Transcripts

FinVolution Group's management answers for the business every quarter. These are the exchanges that explain it best — verbatim, from the call transcripts preserved in Sources. Each link opens the full transcript at that page in a new tab.

FinVolution Group Q1 2026 Earnings Call — Q1 FY2026

The most recent call, and the moment the story changed shape: overseas is broken out as a separate reportable segment — “a second profitable engine” — while China credit metrics turn up and a fresh US$150M buyback is authorized. · Open the full transcript →

The headline: overseas broken out as a separate reportable segment for the first time — “a second profitable engine” at 30% of revenue.

Tiezheng Li, CEO: Overseas markets again deliver 30% of group revenue this quarter. This is no longer only a diversification story. It has matured into a second profitable engine. To give investors a clearer view of this business, For the first time, we are disclosing our overseas business as a separate reportable segment. […] In the first quarter, overseas revenue reached RMB 949 million. up 35% year over year. Operating profit reached RMB 46 million up 88% year on year. This is a reflection of both the scale we have built and the earnings power that now stands on its own.

p. 6 · Read in context →

Why the new disclosure matters: segment-level EBITDA so investors can value each “engine” on its own metrics.

Jiayuan Xu, CFO: We are also introducing adjusted EBITDA for each segment. […] By separating the 2 engines. We make it easier for investors to value each segment on its own metrics and unlock the true value of the platform we have built.

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Early recovery in China credit: take rate back to 3.2% and delinquencies easing across every vintage and collection metric.

Jiayuan Xu, CFO: Net revenue came in at RMB 2.2 billion, up 7% sequentially. Take rate rose from 3% to 3.2% supported by better risk performance. On risk, the picture is consistent across indicators. In the first quarter, vintage delinquency eased from 3% to 2.7%. Day 1 delinquency improved from 5.5% to 5.2% The 30 day collection rate ticked up from 85.9% to 86.8%. As a result, M2 flow-through rate declined from 0.77% to 0.68%.

p. 9 · Read in context →

Capital-return continuity: ~US$54M repurchased year-to-date and a fresh US$150M buyback program authorized.

Jiayuan Xu, CFO: In the first quarter, we executed another $39 million and by the end of April, we have added another $15 million. So the total amount this year is about $54 million. And the remaining capacity and our current program is at about $20 million. […] With that as the backdrop, our board recently approved a new US$150 million program and also as for 2 years.

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Positioning under China's new online-marketing rules: FinVolution supplies tech and data; licensed institutions make the credit call.

Tiezheng Li, CEO: The regulation reinforced that core financial decisions. Such as credit approval and the risk assessment, must rest with the licensed financial institutions. This has always been our model. We provide the technology and data tools Our partners make the final calls.

p. 13 · Read in context →

FinVolution Group Q4 & Full Year 2025 Earnings Call — Q4 FY2025

The full-year response to China's new consumer-finance rules: a resilient 2025, the first developed-market entry via the Fundo (Australia) acquisition, record buybacks with insider buying — and a guided 5–15% revenue decline for 2026. · Open the full transcript →

Full-year 2025 scorecard: net profit up 6.6% and international at 31% of Q4 revenue, even as volume slipped 2.9% under the new rules.

Tiezheng Li, CEO: Net profit also rose to RMB 2.5 billion, a 6.6% increase from last year. The resilient financial performance was achieved despite the regulatory uncertainty in China in the second half of the year, which tempered the full year transaction volume to RMB 200 billion, down 2.9% year-over-year. […] In 2025, our international business grew significantly. Our volume increased by 38.6% and revenue rose by 32.0% year-over-year. Most notably, international business contributed 31% of revenue for the quarter, significantly higher than 21% just a year ago.

p. 7 · Read in context →

The China playbook: deliberately prioritizing risk over origination, shrinking the loan book while underwriting tightens.

Tiezheng Li, CEO: New regulations reshaped the operating landscape in the fourth quarter, as discussed in our Q3 earnings session. We prioritized risk over loan origination in Q4. That means tightened underwriting and enhanced risk controls. The result is a near-term moderation of loan origination volume to RMB 38.7 billion and loan balance to RMB 68.3 billion in the fourth quarter.

