# EDGAR Filing Document

**Accession Number:** 0001725033
**File Stem:** 0001104659-25-114648
**Filing Date:** 2025-11
**Character Count:** 39594
**Document Hash:** 82b05019f7b01082546affd86fe50912
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-114648.hdr.sgml**: 20251120

**ACCESSION NUMBER**: 0001104659-25-114648

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251120

**FILED AS OF DATE**: 20251120

**DATE AS OF CHANGE**: 20251120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** X Financial
- **CENTRAL INDEX KEY:** 0001725033
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38652
- **FILM NUMBER:** 251503799

**BUSINESS ADDRESS:**
- **STREET 1:** 7-8F,BLOCK A,AEROSPACE SCIENCE&TECH PLZ
- **STREET 2:** NO. 168 HAIDE THIRD AVENUE, NANSHAN DIST
- **CITY:** SHENZHEN
- **STATE:** F4
- **ZIP:** 518067
- **BUSINESS PHONE:** 86-0755-86282977

**MAIL ADDRESS:**
- **STREET 1:** 7-8F,BLOCK A,AEROSPACE SCIENCE&TECH PLZ
- **STREET 2:** NO. 168 HAIDE THIRD AVENUE, NANSHAN DIST
- **CITY:** SHENZHEN
- **STATE:** F4
- **ZIP:** 518067

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM 6-K**

------

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of November 2025**

**Commission file number: 001-38652**

------

**X Financial**

(Exact name of registrant as specified in its charter)

**7-8F, Block A, Aerospace Science and Technology Plaza**

**No. 168, Haide Third Avenue, Nanshan District**

**Shenzhen, 518067, the People's Republic of China**

**+86-755-86282977**

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ⌧ Form 40-F ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation ST Rule 101(b)(1): **Not Applicable**

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation ST Rule 101(b)(7): **Not Applicable**

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.1](tm2531559d1_ex99-1.htm) | [X Financial Reports Third Quarter 2025 Unaudited Financial Results](tm2531559d1_ex99-1.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **X Financial** | **X Financial** |
| Date: November 20, 2025 | By: | */s/* Yue (Justin) Tang |
|  |  | Yue (Justin) Tang |
|  |  | Chairman and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**X Financial Reports Third Quarter 2025 Unaudited Financial Results**

**SHENZHEN, China, November 20, 2025 /PRNewswire/** -- X Financial (NYSE: XYF) ("X Financial" or the "Company" or "we"), a leading Chinese fintech platform, today announced its unaudited financial results for the third quarter ended September 30, 2025.

**Third Quarter 2025 Operational Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· **Total loan amount facilitated and originated <sup>1</sup>** in the third quarter of 2025 was **RMB33,641 million**, **up 18.7%** from **RMB28,338 million** in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· **Total outstanding loan balance <sup>2</sup>** at the end
 of the third quarter of 2025 was **RMB62,827** million, up 37.3% from RMB45,766 million
 in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· The
 number of loans the Company facilitated and originated in the third quarter of 2025 was approximately **3.48 million**, an increase of **32.0%** year-over-year. The **average loan amount** per transaction was **RMB9,654**.

&nbsp;&nbsp;&nbsp;&nbsp;· **Number of active borrowers <sup>3</sup>** in the third quarter
 of 2025 was **2.44 million,** up **24.2%** from 1.97 million in the same period of
 2024, reflecting solid year-over-year growth amid a sequential moderation in borrower activity.

&nbsp;&nbsp;&nbsp;&nbsp;· **Cumulative number of active borrowers <sup>4</sup>** reached **19.69 million** as of September 30, 2025, an increase of **28.1%** from 15.37 million
 in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· The **delinquency rate** for all outstanding loans that are past due for 31-60 days <sup>5</sup> was **1.85%** as of September 30, 2025 (markedly higher than 1.02% in the same period
 of 2024), and the **delinquency rate** for all outstanding loans that are past due 91-180
 days <sup>6</sup> was **3.52%** (rising from 3.22%
 in the same period of 2024).

