You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and the related notes included elsewhere in this annual report on Form 20-F. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under “Item 3. Key Information—D. Risk Factors” or in other parts of this annual report on Form 20-F. A. Operating Results Key Factors Affecting Our Results of Operations Our results of operations and financial condition are affected by the general factors driving China’s economy and China’s Credit-Tech industry. These factors include per capita disposable income, consumer spending, the emergence of new technologies, interest rate environment, government policies and regulations, and other general economic conditions in China that affect consumption and business activities in general. In particular, we believe our results of operations are more directly affected by the following major factors: 125 Table of Contents Ability to attract and retain quality borrowers In 2025, we facilitated RMB327.1 billion (US$46.8 billion) of loans, representing a slight increase from RMB322.0 billion in 2024 and a decrease from RMB369.1 billion in 2023. The decline in loan facilitation volume from 2023 to 2024 aligns with our deliberate shift toward a prudent strategy, which balances loan quality over loan facilitation volume in response to softening credit demand and rising risks amid challenging macroeconomic environment. Total loan facilitation volume slightly increased from 2024 to 2025 despite regulatory changes and macroeconomic uncertainties in the second half of 2025. We continued to focus on long-term user engagement by expanding our user base and building a comprehensive credit-tech service platform that encompasses the full user lifecycle and promotes financial inclusion. The number of users with approved credit lines grew from 50.9 million as of December 31, 2023 to 56.9 million as of December 31, 2024, and further to 63.6 million as of December 31, 2025. We anticipate that, in the longer term, our future growth sustainability will continue to depend on our ability to increase our existing users’ engagement with our platform and attract high - quality users to our platform. We believe repeat borrowings by existing borrowers are important to our future growth. As we provide our users with revolving credit lines, we use repeat borrower contribution to monitor stickiness and loyalty of our users. Repeat borrower contribution was 93.3% for the year ended December 31, 2025. We believe this high repeat borrower contribution is primarily due to our ability to address the credit needs of our targeted users with the superior user experience and competitive product offerings on our platforms. Ability to effectively manage risks Our ability to effectively analyze user risk profiles impacts our ability to attract prospective borrowers and retain existing borrowers, as well as our ability to empower financial institution partners to receive attractive risk-adjusted returns. We have developed and deployed the Argus Engine to conduct fraud detection and credit assessment and to create personalized profiling strategy, which will scrutinize the data related to a prospective borrower in a highly automated approach and output credit scores to our Cosmic Cube Pricing Model to price each drawdown. Benefiting from the strong machine learning and analyzing capability of our Argus Engine, we can draw credit profiles of prospective borrowers and effectively prevent potential credit losses. Since late 2021, we started to optimize our user base aiming for lower overall credit risks, which was substantially completed by the end of 2022. In light of the industry-wide negative impact of the COVID-19 pandemic, we implemented a prudent credit assessment strategy and enhanced our efforts in loan collection-related regulatory compliance in 2022, which enabled us to navigate through the challenging macroeconomic environment relatively smoothly and consistently deliver solid operating and financial results. In 2023, as macroeconomic recovery momentum was weaker than expected, borrowers’ confidence and ability to repay on time was negatively impacted. We promptly made adjustments to our risk management by tightening credit standards, improving user risk identification and enhancing our collection strategies. With these measures, we strengthened our ability to effectively manage risks and stabilized our risk performance. In the second half of 2025, the consumer credit industry experienced a sector-wide risk elevation amid regulatory changes and subsequent business adjustments. Despite the challenging backdrop, we promptly adjusted our risk strategies across the entire credit lifecycle to manage our risk performance. The 90 day+ delinquency rate for all our loans outstanding was approximately 2.71% as of December 31, 2025. Please see “—Loan Performance Data” below for details of our credit profiling performance. We intend to continue optimizing our fraud detection capabilities, improving the accuracy of our credit assessment models and enhancing our collection effectiveness through the combination of our data analytical capabilities and deepened insights into users. Ability to maintain collaboration with quality financial institution partners and diversify funding sources Maintaining a healthy collaborative relationship with institutional funding partners is critical to our business. Within all types of funding partners, financial institutions are currently our main funding source. In 2025, all loans facilitated through our platform were funded by financial institutions, including Fuzhou Microcredit. In addition, our ability to collaborate with quality financial institution partners also impacts our profitability and our ability to provide reasonably priced financing solutions to users. We have established cooperative relationships with a wide array of financial institution partners, and are further diversifying the financial institution partner pool. As of December 31, 2025, we had collaborated with 167 financial institutional partners, cumulatively. 126 Table of Contents Cumulatively, we had cumulatively issued ABSs and ABNs of RMB67.6 billion (US$9.7 billion) as of December 31, 2025 to further diversify our funding sources. The ABSs are listed and traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange, while the ABNs are issued in the interbank market. Ability to optimize our cost structure Our ability to optimize our cost structure will impact future profitability. We incurred significant expenses following inception as we grew our business. In particular, we have invested significantly in user acquisition, IT infrastructure, and research and development, particularly around advanced analytics tools and models. We also adjusted our cost structure from time to time to reflect changing macro environment and our preferred risk exposure. Continued optimization of our cost structure will depend on our ability to continue improving operational efficiency and maintaining consistent asset quality of the loan portfolios, while driving solid growth in overall scale. Loan Performance Data We primarily monitor the cumulative performance of loans facilitated by us as of a given measurement date via 90 day+ delinquency rates, and evaluate the healthiness of loans facilitated by us in each fiscal quarter through 180 day+ vintage delinquency rates. 90 day+ delinquency rates 90 day+ delinquency rate refers to the principal balance of on- and off-balance sheet loans we facilitated that are 91 to 180 calendar days past due as a percentage of the total outstanding loan balance of on- and off-balance sheet loans we facilitated across our platform as of a specific date. Loans that are charged-off and loans under Intelligent Credit Engine (ICE) and other technology solutions are not included in the delinquency rate calculation. The following table provides our 90 day+ delinquency rates as of December 31, 2023, 2024 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ 90 day+ delinquency rate December 31, 2023 ​ 2.35 % December 31, 2024 2.09 % December 31, 2025 2.71 % ​ The overall 90 day+ delinquency rate decreased from 2.35% as of December 31, 2023 to 2.09% as of December 31, 2024, primarily due to the prompt adjustments we made to our risk management in the second half of 2023 by tightening credit standards, improving user risk identification and enhancing our collection strategies. The overall 90 day+ delinquency rate increased from 2.09% as of December 31, 2024 to 2.71% as of December 31, 2025, primarily due to macroeconomic uncertainties and recent regulatory changes in China. Since April 2025, regulators have issued a series of measures targeting the consumer finance industry, including interest rate caps, which have contributed to a broader industry-wide liquidity tightening, particularly in the second half of 2025. To manage credit risks effectively, we continued to proactively tighten our risk standards and optimize our asset portfolio and customer mix. We also continue to focus on enhancing our technology and credit assessment capabilities and fine-tuning our services and solutions to address financial institution partners’ evolving needs and risk preferences. The 90 day+ delinquency rate is a backward looking indicator as it reflects asset quality trend 90 days before. 