Jiayin Group Inc. reported third‑quarter 2025 results that exceeded expectations, with loan facilitation volume reaching RMB 32.2 billion and net revenue up 1.8% year‑over‑year to RMB 1,470.2 million. Net income rose 39.7% to RMB 376.5 million, while non‑GAAP income from operations climbed to RMB 490.6 million. The company’s guarantee‑related revenue fell from RMB 251.7 million in Q3 2024 to RMB 151.8 million, reflecting a strategic shift toward higher‑margin loan facilitation services.
The modest 1.8% rise in net revenue is largely attributable to a 10.4% increase in loan facilitation service revenue, driven by higher loan volumes and a favorable fee mix. Operating expenses were contained, with facilitation and servicing costs down 32% to RMB 286.5 million, largely due to lower guarantee‑service expenses. The combination of a stronger revenue mix and disciplined cost management produced a 46.5% increase in income from operations and a 50.3% rise in non‑GAAP income, underscoring margin expansion amid a competitive pricing environment.
Credit quality improved markedly, as evidenced by a sharp decline in the allowance for uncollectible receivables—from RMB 11.6 million in Q3 2024 to RMB 1.5 million in Q3 2025—and a 90‑day delinquency ratio of 1.33%, up from 1.12% the previous year. The higher delinquency figure reflects the company’s heightened focus on risk control and the impact of new regulatory requirements, but the overall credit profile remains healthy with a 1.12% 90‑day delinquency ratio reported in the earnings call, indicating a lower 90‑day delinquency ratio of 1.12%.
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