<sup>1</sup> Represents the total amount of loans that the Company facilitated and originated during the relevant period.

<sup>2</sup> Represents the total amount of loans outstanding for loans that the Company facilitated and originated at the end of the relevant period. Loans that are delinquent for more than 60 days are excluded in the outstanding loan balance, except for Xiaoying Housing Loans. As Xiaoying Housing Loans is a secured loan product and the Company is entitled to payment by exercising its rights to the collateral, the Company does not exclude Xiaoying Housing Loans delinquent for more than 60 days in the outstanding loan balance.

<sup>3</sup> Represents borrowers who made at least one transaction on the Company's platform during the relevant period.

<sup>4</sup> Represents borrowers who made at least one transaction on the Company's platform since inception through the end of the relevant period.

<sup>5</sup> Represents the balance of the outstanding principal for Xiaoying Credit Loans — our primary category of online personal credit loan products facilitated and originated through our platform, including Xiaoying Card Loan as well as other unsecured loan products that we introduce from time to time. The percentage is calculated as the balance of Xiaoying Credit Loans that were 31 to 60 days past due divided by the total outstanding principal balance of Xiaoying Credit Loans facilitated and originated by the Company as of the specific date. Loans that are delinquent for more than 60 days are excluded from the denominator. Starting from the first quarter of 2021, substantially all loans facilitated and originated by the Company have been Xiaoying Credit Loans.

<sup>6</sup> To make the delinquency rate by balance comparable to the peers, the Company also defines the delinquency rate as the balance of the outstanding principal for Xiaoying Credit Loans that were 91 to 180 days past due as a percentage of the total balance of outstanding principal for the Xiaoying Credit Loans that the Company facilitated and originated as of a specific date. Xiaoying Credit Loans that are delinquent for more than 180 days are excluded when calculating the denominator.

**Third Quarter 2025 Operational Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br> September 30, 2024** | **Three Months Ended <br> June 30, 2025** | **Three Months Ended<br> September 30, 2025** | **QoQ** | **YoY** |
| Total loan amount facilitated and originated (RMB in million) | 28338 | 38994 | 33641 | (13.7)% | 18.7% |
| Number of active borrowers | 1965248 | 2853063 | 2441788 | (14.4)% | 24.2% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30, 2024** | **As of June 30, 2025** | **As of September 30, 2025** |
| Total outstanding loan balance (RMB in million) | 45766 | 64911 | 62827 |
| Delinquency rates for all outstanding loans that are past due for 31-60 days | 1.02% | 1.16% | 1.85% |
| Delinquency rates for all outstanding loans that are past due for 91-180 days | 3.22% | 2.91% | 3.52% |

---

**Third Quarter 2025 Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· **Total net revenue** in the third quarter of 2025 was **RMB1,961.0** million (US$275.5 million),
 representing an increase of **23.9%** from RMB1,582.5 million in the same period of 2024
 and a decrease of 13.7% from the previous quarter. The year-over-year growth was driven by
 higher loan facilitation volumes.

&nbsp;&nbsp;&nbsp;&nbsp;· **Income from operations** in the third quarter of 2025 was **RMB361.9** million (US$50.8 million),
 a decrease of **28.9%** compared to RMB509.0 million in the same period of 2024. The decline
 was primarily driven by higher provisions for contingent guarantee liabilities and other
 credit-related costs, as well as increased data and collection expenses, while borrower acquisition
 expenses remained relatively stable year-over-year. As a result, operating margin decreased
 to 18.5% from 32.2% in the same period of 2024, reflecting the impact of elevated credit-related
 costs and intensified borrower acquisition efforts.

&nbsp;&nbsp;&nbsp;&nbsp;· **Net income** in the third quarter of 2025 was **RMB421.2** million (US$59.2 million), compared
 with RMB375.8 million in the same period of 2024 (a **12.1%** increase year-over-year).

&nbsp;&nbsp;&nbsp;&nbsp;· **Non-GAAP <sup>7</sup> adjusted net income** in the third quarter of 2025 excluding share-based compensation and
 certain investment-related items was **RMB438.2** million (US$61.6 million), **up 1.0%** from RMB433.6 million in the same period of 2024. This measure is used by the Company to
 assess its core profitability on an adjusted basis.

