Vcredit Holdings Limited · HKEX:2003
Vcredit — FY2025 Earnings Presentation
22 slides from Vcredit's earnings presentation, March 2026
Slide 1: VCREDIT Holdings Limited Investor Presentation
VCREDIT Holdings Limited Investor Presentation March 2026
Slide 2: Table of Contents
Table of Contents 1 Corporate Vision 2 Company Strategy and Business Updates 3 2025 Annual Results Overview 4 Key Management 5 Strategic Initiatives 1
Slide 3: Corporate Vision
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Slide 4: An Independent Online Consumer Finance Service Provider in China
An Independent Online Consumer Finance Service Provider in China Regulatory-aligned, customer-centric offerings for borrowers and partners Underserved consumers Fulfilling needs Transactions Traffic support Marketing & Risk operations support Joint modeling Post-loan monitoring Funding partners Busi
Slide 5: Funding Structure
Funding Structure Trust lending Credit- and direct enhanced loan Pure loan lending facilitation facilitation VCREDIT Trust lending: ― Select and recommend ― Select and Capital-light Licensed financing ― Underwrite subordinated borrowers recommend borrowers operations guarantee company tranche of ori
Slide 6: Adopted a Prudent Operating Strategy with Diversified Funding Structure
Adopted a Prudent Operating Strategy with Diversified Funding Structure Loan origination volume Outstanding balance Funding structure (RMB mn) (RMB mn) (RMB mn) 58,453 58,453 55,753 55,753 12% 14% 37,997 37,997 33,550 13% 67% 27,023 26,603 26,220 27,023 63% 21,779 16% 63% 59% 21% 19% 23% 22% 2% 2% 2
Slide 7: Focus on Long-term Sustainable, High-quality Operations amid Challenging Environment
Focus on Long-term Sustainable, High-quality Operations amid Challenging Environment Income breakdown Adjusted OPEX breakdown(1) Adjusted net (loss)/profit(2) (RMB mn) (RMB mn) %:as percentage of total loan origination volume (RMB mn) 3.2% 3.6% 3.6% 4.1% 2,386 8% 3,930 3,871 2,023 15% 9% 5% 6% 2% 19
Slide 8: Our History and Key Milestones
Our History and Key Milestones More is coming Oversea Markets Smart Finance Era Online only Business Platform 2025 Expansion Stage 2022 • Obtained OJK license as a Gradually Transferred to lending service provider in • Issued HKD bonds of Online Business Indonesia. HK$200M Startup Stage 2017 • Inves
Slide 9: Company Strategy and Business Updates
Company Strategy and Business Updates
Slide 10: Growing Customer Base
Growing Customer Base Cumulative verified users Cumulative borrowers (1) (mn) (mn) 15.3% 12.8 12.4 8.8% 130.1 11.1 126.6 10.1 119.6 111.9 2024H1 2025H1 2024 2025 2024H1 2025H1 2024 2025 Steady growth in the number of verified users and borrowers Note: (1) Represent the total number of customers who
Slide 11: Data Source and Customer Strategy
Data Source and Customer Strategy Our strategy Chinese social media ▪ Acquire higher-quality customers via channel optimization and adaptive risk strategies. E-commerce ▪ Drive sustainable value and platform retention through innovation, Our data experience enhancement, and risk- source based approa
Slide 12: Robust Credit Risk Management Capability Enhanced by Cutting-Edge Technology
Robust Credit Risk Management Capability Enhanced by Cutting-Edge Technology Interception 24/7 Fully automated engine transaction process enabled by Policies and ‘Smart lending’ technology rules engine Scorecard engine Machine- learning engine Decisioning engine 100+ data sources Anti-fraud engine 3
Slide 13: Asset Quality
Asset Quality Vintage based M3+ delinquency Ratio(1) 10% 8% 6% 4% 2% 0% 4 5 6 7 8 9 10 11 12 Month on book 2017-2019 2020 2021 2022 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 2025Q3 Note: (1) Vintage Based M3+ Delinquency Ratio is defined as the total amount of principal f
Slide 14: Aim to Achieve Higher Customer Lifetime Value
Aim to Achieve Higher Customer Lifetime Value Target premium Higher life-time customers value ⚫ Target higher profit on single ⚫ Expand high-quality customer loan basis acquisition channels ⚫ Enhance risk management system ⚫ Sustainable revenue with brand recognition and customer loyalty ⚫ Enhance c
Slide 15: 2025 Annual Results Overview
2025 Annual Results Overview
Slide 16: Financial Review
Financial Review in RMB mn 2025 2024 Change 2025H1 2024H1 Change Total income 3,871 3,930 -1.5% 2,500 1,738 43.8% Net interest and similar income 1,844 1,623 13.6% 937 875 7.0% Loan facilitation service fees 1,811 1,949 -7.1% 1,270 940 35.1% Other income/(expenses) 216 358 -39.4% 293 (77) NM Adjuste
Slide 17: Operating Performance Overview
Operating Performance Overview Key operating metrics No. of transaction of online consumption products (in thousands) 2024 2025 5,864 5,282 4,271 Cumulative 158.0mn 171.1mn registered users 2,264 Cumulative 119.6mn 130.1mn verified users 2024H1 2025H1 2024 2025 Average ticket size Average loan tenur
Slide 18: Key Management
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Slide 19: Management Team and Talent Development
Management Team and Talent Development Lawrence Ma Stephen Liu Thomas Liu Lan Xue Founder, Chairman Founder, CEO COO General Manager Jiafang Jin Ray Yu Hongzhe Shi Hong Bai CSO CMO CTO CFO Credit-risk Front office (1) 48% Technology- centric driven efficiency Middle office (2) IT department Total he
Slide 20: Dividend
Dividend Time Dividend Per Share 2024 Final Regular HK 20 cents 2025 Interim Regular HK 5 cents 19
Slide 21: Strategic Initiatives
Strategic Initiatives
Slide 22: Well Positioned for Steady Business Optimization
Well Positioned for Steady Business Optimization Premium Customer Sourcing ⚫ Extensive industry experience ⚫ Targeted customer profile insights ⚫ Iterative risk adjustments for Existing/potential funding partners customer selection maintain cooperation Comprehensive Services based on integrated serv