China Fintechs Qfin and Lexin Post FY2025 Results, Step Up Shareholder Payouts as Q4 Softens

Overview

• - Qfin reported FY2025 net revenue of RMB19.21 billion and net income of RMB5.99 billion, with Q4 net revenue at RMB4.09 billion and net income at RMB1.02 billion as provisions increased with higher on‑balance‑sheet lending.
• - Qfin raised its semi‑annual dividend and said it had effectively completed its 2025 buyback, repurchasing about 15.9 million ADSs for roughly US$450 million at an average US$28.2 per ADS.
• - Lexin posted FY2025 net income of RMB1.68 billion, a 52% year‑over‑year increase, on operating revenue of RMB13.15 billion, citing a stable transition under a new regulatory framework.
• - Lexin’s board approved a semi‑annual dividend of US$0.188 per ADS, payable June 3, 2026 to holders of record on April 24, 2026, and its CEO disclosed buying about 2.3 million ADSs for approximately US$10 million.
• - Quarterly snapshots showed softer top‑line trends: Lexin’s Q4 operating revenue was RMB3.04 billion with net income of RMB214 million, Qfin’s platform services revenue declined while credit‑driven services rose, and Lexin reported a 3.1% 490‑day‑plus delinquency ratio with first‑payment defaults below 1%.