
Income from operations |
675,056 |
140,658 |
194,948 |
38.6 % |
(71.1 %) |
Net income |
528,016 |
37,947 |
46,983 |
23.8 % |
(91.1 %) |
Non-GAAP adjusted net income |
593,215 |
81,180 |
165,837 |
104.3 % |
(72.0 %) |
Net income per ADS—basic |
12.60 |
0.96 |
1.26 |
31.3 % |
(90.0 %) |
Net income per ADS—diluted |
12.00 |
0.96 |
1.26 |
31.3 % |
(89.5 %) |
Non-GAAP adjusted net income per ADS—basic |
14.16 |
2.10 |
4.44 |
111.4 % |
(68.6 %) |
Non-GAAP adjusted net income per ADS—diluted |
13.50 |
2.04 |
4.38 |
114.7 % |
(67.6 %) |
Capital Return
- Capital Return to Shareholders: From January 1, 2026 through August 14, X Financial repurchased an aggregate of approximately 2.63 million ADSs, for a total consideration of approximately US$12.49 million under its share repurchase programs. The Company now has approximately US$35.50 million remaining under its existing US$100 million share repurchase program, which is effective through November 30, 2026. This program reflects the Company's commitment to returning capital to shareholders and enhancing long-term shareholder value, subject to ongoing assessment of market and regulatory conditions. Repurchases under the program remain subject to market conditions and other factors and may be modified or suspended at management's discretion.
- Declaration of Semi-Annual Dividend: Pursuant to the semi-annual dividend policy, the Board today approved the declaration and payment of a semi-annual dividend of US$0.28 per ADS (approximately US$0.0467 per ordinary share). The holders of the Company's ordinary shares shown on the Company's record at the close of trading on September 10, 2026 (U.S. Eastern Daylight Time) will be entitled to the semi-annual dividend. These shareholders, including the Bank of New York Mellon, the depositary of our ADS program (the "Depositary"), will receive the payments of dividends on or about September 28, 2026. Dividends to the Company's ADS holders will be paid by the Depositary on or after September 28, 2026, and the precise timing of receipt will vary based on the processing efficiency of the respective holding brokerage.
Regulatory Update
The regulatory environment governing internet-based lending in the People's Republic of China continued to evolve during the second quarter of 2026, with authorities maintaining heightened oversight across the consumer credit business chain. The Company continues to monitor these developments closely; however, management has limited visibility into the ultimate scope and direction of implementation. If current and emerging regulatory requirements are implemented as currently understood, the Company's operating results may be materially and adversely affected, and historical levels of profitability should not be assumed to be indicative of future performance.
Conference Call
X Financial's management team will host an earnings conference call at 8:30 AM U.S. Eastern Time on August 24, 2026 (8:30 PM Beijing / Hong Kong Time on August 24, 2026).
Dial-in details for the earnings conference call are as follows:
United States: |
1-888-346-8982 |
Hong Kong: |
800-905945 |
Mainland China: |
4001-201203 |
International: |
1-412-902-4272 |
Passcode: |
X Financial |
Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the following numbers until August 31, 2026:
United States: |
1-855-669-9658 |
International: |
1-412-317-0088 |
Passcode: |
2955666 |
Additional Information
This press release contains highlights only. For the Company's complete financial results and management's discussion and analysis for the second quarter ended June 30, 2026, please refer to the Form 6-K filed with the U.S. Securities and Exchange Commission on August 24, 2026.
About X Financial
X Financial (NYSE: XYF) (the "Company") is a leading Chinese fintech platform. The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitate and originate loans to prime borrowers under a risk assessment and control system.
For more information, please visit http://ir.xiaoyinggroup.com.
Use of Non-GAAP Financial Measures
In evaluating our business, we consider and use non-GAAP measures as supplemental measures to review and assess our operating performance. We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We believe that the use of the non-GAAP financial measures facilitates investors' assessment of our operating performance and help investors to identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income (loss) from operations and net income (loss). We also believe that the non-GAAP measures provide useful information about our core 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.
