Slides
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X Financial
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Disclaimer
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X Financial $209M 6.7M 20% $90M
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Borrower T rustMC1b Channel Funded viaMC21 institutional investors MicrocreditMC1b Loan Facility On ourMC21 balance sheet Bank PartnerMC1b Model With creditMC21 guarantee X Financial’sMC114 core model andMC114 tech stack Post-loan servicing tools Credit Assessment T ech Credit Risk Assessment Collections Infrastructure A proprietary Risk Engine T e c h n o l o g y E c o s y s t e m
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Modular Lendin g w ith Ca p ital Eff icienc y Loan Facilitation Trust Channel MicroCredit P artnershi p s Primary growth engine of the platform Matches borrowers with licensed bank partners Structured lending through trust with institutional funding X Financial acts as a servicer and credit enhancer Supports larger-ticket loans with strong investor demand. Capital-light with fee-based recurring revenue Strategic value: deepens relationships with institutional investors, diversi/C165es funding sources , and embeds an automatic funding-cost optimizer into the platform’ s architecture Direct lending through X Financial’ s own microcredit license X assumes full credit risk but retains 100% interest income, one of the solutions for margin control U sed for tactical product innovation and margin control Capital-intensive ( limited leverage ) , but valuable for di /p19 erentiation Supports platform /C9ve x ibility where licensed capabilities are required Collaborative models with e x ternal platforms and /C165ntech ecosystems A ccess to large, high-quality borrower pools with embedded trust E nables high-volume growth while reducing /C165 x ed cost ratio E nhances credit quality through partner-veri/C165ed user data Ex pands brand reach by tapping into built-in cross-platform e x posure Capital-light model enabling high leverage and scalability 1 Structurally advantaged model: high throughput, minimal capital required, and strong compounding returns over time Scalable, asset-light /C9vywheel as origination volumes increase Capital-light model refers to modest-margin loan fa cilitation that enables high leverage.
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X Financial LoannCCi Application Risk Management & Pairing Investment Demand Risk Control X Financial RegulationnCCi Requirement CreditnCCi Limit Institutional Funding Partners RisknCCi Assessment Proprietary Risk Management Model Data Analysis & Fraud Detection 3 rd PartynCC3r Guarantee Partners T enure BorrowingnCCi Costs Prime Borrowers Lines ofnCCi Credit CustomenCCq9 PronCC9sles Insurance Company | Financial Guarantee Companies Business introduction and model comparison
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product design and basic info 36.6 10,185 RMB 10.9 mos
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Advertisinsi Channels Risk & Intent Modelingsi/O (Privacy-Conscious) Optimized targeting using cross-platform signals (term "federated learning" removed pending tech/ risk consinkrmation) Embedded API Partnerships T elecom Operatorsim E-commerce Platformsim Mobility & Logistics Apps Lifestyle Servicesim Social & Content Ecosystems Automated User Funnel AI-enhanced onboarding to approval siknmow Smart Ad Acquisition Performance-focused campaigns acrosssikOm China’ s top platforms China Market Primary Platforms
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AI/C9 Capabilities R&D T est case generation (>90% accuracy) Post-Loan AI agents for repayment support & borrower inquirie s Legal Auto-generation & structuring of legal docs Customer Ops Smart replies, AI summaries, quality inspection Marketing 95%+ content auto-approved; intelligent ad targetin g Risk >99% facial match; credit report parsing Capability Model/l18A Distillation/l18A (w/ Alibaba Cloud) 89% /lf0q accuracy 20% /lff0 lower GPU cost 400ms /lfqf latenc/lfq1 (was 800ms) Performance Gains A I O ps L ayer 98% Live Q C and risk detection 9 7 % /lf0q intent accuracy 96 % /lff0 recall 87% /lfqf task automation C h atbot E n g ine Deployed across all channels ( 24/7 ) 60%+ Real-time /C185 script suggestion A g ent Co - Pilot Customer S er v ice A I N o-code agent builder for business teams /C185 ( 2 0+ live agents) Cross-system orchestration; 4 00M+ tokens consumed daily Co-developed with B ei j ing AI team W inA g ent Platform (MCP - based) Centrali z ed access to internal policies, H R, /C197 nance, and IT 90%+ employee adoption for daily knowledge tasks A I Assistant LL M S tac k On-prem deployment of Q wen 2 . 5 72 B , /C185 Q wen 3 3 2 B and DeepSeek R 1 Secure, low-latency hybrid inference /C185 with access to ChatGPT, Doubao, etc . Core I nfrastructure