127 Table of Contents 180 day + vintage delinquency rates We refer to loans facilitated during a specified time period as a vintage, which in our case represents a given fiscal quarter, and define vintage delinquency rate as (i) the total amount of principal for all loans facilitated by us in a vintage that become delinquent, less the total amount of recovered past due principal for all loans facilitated by us in the same vintage, divided by (ii) the total initial principal amount of loans facilitated by us in such vintage. Loans under Intelligent Credit Engine and other technology solutions are not included in the vintage delinquency rate calculation. Our 180 day+ vintage delinquency rate data includes loans delinquent for more than 180 days. The following chart displays the historical cumulative 180 day+ delinquency rates by vintage for all loans facilitated through our platform: 180 day+ Delinquency Rates by Vintage On- and Off-Balance Sheet Treatment of Loans We have established cooperative relationships with various financial institution partners. Some of our financial institution partners fund and disburse loan principal to borrowers through their own accounts, while the others choose to fund and disburse loan principal to borrowers indirectly through trusts. In addition, we fund a portion of loans facilitated on our platform through Fuzhou Microcredit, a subsidiary of the VIE that is licensed to conduct micro-lending business in China. The accounting treatment of assets, liabilities and revenues arising from the loans facilitated on our platform varies: On-balance sheet loans For loans disbursed indirectly through trusts per request of our financial institution partners, we have determined that we are the primary beneficiary of the majority of such trusts. We therefore consolidate these trusts and record the loans funded through these trusts, along with those directly by our own funds through Fuzhou Microcredit, on our balance sheet. On-balance sheet loans are recorded at amortized costs. Revenues from these loans are accounted as financing income, and we recorded allowance for loan loss. Services provided in connection with our on-balance sheet loans are categorized under credit-driven services. ​ 128 Table of Contents Off-balance sheet loans Off-balance sheet loans refer to loans funded and disbursed directly by our financial institution partners and not consolidated on our balance sheet. For a portion of off-balance sheet loans, we only provide platform services to financial institutions, and earn service fees. For the other portion, we not only provide loan facilitation and post-facilitation services but also guarantee the repayment either through the VIEs with financing guarantee license or third-party guarantee companies or insurance companies. As a result, we incur guarantee liabilities and take credit risks. Services provided in connection with this portion of loans are categorized under credit-driven services. For the years ended December 31, 2023, 2024 and 2025, the total balance of outstanding off-balance sheet loans (excluding loans delinquent for more than 180 days) facilitated under credit-driven services amounted to RMB42.7 billion, RMB25.5 billion and RMB23.7 billion (US$3.4 billion), respectively. The table below sets forth details of the balance of outstanding on-balance sheet loans and off-balance sheet loans as of the dates indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ Outstanding ​ ​ ​ Outstanding ​ ​ ​ Outstanding ​ ​ ​ ​ ​ ​ Loan Balance ​ ​ ​ % ​ ​ ​ Loan Balance ​ ​ ​ % ​ ​ ​ Loan Balance ​ ​ ​ % ​ ​ (RMB in millions, except for percentages) On-balance sheet loan ​ 29,257 ​ ​ ​ 20.1 ​ ​ ​ 31,866 ​ ​ ​ 23.3 ​ ​ ​ 42,863 ​ ​ ​ 34.0 through trusts/ABSs(1) and others ​ 19,414 ​ 13.3 ​ 21,066 ​ 15.4 ​ 32,849 ​ 26.1 through Fuzhou Microcredit ​ 9,843 ​ 6.8 ​ 10,800 ​ 7.9 ​ 10,014 ​ 7.9 Off-balance sheet loan ​ 116,013 ​ 79.9 ​ 105,148 ​ 76.7 ​ 83,149 ​ 66.0 Total ​ 145,270 100.0 137,014 100.0 126,012 100.0 Note: (1) Including loans originated by Fuzhou Microcredit and subsequently transferred to the ABS plans as of December 31, 2023, 2024 and 2025, respectively. The outstanding loan balance of on-balance sheet loans increased from RMB29,257 million as of December 31, 2023 to RMB31,866 million as of December 31, 2024, and further increased to RMB42,863 million (US$6,129 million) as of December 31, 2025, primarily due to the increase in the loan facilitation volume of on-balance sheet loans that was mainly driven by our dynamic adjustments in loan mix to enhance efficiency and profitability. 129 Table of Contents Key Line Items and Specific Factors Affecting Our Results of Operations Net revenue We generate revenue mainly from providing Credit-Tech services through matching the credit demand of unserved and underserved borrowers with credit supply from our financial institution partners. The following table sets forth the principal components of our net revenue in absolute amounts and as percentages of our total net revenue for the years presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ ​ ​ RMB ​ ​ ​ % ​ ​ ​ RMB ​ ​ ​ % ​ ​ ​ RMB ​ ​ ​ US$ ​ ​ ​ % ​ ​ (in thousands, except for percentages) Net revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit driven services ​ 11,738,560 ​ 72.0 ​ 11,719,027 ​ 68.2 ​ 13,977,218 ​ 1,998,716 ​ 72.7 Loan facilitation and servicing fees-capital heavy ​ 1,667,119 ​ 10.2 ​ 1,016,514 ​ 5.9 ​ 1,604,903 ​ 229,498 ​ 8.4 Revenue from loan facilitation services ​ 1,081,699 ​ 6.6 ​ 638,814 ​ 3.7 ​ 1,143,395 ​ 163,503 ​ 6.0 Revenue from post-origination services ​ 585,420 ​ 3.6 ​ 377,700 ​ 2.2 ​ 461,508 ​ 65,995 ​ 2.4 Financing income ​ 5,109,921 ​ 31.4 ​ 6,636,511 ​ 38.6 ​ 8,569,063 ​ 1,225,360 ​ 44.5 Revenue from releasing of guarantee liabilities ​ 4,745,898 ​ 29.1 ​ 3,695,017 ​ 21.5 ​ 3,412,952 ​ 488,046 ​ 17.8 Other services fees ​ 215,622 ​ 1.3 ​ 370,985 ​ 2.2 ​ 390,300 ​ 55,812 ​ 2.0 Platform services ​ 4,551,467 ​ 28.0 ​ 5,446,629 ​ 31.8 ​ 5,227,841 ​ 747,571 ​ 27.3 Loan facilitation and servicing fees-capital light ​ 3,213,955 ​ 19.8 ​ 2,116,797 ​ 12.4 ​ 1,162,563 ​ 166,244 ​ 6.1 Revenue from loan facilitation services ​ 2,096,085 ​ 12.9 ​ 1,246,541 ​ 7.3 ​ 683,929 ​ 97,801 ​ 3.6 Revenue from post-origination services ​ 1,117,870 ​ 6.9 ​ 870,256 ​ 5.1 ​ 478,634 ​ 68,443 ​ 2.5 Referral service fees ​ 950,016 ​ 5.8 ​ 2,842,637 ​ 16.6 ​ 2,738,786 ​ 391,641 ​ 14.3 Other services fees ​ 387,496 ​ 2.4 ​ 487,195 ​ 2.8 ​ 1,326,492 ​ 189,686 ​ 6.9 Total net revenue ​ 16,290,027 ​ 100.0 ​ 17,165,656 ​ 100.0 ​ 19,205,059 ​ 2,746,287 ​ 100.0 ​ We divide loans facilitated on our platform into two categories, namely credit-driven services and platform services. In providing credit-driven services, we either fund on-balance sheet loans or provide guarantee to financial institution partners for off-balance sheet loans through the VIEs with financing guarantee license or third-party guarantee companies or insurance companies. Consequently, we take credit risk because of the on-balance sheet lending or the guarantee arrangement. By revenue nature, revenue from facilitation and post-facilitation services for such off-balance sheet loans is recorded as loan facilitation and servicing fees-capital heavy, revenue from guarantee services provided to financial institution partners for such off-balance sheet loans is recorded as revenue from releasing of guarantee liabilities, and revenue from our on-balance sheet lending is recorded as financing income. On the other hand, in providing platform services, we provide customized technology solutions at different stages of the loan lifecycle, such as borrower acquisition, credit assessment, fund matching and post-facilitation services. Specifically, we (i) provide to financial institutions comprehensive facilitation and post-facilitation services under our capital-light model, and charge them service fees based on pre-negotiated terms, which service fees are recorded as loan facilitation and servicing fees - capital light; (ii) provide intelligent marketing services to financial institutions and other lending platforms under ICE and earn pre-negotiated service fees, which are recorded under referral service fees; (iii) provide referral services to other online lending companies and earn referral fees, which are recorded under referral service fees; and (iv) offer financial institutions other technology solutions and take technology service fees or consulting fees for the corresponding technology solutions elected by the financial institutions, which are recorded under other services fees. These solutions contributed a small fraction to our total net revenue in 2023, 2024 and 2025. We currently do not take credit risk under platform services. 130 Table of Contents Set forth below is an elaboration on the nature of each of our revenue streams. Loan facilitation and servicing fees. We generate loan facilitation and servicing fees from financial institution partners in consideration of our facilitation and post-facilitation services for off-balance sheet loans. For each off-balance sheet loan facilitated through our platform, we charge service fees from our financial institution partners based on pre-negotiated terms. Loan facilitation and servicing fees for off-balance sheet loans under credit-driven services are recorded as loan facilitation and servicing fees – capital heavy, and loan facilitation and servicing fees for off-balance sheet loans through our capital-light model under platform services are recorded as loan facilitation and servicing fees – capital light. See “—E. Critical Accounting Estimates—Revenue recognition.” Financing income. We generate financing income from on-balance sheet loans, which include loans from our financial institution partners but disbursed indirectly to borrowers through our consolidated trusts, as well as loans funded by Fuzhou Microcredit. Revenue from releasing of guarantee liabilities. We provide guarantee services to our financial institution partners on the off-balance sheet loans facilitated under the credit-driven services. We recognize the stand-ready guarantee liabilities on a gross basis and amortize the entire amount into “revenue from releasing of guarantee liabilities” over the term of the guarantee. See “—E. Critical Accounting Estimates—Guarantee liabilities” for more details. Referral service fees. We provide referral services to other platforms by referring to them the borrowers who do not fit our financial institution partners’ risk preference. We also provide referral services to the financial institution partners through our ICE model, by matching borrowers with them. Costs and expenses The table below sets forth our operating costs and expenses in