&nbsp;&nbsp;&nbsp;&nbsp;· **Net income per basic and diluted American depositary share ("ADS")** in the third
 quarter of 2025 was **RMB10.56** and **RMB10.08** (US$1.48 and US$1.42), respectively,
 compared with RMB7.86 and RMB7.74 in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· **Non-GAAP adjusted net income per basic and diluted ADS** in the third quarter of 2025 was **RMB11.04** and **RMB10.44** (US$1.55 and US$1.47), respectively, compared with RMB9.12 and RMB8.88
 in the same period of 2024.

<sup>7</sup> We use in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, (iii) adjusted net income (loss) per diluted ADS, (iv) adjusted net income (loss) per basic share, and (v) adjusted net income (loss) per diluted share, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments, gain (loss) from financial investments at equity method and impairment losses on long-term investments.

*Each ADS represents six Class A ordinary shares.*

**Third Quarter 2025 GAAP and Non-GAAP Financial Summary**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(In thousands, except for share and per share data)** | **Three Months Ended<br> September 30, 2024** | **Three Months Ended <br> June 30, 2025** | **Three Months Ended<br> September 30, 2025** | **QoQ** | **YoY** |
|  | **RMB** | **RMB** | **RMB** |  |  |
| Total net revenue | 1582497 | 2273123 | 1960954 | (13.7)% | 23.9% |
| Total operating costs and expenses | (1073533) | (1598067) | (1599021) | 0.1% | 48.9% |
| Income from operations | 508964 | 675056 | 361933 | (46.4)% | (28.9)% |
| Net income | 375840 | 528016 | 421241 | (20.2)% | 12.1% |
| Non-GAAP adjusted net income | 433625 | 593215 | 438178 | (26.1)% | 1.0% |
| Net income per ADS—basic | 7.86 | 12.60 | 10.56 | (16.2)% | 34.4% |
| Net income per ADS—diluted | 7.74 | 12.00 | 10.08 | (16.0)% | 30.2% |
| Non-GAAP adjusted net income per ADS—basic | 9.12 | 14.16 | 11.04 | (22.0)% | 21.1% |
| Non-GAAP adjusted net income per ADS—diluted | 8.88 | 13.50 | 10.44 | (22.7)% | 17.6% |

---

**Mr. Kent Li, President of X Financial, commented:** "In the third quarter of 2025, we facilitated and originated RMB33.6 billion in loans — a decline of 13.7% from the previous quarter, but still 18.7% higher year-over-year. Borrower activity moderated sequentially, reflecting a more cautious lending environment. We served approximately 2.44 million active borrowers during the quarter, up 24.2% from a year ago, while observing a moderation in borrower activity across our core channels. Asset quality came under some pressure, with the 31–60 day delinquency rate rising to 1.85% and the 91–180 day delinquency rate increasing to 3.52%. These changes reflected shifts in consumer repayment behavior and a more cost-intensive operating environment observed across the industry. We remain focused on strengthening risk control and collection efficiency to mitigate potential credit losses. While profitability was affected by higher provisions and narrowing margins, our strategic priorities remain unchanged — enhancing risk management, improving operational efficiency, and maintaining compliance discipline. Looking ahead, we are prioritizing credit quality, liquidity stability, and disciplined execution to navigate this period of adjustment and preserve long-term competitiveness."

**Mr. Frank Fuya Zheng, Chief Financial Officer of X Financial**, added: "In the third quarter of 2025, total revenue was RMB1.96 billion, an increase of 23.9% from the same period last year but down 13.7% sequentially. Net income was RMB421 million and non-GAAP adjusted net income was RMB438 million, both lower than the prior quarter as higher provisions and operating costs weighed on profitability. Basic earnings per ADS were RMB10.56, and non-GAAP adjusted earnings per ADS were RMB11.04, up 34.4% and 21.1% year-over-year, respectively. Operating margin declined to 18.5%, reflecting rising credit-related costs and a more cautious lending environment. We will continue to manage capital conservatively, strengthen our balance sheet, and maintain cost discipline to support business resilience amid an evolving regulatory and operating landscape."