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Cumulative Users (in millions) Platform Built to Compound Capital, Not Consume It In 2025, we served over 6.7 million active borrower s through more than 12.8 million new loans. Since inception, nearly 140 million users have registered on our platform, and we’ve facilitated more than $18.7 billion USD in loans. The system was built for profitable flow, not vanit y volume. That design delivered a 21% operating margin and a 19% n et margin in 2025. We don’t chase headlines or short-term nar ratives. We build systems that improve with scale, not degrade from it. Cumulative Users Rolling 12-Month Loan V olume Cumulative Users (in millions) 165 150 135 120 105 90 75 60 45 30 15 0 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 165,000 150,000 135,000 120,000 105,000 90,000 75,000 Rolling 12-Month Loan V olume 60,000 45,000 30,000 15,000 0 Rolling 12-Month Loan V olume
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11% 10% 9% 8% 7% Delinquency Benchmark vs.tsAA U.S. Card Issuers 31–60 DPD 91–180 DPD Metric X FinanciaX Financiatsoof 2Q26 U.S. Prime 1.73% 0.24% 9.09% 0.43% 6% 5% 4% 3% 2% 1% 2Q23 Delinquency Rate (31–60 Days) * 3Q23 4Q23 1Q24 2Q24 Delinquency Rate (91–180 Days) * 3Q24 4Q24 1Q25 2Q25 0% 1Q22 2Q22 3Q22 4Q22 1Q23 3Q25 Mass-Market 0.77% 1.45% 4Q25 1Q26 2Q26 Subprime 1.55% 2.50% *See footnotes in Appendix
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20% ROE 26% 24% 22% 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 2021 2022 ROE ROA 2023 2024 2025
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$5.50 $5.00 $4.50 Strong EPS Growth EPS ($) $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 0 2021 2022 2023 2024 2025 30% 25% 20% 15% 10% 0% 5% EPS CAGR Growth Rate (%) -5% -10% -15% -20% -25%
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$80 $75 $70 $65 Capital Efficiency Capital Returned to Shareholders ($M) $60 $40 $50 $30 $45 $55 $35 $25 $20 $15 $10 $5 $0 Dividend Amount (USD, $M) Share Buyback ($M) 2022 2023 2024 Payout Ratio 45.0% 42.5% 40.0% 37.5% 35.0% 32.5% 30.0% 25.0% 27.5% Payout Ratio (%) 22.5% 20.0% 17.5% 15.0% 12.5% 10.0% 7.5% 5.0% 2025
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1999 2014 Founded X Financial nCC8 Built asset-light, nC2gntech lending platfornCC0 nCC8 Pioneered capital-enC20icient credit in ChinnC3C nCC8 Integrated with top-tier bank partners2006 Launched Blue Ridge China nCC8 Raised/Deployed >$1.4B in private capitalnC88 nCC8 Built positions in 30+ Chinese nC2grmnC86 nCC8 Operated under Tiger Cub John GrinC20in 2018 T ook X Financial Public nCC8 Listed on NYSE (Ticker: XYFnC6C6 nCC8 Has remained the largest insider since IPnC630 Co-founded eLong.com nCC8 One of China’ s nC2grst online travel platformnC86 nCC8 Scaled rapidly and listed on NASDAQ (2004nC6C6 nCC8 Sold controlling stake to Expedia Justin Yue Tang:nC263 Founder, Operator, Capital Allocator
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Leadership Team with Global Financial Track Record Jus tin T ang/C9m 唐 越 CEO Kent Li/C9m 李 侃 President & CRO Frank Zheng/C9m 郑 富 亚 CFO No ah Ka uffm an Chief Financial Strategy O/CQDicer Co‑founded eLong, Inc. (NASDAQ:LONG) in 1999; served as Chairman & CEO through its 2006 IPO, making it one of China’s /C3rst major online travel platforms. 15+ years of experience in/CS8 consumer lending, credit policy,/CS8 and risk management across/CS8 North America and China. 15+ years of experience in corporate /C3nance, public company reporting, and investment management across technology and /C3nancial sectors. 20 years of leadership in global /C3nance, strategic planning, and operational execution across exchanges, asset managers, and technology-driven companies. In 2006, co-founded and led Blue Ridge China, the China arm of Blue Ridge Capital— a Tiger Cub hedge fund founded by John Gri/CQDin—as Managing Partner until 2014. Former manager at Capital One, responsible for credit policy design and post-loan portfolio management. Former CFO of NASDAQ-listed Cogo Group; held senior /C3nance roles at ChinaCache, Yingde Gases, and eLong. Former H ead of Strategic FP& A at Intercontinental Exchange (NYSE: ICE), partnering w ith C-suite on capital allocation and global business strategy. Joined X Financial in 2015; previously served as Chief Risk O/CQDicer and currently serves as President and Board Director. Joined X Financial in 2020 as/CS8 Chief Financial O/CQDicer, overseeing /C3nancial strategy, capital planning, and investor reporting. Previously held roles at Invesco, Prudential, and a V C-backed SaaS startup ac q uired by Dentsu.