We use in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, (iii) adjusted net income (loss) per diluted ADS, (iv) adjusted net income (loss) per basic share, and (v) adjusted net income (loss) per diluted share, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments, gain (loss) from financial investments at equity method and impairment losses on long-term investments. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, investors should not consider them in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.
We mitigate these limitations by reconciling the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.
For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release.
Exchange Rate Information
This press release contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.7851 to US$1.00, the exchange rate in effect as of June 30, 2026, as published in the Federal Reserve Board's H.10 statistical release. Percentages stated in this release are calculated based on the RMB amounts.
Disclaimer
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: the Company's goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China; the demand for and market acceptance of its marketplace's products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law.
For more information, please contact:
X Financial
Mr. Noah Kauffman (Chief Financial Strategy Officer)
E-mail: [email protected]
X Financial |
|||||
Unaudited Condensed Consolidated Balance Sheets |
|||||
(In thousands, except for share and per share data) |
As of December 31, |
As of June 30, 2026 |
As of June 30, 2026 |
||
RMB |
RMB |
USD |
|||
ASSETS |
|||||
Cash and cash equivalents |
987,631 |
1,131,736 |
166,797 |
||
Restricted cash, net |
1,145,962 |
827,667 |
121,983 |
||
Accounts receivable and contract assets, net |
3,145,976 |
1,377,377 |
203,000 |
||
Loans receivable from Credit Loans and other loans, net |
5,298,631 |
4,137,175 |
609,746 |
||
Deposits to institutional cooperators, net |
1,713,593 |
882,907 |
130,124 |
||
Prepaid expenses and other current assets |
43,547 |
36,215 |
5,337 |
||
Deferred tax assets, net |
455,358 |
486,393 |
71,685 |
||
Long term investments |
515,524 |
373,233 |
55,008 |
||
Property and equipment, net |
23,900 |
24,505 |
3,612 |
||
Intangible assets, net |
39,183 |
38,229 |
5,634 |
||
Financial investments |
1,243,076 |
2,738,006 |
403,532 |
||
Other non-current assets |
53,364 |
48,814 |
7,194 |
||
TOTAL ASSETS |
14,665,745 |
12,102,257 |
1,783,652 |
||
LIABILITIES |
|||||
Payable to investors and institutional funding partners at amortized cost |
3,054,982 |
1,583,818 |
233,426 |
||
Contingent guarantee liabilities |
748,307 |
409,806 |
60,398 |
||
Deferred guarantee income |
467,629 |
392,787 |
57,890 |
||
Financial guarantee derivative |
15,426 |
12,194 |
1,797 |
||
Short-term borrowings |
409,530 |
396,208 |
58,394 |
||
Accrued payroll and welfare |
76,058 |
43,545 |
6,418 |
||
Other tax payable |
221,940 |
108,620 |
16,007 |
||
Income tax payable |
677,521 |
659,051 |
97,132 |
||
Accrued expenses and other current liabilities |
1,053,071 |
688,895 |
101,531 |
||
Other non-current liabilities |
34,807 |
28,904 |
4,260 |
||
Deferred tax liabilities |
69,673 |
22,986 |
3,388 |
||
TOTAL LIABILITIES |
6,828,944 |
4,346,814 |
640,641 |
||
