X Financial (XYF) 2026 Q1 法說會逐字稿

Hello and welcome to the X Financial first-quarter 2026 earnings conference call.

各位好，歡迎參加 X Financial 2026 年第一季財報電話會議。

(Operator Instructions) Please note, this event is being recorded.

(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to [Victoria Yu]. Please go ahead.

現在我想把會議交給[Victoria Yu]。請開始。

Thank you, operator. Hello, everyone. Thank you for joining today's call.

謝謝，接線員。各位好。感謝各位參加今天的電話會議。

Our financial results for the first quarter ending March 31, 2026, were released earlier today and are available on the company's Investor Relations website at ir.xiaoyinggroup.com.

截至 2026 年 3 月 31 日止第一季的財務業績已於今日稍早發布，並可於公司投資人關係網站 ir.xiaoyinggroup.com 查閱。

On the call today, from X Financial, are Mr. Kent Li, President; Mr. Frank -- Fuya -- Zheng, Chief Financial Officer; and Mr. Noah Kauffman, Chief Financial Strategy Officer.

今天出席電話會議的 X Financial 管理團隊包括：總裁 Kent Li 先生；財務長 Frank -- Fuya -- Zheng 先生；以及財務策略長 Noah Kauffman 先生。

Mr. Li will begin with an overview of our business performance and the key operational developments. Mr. Kauffman will, then, discuss the regulatory environment and the first-quarter financial performance; followed by Mr. Zheng, who will review the financial results, capital position, and outlook.

Li 先生將先概述我們的業務表現與關鍵營運進展。接著 Kauffman 先生將說明監管環境與第一季財務表現；之後由 Zheng 先生回顧財務結果、資本狀況與展望。

After the prepared remarks, Mr. Li, Mr. Zheng, and Mr. Kauffman will be available to answer your questions during the Q&A session.

在管理層準備好的發言結束後，Li 先生、Zheng 先生與 Kauffman 先生將於問答環節回答各位的提問。

I remind you that this call may contain forward-looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on the management's current expectations; and involve known or unknown risks, uncertainties, and other factors.

提醒各位，本次電話會議可能包含《1995 年私人證券訴訟改革法案》安全港條款所界定的前瞻性陳述。此類陳述係基於管理層目前的預期，並涉及已知或未知的風險、不確定性及其他因素。

These factors are difficult to predict and many are beyond the company's control, which may cause actual results, performance, or achievements to differ materially from those described in these statements. Further information on these and other risks can be found in our SEC filings.

這些因素難以預測，且多數超出公司控制範圍，可能導致實際結果、表現或成就與上述陳述所描述者存在重大差異。關於上述及其他風險的更多資訊，請參閱我們向 SEC 提交的文件。

The company undertakes no obligation to update any forward-looking statements as a result of new information, future events, or otherwise, except as required by law.

除法律要求外，公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性陳述的義務。

It's now my pleasure to introduce Mr. Kent Li.

現在很高興為各位介紹 Kent Li 先生。

Thank you, Victoria. Hello, everyone.

謝謝 Victoria。各位好。

In the first quarter of 2026, we continued to operate with a high degree of discipline, as the operating environment remained challenging.

2026 年第一季，在營運環境仍具挑戰的情況下，我們持續以高度紀律進行營運。

Carrying forward the more conservative posture we adopted in the second half of 2025, we further reduced the pace of activity in Q1, keeping our business closely aligned with evolving supervisory expectations, while maintaining an unwavering focus on credit quality and risk management.

延續我們在 2025 年下半年採取的較為保守立場，我們在第一季進一步放緩業務節奏，使業務更緊密地符合不斷演進的監管期待，同時始終聚焦於信用品質與風險管理。

During the quarter, we facilitated and originated RMB14.63 billion in loans, a decline of 58.4% year over year and 35.8% sequentially from the fourth quarter. This pullback was deliberate, as we continue to place greater priority on portfolio integrity and long-term balance sheet stability over near-term origination volume.