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The first developed-market step: acquiring Australian lender Fundo, extending the overseas playbook beyond Southeast Asia.

Tiezheng Li, CEO: In the fourth quarter, we entered the Australian market with the acquisition of a respected lending platform, Fundo. This new foray is a well-considered move that draws on our experience in maturing regulatory regime in China and operational excellence in overseas market.

p. 9 · Read in context →

Alignment on display: a record USD 107M buyback plus USD 1.9M of personal share purchases by the Chairman and management.

Tiezheng Li, CEO: We accelerated our buyback program this year with USD 107 million repurchased in 2025. It's a historical record since our IPO. This commitment is personal as well. In December, our Chairman and the management team recently invested an additional USD 1.9 million of their own capital in share buyback, a gesture of deep confidence in this journey we are on together.

p. 10 · Read in context →

Guidance philosophy: bracing for a 5–15% revenue decline in 2026 while holding the 50%-international-by-2030 goal.

Tiezheng Li, CEO: In light of the recent regulatory change in China, we expect full year 2026 group revenue to decline between 5% and 15% year-over-year. Our long-term goal remains to be 50% of revenue coming from international markets by 2030.

p. 13 · Read in context →

FinVolution Group Q3 2025 Earnings Call — Q3 FY2025

The regulatory-shock call — a new China consumer-finance framework takes effect Oct 1, 2025, guidance is cut, credit metrics turn, and management leans on the international “natural hedge” while buying back stock at 0.6x book. · Open the full transcript →

The two-engine thesis stated plainly — international as a “natural hedge,” a record 25% of revenue versus 19% a year earlier.

Tiezheng Li, CEO: In the third quarter of 2025, against a dynamic regulatory backdrop in China, we delivered another resilient result driven by robust growth in our international business. […] Our international segment continues to be an effective natural hedge to our China business, representing a record 25% of total revenue this quarter comparing to 19% a year earlier.

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The shock, named: a new China consumer-finance framework effective Oct 1, 2025, with Q4 uncertainty flagged over volume, revenue and risk.

Tiezheng Li, CEO: Turning to China’s regulatory landscape, a new consumer finance regulation framework took effect on October 1, 2025. As expected, we saw transitional effects across the industry in the third quarter. Our response was proactive and disciplined. […] We anticipate that full implication of these regulations in the fourth quarter could create short-term uncertainties over volume, revenue and risk metrics, but this is not new to us.

p. 3 · Read in context →

The credit book turns: origination down 6.3% q/q, vintage loss and day-1 delinquency up, funding cost still easing.

Jiayuan Xu, CFO: Our loan origination volume contracted by 6.3% quarter over quarter. […] Our expected vintage loss trended from 2.5% to 2.9%. Day-1 delinquency rate showed similar trend, increasing from 4.7% last quarter to 5.0% this quarter, while our 30-day collection rate was down from 89% to 88%. On the bright side, market liquidity has improved while funding cost has been on a downward trend, improving from 3.7% last quarter to 3.6% this quarter.

p. 4 · Read in context →

Guidance philosophy under stress: full-year 2025 revenue growth trimmed to ~0–5% as the new regulation bites.

Jiayuan Xu, CFO: While our financial performance for the first 9 months ended September 30, 2025 remains generally in line with our revenue forecast for this period, the recent regulatory changes in China have introduced near-term uncertainties. […] We now expect full-year 2025 total revenue guidance to be in the range of approximately RMB 13.1 billion to RMB 13.7 billion, representing year-over-year growth of approximately 0% to 5%.

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Capital allocation as the stock de-rates — buying back shares at 0.6x book value and 1.5x short-term liquidity.

