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    Richard Xu • Morgan Stanley

    Richard Xu's questions to Qifu Technology Inc (QFIN) leadership

    Richard Xu's questions to Qifu Technology Inc (QFIN) leadership • Q2 2025

    Question

    Richard Xu of Morgan Stanley inquired about the management's outlook on loan volume growth, signs of a rebound in consumer loan demand, and the future trajectory of take rates.

    Answer

    CEO Haisheng Wu addressed loan demand, noting that consumer confidence remains soft with no clear signs of recovery, and the company will take a cautious approach in H2 2025. CFO Alex Xu discussed the take rate, stating it was 5.4% in Q2 and is expected to be around 5% in Q3, though near-term volatility exists due to new regulations. He added that long-term, a more consolidated market could be beneficial for take rates.

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    Richard Xu's questions to Qifu Technology Inc (QFIN) leadership • Q1 2025

    Question

    Richard Xu of Morgan Stanley inquired about the expected impact of new loan facilitation rules effective in October 2025 and the latest trends in credit quality compared to the second half of 2022 and 2023.

    Answer

    CEO Haisheng Wu stated that the new regulations are a positive signal, recognizing the value of leading platforms and promoting a healthier industry, which should benefit Qifu. CIO Zheng Yan, via translation, clarified that current asset quality is stable and significantly better than in late 2022 and 2023, with the C-M2 ratio at 0.6%. He added that the full-year loan volume growth outlook remains unchanged as major risk policy adjustments are not currently needed.

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    Richard Xu's questions to Qifu Technology Inc (QFIN) leadership • Q3 2024

    Question

    Richard Xu from Morgan Stanley asked about the drivers behind the sequential loan volume growth in Q3 and whether the company would pursue more aggressive growth in the coming year given recent policy support.

    Answer

    CEO Haisheng Wu attributed the growth to a slight recovery in customer demand and the success of the company's platform strategy, which improved customer retention and lifetime value. He highlighted that loan volume from the embedded finance channel grew 85% year-over-year. However, Mr. Wu stated that the company will remain prudent for 2025 due to macroeconomic and geopolitical uncertainties, prioritizing healthy operations over aggressive growth, but noted Qifu is well-positioned to seize future opportunities.

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