本季我們促成並發放貸款人民幣 146.3 億元，較去年同期下降 58.4%，較第四季環比下降 35.8%。此一收縮是刻意為之，因為相較於短期放款量，我們更優先重視資產組合的健全性與長期資產負債表的穩定。

Operationally, we made further progress on a number of key initiatives during the quarter:

在營運方面，本季我們在多項關鍵措施上持續取得進展：

We continued shifting our origination mix toward internally operated channels to deepen borrower relationships and reduce reliance on higher-cost third-party traffic.

我們持續將放款來源結構轉向自營渠道，以深化與借款人的關係，並降低對成本較高的第三方流量之依賴。

Underwriting criteria were further tightened. Compliance infrastructure was strengthened.

我們進一步收緊承保標準。並強化合規基礎設施。

We continued rolling out process automation across servicing and collections, all with the goal of improving operational efficiency, while keeping our cost base lean.

我們持續在貸後服務與催收流程推動自動化，目標是在維持精實成本結構的同時提升營運效率。

From a volume standpoint, borrower activity continued to contract in the first quarter. We served approximately 956,520 active borrowers, down 60.6% year over year and 43.5% from the prior quarter.

從量的角度來看，第一季借款人活動持續收縮。我們服務的活躍借款人約 956,520 人，較去年同期下降 60.6%，較上一季下降 43.5%。

We facilitated approximately 1.25 million loans during the period, with an average loan size of RMB11,741 per transaction.

本期我們促成約 125 萬筆貸款，平均每筆交易貸款金額為人民幣 11,741 元。

Outstanding loan balance at quarter end stood at RMB35.3 billion, a decline of 39.6% from the same period of 2025.

截至季末，未償貸款餘額為人民幣 353 億元，較 2025 年同期下降 39.6%。

Credit quality. Credit conditions remained under pressure in the first quarter, consistent with the broader stress we and others across the industry have been observing.

信用品質。第一季信用狀況仍承受壓力，與我們及同業在整體產業所觀察到的更廣泛壓力一致。

As of March 31, our 31- to 60-day delinquency rate was 2.61% compared with 2.9% at end of Q4 2025 and 1.25%, as of the same period of 2025. Our 91- to 180-day delinquency rate increased to 9.95% compared with 6.31% at end of Q4 2025 and 2.73%, as of the same period of 2025.

截至 3 月 31 日，我們 31 至 60 天逾期率為 2.61%，相較於 2025 年第四季末的 2.9% 以及 2025 年同期的 1.25%。我們 91 至 180 天逾期率上升至 9.95%，相較於 2025 年第四季末的 6.31% 以及 2025 年同期的 2.73%。

The data reflects a borrower base under continuous financial strain, consistent with what we are seeing across the broader consumer credit industry. We have addressed this by further narrowing our approval criteria; deploying more resources into collections; and pulling back on our origination in segments, where repayment risk has risen most sharply.

這些數據反映借款人持續承受財務壓力，與我們在更廣泛的消費信貸產業所見情況一致。我們透過進一步收窄核准標準、投入更多資源於催收，以及在還款風險上升最為明顯的客群/分部收縮放款來因應。

Higher credit costs weighed on quarter's financial results. We accepted that trade-off knowingly. Protecting the integrity of the portfolio matters more to us than defending short-term earnings.

較高的信用成本拖累了本季的財務表現。我們是有意識地接受這項取捨。對我們而言，維護資產組合的健全性比捍衛短期獲利更重要。

Looking ahead, our focus is on keeping credit quality stable, managing liquidity carefully, and running the business with the same level of discipline we have maintained throughout this period.

展望未來，我們將聚焦於維持信用品質穩定、審慎管理流動性，並以我們在此期間一貫維持的同等紀律來經營業務。

With that, I'll turn the call over to Noah, who will cover the key financial results for the first quarter, as well as the regulatory environment.

接下來我把電話交給 Noah，他將說明第一季的主要財務結果以及監管環境。

Great. Thank you, Kent. Hello, everyone. It's great to speak with you, again.

好的。謝謝你，Kent。各位好。很高興再次與各位交流。

Kent walked through the operational and credit developments. I'll take you through the financial results for the quarter and then, provide an update on the regulatory landscape.

