v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
12 Months Ended
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income ¥ 1,464,552,224 $ 209,428,183 ¥ 1,539,905,765 ¥ 1,186,793,974
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 11,161,069 1,596,012 7,198,776 5,260,605
Share-based compensation 60,966,646 8,718,114 40,177,807 42,598,210
Loss (gain) from equity in affiliates, net of tax (25,716,267) (3,677,377) (10,159,031) 1,930,792
Loss (gain) from financial investments at equity method, net of tax 19,505,515 2,789,252 (41,118,352) 18,722,720
Dividends from equity in affiliates 15,000,000 2,144,971 7,500,000 15,000,000
Dividends from financial investments at equity method 7,582,305 1,084,255 0 4,912,647
Loss (gain) from disposal of property and equipment 3,693 528 (56,293) 148,198
(Income) loss from financial investments 21,052,326 3,010,443 (17,133,677) (6,497,518)
Provision for accounts receivable and contract assets 242,719,252 34,708,391 35,732,133 12,233,743
Provisions for loans receivable from Xiaoying Credit Loans and other loans 340,217,158 48,650,407 225,815,327 233,350,276
Provision for contingent guarantee liabilities 1,001,272,880 143,180,118 241,738,132 67,519,980
(Reversal of) provision for credit losses on deposits to institutional cooperators (774,772) (110,791) 3,222,273 (673,558)
Provision for credit losses for other financial assets 72,587 10,380 155,379 86,019
Fair value adjustments related to Consolidated Trusts 0 0 0 531,202
Change in fair value of financial guarantee derivative 3,367,074 481,485 (1,038,258) (24,966,242)
Deferred tax benefits (258,046,348) (36,900,137) (27,248,759) (17,565,186)
Other non-cash expenses (income) (163,663,765) (23,403,607) (2,152,467) 120,025
Changes in operating assets and liabilities:        
Accounts receivable and contract assets (1,359,144,462) (194,355,073) (405,694,629) (509,909,978)
Deposits to institutional cooperators 245,478,654 35,102,981 (259,047,121) 68,518,587
Prepaid expenses and other current assets (9,468,313) (1,353,951) 14,315,022 7,921,314
Purchase of trading financial investments (1,270,936,983) (181,741,571) (97,916,010) 0
Collection of trading financial investment 728,182,100 104,128,655 10,238,000 0
Other non-current assets (2,873,164) (410,857) (1,075,299) (121,124)
Contingent guarantee liabilities (440,606,972) (63,005,959) (116,003,939) (5,613,471)
Deferred guarantee income 302,904,931 43,314,829 118,127,369 46,597,143
Financial guarantee derivative 13,096,865 1,872,827 0 (82,924,152)
Accrued payroll and welfare (18,482,490) (2,642,961) 7,946,312 23,089,279
Other taxes payable 56,677,114 8,104,720 (9,826,898) 34,130,358
Income taxes payable 122,465,047 17,512,269 143,866,349 176,410,814
Deposit payable to channel cooperators 0 0 (7,683,820) 0
Accrued expenses and other current liabilities [1] 363,837,917 52,028,130 143,413,156 66,988,983
Interest receivable / payable (2,857,318) (408,591) (28,467,802) 25,446,338
CASH PROVIDED BY OPERATING ACTIVITIES 1,467,544,503 209,856,075 1,523,386,291 1,391,444,390
CASH FLOWS FROM INVESTING ACTIVITIES        
Purchase of property and equipment and intangible assets (21,880,294) (3,128,840) (14,223,115) (8,468,350)
Disposal of property and equipment 58,320 8,340 107,949 18,053
Purchase of financial investments (291,795,031) (41,726,134) (148,632,843) (424,149,412)
Collection of financial investments 57,857,454 8,273,506 391,081,258 0
Principal of loans at fair value 0 0 0 (70,004,009)
Principal of loans receivables of the Consolidated Trusts and Partnerships at amortized cost (7,799,905,002) (1,115,371,581) (8,695,786,212) (9,090,383,262)
Principal collection of loans receivables of the Consolidated Trusts and Partnerships at amortized cost 7,176,423,335 1,026,214,888 9,360,488,443 8,296,900,075
CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (1,066,291,102) (152,477,599) 122,034,285 (1,683,641,707)
CASH FLOWS FROM FINANCING ACTIVITIES        
Repurchase of common shares [2] (733,975,533) (104,957,105) (182,204,126) (24,872,828)
Proceeds from exercise of options 19,087,375 2,729,458 122,507 1,099,619
Dividends to shareholders (154,770,124) (22,131,833) (116,639,508) (58,401,356)
Proceeds from short-term borrowings 725,376,532 103,727,465 133,500,000 802,500,000
Repayments of short-term borrowings (641,821,308) (91,779,226) (370,000,000) (307,708,800)
Cash paid to investors of Consolidated Trusts at fair value 0 0 0 (141,288,810)
Cash received from investors and institutional funding partners of the Consolidated Trusts and Partnerships at amortized cost 2,373,936,624 339,468,422 1,698,154,102 3,251,997,048
Cash paid to investors and institutional funding partners of the Consolidated Trusts and Partnerships at amortized cost (1,508,589,055) (215,725,366) (3,098,109,192) (2,295,866,494)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 79,244,511 11,331,815 (1,935,176,217) 1,227,458,379
Effect of foreign exchange rate changes (8,236,847) (1,177,857) 6,894,284 2,286,656
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 472,261,065 67,532,434 (282,861,357) 937,547,718
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR 1,661,646,218 237,612,249 1,944,507,575 1,006,959,857
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT YEAR END 2,133,907,283 305,144,683 1,661,646,218 1,944,507,575
Consolidated Partnerships        
CASH FLOWS FROM INVESTING ACTIVITIES        
Principal collection of loans at fair value 0 0 0 189,752,419
Shenzhen Quanbei Microcredit Co. Ltd        
CASH FLOWS FROM INVESTING ACTIVITIES        
Principal collection of loans receivables of the Consolidated Trusts and Partnerships at amortized cost 4,247,442,769 607,376,238 3,531,243,300 2,360,056,343
Xiaoying Credit Loans And Revolving Loans | Shenzhen Quanbei Microcredit Co. Ltd        
CASH FLOWS FROM INVESTING ACTIVITIES        
Principal of loans receivables of the Consolidated Trusts and Partnerships at amortized cost (4,434,492,653) (634,124,016) (4,302,244,495) (2,937,363,564)
Xiaoying Housing Loan        
Adjustments to reconcile net income to net cash provided by operating activities:        
Reversal of provision for loan receivable from Xiaoying Housing Loans (8,102) (1,159) (4,156,904) (4,213,234)
Changes in operating assets and liabilities:        
Loan receivable from Xiaoying Housing Loans ¥ 8,102 $ 1,159 ¥ 12,813,750 ¥ 5,617,646
[1] In 2025, the Company fully settled the RMB245,113,010 unpaid balance from its 2024 share repurchases, which had been previously recorded within accrued expenses and other current liabilities (Note 11) as of the balance sheet date.
[2] In 2025, the Company fully settled the RMB245,113,010 unpaid balance from its 2024 share repurchases, which had been previously recorded within accrued expenses and other current liabilities (Note 11) as of the balance sheet date.