v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ in Thousands
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 ¥ 5,975,643 $ 854,507 ¥ 6,248,116 ¥ 4,268,577
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation, amortization and reduction in right-of-use assets 68,121 9,741 74,894 73,762
Share-based compensation 378,374 54,107 167,613 185,604
Investment loss       30,112
Provision for loan principal, financial assets receivables and other receivables 4,179,497 597,660 3,491,661 2,712,936
Provision for contingent liabilities 1,667,742 238,484 478,404 3,053,810
Foreign exchange gain (159,570) (22,818) (1,512) (2,356)
Fair value change of derivatives 175,691 25,123   4,527
Gain on debt extinguishment (270,135) (38,629)    
Amortization of issuance cost of convertible senior notes 22,242 3,181    
Changes in operating assets and liabilities        
Funds receivable from third party payment service providers (386,050) (55,204) 1,141,307 (444,638)
Accounts receivable and contract assets 930,699 133,088 367,808 (123,379)
Financial assets receivable (243,994) (34,891) 1,079,514 143,463
Prepaid expenses and other assets 742,013 106,106 (1,088,735) 58,265
Security deposit prepaid to third-party guarantee companies (163,081) (23,320) 44,454 189,628
Deferred tax (292,894) (41,883) 76,025 78,097
Other non-current assets 22,563 3,227 (27,711) (28,011)
Amounts due to related parties (58,934) (8,427) 28,144 355,262
Guarantee liabilities (1,684,280) (240,849) (3,431,717) (3,435,682)
Income tax payable 42,491 6,076 298,477 76,333
Other tax payable (66,562) (9,518) (11,354) 13,038
Accrued expenses and other current liabilities 265,041 37,900 485,684 52,626
Other long-term liabilities 6,634 949 (4,160) (7,269)
Interest receivable/ payable (67,503) (9,653) (73,601) (136,355)
Net cash provided by operating activities 11,083,748 1,584,956 9,343,311 7,118,350
Cash Flows from Investing Activities:        
Purchase of property and equipment and intangible assets (240,542) (34,397) (153,150) (84,554)
Investment in loans receivable (120,448,307) (17,223,879) (102,799,121) (92,202,671)
Collection of investment in loans receivable 107,477,329 15,369,054 98,311,782 81,131,580
Purchase of short-term investments (10,116,360) (1,446,620) (4,641,665) (248,361)
Proceeds from disposal of short-term investments 10,453,869 1,494,883 1,308,446 303,301
Other investing activities (208,033) (29,748) (20,373) (47,084)
Net cash used in investing activities (13,082,044) (1,870,707) (7,994,081) (11,147,789)
Cash Flows from Financing Activities:        
Payment of Secondary Listing costs       (16,023)
Repayment of short-term loans (2,037,754) (291,395) (1,318,586) (176,000)
Repayment of long-term loans     (369)  
Proceeds from short-term loans 1,874,272 268,017 1,889,939 824,586
Proceeds from long-term loans 215,871 30,869 157,211 72,767
Cash received from investors of the consolidated trusts 19,131,400 2,735,754 13,453,001 10,410,300
Cash paid to investors of the consolidated trusts (13,191,619) (1,886,376) (12,059,532) (8,471,288)
Stock repurchase (4,848,116) (693,271) (2,973,192) (636,179)
Dividend to shareholders (1,378,103) (197,066) (1,262,935) (941,705)
Loans received from non-controlling interests 9,171 1,311    
Proceeds from convertible senior notes,net of issuance cost 4,917,431 703,183    
Repurchase of convertible senior notes (1,908,688) (272,939)    
Net cash from provided by (used in)financing activities 2,783,865 398,087 (2,114,463) 1,066,458
Effect of foreign exchange rate changes (50,451) (7,215) 12,036 9,615
Net (decrease) increase in cash and cash equivalents 735,118 105,121 (753,197) (2,953,366)
Cash, cash equivalents, and restricted cash, beginning of year 6,805,800 973,216 7,558,997 10,512,363
Cash, cash equivalents, and restricted cash, end of year 7,540,918 1,078,337 6,805,800 7,558,997
Supplemental disclosures of cash flow information:        
Income taxes paid (1,607,926) (229,930) (1,264,982) (852,562)
Interest paid (not including interest paid to investors of consolidated trusts) (34,181) $ (4,888) (18,585) (12,868)
Reconciliation to amounts on consolidated balance sheets:        
Cash and cash equivalents 4,696,817   4,452,416 4,177,890
Restricted cash 2,844,101   2,353,384 3,381,107
Total cash, cash equivalents, and restricted cash ¥ 7,540,918   ¥ 6,805,800 ¥ 7,558,997