Kent 已說明營運與信用方面的進展。我將帶各位回顧本季財務結果，接著更新監管動態。

In the first quarter of 2026, total net revenue was RMB1.18 billion or USD170.5 million, representing a 39.3% decline year over year and a 19.9% decline sequentially from Q4 2025.

2026 年第一季，淨營收總額為人民幣 11.8 億元（約 1.705 億美元），較去年同期下降 39.3%，較 2025 年第四季環比下降 19.9%。

Total operating costs and expenses came in at RMB1.04 billion or USD150.1 million, down 28.5% sequentially and 24.1% year over year. The year-over-year cost reduction was driven by the sharp pull-back in borrower acquisition and marketing spend, which fell from RMB709 million in Q1 2025 to RMB219.8 million this quarter.

營運成本與費用總額為人民幣 10.4 億元（約 1.501 億美元），較 2025 年第四季環比下降 28.5%，較去年同期下降 24.1%。同比成本下降主要來自借款人獲取與行銷支出的顯著縮減，該項支出由 2025 年第一季的人民幣 7.09 億元降至本季的人民幣 2.198 億元。

Total provisions were RMB282.9 million or USD41 million, down substantially from RMB669.3 million in Q4 2025, which was a meaningful sequential improvement but still well above the RMB135.5 million we recorded in the same period last year, continuing to weigh on profitability, relative to prior-year levels.

提列總額為人民幣 2.829 億元（約 4,100 萬美元），較 2025 年第四季的人民幣 6.693 億元大幅下降，環比明顯改善；但仍顯著高於去年同期的人民幣 1.355 億元，持續使獲利能力相較去年水準承壓。

On the discretionary spending side, we maintained tight control.

在可控支出方面，我們維持嚴格控管。

Borrower acquisition and marketing expense was RMB219.8 million or USD31.9 million in the first quarter, significantly below the RMB709 million we spent in Q1 2025, as we continue to prioritize capital efficiency over volume growth.

第一季借款人獲取與行銷費用為人民幣 2.198 億元（約 3,190 萬美元），顯著低於 2025 年第一季的人民幣 7.09 億元，因為我們持續將資本效率置於規模成長之上。

Income from operations recovered to RMB140.7 million or USD20.4 million, a 75.4% decrease year over year but a meaningful rebound from the depressed Q4 2025 level.

營業利益回升至人民幣 1.407 億元（約 2,040 萬美元），較去年同期下降 75.4%，但相較於 2025 年第四季的低迷水準有明顯反彈。

Operating margin improved to 12%, up from 1.4% in Q4 2025 that is still well below the 29.6% recorded in the prior-year period.

營業利潤率改善至12%，高於2025年第四季的1.4%，但仍遠低於去年同期的29.6%。

Income before income taxes was RMB136.8 million or USD19.8 million, as the sequential improvement in operating results was partially offset by investment-related items below the operating line.

所得稅前利潤為人民幣1.368億元（或1,980萬美元），因營運成果的環比改善部分被營業線以下與投資相關的項目所抵銷。

Net income was RMB37.9 million or USD5.5 million in the first quarter compared with RMB57.2 million in Q4 2025 and RMB458.1 million in Q1 2025.

第一季淨利為人民幣3,790萬元（或550萬美元），相比之下，2025年第四季為人民幣5,720萬元，2025年第一季為人民幣4.581億元。

Net profit margin was 3.2%, compared with 3.9% in the prior quarter and 23.6% a year ago.

淨利率為3.2%，相比上一季為3.9%，一年前為23.6%。

Return on equity was 1.9% for the quarter, reflecting the substantial reduced earnings base.

本季股東權益報酬率為1.9%，反映獲利基礎大幅縮減。

On the regulatory environment, the regulatory environment governing Internet-based lending in the People's Republic of China continued to evolve during the first quarter of 2026, with authorities further strengthening oversight across the consumer credit business chain.