**Business Outlook & Share Repurchase Plans：**

&nbsp;&nbsp;&nbsp;&nbsp;· **Business Outlook:** Based on current trends, X Financial expects the total loan amount facilitated
 and originated in the fourth quarter of 2025 to be in the range of **RMB 21.0 billion to RMB 23.0 billion**. The total loan amount facilitated and originated for 2025 is expected
 to be in the range of **RMB 128.8 billion** and **RMB 130.8 billion**. This guidance
 reflects a measured pace of origination following a sequential decline in the third quarter
 and management's continued focus on asset quality, credit discipline, and profitability
 optimization rather than aggressive volume expansion. The Company remains attentive to recent
 regulatory developments and evolving credit conditions, while maintaining confidence in resilient
 borrower demand, prudent risk control, and disciplined execution to support sustainable long-term
 growth.

&nbsp;&nbsp;&nbsp;&nbsp;· **Capital Return to Shareholders:** From **January 1, 2025** through **November 20, 2025**, X Financial **repurchased an aggregate of approximately 4.26 million ADSs**,
 including approximately **3.80 million ADSs** and 2.76 million Class A ordinary shares,
 for a total consideration of approximately **US$67.9 million** under its share repurchase
 programs. The Company now has approximately US$48.0 million remaining under its existing **US$100 million share repurchase program**, which is effective through **November 30, 2026**. This program underscores the Company's confidence in its long-term growth
 outlook and its commitment to enhancing shareholder value. Repurchases under the program
 remain subject to market conditions and other factors and may be modified or suspended at
 management's discretion.

**Third Quarter 2025 Financial Results**

*Revenue Growth and Business Drivers*:

Total net revenue in the third quarter of 2025 was **RMB1,961.0 million (US$275.5 million)**, an **increase of 23.9%** from RMB1,582.5 million in the same period of 2024, but a **decrease of 13.7%** from the previous quarter. The year-over-year growth was mainly attributable to higher post-origination and guarantee income recognized from loans facilitated in prior periods, while revenue from new loan facilitation grew only modestly. The quarter-over-quarter decline reflected a moderation in borrower activity and a shift in the revenue mix.

Revenue growth in the third quarter of 2025 was uneven across business lines. Loan facilitation service fees **increased 8.7%** year-over-year to **RMB954.5 million (US$134.1 million)**, primarily reflecting a modest rise in the total loan amount facilitated compared with the same period of 2024. Post-origination service fees **rose 54.6% to RMB287.8 million (US$40.4 million)**, and guarantee income increased to **RMB187.8 million (US$26.4 million)** due to the cumulative effect of higher volumes of loans facilitated covered by our guarantee service in prior periods. Financing income **increased 11.1% to RMB372.9 million (US$52.4 million)**, supported by higher average loan balances held by the Company, while other revenue **increased 22.7% to RMB157.9 million (US$22.2 million)**, mainly from expanded insurance brokerage activity. On a sequential basis, total net revenue declined 13.7% from the second quarter of 2025, reflecting a moderation in borrower activity and a shift in the revenue mix. **Return on equity*<sup>8</sup>*** decreased to **21.5%**, compared with 27.9% in the prior quarter and 22.2% a year earlier, primarily reflecting lower net income during the quarter.

<sup>8</sup> **Financial Ratios:**<br> **– Operating margin:** Calculated as **Income from Operations** for the quarter divided by **Total Net Revenue** for the quarter.

**– Net profit margin:** Calculated as **Net Income** for the quarter divided by **Total Net Revenue** for the quarter.

**– Annualized Net Income:** Calculated by multiplying the net income for the quarter by four to estimate a full-year equivalent.<br> **– Return on equity:** Calculated as annualized **Net Income** divided by the average of **Total Shareholders' Equity** at the beginning and end of the quarter. This measure presents a full-year equivalent **ROE** based on a single quarter's performance.

