실적분석 2026년 8월 24일

X Financial ($XYF) Q2 2026 Earnings Analysis — Sharp Drop in Revenue and Net Income, Sequential Quarter Improves

Earnings Scorecard

Revenue: 993.6 million yuan (about $146.4 million) (-56.3% YoY, -15.5% QoQ; thin consensus)

EPS: Basic and diluted EPS per ADS of 1.26 yuan ($0.19) (prior-year basic 12.60 yuan; thin consensus)

Guidance: None provided (no revenue or earnings outlook for the next quarter or full year)

Stock reaction: After-hours +2.43% ($5.52) — as of Aug-24 20:43 KST

Positives

Sequential profit recovery: Net income and operating margin both improved versus the prior quarter

Delinquency rates improved QoQ: 31–60 days at 1.73% and 91–180 days at 9.09%, both down

Cost reduction and shareholder returns: Sharp cut in marketing spend, combined with buybacks and a semi-annual dividend

In a tough operating environment, the company lowered costs and provisions in tandem instead of shrinking outright. A credit-quality-first strategy translated into short-term earnings defense.

Negatives

Sharp drop in loan origination: Originations/funding volume down 70.2% YoY

Revenue and net income plunge: Total net revenue -56.3%, net income -91.1% YoY

Lingering delinquency burden: Delinquency rates remain well above year-ago levels, and regulatory uncertainty persists

The active borrower base also shrank meaningfully YoY, and the contraction of the core business scale is the main driver of the results. Versus the prior year, a recovery is hard to call yet.

What the Company Said

Management stressed tighter underwriting and conservative capital deployment in a difficult credit environment. No quantitative revenue or earnings guidance was provided for the next quarter.

Market Reaction and What to Watch

Despite the year-over-year earnings collapse, the sequential improvement in profit and margin, paired with the announcement of buybacks and a semi-annual dividend, likely supported a modest after-hours rebound.

Whether additional drops in:

Loan origination volume and active borrower counts

The 91–180 day delinquency rate falling back to prior-year levels

The pace of Chinese online-lending regulation clarification and the company's response