就監管環境而言，2026年第一季，中華人民共和國針對網際網路借貸的監管環境持續演進，主管機關進一步強化對消費信貸業務鏈條的監督。

The company continues to monitor these developments closely. However, management has limited visibility into the ultimate scope and direction of implementation.

公司將持續密切關注這些發展。然而，管理層對最終的實施範圍與方向能見度有限。

If current and emerging regulatory requirements are implemented, as currently understood, the company's operating results may be materially and adversely affected. Historical levels of profitability should not be assumed to be indicative of future performance.

若目前及新出現的監管要求按目前理解得以落實，公司經營業績可能受到重大不利影響。不應假設歷史獲利水準可代表未來表現。

The first-quarter results reflect a business in transition: revenue and profitability well below prior-year levels, as we work through a period of elevated credit costs and reduced origination activity but with early signs of sequential stabilization and operating performance.

第一季業績反映業務正處於轉型期：在我們因應較高的信貸成本與較低的放款發起活動期間，營收與獲利均顯著低於去年同期水準，但也出現環比趨穩與營運表現改善的初步跡象。

We are managing carefully through this environment.

我們正審慎地在此環境中管理前行。

With that, I'll hand things over to Frank to take you through the detailed financial results per ADS metrics, non-GAAP adjustments, and the balance sheet.

接下來我把時間交給Frank，請他帶大家詳細說明以每股ADS指標呈現的財務結果、非GAAP調整，以及資產負債表。

Thank you, Noah. Hello, everyone.

謝謝你，Noah。各位好。

I will walk through the key financial highlights for the first quarter; then, cover the balance sheet, capital returns, and our outlook.

我將先說明第一季的主要財務重點，接著介紹資產負債表、資本回饋，以及我們的展望。

Please note that all numbers stated in RMB and rounded up. Full details are available in the 6-K, filed with SEC.

請注意，所有數字均以人民幣計並已四捨五入。完整細節請參閱已向美國證券交易委員會（SEC）提交的6-K文件。

Financial results. The total net revenue for the first quarter was approximately RMB1.2 billion, down around 39% from the same period of last year and about 20% from the prior quarter. The decline was driven primarily by the significant reduction in loan origination activity we have been deliberately pursuing and was partially offset by growth in guarantee income and financing income.

財務結果。第一季總淨營收約為人民幣12億元，較去年同期下降約39%，較上一季下降約20%。下滑主要由於我們刻意推動的放款發起活動大幅縮減所致，部分被擔保收入與融資收入的成長所抵銷。

Operation income was RMB141 million, with an operation margin of 12%, well below the 29.6% we recorded a year ago, with a meaningful recovery from the 1.4% we reported in the fourth quarter of 2025. The improvement sequentially reflects the benefit of the low origination-related provisions, as our credit tightening measures took hold.

營業利潤為人民幣1.41億元，營業利潤率為12%，明顯低於一年前的29.6%，但較2025年第四季的1.4%有顯著回升。環比改善反映放款發起相關提列較低所帶來的效益，因我們的收緊授信措施開始發揮作用。

Net income for the quarter was RMB38 million compared with RMB458 million in the same period of last year. The sharp year-over-year decline reflects substantially higher credit provisions and the substantially low revenue base.

本季淨利為人民幣3,800萬元，去年同期為人民幣4.58億元。同比大幅下滑主要反映信貸提列顯著提高，以及營收基礎顯著降低。

Non-GAAP adjusted net income was RMB81 million.

非GAAP調整後淨利為人民幣8,100萬元。

On a per ADS basis, basic earnings were RMB0.96 or USD0.14 compared with RMB10.92 a year ago.

以每股ADS計算，基本每股盈餘為人民幣0.96元（或0.14美元），去年同期為人民幣10.92元。

The non-GAAP adjusted basic earnings per ADS were RMB2.8 or USD0.30.

非GAAP調整後每股ADS基本盈餘為人民幣2.8元（或0.30美元）。

Revenue mix. Across our business lines, the pattern was consistent with the overall volume pull-back.

營收組合。在各業務線上，走勢與整體量能回收的趨勢一致。

Facilitation fees fell sharply, as origination volume dropped.