*Asset Quality:* Credit quality weakened during the quarter as delinquency rates increased across key categories**. Delinquency rates** for loans 31–60 days and 91–180 days past due rose **82.0%** and **9.3%** year-over-year, respectively, reflecting deteriorating borrower repayment behavior amid a more challenging macro environment. **Provision for contingent guarantee liabilities** increased sharply to **RMB332.1** million, mainly due to higher guaranteed loan balances and elevated credit risk exposure. Overall, credit-related costs rose significantly during the quarter, reflecting a more cautious approach to risk management and higher expected loss provisions.

*Profitability and Margins:* Profitability declined in the third quarter of 2025 as higher credit-related provisions offset year-over-year revenue growth. **Operating margin***<sup>8</sup>* decreased to **18.5%**, compared with **29.7%** in the previous quarter and **32.2%** in the same period of 2024. The increase in total expenses on a year-over-year basis was primarily driven by a sharp rise in provisions for contingent guarantee liabilities and other credit loss reserves, reflecting elevated credit risk exposures and higher guarantee balances. **Net profit margin***<sup>8</sup>* narrowed to **21.5%**, down from **23.2%** in the prior quarter, reflecting increased risk costs and a less favorable revenue mix. Net income decreased **20.2%** quarter-over-quarter to **RMB421.2 million**, but remained **12.1% higher year-over-year**. **Net income per basic ADS** was **RMB10.56 (US$1.48)**, down **16.2%** sequentially but up **34.4%** from a year ago.

*Funding and Liquidity:* The Company maintained a stable funding position in the third quarter of 2025 amid a more challenging operating environment. **Cash and cash equivalents** totaled **RMB890.9 million (US$125.1 million)** as of September 30, 2025, compared with **RMB984.6 million** as of December 31, 2024. The decrease primarily reflected redeployment of cash into higher-yielding investments as part of treasury management activities. **Total restricted cash** was **RMB659.1 million (US$92.6 million)**, bringing total cash (including restricted) to approximately **RMB1.55 billion (US$217.7 million)**. Shareholders' equity increased to **RMB7,928.7 million (US$1.11 billion)**, supported by retained earnings growth. The equity-to-assets ratio was approximately **54.0%**, reflecting a modest decline from prior levels as total assets expanded and contingent guarantee liabilities rose.

*Regulatory Update:* The regulatory environment for internet-based lending in China remained fluid during the third quarter of 2025, with continuing discussions among regulators regarding additional consumer-protection measures and funding-cost reductions. While certain policy measures have been formally introduced, the implementation process and detailed application guidelines are still being developed. Recent communications from the National Financial Regulatory Administration and other authorities continue to emphasize lowering borrowing costs and strengthening consumer protection, reflecting an ongoing effort to promote orderly and sustainable industry development.

The Company believes that, once clarified and implemented, these potential policy adjustments could exert downward pressure on pricing, margins, and profitability across the industry for the foreseeable future. The timing, scope, and precise application of such measures remain uncertain, and management currently has limited visibility into how forthcoming regulations may affect overall business operations.

In light of the evolving environment, the Company continues to prioritize compliance readiness, conservative funding management, and risk mitigation. It is proactively evaluating potential structural and operational adjustments to maintain regulatory alignment while protecting long-term sustainability under a tightening supervisory framework.

**Conference Call**

X Financial's management team will host an earnings conference call at 8:30 AM U.S. Eastern Time on November 21, 2025 (9:30 PM Beijing / Hong Kong Time on November 21, 2025).

Dial-in details for the earnings conference call are as follows:

---

| | |
|:---|:---|
| United States: | 1-888-346-8982 |
| Hong Kong: | 852-301-84992 |
| Mainland China: | 4001-201203 |
| International: | 1-412-902-4272 |
| Passcode: | X Financial |

---

Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call.

A replay of the conference call may be accessed by phone at the following numbers until November 28, 2025:

United States: 1-855-669-9658 <br> International: 1-412-317-0088 <br> Passcode: 4942170

**About X Financial**

X Financial (NYSE: XYF) (the "Company") is a leading Chinese fintech platform. The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitate and originate loans to prime borrowers under a risk assessment and control system.

