The FY2025 annual report reveals a diverging picture: strong full-year net profit growth (+52.4%) masks a significant Q4 2025 deterioration (revenue -16.8%, net income -41.0%) driven by regulatory adaptation and risk volatility. The 90+ day delinquency ratio improved to 3.1% from 3.6% a year ago, but the shrinking loan book (-12.4% outstanding balance) signals cautious risk management. Monitor Q1 2026 earnings for signs of stabilization in revenue and loan origination trends, and watch for any further regulatory tightening on comprehensive financing costs (Circular 247). The renewed VIE agreements are routine and have no standalone impact.
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Executive Summary
LexinFintech filed its FY2025 20-F annual report, reporting full-year total operating revenue of RMB13,152 million, a decrease of 7.4% YoY, and net income of RMB1,677 million, up 52.4% YoY. However, Q4 2025 revenue fell 16.8% YoY to RMB3,043 million and net income dropped 41.0% YoY to RMB214 million, reflecting regulatory headwinds and elevated risk volatility. The filing also renewed VIE contractual agreements (Exclusive Option, Equity Pledge, Loan, and Power of Attorney) dated October 15, 2025, maintaining the existing corporate structure.
Key Facts
- FY2025 total operating revenue: RMB13,152 million, down 7.4% YoY from RMB14,204 million in 2024.
- FY2025 net income attributable to ordinary shareholders: RMB1,677 million, up 52.4% YoY from RMB1,100 million in 2024.
- Q4 2025 total operating revenue: RMB3,043 million, down 16.8% YoY from Q4 2024.
- Q4 2025 net income attributable to ordinary shareholders: RMB214 million, down 41.0% YoY from Q4 2024.
- Total loan originations in FY2025: RMB205 billion, down 3.2% YoY from RMB212 billion in 2024.
- Outstanding principal balance of loans: RMB96.6 billion as of Dec 31, 2025, down 12.4% from RMB110 billion as of Dec 31, 2024.
- 90+ day delinquency ratio: 3.1% as of Dec 31, 2025, vs 3.6% as of Dec 31, 2024.
- Installment e-commerce platform GMV in FY2025: RMB7,622 million, up 110% YoY.
- Board approved dividend of US$0.188 per ADS for H2 2025, representing 30% of net income.
- Cumulative ADS repurchases of US$39 million as of the March 2026 announcement date.
- Renewed VIE contractual agreements (Exclusive Option, Equity Pledge, Loan, Power of Attorney) on October 15, 2025, maintaining control over Beijing Lejiaxin.
- Management concluded internal control over financial reporting was effective as of Dec 31, 2025.
Financial Impact
FY2025 revenue declined 7.4% YoY to RMB13,152M, but net income surged 52.4% to RMB1,677M. Q4 2025 showed sharp deterioration: revenue -16.8% YoY, net income -41.0% YoY. Loan originations fell 3.2% YoY and outstanding loan balance dropped 12.4%.
Risk Factors
- Continued regulatory tightening on consumer finance, particularly the 24% APR cap and Circular 247 on microcredit costs, could compress margins further.
- Q4 2025 revenue and earnings declines suggest ongoing headwinds from industry risk volatility and compliance costs.
- Shrinking loan book (-12.4% YoY outstanding balance) may indicate structural slowdown in core lending business.
- Dependence on VIE structure and PRC regulatory uncertainties remain long-term structural risks.
- PFIC status for U.S. tax purposes could deter some U.S. investors.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 15 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001193125-26-189256 |
| Document: lx-ex4_11.htm | 0001193125-26-189256 |
| Document: lx-ex4_12.htm | 0001193125-26-189256 |
| Document: lx-ex4_14.htm | 0001193125-26-189256 |
| Document: lx-ex4_13.htm | 0001193125-26-189256 |
| Document: lx-ex12_2.htm | 0001193125-26-189256 |
| Document: lx-ex12_1.htm | 0001193125-26-189256 |
| Document: lx-ex15_2.htm | 0001193125-26-189256 |
| Document: lx-ex8_1.htm | 0001193125-26-189256 |
| Document: lx-ex13_2.htm | 0001193125-26-189256 |
| Document: lx-ex13_1.htm | 0001193125-26-189256 |
| Document: lx-ex15_1.htm | 0001193125-26-189256 |
| Document: 0001193125-26-189256-index-headers.html | 0001193125-26-189256 |
| Document: 0001193125-26-189256-index.html | 0001193125-26-189256 |
| Document: 0001193125-26-189256.txt | 0001193125-26-189256 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 8d ago | 6-K | $0.6312 | awaiting T+20 | — | $0.6410 (−1.55%) |
Sep 22, 2026 5w ago | Institutional Cluster | $0.7687 $0.6295 | ▲ +18.11% | ▲ +17.55% | $0.6410 (+16.61%) |
Aug 31, 2026 8w ago | 6-K | $1.07 $0.7326 | ▲ +31.53% | ▲ +31.34% | $0.6410 (+40.09%) |
Aug 17, 2026 10w ago | Press Release | $1.36 $0.7935 | ▼ −41.65% | ▼ −39.68% | $0.6410 (−52.87%) |
May 26, 2026 22w ago | 6-K | $2.23 $2.01 | ▲ +10.09% | ▲ +8.14% | $0.6410 (+71.26%) |
May 24, 2026 22w ago | Press Release | $2.23 $2.01 | ▲ +10.09% | ▲ +8.14% | $0.6410 (+71.26%) |
May 19, 2026 23w ago | Press Release | $1.93 $2.00 | ▲ +3.63% | ▲ +2.64% | $0.6410 (−66.79%) |
May 19, 2026 23w ago | Press Release | $1.93 $2.00 | ▲ +3.63% | ▲ +2.64% | $0.6410 (−66.79%) |
Apr 29, 2026 25w ago | 20-F | $2.04 $2.45 | ▲ +20.10% | ▲ +14.64% | $0.6410 (−68.58%) |
Mar 19, 2026 31w ago | Press Release | $2.34 $2.16 | ▼ −7.84% | ▼ −15.47% | $0.6410 (−72.64%) |
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