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Lincoln Yu

Vice President and Equity Research Analyst at JPMorgan Chase & Co.

Lincoln Yu is a Vice President and Equity Research Analyst at JPMorgan Chase & Co., specializing in the coverage of consumer and retail companies such as Walmart, Target, Costco, and Kroger. Known for his rigorous analysis and data-driven insights, he has maintained an impressive success rate of about 72% on his stock recommendations and has ranked among the top 200 Wall Street analysts on TipRanks for his accuracy and returns, generating an average annualized return of 13% for investors. Lincoln began his career at Houlihan Lokey as an investment banking analyst before joining JPMorgan in 2017, steadily advancing to his current leadership position in the securities research division. He holds FINRA Series 7, 63, and 86/87 licenses and has earned recognition for his published research and industry contributions.

Lincoln Yu's questions to Qfin Holdings (QFIN) leadership

Question · Q3 2025

Lincoln Yu from JPMorgan Chase & Co. asked about Qifu Technology's shareholder return strategy, specifically inquiring if there would be changes to the execution of the existing $450 million share repurchase program, given recent share price volatility and regulatory uncertainties. Yu also sought insight into the company's long-term considerations for shareholder returns.

Answer

Alex Xu, CFO of Qfin Holdings, confirmed that the company would resume the execution of the remaining $170 million of the $450 million buyback program after the earnings call. He reiterated the goal to gradually increase dividend per ADS, maintaining a board-approved payout ratio of 20-30%, and emphasized shareholder return as a top long-term priority, with flexibility in the mix of buybacks and dividends.

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Question · Q3 2025

Lincoln Yu inquired about any changes to Qfin's execution of its existing share buyback plan, given recent share price volatility and regulatory uncertainties, and the company's longer-term considerations for shareholder return.

Answer

CFO Alex Xu confirmed that Qfin had about RMB 170 million remaining from its RMB 450 million buyback program and would resume execution after the earnings call. He reiterated the board-approved dividend payout ratio of 20%-30%, aiming for a progressive dividend trend. He emphasized shareholder return as a top priority, with the mix between buybacks and dividends adjusted based on market conditions.

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Question · Q2 2025

Lincoln Yu from JPMorgan Chase & Co. asked about the estimated impact of new regulations on the ICE business, the future competitive landscape, and the company's overseas expansion strategy, particularly in the UK.

Answer

CEO Haisheng Wu explained that the new regulations are seen as a long-term positive for the industry. He stated the ICE business is a referral service and the company has prepared alternative plans, including serving users on-balance sheet, expecting take rates to remain healthy. Regarding overseas expansion, he outlined criteria like regulatory environment and financial infrastructure, noting the UK operation is a 'baby step' focused on learning and model refinement.

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