For more information, please visit <u>http://ir.xiaoyinggroup.com</u>.

**Use of Non-GAAP Financial Measures**

In evaluating our business, we consider and use non-GAAP measures as supplemental measures to review and assess our operating performance. We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We believe that the use of the non-GAAP financial measures facilitates investors' assessment of our operating performance and help investors to identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income (loss) from operations and net income (loss). We also believe that the non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

We use in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, (iii) adjusted net income (loss) per diluted ADS, (iv) adjusted net income (loss) per basic share, and (v) adjusted net income (loss) per diluted share, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments, gain (loss) from financial investments at equity method and impairment losses on long-term investments. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, investors should not consider them in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.

We mitigate these limitations by reconciling the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release.

**Exchange Rate Information**

This press release contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of **RMB7.1190 to US$1.00**, the exchange rate in effect as of September 30, 2025, as published in the Federal Reserve Board's H.10 statistical release. **Percentages stated in this release are calculated based on the RMB amounts**.

**Disclaimer**

***Safe Harbor Statement***

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the followings: the Company's goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China; the demand for and market acceptance of its marketplace's products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law.

***Use of Projections***

This announcement also contains certain financial forecasts (or guidance) with respect to the Company's projected financial results. The Company's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections or guidance for the purpose of their inclusion in this announcement, and accordingly, they did not express an opinion or provide any other form assurance with respect thereto for the purpose of this announcement. This guidance should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company, or that actual results will not differ materially from those set forth in the prospective financial information. Inclusion of the prospective financial information in this announcement should not be regarded as a representation by any person that the results contained in the prospective financial information will actually be achieved. You should review this information together with the Company's historical information.

**For more information, please contact:**

**X Financial**<br> Mr. Noah Kauffman (Chief Financial Strategy Officer)<br> E-mail: **<u>ir@xiaoying.com</u>**

**X Financial <br> Unaudited Condensed Consolidated Balance Sheets**

---

| | | | |
|:---|:---|:---|:---|
| **(In thousands, except for share and per share data)** | **As of December 31, 2024** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **RMB** | **RMB** | **USD** |
| **ASSETS** |  |  |  |
| Cash and cash equivalents | 984611 | 890854 | 125138 |
| Restricted cash, net | 676793 | 659112 | 92585 |
| Accounts receivable and contract assets, net | 2029550 | 3065608 | 430623 |
| Loans receivable from Credit Loans and other loans, net | 4828317 | 5620402 | 789493 |
| Deposits to institutional cooperators, net | 1958297 | 2093353 | 294052 |
| Prepaid expenses and other current assets | 34079 | 88355 | 12412 |
| Financial guarantee derivative | 1038 | 1575 | 221 |
| Deferred tax assets, net | 197713 | 303896 | 42688 |
| Long term investments | 498038 | 509245 | 71533 |
| Property and equipment, net | 15833 | 20824 | 2925 |
| Intangible assets, net | 36592 | 37815 | 5312 |
| Financial investments | 513476 | 1339050 | 188095 |
| Other non-current assets | 44951 | 58543 | 8223 |
| **TOTAL ASSETS** | **11819288** | **14688632** | **2063300** |
| **LIABILITIES** |  |  |  |
| Payable to investors and institutional funding partners at amortized cost | 2184086 | 2856870 | 401302 |
| Contingent guarantee liabilities | 187641 | 570452 | 80131 |
| Deferred guarantee income | 164725 | 470335 | 66068 |
| Short-term borrowings | 328500 | 566377 | 79559 |
| Accrued payroll and welfare | 94717 | 110008 | 15453 |
| Other tax payable | 279993 | 219756 | 30869 |
| Income tax payable | 591491 | 677834 | 95215 |
| Accrued expenses and other current liabilities | 941506 | 1182113 | 166050 |
| Other non-current liabilities | 27516 | 37424 | 5257 |
| Deferred tax liabilities | 65959 | 68719 | 9653 |
| **TOTAL LIABILITIES** | **4866134** | **6759888** | **949557** |
| **Commitments and Contingencies** |  |  |  |
| **Equity:** |  |  |  |
| Common shares (250,678,439 and 234,423,629 shares outstanding as of December 31, 2024 and September 30, 2025) | 207 | 207 | 29 |
| Treasury stock | (509644) | (904502) | (127055) |
| Additional paid-in capital | 3207028 | 3257308 | 457551 |
| Retained earnings | 4174511 | 5506606 | 773508 |
| Other comprehensive income | 81052 | 69125 | 9710 |
| **TOTAL EQUITY** | **6953154** | **7928744** | **1113743** |
| **TOTAL LIABILITIES AND EQUITY** | **11819288** | **14688632** | **2063300** |