absolute amounts and as a percentage of our total net revenue for the years indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ ​ ​ RMB ​ ​ ​ % ​ ​ ​ RMB ​ ​ ​ % ​ ​ ​ RMB ​ ​ ​ US$ ​ ​ ​ % ​ ​ (in thousands, except for percentages) Operating costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Facilitation, origination and servicing ​ 2,659,912 ​ 16.3 ​ 2,900,704 ​ 16.9 ​ 3,001,938 ​ 429,271 ​ 15.6 Funding costs ​ 645,445 ​ 4.0 ​ 590,935 ​ 3.4 ​ 548,936 ​ 78,497 ​ 2.9 Sales and marketing ​ 1,939,885 ​ 11.9 ​ 1,725,877 ​ 10.1 ​ 2,469,546 ​ 353,140 ​ 12.9 General and administrative ​ 421,076 ​ 2.6 ​ 449,505 ​ 2.6 ​ 658,980 ​ 94,233 ​ 3.4 Provision for loans receivable ​ 2,151,046 ​ 13.2 ​ 2,773,323 ​ 16.2 ​ 3,625,042 ​ 518,374 ​ 18.9 Provision for financial assets receivable ​ 386,090 ​ 2.4 ​ 296,857 ​ 1.7 ​ 234,924 ​ 33,594 ​ 1.2 Provision for accounts receivable and contract assets ​ 175,799 ​ 1.1 ​ 421,481 ​ 2.5 ​ 319,532 ​ 45,692 ​ 1.7 Provision for contingent liabilities ​ 3,053,810 ​ 18.7 ​ 478,404 ​ 2.8 ​ 1,667,742 ​ 238,484 ​ 8.7 Total cost of revenues ​ 11,433,063 ​ 70.2 ​ 9,637,086 ​ 56.2 ​ 12,526,640 ​ 1,791,285 ​ 65.3 ​ Set forth below is an elaboration on the nature of each item of our costs and expenses. Facilitation, origination and servicing. Facilitation, origination and servicing expenses represent the costs incurred to facilitate, originate and service loans through our platform, including both off-balance sheet loans where we earn loan facilitation service fees and post-facilitation service fees, as well as on-balance sheet loans where we earn financing income. It mainly includes (i) salary and benefit expenses for personnel working in facilitation and post-facilitation servicing functions, (ii) credit search expenses, (iii) collection expenses, (iv) payment transaction expenses and (v) expenses related to communications with users. As a general trend, expenses related to credit search, collection, and payment transaction all change in proportion to the change of loan facilitation volume or the number of loan applications on our platform; expenses related to communications with users were primarily driven by the number of users with approved credit lines. 131 Table of Contents Funding costs. Funding costs consist of interest expenses that we pay to financial institutions of our consolidated trusts and the investors of our asset backed securities, as well as costs relating to the set-up and operation of our consolidated trusts. Sales and marketing. Sales and marketing expenses include advertising and marketing related expenses to promote our brands and attract users to our platform, as well as salary and benefit expenses related to our sales and marketing personnel. Advertising and marketing related expenses, particularly those used to attract users to our platform, are largely a discretionary cost item. It is adjusted in light of our overall growth strategy and prediction of the overall credit environment in the market based on our judgment on our credit assessment ability, and funding capacity from our financial institution partners. We consider it as an investment for future business growth. General and administrative. General and administrative expenses consist of payroll and related expenses for employees engaged in general corporate functions, professional services, costs associated with the use of facilities and equipment, such as rental and other general corporate related expenses. Share-based compensation. In 2023, 2024 and 2025, we granted options and restricted share units to our employees to reward their historical contribution to our development. Share-based compensation expenses are non-cash in nature. Share-based compensation expenses were allocated to our expense items for the years indicated as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ RMB ​ ​ ​ % ​ ​ ​ RMB ​ ​ ​ % ​ ​ ​ RMB ​ ​ ​ US$ ​ ​ ​ % ​ ​ (in thousands, except for percentages) Facilitation, origination and servicing ​ ​ ​ 75,152 ​ 40.5 ​ 64,658 ​ 38.6 ​ 40,070 ​ 5,730 ​ 10.6 Sales and marketing (375) ​ (0.2) ​ (118) ​ (0.1) ​ 1,503 ​ 215 ​ 0.4 General and administrative 110,827 ​ 59.7 ​ 103,073 ​ 61.5 ​ 336,801 ​ 48,162 ​ 89.0 Total 185,604 ​ 100.0 ​ 167,613 ​ 100.0 ​ 378,374 ​ 54,107 ​ 100.0 ​ Provisions We record the below four types of provisions related to loan products facilitated by us. Provision for loans receivable relates to loans on our balance sheet, provision for accounts receivable and contract assets relates to our facilitation services for our off-balance sheet loans, and provision for financial assets receivable and provision for contingent liabilities relate to guarantee services for our off-balance sheet loans under credit-driven services. Provision for loans receivable. We evaluate the creditworthiness and collectability of loans on our balance sheet on a pooled basis. The provision for loans receivable is an assessment performed on a portfolio basis and factors such as delinquency rate, size, and other risk characteristics of the portfolio. Provision for financial assets receivable. We recognize financial assets receivable at the inception of the off-balance sheet loans facilitated through our platform if we provide guarantee of repayments to our financial institution partners. We recognize financial assets receivable equal to the stand-ready guarantee liabilities recorded at fair value and consider what premium would be required by us to issue the same guarantee service in a standalone arm’s length transaction. The financial assets receivable is accounted for as a financial asset, and reduced upon the receipt of the service fee payment from our financial institution partners. At each reporting date, we estimate the future cash flows and assesses whether there is any indicator of impairment. If the carrying amount of the financial assets receivable exceeds the expected cash to be received, an impairment loss is recorded for the financial assets receivable that is not recoverable. Provision for accounts receivable and contract assets. We recognize accounts receivable and contract assets after we complete our facilitation services to financial institution partners for the off-balance sheet loans. We establish an allowance for uncollectible accounts receivable and contract assets based on estimates, which incorporate historical experience and other factors surrounding the credit risk of specific types of borrowers, which is essentially the expected net default rate used in determining the fair value of guarantee liabilities. We evaluate and adjust our allowance for uncollectible accounts receivable and contract assets on a quarterly basis or more often as necessary. ​ 132 Table of Contents Provision for contingent liabilities. We recognize a contingent guarantee liability with an allowance for credit losses under the current expected credit loss model, or the CECL model, at the inception of the guarantee due to our adoption of ASC 326, Financial Instruments-Credit Losses. See “—E. Critical Accounting Estimates—Guarantee liabilities” for details. The contingent guarantee is reduced by payouts made by us to compensate the financial institution partners upon borrowers’ default. We evaluate and adjust allowance for credit losses on a quarterly basis or more often as necessary. Taxation Cayman Islands We are an exempted company incorporated in the Cayman Islands. The Cayman Islands currently levies no taxes on corporations based upon profits, income, gains or appreciation. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or brought within the jurisdiction of the Cayman Islands. Hong Kong Our subsidiary incorporated in Hong Kong is subject to Hong Kong profit tax at a rate of 16.5%. No Hong Kong profit tax has been levied as we did not have an assessable profit that was earned in or derived from the Hong Kong subsidiary during the periods presented. Hong Kong does not impose a withholding tax on dividends. Mainland China Generally, our PRC subsidiaries, the VIEs and the VIEs’ subsidiaries, which are considered PRC resident enterprises under mainland China tax law, are subject to enterprise income tax on their worldwide taxable income as determined under PRC tax laws and accounting standards at a rate of 25%. The consolidated trusts are subject to VAT at the rate of 3%, while our other entities are subject to VAT at the rate of 6% as general taxpayers, and related surcharges on revenue generated from providing services. The Enterprise Income Tax Law and its implementation rules permit certain “high and new technology enterprises strongly supported by the state” that hold independent ownership of core intellectual property and simultaneously meet a list of other criteria, financial or non-financial, as stipulated in the Implementation Rules and other regulations, to enjoy a reduced 15% enterprise income tax rate. The STA, the Ministry of Science and Technology and the Ministry of Finance jointly issued the Administrative Measures on the Recognition for High and New Technology Enterprise delineating the specific criteria and procedures for the “high and new technology enterprises” certification in April 2008, which was amended in January 2016. Shanghai Qiyu was accredited as a “high and new technology enterprises” in 2018, which was renewed in 2021 and 2024. Therefore, it was entitled to a reduced 15% enterprise income tax rate from 2018 to 2026. Our WFOE obtained “high and new technology enterprises” status in 2020 and renewed it in 2023, and was entitled to a reduced enterprise income tax rate of 15% from 2020 to 2025. Beihai Borui Credit Service Co., Ltd., Beihai Qicheng Information & Technology Co., Ltd. (“Qicheng”), Qi’ang and Beihai Yunhua benefited from a preferential tax rate of 15% as their operation falls within the encouraged industries catalogue in western China. The 40% of the enterprise income tax payables of Qicheng, Qi’ang and Beihai Yunhua could be further reduced as they are located in an autonomous region of China. Therefore, Qicheng applied a preferential income tax