Vcredit Holdings Limited · HKEX:2003
Vcredit — H1 2025 Earnings Presentation
25 slides from Vcredit's earnings presentation, August 2025
Slide 1: VCREDIT Holdings Limited Investor Presentation
VCREDIT Holdings Limited Investor Presentation August 2025
Slide 2: Table of Contents
Table of Contents 1 Corporate Vision 2 Market Overview 3 Company Strategy and Drivers of Profitability & Growth 4 2025 Interim Results Overview 5 Key Management 6 Strategic Initiatives 1
Slide 3: Corporate Vision
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Slide 4: A Leading Independent Online Consumer Finance Service Provider in China
A Leading Independent Online Consumer Finance Service Provider in China Differentiated value propositions to borrowers and partners Underserved consumers/small business owners Fulfilling needs Transactions Traffic support Risk management Precision Post-loan marketing & monitoring Joint modeling Fund
Slide 5: Diversified Funding Structure
Diversified 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 tr
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) 39,050 39,050 37,997 37,997 36,198 36,198 34,466 33,550 19% 13% 31,379 14% 28,730 28,730 27,023 26,603 26,220 27,023 12% 16% 63% 64% 71% 67
Slide 7: Remain Profitable amid Challenging Environment
Remain Profitable amid Challenging Environment Income breakdown Adjusted OPEX breakdown(1) Adjusted net profit(2) (RMB mn) (RMB mn) %:as percentage of total loan origination volume (RMB mn) 2.9% 2.6% 3.2% 4.0% 3.6% 2,500 1,380 4% 358 2,192 12% 1,154 16% 304 1,918 20% 1,053 6% 1,005 2% 1,738 6% 11% 1
Slide 8: Our History and Key Milestones
Our History and Key Milestones More is coming Oversea Markets Smart Finance Era 2024 - Present • Hong Kong business became Online only Business Platform the first money lender in Hong Expansion Stage Kong to cooperate with China 2022 Gradually Transferred to Mobile Hong Kong • Issued HKD bonds of On
Slide 9: Market Overview
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Slide 10: Addressable Consumer Finance Market
Addressable Consumer Finance Market China’s consumer loan balance(1) (RMB tn) 2028E : 26.8 CAGR: 5.5% 2023A : 20.5 Note: (1) Source: iResearch Inc. , updated on October 2024 The size of the consumer Credit-Tech market in China refers to the total outstanding balance of consumer loans offered by trad
Slide 11: Company Strategy and Drivers of Profitability & Growth
Company Strategy and Drivers of Profitability & Growth
Slide 12: Growing Customer Base
Growing Customer Base Cumulative verified users Cumulative borrowers (1) (mn) (mn) 5.9% 11.7% 126.6 12.4 119.6 111.9 11.1 108.0 102.2 10.1 9.7 9.1 2023H1 2023H2 2024H1 2024H2 2025H1 2023H1 2023H2 2024H1 2024H2 2025H1 Steady growth in the number of verified users and borrowers Note: (1) Represent the
Slide 13: Data Source and Customer Strategy
Data Source and Customer Strategy Our strategy Chinese social media ▪ Optimizing risk management framework with accurate identification ability E-commerce ▪ Utilizing artificial intelligence to enhance platform customer experience and drive Our data sustainable growth source Payment company ▪ Aiming
Slide 14: 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 15: Asset Quality
Asset Quality Vintage based M3+ delinquency ratio) 10% 8% 6% 4% 2% 0.59% 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 First payment delinquency ratio & M3+ ratio Macroeconomic headwind & 7.07% The impact of the COVID Pr
Slide 16: 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 17: 2025 Interim Results Overview
2025 Interim Results Overview
Slide 18: 2025 Interim Results Overview
2025 Interim Results Overview ⚫ Adopted a prudent business strategy to cope with challenging macroeconomic environment and mounting regulatory scrutiny during the Period, aiming for a long-term resilient growth ⚫ Drivers of business sustainability − Refined risk management − Acquired high-quality cu
Slide 19: Financial Review
Financial Review in RMB mn 2025H1 2024H1 Change 2024H2 Change Total income 2,500 1,738 43.8% 2,192 14.1% Net interest and similar income 937 875 7.0% 748 25.2% Loan facilitation service fees 1,270 940 35.1% 1,009 25.8% Other income/(expenses) 293 (77) NM 435 -32.3% Adjusted operating profit(1) 281 1
Slide 20: Operating Performance Overview
Operating Performance Overview Key operating metrics No. of transactions of online consumption products (in thousands) 2024H1 2024H2 2025H1 4,271 3,325 3,080 3,018 Cumulative 149.1mn 158.0mn 166.6mn registered users 2,264 Cumulative 111.9mn 119.6mn 126.6mn verified users 2023H1 2023H2 2024H1 2024H2
Slide 21: Key Management
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Slide 22: Experienced and Stable Management Team Leading Cohesive Talent Development
Experienced and Stable Management Team Leading Cohesive Talent Development Lawrence Ma Stephen Liu Thomas Liu Founder, Chairman Founder, CEO COO Lan Xue Jiafang Jin Ethan Gong General Manager CSO CRO Ray Yu Hongzhe Shi Hong Bai CMO CTO CFO Credit-risk Front office (1) Technology- 45% driven efficien
Slide 23: Dividend
Dividend Time Dividend per Share 2023 Interim Regular HK 15 cents 2023 Final Regular HK 10 cents 2024 Final Regular HK 20 cents 2025 Interim Regular HK 5 cents (Recommended by Board) 22
Slide 24: Strategic Initiatives
Strategic Initiatives
Slide 25: Well Positioned to Keep Growing Core Business
Well Positioned to Keep Growing Core Business Proprietary data demand ⚫ Long history in retail lending business ⚫ Sufficient customer attributes ⚫ Effective score card Existing/potential funding Comprehensive services partners will need our service ⚫ More efficient borrower acquisition through in th