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Joseph Martelli

Research Analyst at Spark Capital

Joseph Martelli is an Equity Analyst at Spark Capital, specializing in financial services sector research with a focus on companies such as X Financial. Recognized for his strategic analysis, Martelli has contributed to quarterly earnings coverage and investment insights that are tracked by reporting platforms, though detailed performance rankings or published returns are currently limited. He began his analyst career at Spark Capital and has been cited in recent earnings reports, demonstrating his role in active company coverage. His professional credentials or securities registrations are not explicitly listed, but his analyst position at Spark Capital suggests relevant industry qualifications.

Joseph Martelli's questions to X Financial (XYF) leadership

Question · Q3 2025

Joseph Martelli asked for X Financial's perspective on the regulatory environment heading into early 2026 and sought further details regarding the recent uptick in delinquency rates.

Answer

President Kent Li stated that forecasting future regulations is challenging, but X Financial prioritizes compliance and consumer protection, leading to a moderated loan volume. He acknowledged a natural uptick in delinquencies due to industry and economic factors, expecting a continued climb before stabilization in one to two quarters, prompting stringent credit policies. CFO Frank Fuya Zheng provided specific delinquency figures, noting the 91-180 day rate rose to 3.52% in Q3 2025. Chief Financial Strategy Officer Noah Kauffman elaborated on the macro backdrop's impact, the company's tightened underwriting, and the expectation for credit metrics to normalize over the medium term as older vintages mature.

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