rate of 9% from 2019 to 2023 and applied a preferential income tax rate of 15% from 2024 to 2030. Qi’ang and Beihai Yunhua applied a preferential income tax rate of 9% from 2023 to 2027. From 2023 to 2027, one subsidiary benefited from a preferential tax rate of 15% as they are registered in Hainan province and engaged in encouraged business activities. ​ 133 Table of Contents Dividends paid by our wholly foreign-owned subsidiaries in mainland China to our intermediary holding company in Hong Kong will be subject to a withholding tax rate of 10%, unless the Hong Kong entity satisfies all the requirements under the Arrangement between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion on Income with respect to Taxes on Income and Capital and receives approval from the tax authority. If our Hong Kong subsidiary satisfies all the requirements under the tax arrangement and receives approval from the tax authority, then the dividends paid to the Hong Kong subsidiary would be subject to withholding tax at a rate of 5%. Since the equity holders of the major PRC subsidiaries of our company are Hong Kong incorporated companies and meet the relevant requirements pursuant to the tax treaty between PRC and Hong Kong, we have used 5% to provide for deferred tax liabilities on retained earnings which are anticipated to be distributed. See “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—We may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business.” If our holding company in the Cayman Islands or any of our subsidiaries outside of mainland China were deemed to be a “resident enterprise” under the Enterprise Income Tax Law, it would be subject to enterprise income tax on its worldwide income at a rate of 25%. See “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—If we are classified as a PRC resident enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences to us and our non-PRC shareholders or ADS holders.” In 2025, our WFOE made dividend payments of RMB4,587.0 million (US$655.9 million) to our Hong Kong subsidiaries and paid related withholding income tax (net of tax refund) of RMB200.6 million (US$28.7 million) accordingly. As of December 31, 2025, we recorded a deferred tax liability of RMB255.0 million (US$36.5 million) associated with all of our earnings expected to be distributed from mainland China subsidiaries to overseas for dividend distribution and share repurchase. The remaining undistributed profits of mainland China subsidiaries as of December 31, 2025 would be indefinitely reinvested with unrecognized deferred tax liabilities of approximately RMB804.3 million (US$115.0 million). The Organization for Economic Co-operation and Development, or OECD, published Pillar Two model rules in December 2021, with the effect that a jurisdiction may enact domestic tax laws, which are referred to as Pillar Two legislation, to implement the Pillar Two model rules on a globally agreed common approach. Pillar Two legislation applies to a member of a multinational group within the scope of the Pillar Two model rules, which our company is reasonably expected to fall into. It imposes a top-up tax on profits arising in a jurisdiction whenever the effective tax rate determined by the Pillar Two model rules on a jurisdictional basis is below a minimum rate of 15%. We have reviewed its corporate structure in light of the introduction of Pillar Two model rules in various jurisdictions and engaged external tax specialists in assessing its tax exposure. As at December 31, 2025, our company mainly operates in mainland China, in which exposures to Pillar Two income taxes might exist in the future although the legislation is not yet enacted. Besides, certain subsidiaries of our company are located in jurisdictions mainly including Hong Kong, Singapore and United Kingdom where Pillar Two legislation had been enacted or substantively enacted, it is estimated that our company’s income tax would not be materially different should those legislations had been in effect for the year ended December 31, 2025. We did not recognize any relevant tax expenses for the year ended December 31, 2025. Recent Accounting Pronouncements A list of recently issued accounting pronouncements that are relevant to us is included in Note 2 “Summary of Significant Accounting Policies—Recent accounting pronouncements” to our consolidated financial statements included elsewhere in this annual report. 134 Table of Contents Results of Operations The following table sets forth a summary of our consolidated results of operations for the years presented, both in absolute amounts and as a percentage of our total net revenue for the years presented. This information should be read together with our consolidated financial statements and related notes included elsewhere in this annual report. Period-to-period comparisons of historical results of operations should not be relied upon as indicative of future performance. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ RMB ​ ​ ​ % ​ ​ ​ RMB ​ ​ ​ % ​ ​ ​ RMB ​ ​ ​ US$ ​ ​ ​ % ​ ​ (in thousands, except for percentages) Net revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit-driven services ​ 11,738,560 ​ 72.0 ​ 11,719,027 ​ 68.2 ​ 13,977,218 ​ 1,998,716 ​ 72.7 Loan facilitation and servicing fees-capital heavy ​ 1,667,119 ​ 10.2 ​ 1,016,514 ​ 5.9 ​ 1,604,903 ​ 229,498 ​ 8.4 Financing income ​ 5,109,921 ​ 31.4 ​ 6,636,511 ​ 38.6 ​ 8,569,063 ​ 1,225,360 ​ 44.5 Revenue from releasing of guarantee liabilities ​ 4,745,898 ​ 29.1 ​ 3,695,017 ​ 21.5 ​ 3,412,952 ​ 488,046 ​ 17.8 Other services fees ​ 215,622 ​ 1.3 ​ 370,985 ​ 2.2 ​ 390,300 ​ 55,812 ​ 2.0 Platform services ​ 4,551,467 ​ 28.0 ​ 5,446,629 ​ 31.8 ​ 5,227,841 ​ 747,571 ​ 27.3 Loan facilitation and servicing fees-capital light ​ 3,213,955 ​ 19.8 ​ 2,116,797 ​ 12.4 ​ 1,162,563 ​ 166,244 ​ 6.1 Referral services fees ​ 950,016 ​ 5.8 ​ 2,842,637 ​ 16.6 ​ 2,738,786 ​ 391,641 ​ 14.3 Other services fees ​ 387,496 ​ 2.4 ​ 487,195 ​ 2.8 ​ 1,326,492 ​ 189,686 ​ 6.9 Total net revenue ​ 16,290,027 ​ 100.0 ​ 17,165,656 ​ 100.0 ​ 19,205,059 ​ 2,746,287 ​ 100.0 Operating costs and expenses(1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Facilitation, origination and servicing ​ 2,659,912 ​ 16.3 ​ 2,900,704 ​ 16.9 ​ 3,001,938 ​ 429,271 ​ 15.6 Funding costs ​ 645,445 ​ 4.0 ​ 590,935 ​ 3.4 ​ 548,936 ​ 78,497 ​ 2.9 Sales and marketing ​ 1,939,885 ​ 11.9 ​ 1,725,877 ​ 10.1 ​ 2,469,546 ​ 353,140 ​ 12.9 General and administrative ​ 421,076 ​ 2.6 ​ 449,505 ​ 2.6 ​ 658,980 ​ 94,233 ​ 3.4 Provision for loans receivable ​ 2,151,046 ​ 13.2 ​ 2,773,323 ​ 16.2 ​ 3,625,042 ​ 518,374 ​ 18.9 Provision for financial assets receivable ​ 386,090 ​ 2.4 ​ 296,857 ​ 1.7 ​ 234,924 ​ 33,594 ​ 1.2 Provision for accounts receivable and contract assets ​ 175,799 ​ 1.1 ​ 421,481 ​ 2.5 ​ 319,532 ​ 45,692 ​ 1.7 Provision for contingent liabilities ​ 3,053,810 ​ 18.7 ​ 478,404 ​ 2.8 ​ 1,667,742 ​ 238,484 ​ 8.7 Total operating costs and expenses ​ 11,433,063 ​ 70.2 ​ 9,637,086 ​ 56.2 ​ 12,526,640 ​ 1,791,285 ​ 65.3 Income from operations ​ 4,856,964 ​ 29.8 ​ 7,528,570 ​ 43.8 ​ 6,678,419 ​ 955,002 ​ 34.7 Interest income, net ​ 217,307 ​ 1.3 ​ 237,015 ​ 1.4 ​ 278,626 ​ 39,843 ​ 1.5 Foreign exchange gain ​ 2,356 ​ 0.0 ​ 1,512 ​ 0.0 ​ 159,570 ​ 22,818 ​ 0.8 Fair value change of derivatives ​ — ​ — ​ — ​ — ​ (175,691) ​ (25,123) ​ (0.9) Gain on debt extinguishment ​ — ​ — ​ — ​ — ​ 270,135 ​ 38,629 ​ 1.4 Investment loss ​ (30,112) ​ (0.2) ​ — ​ — ​ — ​ — ​ — Other income, net ​ 230,936 ​ 1.4 ​ 125,325 ​ 0.7 ​ 165,076 ​ 23,606 ​ 0.9 Income before income tax expense ​ 5,277,451 ​ 32.3 ​ 7,892,422 ​ 45.9 ​ 7,376,135 ​ 1,054,775 ​ 38.4 Income tax expense ​ (1,008,874) ​ (6.2) ​ (1,644,306) ​ (9.6) ​ (1,400,492) ​ (200,268) ​ (7.3) Net income ​ 4,268,577 ​ 26.1 ​ 6,248,116 ​ 36.3 ​ 5,975,643 ​ 854,507 ​ 31.1 Net loss attributable to non-controlling interests ​ 16,759 ​ 0.1 ​ 16,198 ​ 0.1 ​ 14,048 ​ 2,009 ​ 0.1 Net income attributable to ordinary shareholders of the Company ​ 4,285,336 ​ 26.2 ​ 6,264,314 ​ 36.4 ​ 5,989,691 ​ 856,516 ​ 31.2 Note: (1) Share-based compensation expenses were allocated as follows: 135 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ ​ RMB ​ ​ ​ RMB ​ ​ ​ RMB ​ ​ ​ US$ ​ ​ (in thousands) Facilitation, origination and servicing ​ 75,152 ​ 64,658 ​ 40,070 ​ 5,730 Sales and marketing ​ (375) ​ (118) ​ 1,503 ​ 215 General and administrative ​ 110,827 ​ 103,073 ​ 336,801 ​ 48,162 Total ​ 185,604 ​ 167,613 ​ 378,374 ​ 54,107 ​ Share-based compensation expenses are non-cash in nature. Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 Net revenue Our total net revenue increased by 11.9% from RMB17,166 million in 2024 to RMB19,205 million (US$2,746 million) in 2025, primarily due to the growth in average outstanding balance of on-balance-sheet loans and the increase in capital - heavy loan facilitation volume. Within our total revenue, the amount derived from credit-driven services increased by 19.3% from RMB11,719 million in 2024 to RMB13,977 million (US$1,999 million) in 2025, and the amount derived from platform services decreased by 4.0% from RMB5,447 million in 2024 to RMB5,228 million (US$748 million) in 2025. ● Loan facilitation and servicing fees. Loan facilitation and servicing fees increased under the credit-driven services from RMB1,017 million in 2024 to RMB1,605 million (US$229 million) in 2025, primarily due to the increase in capital-heavy loan facilitation volume. Loan facilitation and servicing fees decreased under the platform services from RMB2,117 million in 2024 to RMB1,163 million (US$166 million) in 2025, primarily due to a decline in loan facilitation volume under our capital-light model. ● Financing income. Financing income increased from RMB6,637 million in 2024 to RMB8,569 million (US$1,225 million) in 2025, primarily due to the growth in average outstanding on-balance-sheet loan balance. ● Revenue from releasing of guarantee liabilities. Revenue from releasing of guarantee liabilities decreased from RMB3,695 million in 2024 to RMB3,413 million (US$488 million) in 2025. This decrease was in line with the overall trend of the average outstanding balance of off-balance-sheet capital-heavy loans. ● Referral services fees. Referral services fees decreased from RMB2,843 million in 2024 to RMB2,739 million (US$ 392 million) in 2025, primarily due to a decrease in the loan facilitation volume through ICE. ● Other services fees. Other services fees increased under the credit driven services from RMB371 million in 2024 to RMB390 million (US$56 million) in 2025, mainly due to the increase in late payment fees under the credit driven services. Other services fees increased under the platform services from RMB487 million in 2024 to RMB1,326 million (US$190 million) in 2025, primarily due to an increase in other value-added services under platform services. Operating costs and expenses Operating costs and expenses increased from RMB9,637 million in 2024 to RMB12,527 million (US$1,791 million) in 2025, primarily due to the increase in provision for contingent liabilities and increase in provision for loans receivable. ● Facilitation, origination and servicing. Facilitation, origination and servicing costs increased from RMB2,901 million in 2024 to RMB3,002 million (US$429 million) in 2025, primarily due to an increase of collection fee of RMB58 million (US$8 million) and an increase of credit search fees of RMB22 million (US$3 million). ● Sales and marketing. Sales and marketing expenses increased from RMB1,726 million in 2024 to RMB2,470 million (US$353 million) in 2025, primarily due to the increase in the allocation in marketing resources to embedded finance channels. 136 Table of Contents ● General and administrative. General and administrative expenses increased from RMB450 million in 2024 to RMB659 million (US$94 million) in 2025, primarily due to an increase in share - based compensations. ● Funding costs. Funding costs decreased from RMB591 million in 2024 to RMB549 million (US$78 million) in 2025, mainly due to the lower average ABS issuance costs, partially offset by the growth in funding from ABS. ● Provision for loans receivable. Provision for loans receivable increased from RMB2,773 million in 2024 to RMB3,625 million (US$518 million) in 2025, primarily due to the growth in loan origination volume of on-balance-sheet loans. ● Provision for financial assets receivable. Provision for financial assets receivable decreased from RMB297 million in 2024 to RMB235 million (US$34 million) in 2025. The decrease reflected our consistent approach in assessing provisions commensurate with its underlying loan profile. ● Provision for accounts receivable and contract assets. Provision for accounts receivable and contract assets decreased from RMB421 million in 2024 to RMB320 million (US$46 million) in 2025. The decrease reflected the decline in the capital - heavy and capital - light loan facilitation volume in total and our consistent approach in assessing provisions commensurate with its underlying loan profile. ● Provision for contingent liabilities. Provision for contingent liabilities increased from RMB478 million in 2024 to RMB1,668 million (US$238 million) in 2025. The increase reflected our consistent approach in assessing provisions commensurate with its underlying loan profile and an increase in capital-heavy loan facilitation volume. Interest income, net Interest income, net was RMB279 million (US$40 million) in 2025, compared to RMB237 million in 2024, mainly due to the increase in interest earned from bank deposits. Gain on debt extinguishment Gain on debt extinguishment was RMB270 million (US$39 million) in 2025, compared to nil in 2024, mainly due to gains resulted from the repurchase of convertible senior notes in 2025. Other income, net Other income increased from RMB125 million in 2024 to RMB165 million (US$24 million) in 2025, mainly due to the increase of government grants. Income tax expense Income tax expense was RMB1,400 million (US$200 million) in 2025, compared to RMB1,644 million in 2024. Excluding share-based compensation expense which is not tax deductible in China, the effective tax rate was 18.1% in 2025, compared to 20.4% in 2024. The decrease in effective tax rate was primarily due to a decrease in withholding tax related to dividend distribution from onshore to offshore. Net income Net income was RMB5,976 million (US$855 million) in 2025, compared to RMB6,248 million in 2024. Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 Net revenue Our total net revenue increased by 5.4% from RMB16,290 million in 2023 to RMB17,166 million in 2024, primarily due to the growth in average outstanding balance of the on-balance-sheet loans and increase in loan facilitation volume through ICE. Within our total revenue, the amount derived from credit-driven services decreased by 0.2% from RMB11,739 million in 2023 to RMB11,719 million in 2024, and the amount derived from platform services increased by 19.7% from RMB4,551 million in 2023 to RMB5,447 million in 2024. 137 Table of Contents ● Loan facilitation and servicing fees. Loan facilitation and servicing fees decreased under the credit-driven services from RMB1,667 million in 2023 to RMB1,017 million in 2024, primarily due to a decline in capital-heavy loan facilitation volume. Loan facilitation and servicing fees decreased under the platform services from RMB3,214 million in 2023 to RMB2,117 million in 2024, primarily due to a decline in loan facilitation volume under our capital-light model. ● Financing income. Financing income increased from RMB5,110 million in 2023 to RMB6,637 million in 2024, primarily due to the growth in average outstanding on-balance-sheet loan balance. ● Revenue from releasing of guarantee liabilities. Revenue from releasing of guarantee liabilities decreased from RMB4,746 million in 2023 to RMB3,695 million in 2024. This decrease is mainly due to the decrease in average outstanding balance of off-balance-sheet capital-heavy loans during the period. ● Referral services fees. Referral services fees increased from RMB950 million in 2023 to RMB2,843 million in 2024, primarily due to an increase in the loan facilitation volume through ICE. Operating costs and expenses Operating costs and expenses decreased from RMB11,433 million in 2023 to RMB9,637 million in 2024, primarily due to the decrease in provision for contingent liabilities. ● Facilitation, origination and servicing. Facilitation, origination and servicing costs increased from RMB2,660 million in 2023 to RMB2,901 million in 2024, primarily due to an increase of collection fee of RMB334 million and partially offset by a decrease of payment transaction costs of RMB141 million. ● Sales and marketing. Sales and marketing expenses decreased from RMB1,940 million in 2023 to RMB1,726 million in 2024, primarily due to our prudent customer acquisition approach and lower unit customer acquisition cost. ● General and administrative. General and administrative expenses increased from RMB421 million in 2023 to RMB450 million in 2024, primarily due to an increase in salaries and personnel related costs. ● Funding costs. Funding costs decreased from RMB645 million in 2023 to RMB591 million in 2024, mainly due to the lower average cost of ABSs and trusts, partially offset by the growth in funding from ABSs and trusts. ● Provision for loans receivable. Provision for loans receivable increased from RMB2,151 million in 2023 to RMB2,773 million in 2024, primarily due to the growth in loan origination volume of on-balance-sheet loans. ● Provision for financial assets receivable. Provision for financial assets receivable decreased from RMB386 million in 2023 to RMB297 million in 2024. The decrease is mainly due to the decline in capital-heavy loan facilitation volume. ● Provision for accounts receivable and contract assets. Provision for accounts receivable and contract assets increased from RMB176 million in 2023 to RMB421 million in 2024. The increase reflected our consistent approach in assessing provisions commensurate with our underlying loan profile. ● Provision for contingent liabilities. Provision for contingent liabilities decreased from RMB3,054 million in 2023 to RMB478 million in 2024, primarily due to a decline in capital-heavy loan facilitation volume and the reversal of prior provision as loans facilitated in previous period performed better than expected. Interest income, net Interest income, net was RMB237 million in 2024, compared to RMB217 million in 2023, mainly due to the increase in interest earned from bank deposits. 138 Table of Contents Other income, net Other income decreased from RMB231 million in 2023 to RMB125 million in 2024, mainly due to the decrease of government grants. Income tax expense Income tax expense was RMB1,644 million in 2024, compared to RMB1,009 million in 2023. Excluding share-based compensation expense which is not tax deductible in China, the effective tax rate was 20.4% in 2024, compared to 18.5% in 2023. The increase in effective tax rate was mainly due to withholding taxes related to our company’s dividend and share repurchase plan. Net income Net income was RMB6,248 million in 2024, compared to RMB4,269 million in 2023. Changes in Financial Position The following table sets forth selected information from our consolidated balance sheets as of December 31, 2023, 2024 and 2025. This information should be read together with our consolidated financial statements and related notes included elsewhere in this annual report. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ ​ RMB ​ ​ ​ RMB ​ ​ ​ RMB ​ ​ ​ US$ ​ ​ (in thousands) Current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ 4,177,890 ​ 4,452,416 ​ 4,696,817 ​ 671,636 Restricted cash ​ 3,381,107 ​ 2,353,384 ​ 2,844,101 ​ 406,701 Security deposit prepaid to third-party guarantee companies ​ 207,071 ​ 162,617 ​ 325,698 ​ 46,574 Short term investments ​ 15,000 ​ 3,394,073 ​ 2,852,254 ​ 407,867 Accounts receivable and contract assets, net ​ 2,909,245 ​ 2,214,530 ​ 950,267 ​ 135,886 Financial assets receivable, net ​ 2,522,543 ​ 1,553,912 ​ 1,510,205 ​ 215,956 Loans receivable, net ​ 24,604,487 ​ 26,714,428 ​ 34,680,954 ​ 4,959,310 Non-current assets: ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable and contract assets, net-noncurrent ​ 146,995 ​ 27,132 ​ 21,992 ​ 3,145 Financial assets receivable, net-noncurrent ​ 596,330 ​ 170,779 ​ 209,459 ​ 29,952 Loans receivable, net-noncurrent ​ 2,898,005 ​ 2,537,749 ​ 4,002,159 ​ 572,301 Land use rights, net ​ 977,461 ​ 956,738 ​ 966,582 ​ 138,219 Current liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Payable to investors of the consolidated trusts-current ​ 8,942,291 ​ 8,188,454 ​ 9,922,559 ​ 1,418,907 Convertible senior notes-current ​ — ​ — ​ 1,019,130 ​ 145,734 Guarantee liabilities-stand ready ​ 3,949,601 ​ 2,383,202 ​ 2,314,865 ​ 331,021 Guarantee liabilities-contingent ​ 3,207,264 ​ 1,820,350 ​ 1,872,149 ​ 267,714 Non-current liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Payable to investors of the consolidated trusts-noncurrent ​ 3,581,800 ​ 5,719,600 ​ 9,930,000 ​ 1,419,971 Convertible senior notes-noncurrent ​ — ​ — ​ 1,583,213 ​ 226,396 ​ Cash and cash equivalents Cash and cash equivalents consist of funds in banks, which are highly liquid and are unrestricted as to withdrawal or use. Our cash and cash equivalents increased from RMB4,452 million as of December 31, 2024 to RMB4,697 million (US$672 million) as of December 31, 2025, due to an increase in cash inflow from operating activities. 139 Table of Contents Restricted cash Restricted cash mainly represents security deposits related to our loan facilitation services, pledged term deposit for short term loans and cash held by our consolidated trusts and asset management plans through segregated bank accounts which can only be used to invest in loans or other securities as stipulated in the trust agreements. The trusts have a maximum operating period of ten years. The cash in the trusts is not available to fund our general liquidity needs. Our restricted cash increased from RMB2,353 million as of December 31, 2024 to RMB2,844 million (US$407 million) as of December 31, 2025, primarily due to the increase of cash held by our consolidated trusts and asset management plans as a result of the growth in funding from ABSs and trusts. Security deposits prepaid to third-party guarantee companies Security deposit prepaid to third-party guarantee companies mainly represents deposit prepaid by the Company to provide guarantee to secure timely loan repayment for financial institution partners. Our security deposit prepaid to third-party guarantee companies amounted to RMB326 million (US$47 million) as of December 31, 2025. Short term investments Short term investments decreased from RMB3,394 million as of December 31, 2024 to RMB2,852 million (US$408 million) as of December 31, 2025, primarily due to the decrease in term deposits. Accounts receivable and contract assets, net Accounts receivable and contract assets decreased from RMB2,242 million as of December 31, 2024 to RMB972 million (US$139 million) as of December 31, 2025, net of allowance of RMB272 million and RMB188 million (US$27 million), respectively, mainly due to the decrease in outstanding balance of off-balance sheet loans. Financial assets receivable, net Financial assets receivable decreased from RMB1,725 million as of December 31 2024 to RMB1,720 million (US$246 million) as of December 31, 2025, net of allowance of RMB446 million and RMB430 million (US$62 million), respectively. Loans receivable, net Loans receivable represents loans on our balance sheet facilitated through our consolidated trusts, as well as loans facilitated by Fuzhou Microcredit. Loans receivable increased from RMB29,252 million as of December 31, 2024 to RMB38,683 million (US$5,532 million) as of December 31, 2025, mainly due to the increase in our outstanding on-balance sheet loans balance. Land use rights, net Land use rights represent lease prepayments to the local government authorities and are recorded at cost less accumulated amortization. In March 2021, our consolidated subsidiary, Qifu Changfeng obtained the land use rights from local authorities to develop and build the regional headquarters and the affiliated industrial park for our future operations. As of December 31, 2025, a total of RMB1.07 billion were contributed by its shareholders to acquire the land use rights, of which RMB0.75 billion was funded by Shanghai Qiyu and RMB0.32 billion was funded by the independent third party. Payable to investors of the consolidated trusts Some financial institution partners require us to disburse loans indirectly to borrowers through our consolidated trusts. Some beneficial rights in trusts and loans receivables are further transferred into asset backed special plans for the issuance of ABSs. Payable to investors of the consolidated trusts without recourse to us represents the investment returns of these trusts and ABS plans, and it increased from RMB13,908 million as of December 31, 2024 to RMB19,853 million (US$2,839 million) as of December 31, 2025, mainly due to the increase in our on-balance sheet loan volume. 140 Table of Contents Guarantee liabilities-stand ready Guarantee liabilities-stand ready decreased from RMB2,383 million as of December 31, 2024 to RMB2,315 million (US$331 million) as of December 31, 2025. We recognize a stand-ready guarantee liability at the inception of an off-balance sheet loan for which we provide guarantee services. Stand-ready guarantee is released into guarantee revenue on a straight-line basis over the term of the guarantee. Guarantee liabilities-contingent Guarantee liabilities-contingent increased from RMB1,820 million as of December 31, 2024 to RMB1,872 million (US$268 million) as of December 31, 2025, mainly due to the provision of contingent liabilities of RMB1,668 million (US$238 million), which was partially offset by the payout of RMB1,616 million (US$231 million). At the inception of an off-balance sheet loan, we also recognize a separate contingent guarantee liability with an allowance for credit losses following the CECL model. The contingent guarantee is reduced by the payouts made by us to compensate the financial institutions upon borrowers’ default. Allowance for credit losses under CECL model was included in “provision for contingent liabilities” and revalued at each period end to reflect updated estimation for future net pay-out. B. Liquidity and Capital Resources To date, we have financed our operations primarily through cash generated by operating activities and historical equity financing activities. As of December 31, 2023, 2024 and 2025, we had cash and cash equivalents and restricted cash of RMB7.6 billion, RMB6.8 billion and RMB7.5 billion (US$1.1 billion), respectively. Our cash and cash equivalents primarily consist of funds in banks, which are highly liquid and are unrestricted as to withdrawal or use. We believe that our cash and cash equivalents and our anticipated cash flows from operations will be sufficient to meet our current and anticipated needs for general corporate purposes for at least the next 12 months. In March 2025, we completed the offering of convertible senior notes in an aggregate principal amount of US$690 million due 2030, or the 2030 Notes, including the initial purchasers’ full exercise of option to purchase an additional US$90 million principal amount of the 2030 Notes. The 2030 Notes are general unsecured debts and bear interest at a rate of 0.50% per year, payable semiannually in arrears on April 1 and October 1 of each year, beginning on October 1, 2025. The Notes will mature on April 1, 2030 unless repurchased, redeemed, or converted in accordance with their terms prior to such date. The holders of the 2030 Notes have the right, at such holder’s option, to convert all or any portion of their 2030 Notes at any time prior to the close of business on the business day immediately preceding the 50th scheduled trading day before April 1, 2030. Upon conversion, we will pay or deliver, as the case may be, to such converting holders, cash up to the principal amount of the 2030 Notes being converted, with any remainder of the conversion obligation to be satisfied in cash, ADSs, or a combination of cash and ADSs, at our election. The initial conversion rate of the 2030 Notes is 16.7475 ADSs per US$1,000 principal amount of such 2030 Notes, equivalent to an initial conversion price of approximately US$59.71 per ADS. In connection with cash dividend declared in 2025, the conversion rate of the 2030 Notes was subsequently adjusted to 17.5254 ADSs per US$1,000 principal amount, equivalent to a conversion price of US$57.06 per ADS. This conversion rate became effective on September 8, 2025, subject to adjustment upon occurrence of certain events as set forth in the indenture. Holders of the 2030 Notes may require us to repurchase all or any portion of their 2030 Notes for cash on April 3, 2028, or in the event of certain fundamental changes, at a repurchase price equal to 100% of the principal amount of the 2030 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. In addition, we may redeem all or part of the 2030 Notes in the event of certain changes in tax laws or if 10% or less of the aggregate principal amount of the 2030 Notes originally issued remain outstanding. Satisfying the obligations of the 2030 Notes could adversely affect the amount or timing of any distributions to our shareholders. We may choose to satisfy, repurchase, or refinance the 2030 Notes through public or private equity or debt financings if we deem such financings available on favorable terms. As of March 17, 2026, we had repurchased approximately US$460 million in aggregate principal amount of the 2030 Notes for US$399 million in cash on the open market and in off-market privately negotiated transactions. Approximately US$230 million in aggregate principal amount of the 2030 Notes remained outstanding. 