X Financial · NYSE:XYF
X Financial — Q2 2026 Earnings Presentation
19 slides from X Financial's earnings presentation, Aug 24, 2026
Slide 1: X Financial
X Financial Digital Lending Marketplace
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by X Financial (the “Company” solely for information purpose and has not been independently verified. No representations, warranties or undertakings, express or implied, are made by the Company or any of its affiliates, advisers, or representatives or t
Slide 3: X Financial
$209M 20% X Financial 6.7M $90M
Slide 4: X Financial's core model and tech stack
Borrower o l o g y E c o s y h n s t c e e m T A proprietary Collections Risk Engine Infrastructure Credit Post-loan Assessment Tech servicing tools Credit Risk Assessment X Financial’sr core model andr Bank Partner Model Trust Microcredit Loan Facility tech stack With credit guarantee Channel Funde
Slide 5: Modular Lending with Capital Efficiency
Modular Lendin g with Capital Efficiency Loan Facilitation Trust Channel MicroCredit Partnerships Primary growth engine of the platform Structured lending through trust with institutional Direct lending through X Financial’s own x Collaborative models with e ternal platforms funding microcredit lice
Slide 6: Business introduction and model comparison
Business introduction and model comparison Insurance Company | Financial Guarantee Companies X Financial Custome½ ProÂles Risk Assessment Proprietary Risk Risk Management Lines of Management Model Loan & Pairing Credit Application 3 rd Party Institutional Credit X Financial Prime Guarantee Partners
Slide 7: Product design and basic info
product design and basic info 36.6 10,185 RMB 10.9 mos
Slide 8: Advertising Channels
Advertisin Smart Ad Acquisition Performance-focused campaigns across½ China’s top platforms Channels Risk & Intent Modeling& (Privacy-Conscious) Optimized targeting using cross-platform signals (term "federated learning" removed pending tech/ risk con)rmation) Primary Platforms Embedded API Partners
Slide 9: AI Capabilities
Core Infrastructure Customer Service AI LLM Stack AI Assistant Agent Co-Pilot AI Ops Layer On-prem deployment of Qwen2.5 72B,¹ Qwen3 32B and DeepSeek R1 Centralized access to internal 90%+ 60%+ Real-time¹ script suggestion 98% Live QC and risk detection Secure, low-latency hybrid inference¹ policies
Slide 10: Cumulative Users (in millions)
Platform Built to In 2025, we served over 6.7 million active borrowers through more than 12.8 million new loans. Since The system was built for profitable flow, not vanity volume. That Compound Capital, inception, nearly 140 million users have registered on our platform, and we’ve facilitated more t
Slide 11: Delinquency Benchmark vs. U.S. Card Issuers
11% 10% Delinquency Metric X Financia Financiaw 2Q26 U.S. Prime Mass-Market Subprime 9% Benchmark vs.M 31–60 DPD 1.73% 0.24% 0.77% 1.55% U.S. Card 91–180 DPD 9.09% 0.43% 1.45% 2.50% Issuers 8% 7% 6% 5% 4% 3% 2% 1% Delinquency Rate (31–60 Days) * Delinquency Rate (91–180 Days) * 0% 1Q22 2Q22 3Q22 4Q2
Slide 12: 20% ROE
26% ROE ROA 24% 22% 20% ROE 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 2021 2022 2023 2024 2025
Slide 13: Strong EPS Growth
$5.50 30% $5.00 25% $4.50 20% Strong EPS Growth $4.00 15% EPS CAGR Growth Rate (%) $3.50 10% EPS ($) $3.00 5% $2.50 0% $2.00 -5% $1.50 -10% $1.00 -15% $0.50 -20% 0 -25% 2021 2022 2023 2024 2025
Slide 14: Capital Efficiency
Dividend Amount (USD, $M) Share Buyback ($M) Payout Ratio $80 45.0% $75 42.5% Capital Efficiency $70 40.0% $65 37.5% $60 35.0% Capital Returned to Shareholders ($M) $55 32.5% Payout Ratio (%) $50 30.0% $45 27.5% $40 25.0% $35 22.5% $30 20.0% $25 17.5% $20 15.0% $15 12.5% $10 10.0% $5 7.5% $0 5.0% 20
Slide 15: Justin Yue Tang
Justin Yue Tang:Õ Founder, Operator, Capital Allocator Co-founded eLong.com Founded X Financial 0 One of China’s rst online travel platformQ 0 Built asset-light, ntech lending platfor( 2006 2018 0 Scaled rapidly and listed on NASDAQ (2004 0 Pioneered capital-eicient credit in Chin" 0 Sold controlli
Slide 16: Leadership Team with Global Financial Track Record
Leadership Team with Global Financial Track Record Justin Tang` Kent Li` Frank Zheng` Noah Kauffman 唐越 李侃 郑富亚 Chief Financial Strategy O icer CEO President & CRO CFO Co‑founded eLong, Inc. (NASDAQ:LONG) in 15+ years of experience in 15+ years of experience in corporate nance, 20 years of leadership
Slide 17: Consolidated Income Statement
Consolidated Income Statement 2Q 2025 (RMB’000) 2Q 2026 (RMB ’000) 2Q 2026 (USD ’000) Period Change Loan facilitation & servicing 1,640,850 358,174 52,788 -78.2% Financing income 319,938 277,655 40,921 -13.2% Other revenue (incl. guarantee) 312,335 357,752 52,727 +14.5% Total net revenue 2,273,123 9
Slide 18: Consolidated Balance Sheet
Consolidated Balance Sheet 12/31/2025 (RMB’000) 2Q 2026 (RMB ’000) 2Q 2026 (USD ’000) Period Change Cash & Equivalents 987,631 1,131,736 166,797 +14.6% Net Accounts Receivable 3,145,976 1,377,377 203,000 -56.2% Net Loans Receivable 5,298,631 4,137,175 609,746 -21.9% Total Assets 14,665,745 12,102,25
Slide 19: Footnotes
Footnotes 31–60 Days Delinquency Rat Represents the balance of the outstanding principal for Xiaoying Credit Loans — our primary category of online personal credit loan products facilitated and originated through our platform, including Xiaoying Card Loan as well as other unsecured loan products tha