Jiayuan Xu, CFO: And right now, with our stock trading at just 0.6x of our net book value, and only 1.5x of our short-term liquidity, in this situation, buying back our own shares is an effective way to create the value for our shareholders. That's why we are ramping up our buyback activity.

p. 7 · Read in context →

FinVolution Group Q4 & Full Year 2024 Earnings Call — Q4 FY2024

The pre-shock baseline: the clearest walk-through of how the loan-facilitation model makes money abroad, the 50%-international-by-2030 thesis, per-country unit economics, and the capital-return framework. · Open the full transcript →

The diversification thesis in one line: international revenue up from 3.7% (2020) to ~20% (2024), with a 50%-by-2030 target.

Tiezheng Li, CEO: As we've mentioned previously, we have set a target of reaching 50% of revenue from international markets by 2030 under our LE-GO strategy. I'm pleased to say that our strong strategic execution has paid off over the years, and our international operations have come a long way since 2018. Revenue contributions from international markets have increased rapidly, rising from 3.7% in 2020 to 10.3% in 2022, to around 20% in 2024.

p. 3 · Read in context →

How the overseas model works: migrating the Philippines book onto institutional loan-facilitation funding, 10%→70% in a year.

Tiezheng Li, CEO: We are the first platform in the country to introduce the concept of institutional funding through our loan facilitation model in 2024, with a list of reliable, trusted partners. We are also proud to share that the percentage of the loans facilitated by local financial institutions has grown from merely 10% in the first quarter of 2024 to around 70% in the fourth quarter of 2024.

p. 6 · Read in context →

Capital-return framework: the dividend policy floor lifted from ≥10% of net income to a 20–30% payout range from 2025 onward.

Jiayuan Xu, CFO: Recently, our board of directors approved our 7th annual dividend in the amount of US$0.277 per ADS, reflecting a DPS increase of 17% yearover-year. After thoughtful consideration, our board of directors have also approved the revision of dividend policy from no less than 10% of net income to between 20% to 30% of net income for 2025 onward, validating the company's commitment to enhancing shareholders value.

p. 7 · Read in context →

Per-country unit economics: Indonesia profitable and set to double, the Philippines crossing into profit in 2025.

Jiayuan Xu, CFO: In 2024, we achieved a profit of US$5 million in Indonesia, and in 2025, we expect that the profit from Indonesia will be at least double. And for our Philippines market, it was at loss in 2024 and we expect it will begin to make profits gradually in 2025.

p. 8 · Read in context →

More calls

Q2 FY2025 Earnings Call — Q2 FY2025 · 11 pages · The last call before October's regulatory shock — FY2025 guidance still intact at RMB14.4–15.0bn (+10–15%), international up to 22% of net revenue, and the OJK's confirmed Indonesia rate cap removing a long-running overhang. · Open →

Q1 FY2025 Earnings Call — Q1 FY2025 · 9 pages · China take-rate expansion plus 36% international volume growth; management reiterates the full-year 10–15% growth guide and a rising 25% international revenue mix. · Open →

Q3 FY2024 Earnings Call — Q3 FY2024 · 11 pages · A clean statement of the 50%-international-by-2030 ambition and the borrower-scale math (32.6M cumulative borrowers), before regulation dominated the narrative. · Open →

Q2 FY2024 Earnings Call — Q2 FY2024 · 10 pages · Mid-2024 checkpoint on the LE-GO strategy and the buyback track record (~US$260M deployed across two programs), with results landing inside the guidance range. · Open →

Q1 FY2024 Earnings Call — Q1 FY2024 · 10 pages · Sets the 2024 baseline — China volume guidance of RMB195.7–205bn and the shareholder-return cadence (US$62M dividend, ~US$100M buyback). · Open →

Q4 FY2023 Earnings Call — Q4 FY2023 · 20 pages · The FY2023 wrap — declaring leadership positions in Indonesia and the Philippines and a US$62M dividend / US$98M buyback, the template later years repeat. · Open →

Q3 FY2023 Earnings Call — Q3 FY2023 · 10 pages · Early articulation of the China-steady / international-fast barbell under uneven macro, at 29M cumulative borrowers. · Open →

Q2 FY2023 Earnings Call — Q2 FY2023 · 18 pages · The earliest call in the set — announcement of a US$150M buyback and a recap of the international build-out since the 2018 Indonesia entry. · Open →