X Financial (NYSE: XYF) filed its audited Form 20‑F for the fiscal year ended December 31, 2025 on April 30, 2026. The filing contains consolidated financial statements, risk disclosures, and management commentary that provide a comprehensive view of the company’s performance and outlook.
Full‑year revenue reached RMB 7,639,425 thousand (≈ $1.09 billion), up 30.1% from RMB 5,876,000 thousand in 2024. Net income fell 4.9% to RMB 1,464,553 thousand (≈ $209 million) from RMB 1,540,000 thousand the prior year, reflecting higher credit provisions and a sharp decline in Q4 profitability.
Loan facilitation volume grew 24.5% to RMB 130,552 million (≈ $130.6 billion), driven by increased demand for consumer and small‑business lending. However, the 31‑60‑day delinquency rate rose from 1.17% at year‑end 2024 to 2.90% in 2025, and the 91‑180‑day rate climbed to 6.31%, signaling deteriorating asset quality.
Management emphasized a deliberate slowdown in the second half of 2025 to prioritize risk control and asset quality amid regulatory uncertainty. The company highlighted its conservative financial posture, ongoing capital returns (US$22.1 million in dividends and US$67.9 million in share repurchases), and a robust balance sheet.
Market reaction to the filing was cautious. Investors focused on the rising delinquency rates and increased credit costs that drove the Q4 net‑income plunge, and analysts noted that the company’s guidance reflects a more guarded outlook for the remainder of the year.
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