Commitments and Contingencies |
|||||
Equity: |
|||||
Common shares (234,517,901 and 221,600,267 shares outstanding as of December 31, 2025 |
207 |
207 |
31 |
||
Treasury stock |
(967,773) |
(1,040,284) |
(153,319) |
||
Additional paid-in capital |
3,256,349 |
3,259,861 |
480,444 |
||
Retained earnings |
5,484,294 |
5,496,426 |
810,073 |
||
Other comprehensive income |
63,724 |
39,233 |
5,782 |
||
TOTAL EQUITY |
7,836,801 |
7,755,443 |
1,143,011 |
||
TOTAL LIABILITIES AND EQUITY |
14,665,745 |
12,102,257 |
1,783,652 |
X Financial |
|||||||
Unaudited Condensed Consolidated Statements of Comprehensive Income |
|||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
(In thousands, except for share and per share data) |
2025 |
2026 |
2026 |
2025 |
2026 |
2026 |
|
RMB |
RMB |
USD |
RMB |
RMB |
USD |
||
Net revenues |
|||||||
Loan facilitation service |
1,369,443 |
198,599 |
29,270 |
2,447,823 |
469,313 |
69,168 |
|
Post-origination service |
271,407 |
159,575 |
23,518 |
537,448 |
355,781 |
52,436 |
|
Financing income |
319,938 |
277,655 |
40,921 |
630,078 |
615,429 |
90,703 |
|
Guarantee income |
102,570 |
224,926 |
33,150 |
185,498 |
483,220 |
71,218 |
|
Other revenue |
209,765 |
132,826 |
19,577 |
409,781 |
245,977 |
36,252 |
|
Total net revenue |
2,273,123 |
993,581 |
146,436 |
4,210,628 |
2,169,720 |
319,777 |
|
Operating costs and expenses: |
|||||||
Origination and servicing |
513,974 |
420,983 |
62,045 |
987,699 |
906,347 |
133,579 |
|
Borrower acquisitions and marketing |
756,264 |
149,506 |
22,034 |
1,465,271 |
369,266 |
54,423 |
|
General and administrative |
49,539 |
46,264 |
6,818 |
101,284 |
93,385 |
13,763 |
|
Provision for accounts receivable and contract assets |
33,360 |
20,124 |
2,966 |
42,408 |
50,902 |
7,502 |
|
Provision for loans receivable |
46,394 |
10,071 |
1,484 |
108,590 |
62,397 |
9,196 |
|
Provision for contingent guarantee liabilities |
207,383 |
57,553 |
8,482 |
271,130 |
257,562 |
37,960 |
|
Change in fair value of financial guarantee derivative |
(9,574) |
(1,196) |
(176) |
(14,991) |
(856) |
(126) |
|
Provision for credit losses for deposits and other financial assets |
727 |
95,328 |
14,050 |
1,276 |
95,111 |
14,018 |
|
Total operating costs and expenses |
1,598,067 |
798,633 |
117,703 |
2,962,667 |
1,834,114 |
270,315 |
|
Income from operations |
675,056 |
194,948 |
28,733 |
1,247,961 |
335,606 |
49,462 |
|
Interest income |
8,927 |
16,491 |
2,430 |
11,848 |
23,805 |
3,508 |
|
Interest expenses |
(4,943) |
(1,558) |
(230) |
(10,583) |
(3,625) |
(534) |
|
Foreign exchange gain (loss) |
2,101 |
3,161 |
466 |
(10,381) |
6,184 |
911 |
|
(Loss) income from financial investments |
(15,378) |
6,921 |
1,020 |
(19,056) |
5,043 |
743 |
|
Impairment losses on financial investments |
- |
(1,539) |
(227) |
- |
(8,254) |
(1,216) |
|
Other income (loss), net |
221 |
1,550 |
228 |
2,156 |
(1,941) |
(286) |
|
Income before income taxes |
665,984 |
219,974 |
32,420 |
1,221,945 |
356,818 |
52,588 |
|
Income tax expense |
(110,795) |
(54,549) |
(8,040) |
(227,323) |
(126,755) |
(18,681) |
|
Gain (loss) from equity in affiliates, net of tax |
9,830 |
(111,981) |
(16,504) |
7,647 |
(106,873) |
(15,751) |
|
Loss from financial investments at equity method, net of tax |
(37,003) |
(6,461) |
(952) |
(16,126) |
(38,261) |
(5,639) |
|
Net income |