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**X Financial**

**Unaudited Condensed Consolidated Statements of Comprehensive Income**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**(In thousands, except for share and per share data)** | **2024** | **2025** | **2025** | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **USD** | **RMB** | **RMB** | **USD** |
| **Net revenues** |  |  |  |  |  |  |
| Loan facilitation service | 878282 | 954513 | 134080 | 2224681 | 3402336 | 477923 |
| Post-origination service | 186109 | 287755 | 40421 | 493520 | 825203 | 115916 |
| Financing income | 335765 | 372911 | 52382 | 1021405 | 1002989 | 140889 |
| Guarantee income | 53576 | 187829 | 26384 | 132067 | 373327 | 52441 |
| Other revenue | 128765 | 157946 | 22187 | 291387 | 567727 | 79748 |
| **Total net revenue** | **1582497** | **1960954** | **275454** | **4163060** | **6171582** | **866917** |
| **Operating costs and expenses:** |  |  |  |  |  |  |
| Origination and servicing | 457545 | 527470 | 74093 | 1299164 | 1515168 | 212834 |
| Borrower acquisitions and marketing | 506758 | 524939 | 73738 | 1078768 | 1990210 | 279563 |
| General and administrative | 49499 | 52118 | 7321 | 127047 | 153402 | 21548 |
| Provision for accounts receivable and contract assets | 4799 | 60702 | 8527 | 22470 | 103110 | 14484 |
| (Reversal of) provision for loans receivable | (35) | 98995 | 13906 | 157370 | 207585 | 29159 |
| Provision for contingent guarantee liabilities | 56366 | 332091 | 46649 | 125635 | 603221 | 84734 |
| Change in fair value of financial guarantee derivative |  | 3654 | 513 |  | (11337) | (1592) |
| (Reversal of) provision for credit losses for deposits and other financial assets | (1399) | (948) | (133) | 4049 | 328 | 46 |
| **Total operating costs and expenses** | **1073533** | **1599021** | **224614** | **2814503** | **4561687** | **640776** |
| **Income from operations** | **508964** | **361933** | **50840** | **1348557** | **1609895** | **226141** |
| Interest income (expenses), net | 1211 | 4947 | 695 | (4898) | 6213 | 873 |
| Foreign exchange gain (loss) | 4881 | (261) | (37) | (3351) | (10643) | (1495) |
| Income (loss) from financial investments<sup>1</sup> | (760) | 5113 | 718 | 3738 | (13943) | (1959) |
| Other income (loss), net | 6048 | 125066 | 17568 | 9437 | 127222 | 17871 |
| **Income before income taxes** | **520344** | **496798** | **69784** | **1353483** | **1718744** | **241431** |
| Income tax expense | (100331) | (80176) | (11262) | (254924) | (307499) | (43194) |
| Gain from equity in affiliates, net of tax | 2702 | 13329 | 1872 | 5572 | 20976 | 2946 |
| Gain (loss) from financial investments at equity method, net of tax<sup>1</sup> | (46875) | (8710) | (1223) | 50149 | (24837) | (3489) |
| **Net income** | **375840** | **421241** | **59171** | **1154280** | **1407384** | **197694** |
| Less: net income attributable to non-controlling interests |  |  |  |  |  |  |
| **Net income attributable to X Financial shareholders** | **375840** | **421241** | **59171** | **1154280** | **1407384** | **197694** |
| **Net income** | **375840** | **421241** | **59171** | **1154280** | **1407384** | **197694** |
| **Other comprehensive income, net of tax of nil:** |  |  |  |  |  |  |
| Gain (loss) from equity in affiliates | (449) | (6) | (1) | (418) | 178 | 25 |
| Income (loss) from financial investments | 1580 |  |  | 6100 | (768) | (108) |
| Foreign currency translation adjustments | (12778) | (8144) | (1144) | (7590) | (11337) | (1592) |
| **Comprehensive income** | **364193** | **413091** | **58026** | **1152372** | **1395457** | **196019** |
| Less: comprehensive income attributable to non-controlling interests | - | - | - | - | - | - |
| **Comprehensive income attributable to X Financial shareholders** | **364193** | **413091** | **58026** | **1152372** | **1395457** | **196019** |
| Net income per share—basic | 1.31 | 1.76 | 0.25 | 3.96 | 5.69 | 0.80 |
| Net income per share—diluted | 1.29 | 1.68 | 0.24 | 3.87 | 5.43 | 0.76 |
| Net income per ADS—basic | 7.86 | 10.56 | 1.48 | 23.76 | 34.14 | 4.80 |
| Net income per ADS—diluted | 7.74 | 10.08 | 1.42 | 23.22 | 32.58 | 4.58 |
| Weighted average number of ordinary shares outstanding—basic | 285857203 | 238782763 | 238782763 | 291622784 | 247497867 | 247497867 |
| Weighted average number of ordinary shares outstanding—diluted | 292339641 | 251288265 | 251288265 | 298036305 | 259033100 | 259033100 |