撮合服務費隨著發起量下滑而大幅下降。

Post-origination fee declined more modestly, in line with the smaller outstanding portfolio.

貸後服務費下降幅度較為溫和，與較小的在貸餘額組合相符。

On the positive side, guarantee income more than tripled year over year, reflecting continued recognition of revenue from our existing guarantee loan portfolio.

正面來看，擔保收入同比增加逾三倍，反映我們既有擔保貸款組合的收入持續確認。

Finance income was broadly stable.

融資收入整體保持穩定。

For the full break-down by line item, please refer to the 6-K.

各項目明細拆分請參閱6-K。

Balance sheet and liquidity. Our balance sheet remained well-capitalized at the end of the quarter.

資產負債表與流動性。截至季末，我們的資產負債表仍維持充足資本。

Total assets were approximately RMB13.6 billion.

總資產約為人民幣136億元。

The shareholders' equity was approximately RMB7.8 billion, giving us an equity-to-assets ratio of around 57%.

股東權益約為人民幣78億元，使我們的權益資產比約為57%。

We remained in a solid liquidity position; and with total cash, including the restricted cash, of approximately RMB2.4 billion. The balance sheet's in good shape to navigate the current environment.

我們仍維持穩健的流動性狀況；總現金（含受限制現金）約為人民幣24億元。資產負債表狀況良好，可因應當前環境。

Capital return to the shareholders. We continue our share repurchase program during the quarter.

回饋股東的資本。本季我們持續進行股份回購計畫。

From January 1 through May 15, 2026, we repurchased approximately 1.8 million ADS for a total of approximately USD8.2 million. We have approximately USD39.8 million remaining under the existing program, which will run through November 30, 2026. This reflects our ongoing commitment to returning value to the shareholders, while maintaining balance sheet strength.

自2026年1月1日至5月15日，我們回購約180萬股ADS，總金額約820萬美元。現有計畫項下尚餘約3,980萬美元額度，將持續至2026年11月30日。這反映我們在維持資產負債表強度的同時，持續致力於為股東回饋價值。

Business outlook. Our near-term outlook remains cautious. The regulatory environment continues to evolve quickly. We have limited visibility into the full scope and timing of the implementations. We expect these dynamics to continue to influence our industry pricing, funding conditions, and origination activity for the foreseeable future.

業務展望。我們對短期展望仍持審慎態度。監管環境仍在快速演變。我們對實施的完整範圍與時點能見度有限。我們預期這些動態在可預見的未來仍將影響本行業的定價、資金條件與放款發起活動。

For the second quarter of 2026, we expect total loan origination to be in the range of RMB11.5 billion to RMB12.5 billion, consistent with our continued focus on quality over the volume.

對於2026年第二季，我們預期總放款發起量將介於人民幣1,150億元至1,250億元之間，與我們持續強調「重質不重量」的策略一致。

We remain focused on capital preservation, disciplined origination, and cost control.

我們仍專注於資本保全、紀律性的放款發起，以及成本控制。

We will keep investors updated, as the regulatory picture becomes clear.

隨著監管情勢逐步明朗，我們將持續向投資人更新。

That concludes our prepared remarks. We will now take questions. Operator, please go ahead.

以上為我們的準備發言。接下來我們將進入問答環節。接線員，請開始。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions) .

（接線員指示）。

At this time, we will pause momentarily to assemble our roster.

此刻我們將短暫暫停，以整理提問名單。

(Operator Instructions)

（接線員指示）

We are showing no questions at this time.

目前顯示沒有提問。

I would like to turn the conference back over to Victoria Yu for any closing remarks.

我想把電話會議交回給Victoria Yu，請她做結語。

Okay. Thank you, everyone, for joining us today.

好的。感謝各位今天參與。

If you have additional questions, please reach out to our Investor Relations team directly.

如有其他問題，請直接聯繫我們的投資人關係團隊。

We appreciate your interest and look forward to speaking with you, again. Thank you.

感謝各位的關注，期待再次與各位交流。謝謝。

Operator, back to you.

接線員，交還給你。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。