528,016 |
46,983 |
6,924 |
986,143 |
84,929 |
12,517 |
|
Less: net income attributable to non-controlling interests |
- |
- |
- |
- |
- |
- |
|
Net income attributable to X Financial shareholders |
528,016 |
46,983 |
6,924 |
986,143 |
84,929 |
12,517 |
|
Net income |
528,016 |
46,983 |
6,924 |
986,143 |
84,929 |
12,517 |
|
Other comprehensive income, net of tax of nil: |
|||||||
Gain from equity in affiliates |
184 |
113 |
17 |
184 |
155 |
23 |
|
Loss from financial investments |
- |
- |
- |
(768) |
- |
- |
|
Foreign currency translation adjustments |
(2,995) |
(11,866) |
(1,749) |
(3,194) |
(24,646) |
(3,632) |
|
Comprehensive income |
525,205 |
35,230 |
5,192 |
982,365 |
60,438 |
8,908 |
|
Less: comprehensive income attributable to non-controlling interests |
- |
- |
- |
- |
- |
- |
|
Comprehensive income attributable to X Financial shareholders |
525,205 |
35,230 |
5,192 |
982,365 |
60,438 |
8,908 |
|
Net income per share—basic |
2.10 |
0.21 |
0.03 |
3.91 |
0.37 |
0.05 |
|
Net income per share—diluted |
2.00 |
0.21 |
0.03 |
3.75 |
0.37 |
0.05 |
|
Net income per ADS—basic |
12.60 |
1.26 |
0.19 |
23.46 |
2.22 |
0.33 |
|
Net income per ADS—diluted |
12.00 |
1.26 |
0.19 |
22.50 |
2.22 |
0.33 |
|
Weighted average number of ordinary shares outstanding—basic |
251,566,501 |
225,263,539 |
225,263,539 |
251,927,644 |
229,678,786 |
229,678,786 |
|
Weighted average number of ordinary shares outstanding—diluted |
263,948,357 |
227,553,000 |
227,553,000 |
263,019,346 |
231,984,748 |
231,984,748 |
X Financial |
|||||||
Unaudited Reconciliations of GAAP and Non-GAAP Results |
|||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
(In thousands, except for share and per share data) |
2025 |
2026 |
2026 |
2025 |
2026 |
2026 |
|
RMB |
RMB |
USD |
RMB |
RMB |
USD |
||
GAAP net income |
528,016 |
46,983 |
6,924 |
986,143 |
84,929 |
12,517 |
|
Less: (Loss) income from financial investments (net of tax of nil) |
(15,378) |
6,921 |
1,020 |
(19,056) |
5,043 |
743 |
|
Less: Impairment losses on financial investments (net of tax of nil) |
- |
(1,539) |
(227) |
- |
(8,254) |
(1,216) |
|
Less: Impairment losses on long-term investments (net of tax) |
- |
(114,925) |
(16,938) |
- |
(114,925) |
(16,938) |
|
Less: Loss from financial investments at equity method (net of tax of nil) |
(37,003) |
(6,461) |
(952) |
(16,126) |
(38,261) |
(5,639) |
|
Add: Share-based compensation expenses (net of tax of nil) |
12,818 |
2,850 |
420 |
38,656 |
5,690 |
839 |
|
Non-GAAP adjusted net income |
593,215 |
165,837 |
24,441 |
1,059,981 |
247,016 |
36,406 |
|
Non-GAAP adjusted net income per share—basic |
2.36 |
0.74 |
0.11 |
4.21 |
1.08 |
0.16 |
|
Non-GAAP adjusted net income per share—diluted |
2.25 |
0.73 |
0.11 |
4.03 |
1.06 |
0.16 |
|
Non-GAAP adjusted net income per ADS—basic |
14.16 |
4.44 |
0.65 |
25.26 |
6.48 |
0.96 |
|
Non-GAAP adjusted net income per ADS—diluted |
13.50 |
4.38 |
0.65 |
24.18 |
6.36 |
0.94 |
|
Weighted average number of ordinary shares outstanding—basic |
251,566,501 |
225,263,539 |
225,263,539 |
251,927,644 |
229,678,786 |
229,678,786 |
|
Weighted average number of ordinary shares outstanding—diluted |
263,948,357 |
227,553,000 |
227,553,000 |
263,019,346 |
231,984,748 |
231,984,748 |
SOURCE X Financial
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