FinVolution Group (FINV) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 net profit of RMB 738 million, up 39% year-over-year, and net revenue of RMB 3,481 million, up 10% year-over-year.

• Total transaction volume reached RMB 52.1 billion, up 8% year-over-year, with international volume up 36% to over RMB 3 billion.

• International expansion drove growth, with international revenue up 19.5% year-over-year, now 20.4% of total net revenue.

• Onboarded 1.2 million new borrowers globally in Q1 2025, up 62% year-over-year, with cumulative registered users reaching 216.2 million.

• Maintained consistent year-over-year growth in transaction volume and revenue every quarter since 2021.

Financial highlights

• Net revenue for Q1 2025 was RMB 3,481 million, up 10% year-over-year; net profit was RMB 738 million, up 39% year-over-year.

• Non-GAAP net profit margin reached 22.2% in Q1 2025, up from 20.3% a year ago.

• Cash and cash equivalents plus short-term investments totaled RMB 8.5 billion as of March 31, 2025.

• Leverage ratio improved to 2.7x from 4.0x a year ago.

• Sales and marketing expenses increased 18% year-over-year to RMB 530 million.

Outlook and guidance

• Reiterated 2025 full-year revenue guidance of RMB 14.4–15.0 billion, representing 10–15% year-over-year growth.

• International revenue contribution expected to increase to 24–25% in 2025.

• Projected minimum net profit of $10 million from Indonesia and the Philippines in 2025.

• On track for international business to contribute 50% of total revenue by 2030.

• Management forecasts continued double-digit growth in international net revenue and market share gains in Indonesia and the Philippines.