141 Table of Contents Cash Flows The following table sets forth a summary of our cash flows for the years indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2023 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ ​ RMB ​ ​ ​ RMB ​ ​ ​ RMB ​ ​ ​ US$ ​ ​ (in thousands) Summary Consolidated Cash Flow Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by operating activities ​ 7,118,350 ​ 9,343,311 ​ 11,083,748 ​ 1,584,956 Net cash used in investing activities ​ (11,147,789) ​ (7,994,081) ​ (13,082,044) ​ (1,870,707) Net cash provided by (used in) financing activities ​ 1,066,458 ​ (2,114,463) ​ 2,783,865 ​ 398,087 Net (decrease) increase in cash and cash equivalents ​ (2,953,366) ​ (753,197) ​ 735,118 ​ 105,121 Cash, cash equivalents, and restricted cash at the beginning of year ​ 10,512,363 ​ 7,558,997 ​ 6,805,800 ​ 973,216 Cash, cash equivalents, and restricted cash at the end of year ​ 7,558,997 ​ 6,805,800 ​ 7,540,918 ​ 1,078,337 ​ Operating activities Net cash provided by operating activities was RMB11,084 million (US$1,585 million) in 2025. The difference between net cash provided by operating activities and the net income of RMB5,976 million (US$855 million) mainly resulted from (i) adding back non-cash item share-based compensation of RMB378 million (US$54 million), (ii) adding back non-cash item provision for loan principal, financial assets receivables and other receivables of RMB4,179 million (US$598 million), and (iii) adding back non-cash item provision for contingent liabilities of RMB1,668 million (US$238 million), partially offset by additional RMB954 million (US$136 million) used for working capital. The change in cash used for working capital was mainly a result of a RMB1,684 million (US$241 million) decrease in guarantee liabilities and partially offset by a decrease of RMB931 million (US$133 million) in accounts receivable and contract assets. The change of these working capital items was in line with our business growth. Net cash provided by operating activities was RMB9,343 million in 2024. The difference between net cash provided by operating activities and the net income of RMB6,248 million mainly resulted from (i) adding back non-cash item share-based compensation of RMB168 million (US$23 million), (ii) adding back non-cash item provision for loan principal, financial assets receivables and other receivables of RMB3,492 million, and (iii) adding back non-cash item provision for contingent liabilities of RMB478 million, partially offset by additional RMB1,116 million used for working capital. The change in cash used for working capital was mainly a result of a RMB3,432 million decrease in guarantee liabilities and partially offset by a decrease of RMB1,080 million in financial assets receivable. The change of these working capital items was in line with our business growth. Net cash provided by operating activities was RMB7,118 million in 2023. The difference between net cash provided by operating activities and the net income of RMB4,269 million mainly resulted from (i) adding back non-cash item share-based compensation of RMB186 million, (ii) adding back non-cash item provision for loan principal, financial assets receivables and other receivables of RMB2,713 million, and (iii) adding back non-cash item provision for contingent liabilities of RMB3,054 million, partially offset by additional RMB3,209 million used for working capital. The change in cash used for working capital was mainly a result of a RMB3,436 million decrease in guarantee liabilities. The change of these working capital items was in line with our business growth. Investing activities Net cash used in investing activities was RMB13,082 million (US$1,871 million) in 2025, which was primarily attributable to investment in loans receivable of RMB120,448 million (US$17,224 million) and short-term investments of RMB10,116 million (US$1,447 million), partially offset by the collection of investment in loans receivable of RMB107,477 million (US$15,369 million) and proceeds from disposal of short-term investments of RMB10,454 million (US$1,495 million). The net outflow of loans investment mainly resulted from the growth of on-balance sheet lending. Net cash used in investing activities was RMB7,994 million in 2024, which was primarily attributable to investment in loans receivable of RMB102,799 million and short-term investments of RMB4,642 million, partially offset by the collection of investment in loans receivable of RMB98,312 million and proceeds from disposal of short-term investments of RMB1,308 million. The net outflow of loans investment mainly resulted from the growth of on-balance sheet lending. Net cash used in investing activities was RMB11,148 million in 2023, which was primarily attributable to investment in loans receivable of RMB92,203 million, partially offset by the collection of investment in loans receivable of RMB81,132 million. The net outflow of loans investment mainly resulted from the growth of on-balance sheet lending. 142 Table of Contents Financing activities Net cash provided by financing activities was RMB2,784 million (US$398 million) in 2025, which was primarily attributable to RMB19,131 million (US$2,736 million) cash received from investors of the consolidated trusts, RMB4,917 million (US$703 million) received from issuance of 2030 Notes and RMB1,874 million (US$268 million) received from short term loans, partially offset by cash paid to investors of the consolidated trusts of RMB13,192 million (US$1,886 million), ADSs repurchased in the open market of RMB4,848 million (US$693 million), repurchased 2030 Notes of RMB1,909 million (US$273 million) and dividend paid to shareholders of RMB1,378 million (US$197 million). Net cash used in financing activities was RMB2,114 million in 2024, which was primarily attributable to cash paid to investors of the consolidated trusts of RMB12,060 million, repayments of short-term loans of RMB1,319 million, dividend paid to shareholders of RMB1,263 million and ADSs repurchased in the open market of RMB2,973 million, partially offset by RMB13,453 million cash received from investors of the consolidated trusts and RMB1,890 million received from short-term loans. Net cash provided by financing activities was RMB1,066 million in 2023, which was primarily attributable to RMB10,410 million cash received from investors of the consolidated trusts and RMB825 million received from short-term loans, partially offset by cash paid to investors of the consolidated trusts of RMB8,471 million, dividend paid to shareholders of RMB942 million and ADSs repurchased in the open market of RMB636 million. Material Cash Requirement Our material cash requirements as of December 31, 2025 and any subsequent interim period primarily include our capital expenditures and contractual obligations. Capital Expenditures For the years ended December 2023, 2024 and 2025, our capital expenditures were mainly used for purchases of property, equipment and software. We incurred capital expenditures of RMB84.6 million, RMB153.2 million and RMB240.5 million (US$34.4 million) in 2023, 2024 and 2025, respectively. Our capital expenditures for 2025 consist primarily of expenditures related to the expansion and enhancement of our information technology infrastructure and the construction of our new office buildings in Shanghai. We will continue to incur capital expenditures to meet the expected growth of our business. We intend to fund our existing and future capital expenditures with our existing cash and cash equivalents, restricted cash, short-term investments and other financing alternatives. We will continue to make cash commitments, including capital expenditures, to support the growth of our business. Contractual Obligations The following table sets forth our contractual obligations and loans obligations as of December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than ​ 1 – 3 ​ 3 – 5 ​ More than ​ ​ ​ ​ Total ​ ​ ​ 1 year ​ ​ ​ years ​ ​ ​ years ​ ​ ​ 5 years ​ ​ (RMB in thousands) Operating Leases Obligations(1) 33,305 18,591 14,714 — — Short-term Loans Obligations(2) 1,202,891 1,202,891 — — — Long-term Loans Obligations(3) ​ 3,225,109 ​ 1,081,161 ​ 1,693,615 ​ 35,000 ​ 415,333 Notes: (1)Our operating leases obligations relate to leases of office premises. (2)Our short-term loans obligations relate to bank borrowings obtained from domestic commercial banks. (3)Our long-term loans obligations include 2030 Notes and long-term borrowings, including the portion due within one year. 143 Table of Contents As of December 31, 2025, we had payable to shareholder of non-controlling interests of RMB257.0 million (US$36.7 million) recorded in “accrued expenses and other current liabilities”. Other than those shown above, the obligations from on-balance sheet loans (presented as “payable to investors of the consolidated trusts-current and -noncurrent” in the consolidated balance sheets), and guarantee liabilities related to the loans we facilitated, we did not have any significant capital and other commitments and long-term obligations as of December 31, 2025. Holding Company Structure Qfin Holdings, Inc. is a holding company with no material operations of its own. We conduct our operations primarily through our subsidiaries, the VIEs and the VIEs’ subsidiaries in China. As a result, Qfin Holdings, Inc.’s ability to pay dividends may depend upon dividends paid by our PRC subsidiaries. If our existing PRC subsidiaries or any newly formed ones incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us. In addition, our wholly foreign-owned subsidiaries in China are permitted to pay dividends to us only out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Under PRC law, each of our subsidiaries, the VIEs and the VIEs’ subsidiaries in China is required to set aside at least 10% of its after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital. In addition, our wholly foreign-owned subsidiaries in China may allocate a portion of its after-tax profits based on PRC accounting standards to enterprise expansion funds and staff bonus and welfare funds at its discretion, and the VIEs may allocate a portion