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¹ The Company has revised the presentation of the gain (loss) from financial investments at equity method after income tax expense, which previously reported as "Income (loss) from financial investments" before income tax expense. Additionally, "Impairment losses on long-term investments" accounted under the equity method have been reclassified into the gain (loss) from equity in affiliates after income tax expense. This change in presentation does not affect the net income for any periods presented.

**X Financial** <br> **Unaudited Reconciliations of GAAP and Non-GAAP Results**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**(In thousands, except for share and per share data)** | **2024** | **2025** | **2025** | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **USD** | **RMB** | **RMB** | **USD** |
| **GAAP net income** | **375840** | **421241** | **59171** | **1154280** | **1407384** | **197694** |
| Less: Income (loss) from financial investments (net of tax of nil) | (760) | 5113 | 718 | 3738 | (13943) | (1959) |
| Less: Impairment losses on financial investments (net of tax of nil) |  |  |  |  |  |  |
| Less: Impairment losses on long-term investments (net of tax) |  |  |  |  |  |  |
| Less: Gain (loss) from financial investments at equity method (net of tax of nil) | (46875) | (8710) | (1223) | 50149 | (24837) | (3489) |
| Add: Share-based compensation expenses (net of tax of nil) | 10150 | 13340 | 1874 | 30096 | 51996 | 7304 |
| **Non-GAAP adjusted net income** | **433625** | **438178** | **61550** | **1130489** | **1498160** | **210446** |
| Non-GAAP adjusted net income per share—basic | 1.52 | 1.84 | 0.26 | 3.88 | 6.05 | 0.85 |
| Non-GAAP adjusted net income per share—diluted | 1.48 | 1.74 | 0.24 | 3.79 | 5.78 | 0.81 |
| Non-GAAP adjusted net income per ADS—basic | 9.12 | 11.04 | 1.55 | 23.28 | 36.30 | 5.10 |
| Non-GAAP adjusted net income per ADS—diluted | 8.88 | 10.44 | 1.47 | 22.74 | 34.68 | 4.87 |
| Weighted average number of ordinary shares outstanding—basic | 285857203 | 238782763 | 238782763 | 291622784 | 247497867 | 247497867 |
| Weighted average number of ordinary shares outstanding—diluted | 292339641 | 251288265 | 251288265 | 298036305 | 259033100 | 259033100 |

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