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Consolidated Income Statement 2Q 2025 (RMB’000) 1,640,850 319,938 312,335 2,273,123 1,270,238 254,504 1,598,067 675,056 528,016 2Q 2026 (RMB ’000) 358, 174 277,655 357,752 993,581 570,489 162,952 798,633 194,948 46,983 2Q 2026 (USD ’000) 52,788 40,921 52,727 146,436 84,079 24,016 117,703 28,733 6,924 Period Change - 78.2% -13.2% +14.5% -56.3% -55. 1% -36.0% -50.0% -71. 1% -91. 1% Loan facilitation & servicing Financing income Other revenue (incl. guarantee) T otal net revenue Operating & marketing expenses Credit provisions * T otal operating costs Income from operations Net income *See footnotes in Appendix
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Consolidated Balance Sheet 12/31/2025 (RMB’000) 987,631 3, 145,976 5,298,631 14,665,745 3,054,982 409,530 899,461 6,828,944 7,836,801 2Q 2026 (RMB ’000) 1, 131,736 1,377,377 4, 137, 175 12,102,257 1,583,818 396,208 767,671 4,346,814 7,755,443 2Q 2026 (USD ’000) 166,797 203,000 609,746 1,783,652 233,426 58,394 113, 139 640,641 1,143,011 Period Change +14.6% -56.2% -21.9% -17.5% -48.2% -3.3% -14.7% -36.3% -1.0% Cash & Equivalents Net Accounts Receivable Net Loans Receivable T otal Assets Investor & Partner Payables Short- T erm Debt T axes Payable T otal Liabilities T otal Equity
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Footnotes 31–60 Days Delinquency RatvC63v Represents the balance of the outstanding principal for Xiaoyin g Credit Loans — our primary category of online personal credit loan produc ts facilitated and originated through our platform, including Xiaoyin g Card Loan as well as other unsecured loan products that we introduce from time to time. The percentage is calculated as the balance of Xiaoyin g Credit Loans that were 31 to 60 days past due divided by the total outstanding principal balance of Xiaoying Credit Loans facilita ted and originated by the Company as of the specific date. Loans that a re delinquent for more than 60 days are excluded from the denominator. Start ing from the first quarter of 2021, substantially all loans facilitate d and originated by the Company have been Xiaoying Credit LoansvCm1 91–180 Days Delinquency RatvC636 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 da ys past due as a percentage of the total balance of outstanding princ ipal for the Xiaoying Credit Loans that the Company facilitated and origi nated as of a specific date. Xiaoying Credit Loans that are delinq uent for more than 180 days are excluded when calculating the denominatorvCm6 vC6T6 U.S. Card Delinquency BenchmarkvC613 Balances-based % of receivables; performing loans only (charged -offs excluded). Values are cohort medians (N = issuers shown). Bucket alignment: 30–59 → 31–60; 90+ used as a lower-bound proxy for 91–180 (standard c harge-off ≈180 DPD). Periods: June-2025 ABS trustee reports preferred; otherwise Q2-2025 10-Q/8-K/IR. Cohorts: Prime—AmEx, Chase , Citi; Mass-Market—Capital One (Domestic), Discover; Subprime/Near-prime—Synchrony, Bread/Comenity. Where exact splits weren’t disclosed, mapped/proxy values were usedvCmv Credit ProvisionvC611 Credit provisions include provisions for loans receivable, contin gent guarantee liabilities, and credit losses for deposits and ot her financial assets; excludes provisions for accounts receivable and contract assets, and changes in fair value of financial guarantee deriva tivesvCTm