of its after-tax profits based on PRC accounting standards to a discretionary surplus fund at its discretion. The statutory reserve funds and the discretionary funds are not distributable as cash dividends. Remittance of dividends by a wholly foreign-owned company out of China is subject to examination by the banks designated by SAFE. C. Research and Development, Patents and Licenses, Etc. See “Item 4. Information on the Company—B. Business Overview—Intellectual Properties.” D. Trend Information Other than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for the period since January 1, 2026 that are reasonably likely to have a material adverse effect on our net revenue, income, profitability, liquidity or capital resources, or that caused the disclosed financial information to be not necessarily indicative of future operating results or financial conditions. E. Critical Accounting Estimates Critical accounting estimates are those that are both most important to the portrayal of our financial condition and results, and that require the management’s most difficult, subjective, and complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Our management’s discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these consolidated financial statements requires us to make judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities in our consolidated financial statements and the accompanying notes. We base our estimates on historical experience, known trends and events, and our beliefs of what could occur in the future considering available information. Actual results may differ from these estimates under different assumptions or conditions. On an ongoing basis, we evaluate our judgments and estimates in light of changes in circumstances, facts, and experience. The effects of material revisions in estimates, if any, are reflected in the consolidated financial statements prospectively from the date of change in estimates. While our significant accounting policies are described in more detail in Note 2 – Summary of Significant Accounting Policies to our consolidated financial statements appearing in Item 8 of this Annual Report, we believe the following critical accounting estimates used in the preparation of our consolidated financial statements require the most difficult, subjective and complex judgments and estimates and have had, or are reasonably likely to have a material impact on our financial condition or results of operations. 144 Table of Contents Revenue recognition In accounting for revenue from facilitation of off-balance sheet loans, we considered the loan facilitation service, post-facilitation service and guarantee service (not applicable for certain capital light loans where we do not provide guarantee service) as three separate services. Revenues from loan facilitation services are recognized at the time a loan is originated and revenues from post-facilitation services are recognized on a straight-line basis over the term of the underlying loans. Revenues from guarantee services are recognized over the guarantee term. Referral service fees through our Intelligence Credit Engine platform (“ICE”) are recognized upon receipt of confirmation by the financial institution partner and other lending companies at which time the referral service is deemed completed, using the service fee rate applicable. Significant management judgment is applied to the determination and allocation of the transaction price, including (i) estimation of variable consideration, and (ii) determination of standalone selling price of each performance obligation. We determined the total transaction price to be the service fees chargeable from the borrowers or the partner financial institutions, which includes variable considerations in the form of prepayment risk of borrowers and service fee rate based on future default rate of underlying loans facilitated under certain agreements under the capital light and ICE model. We estimate the prepayment risk of borrowers using an expected value approach on the basis of historical information and current trends of the early payment from borrowers. We determine the service fee rate based on the estimated default rate of the underlying loans. See “Allowance for credit losses” for estimation of default rate. The transaction price is allocated amongst the guarantee service, if any, and the other two performance obligations. We first allocate the transaction price to the guarantee liabilities, if any, in accordance with ASC Topic 460, Guarantees, which requires the guarantee to be measured initially at fair value based on the stand-ready obligation (See “Guarantee liabilities” for estimates and judgments involved therein). We use expected cost plus margin approach to estimate the standalone selling prices of loan facilitation services and post-facilitation services as the basis of revenue allocation. In estimating our standalone selling price for the loan facilitation services and post-facilitation services, we consider the cost incurred to deliver such services, profit margin for similar arrangements, customer demand, effect of competitors on our services, and other market factors. The estimate of prepayment risk of borrowers is subject to changes in our estimate of borrowers’ future repayment pattern. A decrease in the amount of loans to be repaid in advance or an increase in tenure of early repayment would result in a greater amount of total transaction price than initially expected and vice versa. Further, if the default rate of underlying loans decreases beyond a certain level, the service fee rates enjoyed by us so as the total transaction price would increase than initially expected and vice versa. We recognized RMB1,374.5 million (US$196.5 million) in revenue from performance obligations satisfied (or partially satisfied) in prior periods pertaining to changes in variable consideration for the year ended December 31, 2025. We estimate the standalone selling prices of loan facilitation services and post-facilitation services based on historical cost data adjusted by current service patterns such as tenure, which could change when our cost pattern and business mode changes. If our estimates change with one percentage point increase/decrease in the portion of total transaction price allocated to our loan facilitation services, our loan facilitation service revenue would increase/decrease by approximately RMB16.5 million (US$2.4 million) for loans facilitated during the year ended December 31, 2025. Allowance for credit losses We recognize an allowance for our financial assets, mainly loans receivable based on estimate of the expected credit losses over the contractual term of these financial assets. For loans facilitated with guarantee service provided, we recognize a separate contingent guarantee liability with an allowance for credit losses, which is an estimate of future net-payout by us upon borrowers’ default after the adoption of ASC 326 on January 1, 2020. Allowances for the above-mentioned financial assets and contingent guarantee liability are driven by estimated default rate of respective underlying loans. We estimate the default rate based on historical net default rate of loans on a pool basis grouped by vintage of origination with similar risk profiles. Internal and external correlation factors, such as CPI, money supply and delinquent loan collection rate are identified based on regular review of historical data and updated on a timely basis once we become aware of any new patterns. Future trend of the abovementioned correlation factors are then fed into our model to predict default rate for each loan portfolio. For external factors, we use projections commonly used within the industry. For internal factors, we make projections based on historical data adjusted by our current risk and business strategies which we think could have potential impacts into the future periods. 145 Table of Contents As of December 31, 2025, allowance for loans receivable is RMB3,630.1 million (US$519.1 million) and outstanding balance for contingent guarantee liability is RMB1,872.1 million (US$267.7 million). If change in various factors constituting the estimate of default rate result in 0.5 percentage point increase/decrease in the overall estimate default rate, it would result in an increase/decrease of RMB459.4 million (US$65.7 million) and RMB294.2 million (US$42.1 million) for allowance for loans receivable and contingent guarantee liability respectively. Guarantee liabilities For off-balance sheet loans facilitated where we effectively take on the credit risk of the borrowers through providing guarantee directly or cooperating with third-party licensed vendors including financing guarantee companies and insurance companies to provide guarantee, we recognize a stand ready guarantee liability at fair value. The fair value of stand ready guarantee liability is estimated using discounted cash flow model based on expected net payouts by incorporating a markup margin. After the adoption of ASC 326 on January 1, 2020, the contingent guarantee liability is recognized separately based on estimate of future net-payout by us upon borrowers’ default, which is ultimately determined by the estimated default rate of underlying loans subject to guarantee. For detailed judgments made in making the estimate of default rate of underlying loans subject to guarantee, please refer to the preceding part “Allowance for credit losses.” In addition to the various factors considered in estimating default rate, we use discount rate and service margin commonly used within similar industry. We believe the estimate is based on reasonable assumptions, which are inherently uncertain. The fair value of stand ready guarantee liabilities could also impact the amount of revenue to be recognized for guarantee service and those for loan facilitation and post-facilitation services by impacting the amount of total transaction price allocated to such services as discussed in the part of “Revenue recognition” discussed above.